The creation of unique value offerings by entrepreneurs in South Africa

Abstract

The study investigates how sophisticated and advanced entrepreneurs are in terms of customer benefits (CB), and examines how entrepreneurs incorporate CB in products and unique value propositions. The basic CB set: functional, symbolic, experiential and cost, is expanded to an extensive array of sixteen (16) CB. The study found that all CB are generally already established or implemented. Some CB are well known, common, well implemented, and elementary to im plement, while others are not. The implementation of certain CB may require original and innovative thought. Not all CB are well understood or grasped. A number of CB can still be exploited and developed further. It commonly occurred that one CB was (mis)t aken for another. Entrepreneurs are not necessarily well trained and well informed about CB, and generally have need of learning and developing further in terms of CB, and their application. CB are not that application specific or dependent. Many of the C B are possible for many of the entrepreneurs and their businesses. In many instances, the CB may imply further product extensions. Benefit composites are typical. Additional benefit intricacies include how quickly CB realize, co existence and co occurrence of CB, complications related to application of CB, and ethical and moral issues related to CB. Overall, a customer focus may imply a benefit focus. Creating appropriate product or service attributes that translate into CB, as per customer demands is vital in the face of fierce competition. Entrepreneurs should be knowledgeable and skilled in the application of CB if they are to remain the preferred customer choice. The study unravels entrepreneurs perception of CB and further makes one key recommendation; to the study the prevalence of knowledge and application gaps with regards to the benefits: Whether benefit knowledge gaps continue to exist, and whether the application of certain benefits still lack, after awareness of the benefits have been corrected an d improved. Keywords: entrepreneurship, innovation, value, value creation, unique value proposition, marketing, customer benefits.