In competitive markets, companies need welldesigned business strategies if they seek to grow and obtain sustainable competitive advantage. At the core of a successful business strategy there is a carefully crafted value proposition, which ultimately defines what a company delivers to its customers. Despite their widely recognized importance, there is however little agreement on what exactly value propositions are. This lack of conceptual clarity harms the communication among stakeholders and the harmonization of current business strategy theories and strategy support frameworks. Furthermore, it hinders the development of systematic methodologies for crafting value propositions, as well as adequate support for representing and analyzing them. In this paper, we present an ontological analysis of value propositions based on a review of most relevant business and marketing theories and on previous work on value ascription, grounded in the Unified Foundational Ontology (UFO). Our investigation clarifies how value propositions are different from value presentations, and shows the difference between value propositions at the business level from those related to specific offerings.
