The definition of Value Proposition is that it describes the benefits that customers can expect from your products and services. It summarizes all the complexity of your sales pitch into something that your customer can easily grasp and remember.
So the value proposition is not just the product, but all the things the product can do for your customers. Why should they buy this brand instead of the others if they are basically alike? This is the question you need to answer in the Value Proposition.
Value Proposition is subdivided into two more blocks, allowing for measuring: Social Value and Planet Value.