The best replacement for value proposition is positioning statement.

The best alternatives to value proposition are rated as following:
★★★★★  positioning statement
★★★★  unique selling proposition
★★★★  benefits
★★★★  positioning
★★★  mission statement
★★★  brand positioning
★★  usp
★★  competitive advantage
★  brand promise
  product positioning

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value proposition
positioning statement
unique selling proposition