Back3 components and 3 drivers Every day the average Australian adult sees up to 8,000 advertising messages. A large number of these messages talk of value and how a particular product or service offers consumers ‘value’, or most often ‘superior value’ So, what is value? Let’s start with what it is not. It is not: […]
3 components and 3 drivers Every day the average Australian adult sees up to 8,000 advertising messages. A large number of these messages talk of value and how a particular product or service offers consumers ‘value’, or most often ‘superior value’ So, what is value? Let’s start with what it is not. It is not: Intrinsic Static Absolute It is not the manufacturer of a product or the provider of a service that decides value. It is the consumer Value is not set in stone and will vary over time dependent on a range of factors including degree of need and want, and competitive offerings There are few objective measures of value. In the main it is all a matter of perception. Perception must me managed to create value I would argue that value is the outcome of an equation that involves: Perceived need or want Relative capacity Real price…