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3 Cards in this Set
- Front
- Back
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What are the 4 major types of value that can be created?
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1. Functional/instrumental value: Value of traveling from point A to B. 2. Experiential/hedonic value: The extent to which a product creates appropriate experiences, feelings and emotions for the customer. 3. Symbolic/expressive value: The extent to which customers attach or associate psychological meaning to a product. 4. Cost/sacrifice value: Minimize the costs and other sacrifices that may be involved in the purchase, ownership and use of a product. |
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What are the 5 major sources of value?
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1. Information (created by e.g. advertising, PR, brand management) 2. Product (created by e.g. new product development, market research, R&D, production) 3. Interactions (between customers and organizations’ employees or systems created by e.g. activities related to recruitment and training, service quality, and operations) 4. Environment (created by e.g. facilities management, interior design and merchandising) 5. Ownership (created by e.g. accounting, delivery, transfer of ownership such as contracts) |
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