Value of Offerings

Value of Offerings

Value of Offerings Jonathan Poland

Value is a concept that refers to the usefulness, worth, and importance that customers assign to products and services. This value is derived from how well a product or service meets the needs and preferences of customers.

Value is not a fixed attribute of a product or service, but rather it is subjective and varies from person to person. Different customers may place different values on the same product or service, depending on their individual needs and preferences.

Value is also influenced by the reputation and perceived prestige of a brand. Customers may be willing to pay a premium for products or services from a brand that they perceive as high-quality or prestigious, even if the product itself is not significantly different from cheaper alternatives.

In summary, value is the perceived usefulness, worth, and importance of a product or service in the minds of customers, and is influenced by how well it meets their needs and preferences, as well as their regard for the brand. The following are illustrative examples of marketing value.

Functionality & Features
What a product or service can do and how it does it. For example, a baby stroller that can be quickly adapted to weather conditions such as rain, wind, snow or intense sunshine.

Customer Experience
The end-to-end experience of discovering, buying and using a product or service. For example, the experience of un-packaging a product.

Brand Image
Brand image is everything a customer thinks and feels about a brand. This is influenced by factors such as advertising, word of mouth and customer experience. For example, a customer may perceive one brand of soap as a luxury item and another as low quality.

Social Status
A product or service that sends social signals such as a surfboard brand that’s respected by locals on a particular beach.

Identity
A customer who personally identifies with your products or services will place more value on them. For example, music that speaks to an individual.

Convenience
Products that save time or make things easier such as a hotel directly beside a major attraction.

Accomplishment
Products that give the customer a sense of accomplishment. In some cases, this is the opposite of convenience. For example, a customer may gain a sense of accomplishment from assembling furniture such that they end up placing more value on the product.

Comfort
Products that increase the customer’s sense of well being such as a hotel with comfortable beds.

Safety
Products that feel safe such as a bank with a reputation for diligent management of security and financial resources.

Visual Appeal
Products and environments that are visually appealing to the customer such as a hotel lobby that is perceived as visually stunning.

Sensory Appeal
The taste, smell, sound and sensation of products or environments such as bread that smells good.

Engagement
Products and services that are fun or stimulating to use such as a magazine that a customer reads cover to cover.

Usability
Products and services that feel intuitive and easy to use. For example, a game that you can immediately play and learn as you go.

Reliability
Reliability such as a product that is durable or service that always meets customer expectations.

Productivity
A tool that allows the customer to produce more with their time such as a mobile device that runs fast.

Efficiency
A product or service that consumes few resources relative to its output. For example, a sports car that goes a great distance on a single battery charge.

Performance
The performance of a product or service such as a stock trading app that always loads quickly.

Compatibility & Integration
Products that connect with other things. For example, a stock trading account that allows an investor to buy stocks on a foreign market.

Values
A product or service that fits a customer’s sense of right and wrong such as a cosmetic product that doesn’t pollute the environment.

Refinement
A product or environment that is perceived as well designed. For example, a mobile device that a customer views as a work of art such that it is almost priceless to them.

Learn More
Advanced Economy Jonathan Poland

Advanced Economy

An advanced economy is a highly developed economic system that provides a high level of economic well-being and quality of…

Adaptive Performance Jonathan Poland

Adaptive Performance

Adaptive performance is the ability of an individual to perform well in changing, uncertain, and stressful situations. This type of…

Pricing Techniques Jonathan Poland

Pricing Techniques

Pricing involves carefully considering various factors in order to determine a price that will maximize a company’s profits over the…

Target Audience Jonathan Poland

Target Audience

A target audience refers to the specific group of individuals or consumers that a business or organization is trying to…

Perfect Competition Jonathan Poland

Perfect Competition

Perfect competition is a theoretical market structure in which a large number of buyers and sellers participate and no single…

Sales Management Jonathan Poland

Sales Management

Sales management is the process of overseeing and directing an organization’s sales team. It involves setting sales goals, analyzing data,…

Decision Tree Jonathan Poland

Decision Tree

A decision tree is a graphical representation of a decision-making process. It is a flowchart-like structure that shows the various…

Praxeology Jonathan Poland

Praxeology

Praxeology is the study of human action, particularly as it pertains to decision-making and the pursuit of goals. The term…

Veblen Goods Jonathan Poland

Veblen Goods

Veblen goods are a type of consumer good that is perceived as being more valuable or desirable because of its…

Content Database

Process Improvement Jonathan Poland

Process Improvement

Process improvement is a systematic approach to identifying and implementing changes to processes within an organization in order to improve…

Types of Efficiency Jonathan Poland

Types of Efficiency

Efficiency refers to the relationship between the amount of input used to produce something and the amount of output that…

What is a Superior Good? Jonathan Poland

What is a Superior Good?

A superior good is a type of good that tends to see an increase in demand as income levels rise.…

Brand Quality Jonathan Poland

Brand Quality

Brand quality is the perception of the level of excellence that a brand achieves in the eyes of its customers.…

Elevator Pitch Jonathan Poland

Elevator Pitch

An elevator pitch is a brief, persuasive speech that is used to quickly and simply explain an idea or concept.…

Market Research 150 150 Jonathan Poland

Market Research

Market research is a fundamental step for business development as it helps businesses understand their market, customers, and competitors better.…

Risk Capacity Jonathan Poland

Risk Capacity

Risk capacity is the maximum level of risk that an organization or individual is able to withstand in order to…

Expectancy Theory Jonathan Poland

Expectancy Theory

Expectancy theory is a motivational concept that suggests people are motivated by their beliefs about the relationship between their efforts…

What is Knowledge? Jonathan Poland

What is Knowledge?

Knowledge is the understanding, skills, and expertise that humans acquire through experience, education, and research. It can take many forms,…