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Value and The Consumer

Value and The Consumer. Convenience/time saving is a valued attribute Elements in defining value * Past experience * Current situation * Expectations. Past Experience. Degree and length of product use Favorable or unfavorable view Success in using the product.

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Value and The Consumer

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  1. Value and The Consumer • Convenience/time saving is a valued attribute • Elements in defining value * Past experience * Current situation * Expectations

  2. Past Experience • Degree and length of product use • Favorable or unfavorable view • Success in using the product

  3. Current Situation • Guided by perceived needs • Necessity of change or redefinition of needs * Economic situation-cut costs * Change in company/policies/personnel

  4. Value is linked to: • Product or service characteristics • Consumers individual situation • Awareness of product characteristics by consumer • Exceeding expectations- receive more than you pay for. • Ideas/vision for business user

  5. Two types of value • Tangible • Intangible-image, salesperson’s understanding of the consumer- their” experience,hopes, dreams, and definition of quality” • Emotions or feelings are involved.

  6. The Value Equation • Value is equal to: Perceived product performance+/- Additional Services- Price * In a business (BToB) setting, value is indicated by reduced cost, enhanced revenue, technical knowledge, greater access, and ease of use(reduced complexity)

  7. Levels of Value • Product=> Expectations=> Value-Added=>Total Product/Partnership • Delivery of value creates loyalty • Value varys with regard to buyer type: * Business- bottomline results,price/value * Economic- price, efficiency,tailored program

  8. Buyer types and Value • Relationship- trust, regular contact,full service, information source needed • Exercise- small groups 1. Discuss what value is to you 2. How was value involved in a recent purchase 3. As you approach a business purchase, what factors indicate value to you. Do at least three items. This is something you have not purchased yet.

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