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THE ELEMENTS OF VALUE, They are divided in 4 categories, Maslow's…
THE ELEMENTS OF VALUE
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Maslow argued that human actions arise from an innate desire to fulfill needs ranging from the very basic to the complex.
The relevance of elements varies according to industry, culture, and demographics.
Companies that performed well on multiple elements of value would have more loyal customers and grow revenue at a faster rate than others. Companies must choose their elements strategically.
Some elements do matter more than others. For example, quality affects customer advocacy more than any other level.
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Omnichannel retailers win on some emotional and life-changing elements. Companies that implement this score high on badge value, attractiveness, and affiliation and belonging.
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The elemnts must prove their usefulness in solving business challenges, particularly growing revenue.
Companies can judiciously add elements to expand their value proposition without overhauling their products or services.
Vanguard can added a low fee, partly automated advice platform to its core investment services in order to keep its clients better informed and reduce risk
Quality, saves time, and reduce cost have the greatest efefct on customer satisfaction and loyalty. The implementation of these elements allow the company to build competitive advantage.
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Make value a priority shiuld be at least as important as cost management, pricing, and customer loyalty. Comapnies can establish a discipline around improving value in some areas
*NEW-PRODUCT DEVELOPMENT: stimulate ideas for new products and for elements to add to existing products.
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*CUSTOMER SEGMENTATION: analyze which of these groups values represents an opportunity and then develop products and services that deliver those elements.
Someone in the company should be tapped to explicitly think about, manage, and monitor value.
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Maslow's hierarchy
They are presented in a pyramid and are classified from the bottom the functional, emotional, life change values and at the tip of the pyramid is the social impact