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ELEMENTS OF VALUE - Coggle Diagram
ELEMENTS OF VALUE
The value of a product or service is defined by the perception that the customer has in relation to its price.
Maslow's hierarchy of needs
Malow's hierarchy is organized in a pyramid.
Its importance depends on industry, culture and demographics.
Focusing on people as consumers
This elements are divided into 4 categories
LIFE CHANGING
EMOTIONAL
FUNCTIONAL
SOCIAL IMPACT
There are 30 elements of value
GROWING REVENUE
Loyal costumers
SAMSUNG
AMAZON
APPLE
Effectiveness in several elements
Four or more elements
Higher and sustained revenue growth
Example
AMAZON with 8 elements
PATTERNS OF VALUE
The patterns translate how the elements make a successful business
Perception of digital firms
Reduce times
Easier interaction
Example
NETFLIX
Brick and mortar business
Emotional and lifechanging elements
High score
attractiveness
Afiliation
Badge value
Belonging
TOMS
Helps needy people
Some elements are more importants
Depend on the industry
Quality affects customer advocacy
Example
Smartphones manufacturers
PUTTING THE ELEMENTS TO WORK
Structured listening
Understand consumers
Frustrations
Compromises
Reasons for using
Ideation sessions
Explore improvements in value
Which elements might be used
All customer departments
Customer-centric design
Mix of product features
Fast feedback
Customer engagement
Rigorous choice modeling
Discrete choice analysis
Repetition of processes
ELEMENTS OF VALUE PYRAMID
LIFE CHANGING
Heirloom
Provides hope...
Motivation
EMOTIONAL
Provides access
Rewards me...
Reduces anxiety
FUNCTIONAL
Variety
Integrates...
Reduces risk
SOCIAL IMPACT
Selftransference
GETTING STARTED
New product development
Simulation of ideas
Elements to add to existing products
Pricing
Most important level
Higher or lower prices change customer appreciation
Customer segmentation
Demographic or behavioral elements
Organizational dimesion
Rooted in psychology