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The Elements of Value, image, image - Coggle Diagram
The Elements of Value
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Customers weigh the perceived value of a product or service against the asking price when evaluating it.
A rigorous model of consumer value enables a company to develop new value combinations for its products and services.
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Elements' importance varies according to industry, culture, and demographics.
Marketers have generally focused much of their time and energy on managing the price side of the equation, because increasing prices can immediately increase profits. But that's the easy part: Pricing typically entails managing a small set of numbers, and pricing analytics and tactics are highly developed.
The proper combinations, according to the research, result in higher customer loyalty, more consumer willingness to try a new brand, and long-term revenue growth.
The elements of worth The pyramid is a practical rather than theoretically perfect heuristic model in which the most powerful forms of value reside at the top.
Most of these elements have been around for centuries, if not longer, though their forms have evolved over time. Initially, couriers carrying messages on foot provided connects.
The amount and nature of value in a particular product or service are always in the eye of the beholder. However, universal value building blocks do exist, providing opportunities for companies to improve their performance in current markets or enter new ones.
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Value elements work best when a company's leaders recognize them as a growth opportunity and prioritize value. It should be as important as cost control, pricing, and customer loyalty.
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Patterns of Value
Companies that score high on emotional elements have a higher NPS than companies that only score high on functional elements. Rather than annihilating physical businesses, digital technologies have transformed them.
Growing Revenue
Companies that performed well on multiple value elements would have more loyal customers than the rest, and companies that scored high on four or more elements had recent revenue growth that was four times that of companies with only one high score.
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