So, a couple of weeks ago I wrote about my adventures in China and the marketing insight I discovered whilst on the trip. Have a read of my previous post to understand my marketing insight!
Value. What does value mean to you?
I propose this question to you because it’s completely subjective for everyone. Value can mean quality, price, quantity, weight, packaging, and/or 50 cents. Value is completely whatever you want it to be. However, value does change depending on the purchase you make, right?
Value, to me, is what I can get out of the product or service. As a consumer, I want to get the most out of whatever it is I’m buying. Otherwise, I feel as though I’ve wasted my money on something that isn’t going to serve its purpose or know that I could have spent less money on a different brand for the same thing.
Take these two items below for example. Let’s call the left image Brand A and the right image Brand B.
Picture you’re a customer, strolling through the shops looking to buy some new tupperware for your home. You get to the tupperware section of the store and find these two options on the shelf side by side. Both products are the same price, have the same function, and let’s pretend that both products offer the same amount of containers. You analyse the products by touch, sight, smell. You think about what uses both brands offer you in terms of how you store your food. You create a mental pros and cons list, whilst standing in the shopping aisle. Surely, you’ve been in a situation like this before?
So, where does value come into play in this scenario?
Value comes into play when you start to analyse both brand in terms of its ability to meet your needs. For example, my need could be that I want to be able to see all my food in the container therefore the colour of the box must be transparent. From the photos above, Brand A is more likely my choice because I value being able to see my food through the box instead of opening the lid.
I know this post is short but I am so swamped with university. It is insane.
Please tell me what your thoughts are of the concept of “value” in terms of marketing! I would love to read your thoughts and hear some feedback.
Until next time, give this post a like and leave a comment!