The Relationship Between Value and Price

Описание: TRANSCRIPT:

Price, value and costs are not three isolated terms. There is a relationship between these three concepts.

Price is the amount of money paid for a product or service or the sum of the values that consumers exchange for the benefits of having or using the product or service.

Cost is what we pay for what we have bought over time. In other words, buy a cheap car and therefore you will have bigger service bills and inconvenience in the next years. You have a higher cost over time than the lower price you paid.

When you start a survey and ask consumers for their demands, what do you think will they answer you? Firstly, low price for the product or service, but is this the true need? No, what consumers really expect are low costs.

Therefore, it seems that we only need to question prospects better on what they really want and define for them in terms of our product or service the difference. What we are talking about here is value to the customer. And value is always ‘perceived value. Every prospect interprets value in their own terms.

Customers don’t want a cheap product or service, they want value. They don’t really want things that rust, break, are inconvenient or difficult to understand. People want products and services which helps them to make their life easier, less complicated, less stressful, happier and more fun.

If a product or service satisfies these demands from the people then the price of the product will not be the most important aspect for the customer.

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