Types of Value
It is concerned with the extent to which a product is useful, has desired characteristics, and performs a desired function.
- Appropriate features and characteristics - quality, aesthetics, creativity, and customization.
- Appropriate performance - performance quality, reliability, and service-support outcomes.
- Appropriate outcomes - effectiveness, operational benefits, and environmental benefits.
It is concerned with the extent to which a product creates appropriate feelings, experiences and emotions for the customer. For example - most restaurants focus on sensory values like aesthetics, aromas, ambiance, feel or tone. Organizations in travel or entertainment focus on creating emotional values like - pleasure, fun, excitement adventure, or humour.
Symbolic or Expressive Value
It is concerned with the extent to which customers associate psychological meaning to a product. Some products appeal to customer's self-concept and self-worth. Branded products like BMW, Rolex, etc are purchased because of their status, prestige, and image.