The Elements of Value

  • Value of a product is perceived against its price.
  • Though it is difficult to pin down what consumers truly value but researchers have gathered 30 elements of Value in functional, emotional, social impact and life changing categories.
  • The elements of value extend Maslow’s “Hierarchy of Needs” theory.
  • The most powerful element resides at the top which is social impact.
  • This theory was tested by Harvard against companies like Apple and Amazon and it was known that this pyramid of elements help in growing revenues.

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