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Atricle Dump - The Importance of Value Mix
Infrastructure and Economic DevelopmentThe Planning Commission has set an ambitious double-digit national economic growth rate during the 11th Five-Year Plan. How do we go about pursuing this tall order? There is now a general consensus that the answer lies mainly in the creation of high quality infrastructure – physical, social and economic. How the Interstate Highway System launched by the Eisenhower administration in the ‘50s helped create a more mobile and vastly wealthier America is now legendary. Back home, in India, we have the classic case of the Grand Trunk Road, built by the 16th Century ruler, Sher Shah Suri, to promote trade. A 2000 km stretch of the Grand Trunk, linking six Indian states, still acts as the backbone of commercial prosperity
Consider the dimension quantum mix across brands in the same product categ
1) Create systemsCreate systems for everything you do, especially those things you do on a regular basis.My members and mentees ask me all the time how do I manage to get so much done. There are many reasons, and one of the biggest reasons is creating systems for things you do regularly.Think of it in this way: SYSTEM stand forSaves You Some Time Energy Money2) Have two work modelsThe work model that most people are familiar with is "work once, get paid once." This is the model used when you are meeting one to one with a client in your office.Another work model that has literally changed my life is called the "work once, get paid, paid, paid, paid, paid.............This is most eas
Every consumer looks at maximizing value accrual while engaging in act of purchase of products* or services*. Marketing as a domain plays a very important role in influencing a purchase. This influence is aimed at convincing the consumer of the value inherent in the product or service they market. Post purchase evaluation is when the consumer evaluates in real terms the value that he/she derived from the purchase. This is when every company must score with the consumer. If it does not, the consumer moves on to a competitor’s product or service. The success of a product or service lies in its ability to manage the value mix as seen by the consumer. Every company must be careful in deciphering the components of value as perceived the consumer and what is more important, is for it to understand the value component mix.
Value Mix
Every product or service when sold, delivers value from three perspectives, otherwise termed the dimensions of value, namely functional, economic and psychological. Every product or service is perceived by the consumer from these three perspectives. What is to be noted, however is that the quantum mix among the three dimensions varies from one product to another. In addition within a certain product category too, the mix varies from one brand to another. Consider the first difference in the value mix across products. All products that feature under the ‘commodity’ tag, tend to score heavily on the functional and the economic dimension. This is not to say that the psychological dimension is absent in commodities. Take the case of a commodity such as ‘rice’ bought for consumption. Do most consumers evaluate this commodity in terms of how good it is for cooking and how much they have to pay to buy a kilo? Sure they do! This is what might dictate their choice in terms of buying a certain category of rice. But is the psychological component completely absent in this purchase? Surely not. The choice of the store to buy the rice from, could be dictated by the psychological dimension that makes a buyer comfortable in a particular store. This ‘comfort’ could, for example be the perception of quality and customer service attached to a store, which could again be guided by the ‘brand pull’. This could be one of the reasons why there is a beeline to buy groceries from branded retail outlets such as Big Bazaar and Food World ( in South India ). Though this psychological pull towards a certain store cannot be attributed, as a dimension, directly to the purchase of a certain category of rice, it certainly points to an indirect connection.
Consider the dimension quantum mix across brands in the same product catego
I am a professional recruiter with 30 years experience working with people and companies to bring them together. I work from a Chicago suburb. My local client companies pay my fees. I think I can offer you some help in locating a new position in the Chicago area using your local fee paid recruiters.Usually recruiters work in one niche professional skill discipline. Some work electronic engineers, some work salespeople, some work PhD’s, accountants, etc. Other recruiters work a local geographical area in several disciplines focusing on client companies they meet with regularly. Regardless of the specialty they work, most recruiters are very interested in locating good local talent. People with degrees, skills, achievements, and ability to sell themselves
Value Mix
Every product or service when sold, delivers value from three perspectives, otherwise termed the dimensions of value, namely functional, economic and psychological. Every product or service is perceived by the consumer from these three perspectives. What is to be noted, however is that the quantum mix among the three dimensions varies from one product to another. In addition within a certain product category too, the mix varies from one brand to another. Consider the first difference in the value mix across products. All products that feature under the ‘commodity’ tag, tend to score heavily on the functional and the economic dimension. This is not to say that the psychological dimension is absent in commodities. Take the case of a commodity such as ‘rice’ bought for consumption. Do most consumers evaluate this commodity in terms of how good it is for cooking and how much they have to pay to buy a kilo? Sure they do! This is what might dictate their choice in terms of buying a certain category of rice. But is the psychological component completely absent in this purchase? Surely not. The choice of the store to buy the rice from, could be dictated by the psychological dimension that makes a buyer comfortable in a particular store. This ‘comfort’ could, for example be the perception of quality and customer service attached to a store, which could again be guided by the ‘brand pull’. This could be one of the reasons why there is a beeline to buy groceries from branded retail outlets such as Big Bazaar and Food World ( in South India ). Though this psychological pull towards a certain store cannot be attributed, as a dimension, directly to the purchase of a certain category of rice, it certainly points to an indirect connection.
Consider the dimension quantum mix across brands in the same product categ
Outsourcing is gaining wide acclaim all over. This is due to the fact that it lowers your workload and allows you to pay attention to other important sectors of your business. Giving appropriate attention to other working areas will prove to be highly beneficial for your business. The tax filing firms are loaded with work in the session of tax filing. The firms have to keep a track of work flow management, staff management and various other issues.Outsourcing work has become a daily walk of life for tax return firms. It is always better for them to outsource their tax filing tasks to other companies, who are better equipped to handle the work and complete the work faster. The professionals in these outsourcing firms are trained to provide efficient servi
Consider the dimension quantum mix across brands in the same product categ
Starting a business with reprint rights products would have to be one of the best decisions I ever made.I started out with just one product – a book about email marketing and finally after 12 months of banging my head against a wall trying to make money online, I started to make sales.Seven Things to Keep in Mind When Selling Reprint Rights Products1. You will do better if you have at least a few high-ticket items. Few people realize that it is just as easy to sell a $597 package as it is to sell a $27 one. I strongly suggest that you get at least a few big-ticket items (Action Guides, CDs Video CDs2. The more quality bonus gifts you include with your main products the more sales you will make. I make it a p
Consider the dimension quantum mix across brands in the same product categ
Everyone has experienced the sales blues, when everything seems perfect and you are confident the sale is going to close until you hear the words, “sorry, we’re going ahead with someone else.” It is important that we take the emotion out of the sales loss and learn something for it, in order to learn from our mistakes and create more successful closes in the future. Always remember that you cannot always control what happened to close the lost sale, but you can chose your response. The success of your sales future is made by these choices, it is important that you make the right ones.When you’ve lost a sale, it is good to go through the following steps:1)Be a hero-try with lots of digging to save the sale, if possible until you’ve determined th
Consider the dimension quantum mix across brands in the same product category. A Reebok or a Nike shoe can sell for a sum of seven thousand rupees ( $ 160 ) in India, because the buyer in this case is evaluating the product from the psychological dimension. The quantum of this dimension in the mix ( for the branded shoe ) is high as compared to the other two. Similarly if the purchase were of the brand Bata, the dimensions that play a prominent role would be economic and functional in that order towering over the psychological dimension.
An understanding of the value mix is rather a necessity for sellers and marketers. This understanding has to be built for each market segment targeted. The design and development and the marketing of any product must be dictated by the value mix applicable to a certain segment. A flaw in this understanding can result in a faulty product design or even faulty marketing initiatives.
Functional Dimension
The functional dimension is about what a product or service does in fulfilling the utilitarian need that drives the purchase made by a certain segment. The utility provided by a product is driven primarily by product performance, ease of maintenance and servicing. More than others, products that are not differentiated and meant for the mass consumer need to deliver consistently on this dimension.
Economic Dimension
The economic dimension is the price of the product. The price for every product or service, must justify the value perceived. As a rule of thumb, for any product targeted at the niche consumer, the psychological dimension scores heavily in the value mix, and therefore will be priced on the higher side. The utilitarian value derived would be high, but would not be actively considered by the buyer during the time of purchase. The utilitarian value derived would almost be a default assumption. On the other hand any Mass Consumer product must be priced at lower or competitive rates, to provoke trial and purchase. Considering the product from a financial perspective, pricing, in most cases would be ‘cost driven’ for Mass Consumer products and ‘market driven’ for Niche Consumer products
Psychological Dimension
The psychological dimension decides the ‘esteem’ appeal of a product.
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