The term "Value" is relevant to different people but it makes for a challenge for a marketing team. Why is it key to understand the many different types of value in product selection?
-Value: Bundle of benefits a customer derives from a purchase that solves a need, want or desire
-Value creation: adding value for a customer beyond an isolated transaction, working together - WIN - WIN
-key to understand because it allows you to incorporate the most value in each product which makes it more desirable to the customer
-gives customer most utility if company understand the value their products will offer
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Principles of Marketing
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