Question

Which four dimensions of value from the customer can be distinguished and how do they differ from one another? (answer in bullet point summary)

Answer 1

customer value is a high dynamic challenge and can change for a variety of reasons like preferences changes, change in perception, change in what competitors are providing.

Different dimensions of value in customers are:

-Functional value: here, these values are connected to the product’s capacity to perform it's the real or practical purpose, not just show up.

-social value: this dimension of value comprises a feeling of relationship with customers or another group of people. For instance, a boutique owner might decorate the store with the trendy and impulsive decor to have a great ambiance so customers feel great just after entering.

-Emotional value: this dimension is originated to accelerate an emotional response by customers. For instance, instance and safety company arises the fear and safety features within the customers to provide the value.

-Epistemic value: this dimension is quite fun and interesting value where a product is designed in a way where customers get motivated or are curious to know about the product or service.

-Conditional value: It arises from a sociocultural environment where a lot many businesses believe in sharing traditions, such as holidays, different cultures into work.

These all dimensions are different in it's own way as they all have different purpose and used at times in different manner. Every dimension is used at specific situation.