Question

3. Discuss your perceptions of value

and

how much you are willing to pay for the following products: automobiles, frozen dinners, jeans, and athletic shoes.

Are there differences among members of your group?

Explain why those differences exist.

Discuss some examples of brands of these products that are positioned to deliver different value to consumers.

Answer 1

Automobiles- perceptions of value of car or other vehicle and fuel prices are higher.

Frozen dinners- Perception value for frozen dinners are lower in comparison to fresh dinners due to their freshness.

Jeans- Perception value for jeans is not as much higher because it is worn everyday and is very common form of clothing.

Athletic shoes- Perception value for Athletic shoes are higher due to its durability and style statement.

No, all the members in my group have same opinion as mine.

Difference in perception value exists due to the affordability, standard of living, culture, taste and preferences of different classes etc. For example- A person in US prefers frozen dinners due to busy lifestyle whereas a person in India prefers fresh food due to their cultural and ethical values.

Example of brands that are positioned to deliver different values to customer

Automobile- Tesla provides eco friendly and electric ranges of cars which stand it as a luxory brand in comparison with its competitors.

Athletic Shoes- Nike stands as number 1 due to its innovation and performance.Their invention of waffle shoes for athelets build their brand more capable of delivering value to customers in comparison with their competitors.