Question

In a minimum of 200 words discuss what does value mean to you? Are aesthetics more important than practicality? Is price more important than perceived benefits?

Answer 1

According to me, value means something more important than others. For example, if I value someone's opinion, I will ask that person's feelings or opinion before taking any important decision. It is because that person's opinion matters to me, so I chose to take his opinion first before making an important decision.

Similarly, as a consumer when I buy something, I see its value, that is, how much it is important for me. If an item costs high then it must carry some value. A consumer will purchase an expensive product if it renders good value, otherwise it will be a waste both for the seller and buyer.

No. aesthetics are not more important than practicality. For example, take the case of a building, if it's design is good and attractive, it will drag everybody's attention. But if it is not strong enough then nobody will purchase it. In business, practicality is more important than aesthetics, because people believe in reality, what they purchase it should provide them the best value. In certain cases, aesthetics and reality both are important, an Engineer trys to maintain both beauty and sturdiness in his design so that it will attract customers as well as persuade them to buy.

No, price is not more important than perceived benefits. When a consumer purchase an item, he/she inspects its value first. A consumer buys a product for the perceived benefit he will derive from it. When purchasing a product, a customer values a product's benefit higher than its price. For example, a customer buys an expensive shampoo but if it doesn't provide the benefits as per the customer's perception, then he will reject it. Similarly, if a product delivers maximum benefits to a customer, a customer will buy it even if it's price is high. Here, perceived benefits are more important than price.

But in certain cases, price matters than perceived benefits. If a consumer is an average earner, then he will give importance to price first then benefits. He will purchase that item which is low in price regardless how much benefits it provides him. If the product fulfills his requirements then it's enough for an average or poor earner. So for these people price is more important than perceived benefits.