Question

Identify products/brands that you remember using at home. Do you still buy/use them now during college? Will you continue to buy/use them when you graduate? (Hint: Food products such as cereal, fast food, ketchup, peanut butter, etc., work well with this exercise).

Then, to illustrate the power of lifetime value, use one of the products you have identified and estimate (based on current usage) how many boxes of cereal or other product you’ve selected that you will consume throughout your life.

Answer 1

Few products/brands that I have been using at home are as follows:

1) Heinz Ketchup

2) American garden Peanut butter, Mayonnaise

3) Kellogg's cornflakes

4) Hersheys Chocolate

5) McCormick Spices & herbs

6) Barilla Dried Pasta

There are many other products that I do consume at my home from long time. The ones which I have mentioned above are my favourite ones. I buy and still consume these products & will also continue to do so even after my graduation. I am very much loyal towards these brands & their products. These products have always maintained their quality & have always been able to meet my expectations that I had from these products. I had never faced any problem while using these products. All this have made me to use these products over long period of time & will also continue to do so in future.

For heinz ketchup, I would like to calculate the lifetime value. I consume one bottle of heinz ketchup every month which means in a year I consume 12 bottles. So, for a period of over next 20 to 30 years, I will consume approximately 30X12=360 bottles of Heinz ketchup. I have made this prediction for 30 years as I feel that the brand will continue to provide me with the same quality of product over that period of time.