Various aspects are used for measuring the value of products. These are as follows:
Profit â€“ Many business organizations consider profit as a measure for estimating the value of their products. It is a quantifiable approach. It is an understandable metric and can be used to find changes in product value over some time.
Market position â€“ This determines the value of a product based on the position of the organization in the market in comparison to its competitors. Unlike profitability, the market share does not increase the value of a product. For example, the market share of MS Windows was higher in the 90s than at present due to lack of competition during that time.
Utility â€“ Products with more utility for the consumers have a high value than products with low utility. These are measures through various competitive research methods and comparative studies.
Customer perception â€“ If the consumerâ€™s perception of a product is high, it will have a higher value. The perception of customers depends upon the ability of the product to create utility.
Ways to Increase Product Value
The value of a product increases due to the loyalty of the customers towards it. To hold the customers towards the products, organizations should resort to certain ways as follows:
Increase the functionality of the product â€“ The product should have the ability to meet the needs and requirements of the customers. Otherwise, the customer will not buy the product. Thus, the customers will stick to the product when it can solve their pain points.
Prioritizing customer relationships â€“ The customersâ€™ tastes and preferences vary over time, and the organizations should keep this in mind that manufacture the products. They should also give considerable importance to the relationship between the manufacturers and consumers to known the changing trends and patterns in consumer behavior.
Target customers by income â€“ The income of the consumers should be considered in the case of high-priced goods. For example, the value of diamonds will not increase if the targeted customers are middle-income groups. The organization should identify the particular income group for its products.
Usage of price comparisons â€“ When the product has many competitors, price comparisons distinguish the product and increase its value. Efforts are made to keep the prices low and provide maximum benefits to the consumers.
The urgency to purchase â€“ Providing low prices with the assurance that it will soar after a limited time creates an urgency in the customers to buy the product. This also helps in increasing the value of the product.
Types of Product Value
The various types of product value are as follows:
Functional value â€“ This refers to the benefits provided by the product according to their needs and requirements. It includes the objectives of manufacturing the product.
Monetary value â€“ This is a quantitative term that measures the value of the product in monetary terms. It determines the economical value of the product.
Social value â€“ This refers to the benefits that the product gives to society. It defines the social responsibility of the product.
Psychological value â€“ This refers to the perceived thinking of the consumers towards the product. It determines whether the consumer is habituated towards the product or not.
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