Understand value from your customers' perspective.
Zeithaml and Bitner
- Value is low price. E.g. the customer wants a bargain. Stop doing all of the activities that do not directly contribute to product value.
- Value is whatever I want in a product. E.g. the customer wants to experience owning an exclusive brand pair of trainers rather than just any old trainers. This is marketing.
- Value is the quality I get for what I pay. E.g. the customer expects more for his money.
- Value is what I get for what I give. E.g. taking absolutely
everything in account, the customer considers a particular luxury
car to be worth the money and the wait, if there's a delay in
delivery. It's not just about the money.
