Value of a product is perceived against its price.
Though it is difficult to pin down what consumers truly value but researchers have gathered 30 elements of Value in functional, emotional, social impact and life changing categories.
The elements of value extend Maslow’s “Hierarchy of Needs” theory.
The most powerful element resides at the top which is social impact.
This theory was tested by Harvard against companies like Apple and Amazon and it was known that this pyramid of elements help in growing revenues.
