{"id":2145,"date":"2018-03-27T23:19:54","date_gmt":"2018-03-27T23:19:54","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/?post_type=chapter&#038;p=2145"},"modified":"2024-04-25T03:01:55","modified_gmt":"2024-04-25T03:01:55","slug":"defining-value","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/chapter\/defining-value\/","title":{"raw":"Defining Value","rendered":"Defining Value"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul>\r\n \t<li>Define value<\/li>\r\n<\/ul>\r\n<\/div>\r\n\u201cValue\u201d is an overused and under-understood term in business today. Since we are wearing a retailer hat, we want to focus on value as it relates to our customers. For customers then, value is the perceived monetary worth of the combination of product, service, and utility provided.\r\n\r\nThe term \u201cvalue proposition\u201d is also a heavily-trafficked term used by business people today. Think of a value-proposition as an innovative feature intended to make a company or product attractive to customers. It can be best illustrated by a thought-scenario: You are shopping for media services to help you get the word out online about your new candy store. The first company comes to you with the following statement: \u201cTrust me, our firm is number one and will give you the most for your money.\u201d The second company comes to you with: \u201cWe can guarantee 200 clicks per day for every month of our contract.\u201d Which value proposition would make you the most impressed?\r\n\r\nFor retailers, value can take on even more meaning. For example, there is a class of retail companies referred to as \u201cvalue-price\u201d retailers (generally discounted and\/or inexpensive products). The largest home-shopping network uses value as part of their daily programming with a hook called \u201cToday\u2019s Special Value.\u201d And when was the last time you were in a retail store and did <strong>not<\/strong> see some signage referring to \u201cgreat value,\u201d \u201cbest value,\u201d or \u201cvalue guarantee\u201d? It is no wonder that our definition of \u201cvalue\u201d has become so murky.\r\n<div class=\"textbox tryit\">\r\n<h3>Practice Questions<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/ff17b3a7-5f7a-4661-bd1e-6953293367c8\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Objectives<\/h3>\n<ul>\n<li>Define value<\/li>\n<\/ul>\n<\/div>\n<p>\u201cValue\u201d is an overused and under-understood term in business today. Since we are wearing a retailer hat, we want to focus on value as it relates to our customers. For customers then, value is the perceived monetary worth of the combination of product, service, and utility provided.<\/p>\n<p>The term \u201cvalue proposition\u201d is also a heavily-trafficked term used by business people today. Think of a value-proposition as an innovative feature intended to make a company or product attractive to customers. It can be best illustrated by a thought-scenario: You are shopping for media services to help you get the word out online about your new candy store. The first company comes to you with the following statement: \u201cTrust me, our firm is number one and will give you the most for your money.\u201d The second company comes to you with: \u201cWe can guarantee 200 clicks per day for every month of our contract.\u201d Which value proposition would make you the most impressed?<\/p>\n<p>For retailers, value can take on even more meaning. For example, there is a class of retail companies referred to as \u201cvalue-price\u201d retailers (generally discounted and\/or inexpensive products). The largest home-shopping network uses value as part of their daily programming with a hook called \u201cToday\u2019s Special Value.\u201d And when was the last time you were in a retail store and did <strong>not<\/strong> see some signage referring to \u201cgreat value,\u201d \u201cbest value,\u201d or \u201cvalue guarantee\u201d? It is no wonder that our definition of \u201cvalue\u201d has become so murky.<\/p>\n<div class=\"textbox tryit\">\n<h3>Practice Questions<\/h3>\n<p>\t<iframe id=\"assessment_practice_ff17b3a7-5f7a-4661-bd1e-6953293367c8\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/ff17b3a7-5f7a-4661-bd1e-6953293367c8?iframe_resize_id=assessment_practice_id_ff17b3a7-5f7a-4661-bd1e-6953293367c8\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-2145\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Defining Value. <strong>Authored by<\/strong>: Bob Danielson. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":62559,"menu_order":3,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Defining Value\",\"author\":\"Bob Danielson\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"01b8f506-e1fb-4473-9c74-96ae7a08c04b, 5eb49410-7d07-445f-8ef7-12865f0bb9ef","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-2145","chapter","type-chapter","status-publish","hentry"],"part":2139,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/2145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/users\/62559"}],"version-history":[{"count":14,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/2145\/revisions"}],"predecessor-version":[{"id":6506,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/2145\/revisions\/6506"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/parts\/2139"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapters\/2145\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/media?parent=2145"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/pressbooks\/v2\/chapter-type?post=2145"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/contributor?post=2145"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/wp-json\/wp\/v2\/license?post=2145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}