Tuesday, June 16, 2009

Updating thesis - What is value? How does value work?

Jun 09 - Valuing is a process of examining our changing environment and circumstances, in conjunction with others, to drive our actions, strategies and attitudes, including innovator offers of new technology. Valuing involves making a value assessment, based on aggregating 12 value dimensions, which is stored and remembered as strong to weak, positive or negative attitudes. Consumers determine shifting coping strategies, based on their ongoing experiences, such as trusting, doubting and minimising. Value assessment strategies, include exploring, comparing, recommending, filtering and closing. Value elements are balanced in making a value assessment. Value elements are potentially limitless combinations of value dimensions, in a particular instance. A complex value assessment may typically balance between 20 and 30 value elements. Value dimensions are:

  • individual (simplicity, new/known, emotion, beauty),
  • social (duty, power, community/privacy, need/pleasure) and
  • universal (price, function/fun, service/reliability, time).
Value dimensions are polar, and consumers may value either end of a pole, for instance - high price/low price, fast/slow, new or known.

Nov 06 -
Value explains consumers decision to adopt new technology. A successful technology, or innovation adds value. A failed innovation fails to add value.

What is value? We define value as :
the personal, individual, unique assessment
of costs, benefits and risks reflecting individual circumstances
that leads to a purchase decision / choice or attitude.

Value Propositions:

  • P1: Value is dynamic

  • P2: Value changes on the assessment of new information

  • P3: Value is different for different people

  • P4: The time to make an assessment affects value

  • P5: Value degrades over time

  • P6: Value is not measured in dollars; includes time, effort, hassle and pleasure and is measured in attitude, and purchase decisions

  • P7: Value is path dependent

  • P8: Value may involve input from others

  • P9: Value causes purchasing