Wednesday, October 8, 2014

Define: value - What is value?

Two definitions from my thesis define: What is value?
CC-SA,BY (R Bartz, Munich)

1. An early working definition

p.16. Ch.2. Ferrers (2013) "Value is the personal, individual, unique assessment of costs, benefits and risks reflecting individual circumstances that leads to a purchase decision, choice or attitude."

2. The final definition

Abstract. p.ii. "Value emerged from the data as a consumer meaning construction process, guided by social and individual processes of discovery and filtering. Central to this process is the emotional aggregation of multiple meanings into a single overall attitude, facilitating consumer action. Three other value concepts emerged; value meanings, value practices and attitude."

1. Value is a process of valuing. Value, verb. How: using value practices; exploring, comparing, filtering/closing, recommending, observing, inquiring.
2. Value is an outcome of (1), stored as an attitude (5). Value, noun.
3. Properties of Value: dynamic; Value shifts with new information.
4. Properties of Value: complex; Value was described in many ways by consumers (value meanings).
5. Properties of Value: simple; Value (2) endures as attitudes, occurring both at value meaning level and overall. Overall attitude simplifies many value meaning attitudes into one single attitude, a vector, showing strength and direction (positive or negative) towards a value target.