Value Of Consumer Analysis

Value: Value refers to worth of anything. Different people have different value for everything. Thus anything without cost is called valueless. As a result, Value is the monetary worth of an asset, liability, good or service whereas in terms of marketing, the value of any is measured by the consumer’s willingness to pay for the said. Therefore the consumer chooses the one which possess the promise to deliver the most value. Hence Value can be expressed as the ratio of what the buyers receive and pay.

Value = Benefits/costConsumer: It refers to an individual who buys goods and service for the purpose of personal consumption and not for resale. In other words Consumers are also referred as the final users of the products and services manufactured

While can also be described as a group of potential consumers. It is not at all related with space. Market is highly dependent over three components i.e. demand, purchasing power and willingness to pay.Market can also be expressed as:M = P1*P2*P3Here M = Market P1 = Population Pattern (It talks about need pattern)P2 = Purchasing Power (Spending Pattern is dependent on Purchasing power) P3 = Purchase Behaviour (it talks about how they spend their money)Example: Exchange Process: Trade is another word for Exchange Process. In order to conduct any kind of exchange it is a must that there must be two parties, something of value to offer. In an exchange process the participation of the parties must be voluntary by free will and not forced or through any kind of coercion. Open Communication should take place and the terms of exchange must be mutually agreed by both the parties. To sum it up this exchange process is the action of gaining the desired product from someone by offering anything of significance in return.

A Brand is either the name or the mark which has a value in the customer’s eues intended to identify the product of one seller or group sellers. A brand is something that offers value, quality and credibility. Brand is associated with quality. Brands are built through consumer perception. A brand recognizes the products for the buyer and thus also grants the chance to seller to earn goodwill. The foremost reason for the existence of the Brand is that it helps by distinguishing the products of a said company from several other similar products of the Competitor.Example : The Brand Adidas possess the personality image of sporty outdoor comfort and trend through its product line of Shoes, Bags, Bottles etc. and is thus distinguished from all other similar competitor product Companies.Product Vs Brand: A product is manufactured by any company and is finally purchased by the buyer in return of money whereas Brands are built through customer’s own personal assessment and judgement, beliefs and understanding of all the products and services manufactured or provided under a brand nameExample: Apple’s products are iphones, MacBook, digitalized watches etc. It’s umbrella products are the Apple iphones and all the other products