Value is an interesting concept. It can be defined as the consumer’s perceived benefit derived from a product in relation to its perceived cost, and can be represented by the equation:
Value = Benefit / Cost
What generates value? Dial up the benefit and/or dial down the cost of your product for the consumer. Simple. Isn’t it? But that is conventional.
Let’s take the concept of Limited Availability. When something becomes limited in availability, the concept of value can become a bit unconventional and even compelling – almost as intriguing and compelling as the concept of turbulence is for physicists.
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