VERY OFTEN CONSUMERS DO NOT KNOW WHAT A PRODUCT IS WORTH? The value or worth of a product or service is not absolute. It is certainly not set in concrete. Indeed value or worth is very subjective and most often judged in a context. Consider the following experiment! An initial sample group where offered tow […]

VERY OFTEN CONSUMERS DO NOT KNOW WHAT A PRODUCT IS WORTH? The value or worth of a product or service is not absolute. It is certainly not set in concrete. Indeed value or worth is very subjective and most often judged in a context. Consider the following experiment! An initial sample group where offered tow subscription options for The Economist: Online only – $59 Online and printed copy – $125 It might not be a surprise, particularly in an increasingly digital world, that the vast majority (75%) of respondents opted for option 1. A second sample group were then shown three options: Online only – $59 Online and printed copy – $125 Print copy only – $125 It might be surprising to some that in this sample the vast majority opted for option 2 – despite the fact that it is much more expensive than option 1. In the first…