Value in Use refers to the perceived worth of a product or service based on its ability to fulfill a specific need or solve a problem for the user, beyond its monetary price. It emphasizes the subjective experience and utility derived by the consumer, which can vary widely depending on individual circumstances and preferences.

Value In Use

Value in Use

perceived worth

product or service

A specific need is something very special that someone wants or needs help with, like when a plant needs water to grow or a person needs food when they are hungry. It's important because it helps us understand what someone or something needs to be happy and healthy.

specific need

solve a problem

monetary price

Subjective experience refers to the personal and individual nature of perception and consciousness, emphasizing how each person uniquely interprets sensory input and internal states. It underscores the idea that reality is perceived differently by each individual due to their unique mental frameworks, emotions, and past experiences.

subjective experience

utility derived

Consumer preferences refer to the subjective tastes and priorities of individuals that influence their purchasing decisions and are shaped by various factors such as cultural, social, psychological, and economic conditions. Understanding these preferences is crucial for businesses to effectively tailor their products and marketing strategies to meet the needs and desires of their target audience.

CUSTOMIZE YOUR LEARNING

CUSTOMIZE YOUR LEARNING

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