Problem 1: Regarding economic value, a) consider a recent purchase of an electronics product or appliance. Now, break the economic value that you may derive into monetary and psychological values. b) Considering the same recent purchase-what would they consider the reference value? The differential value? How did they become aware of the differential value (what elements of the company's communication mix)?
Problem 2: Regarding monetary value, a) how is a monetary value related to the customer's costs and revenues, and how is this more easily derived in a consumer product than a business market due to the complexity of business markets? b) Why are in-depth interviews important for collecting information regarding a monetary value?
Problem 3: Regarding psychological value and your textbook's exhibits 2-8 and 2-9 (Sport Co.),
a) What are the types of factors that might be important for Sport Co's "Big Drive"?
b) What other factors might be important to Sport Co. when pricing a new golf club?