Prasad Sista is an Illinois-based finance and marketing expert. He obtained his MBA in finance, marketing, and entrepreneurship at the University of Chicago Booth School of Business. Prasad Sista currently works as a senior value advisor at SAP Downers Grove, where he provides strategic advice and support in creating value propositions.
Providing value is crucial in any business. It is how customers measure what is worth purchasing and decide between market competitors. Customers often assess the monetary value, that is, how the product affects their total income or savings, as well as the psychological value, that is, the level of satisfaction it provides, in attaching value to a product. They also significantly consider the availability of alternatives and the value attached to them, known as the reference value.
Economic value estimation is therefore a calculation of how buyers decide between a product and the best alternatives. This information is a great tool for any organization as it allows the business to understand how their customers think. In doing this, they can develop effective marketing strategies, know how to set prices, and guide the development of new products and services. Companies that apply these economic virtues often adopt ease of use, aesthetic appeal, quality, and emotional appeal to the development or improvement of their products or services.
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