Service Management: Value

Question 1

Value

Answer 1

The PERCEIVED benefits, usefulness, and importance of SOMETHING

The recipient determines the perceived value
example: 2 room rated, one pm both want an orange. both go to fridge and find 1 orange. They fight both stating why the orange is more important and not the value. 1 wants to cut the orange and eat the inside (value inside) and throw away the peel. the other person wants to make orange cupcakes need the peel (value outside). If both talked each could see the value and could each get. Also, store owner could of doubled his profits if he knew the roommates each saw value in the orange and could of sold both part of the oranges to the roommates (customers)
VALUE IS BASED ON THE RECIPIENT’S PERCEPTION (Value is subjective - it should be captured, measured and analyzed) Value can be relationships as well.