Asked by Vianny Encalada on Jun 14, 2024
Verified
Explain the purpose of a value map,providing details about how the map should be interpreted.
Value Map
A strategic tool used to visualize the value proposition of a product or service in relation to its competitors, highlighting strengths and weaknesses.
- Comprehend the role and usefulness of a value map in the assessment and strategy development for product offerings.
Verified Answer
TM
The mail blastJun 15, 2024
Final Answer :
A manager would use a value map to track and manage the perceived value customers assign to a brand and the competitors' brands.The value map plots the product's selling price against its relative performance.Products that fall in the fair value zone of the map are perceived to have benefits that are equal to the product cost.Products that fall below the fair value zone of a value map are perceived to deliver greater benefits than the product cost.Products that fall above the fair value zone of a value map are perceived to deliver fewer benefits than the product cost.
Learning Objectives
- Comprehend the role and usefulness of a value map in the assessment and strategy development for product offerings.
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