How to add more value to your products
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Consumer value is a measure to find the true value of a product in the minds of the consumer. The product's image will change with the value of the product. The real value rests with the usage of the commodity, acceptance and recognition among the consumers.
HIGH AND LOW CONSUMER VALUE:
Some times the consumers will not use the commodity liberally, but will value high like gold. Some use the commodity very liberally and will not value its importance like water.
VALUE IS NEED BASED:
Achieving consumer value for a product initially lies with its need to the consumer. If the product does not satisfy a need or a want of the consumer, it looses its importance and value among the consumers. If the product has immense usage and has inbuilt wants-satisfying factors' then the consumer value will go high.
SCARCE MEANS HIGH VALUE:
Such a product, if available plenty and do not foresee a scarcity, again the consumer value will go down. A good product will gain a consumer value and importance if it is found to be scarce and in demand always.
BUSINESS MANIPULATIONS:
As an entrepreneur or a businessman one can create consumer value for a commodity and achieve recognition to a higher level by some business manipulations.
TOMATOES: Tomatoes are cheaper commodities in the harvest season, while they achieve high consumer value during the rainy season.
CONSUMER VALUE ALTERED BY SUPPLY: When the production is either low or it could not meet the consumers' needs in time due to blockades in transport, the consumer's value gets increased. When the product's supply could not meet the consumers' demand, automatically there is a battle to get the commodity due its real utility value. If there is an alternate product to substitute the need, the consumers' value gets altered only a little.
SUPER CONSUMER VALUE: If the product is unique, it could no means be substituted by its utility value or by its prestige value. To achieve a super consumer value, the product is made unique and its availability is controlled by marketing techniques.
To increase the sales turnover they adopt dumping of stocks at the point of sale. But stock positions at the whole sale counters are controlled not to be excessive so that the market value of the unique product is high always in the minds of the consumers.
VALUE ADDED WATER: Water is plenty and has no commercial value at all either at the springs in the mountain ranges or in the villages on the riverbed. But when it is made as a unique product like mineral water, the consumer value is increased; the bottled spring water is sold at higher prices with limited stocks on the selves.
LIME CONVERTED INTO LIME TEA: Lime fruits are plenty on the hillside orchards and they are sold at a few dollars per one hundred fruits. However, a half a fruit of lime is squeezed into a raw tea with sugar; the lime tea at the 5 star hotels fetches the price equivalent to the price of one hundred fruits. The product becomes a value added scarce or uncommon commodity getting a higher consumer value.
FRUITS AND JAMS: Well ripened fruits are not preferred by consumers as they do not have keeping quality. These fruits do not have consumer value and sold at low prices. But, these fruits are converted into mixed fruit jams and improved into a greatly valued form.
Consumer value is increased naturally with the dearth of the commodity. Further its consumer value is enhanced with the improvement of presentation by packages. The consumer value is added by change in the form.
