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Why is it important for managers to have a strong understanding of value and the value exchange model?
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MKC 1200 - Assignment # 1 Why is it important for managers to have a strong understanding of value and the value exchange model? Value has pluralistic definitions (Wheeler et al., 2003, p.9) as it "is largely intrinsic to the individual" (Armstrong, 2001, p.12). Value, when discussing from the customers perspectives, is defined by Zeithaml as their "overall assessment of the utility of a product based on perceptions of what is received and what is given" (Armstrong, 2001, p.14). Value in relation to pricing however, focuses more on the benefits the customer receives in relation to their monetary sacrifice. According to the resource theory the role of managers is to "identify, initiate and manage the relational asset as time, competition and change gradually erode their value" (Armstrong, 2001, p.13). The Value Exchange Model consists of two symmetrical sides that focus on both the customer and provider. It seeks to...
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