Video Title: Value

I have in my hand, a bottle of Bisleri mineral water. Many of you would have bought such a bottle too.
Recall one such incident and why did you buy it? Maybe pause the video for a minute and think about
it. You were probably thirsty, and the water quench your thirst, or you may have bought it for the
future anticipating thirst, you also probably bought this bottle instead of drinking out of the tap,
believing it will be safer, right? And these are in marketing parlance called Functional Value. But then
why did you buy a 15-rupee bottle of bisleri and not a much more expensive bottle of Evian bottled
somewhere in beautiful Switzerland or some other similarly expensive brand. To the marketer, you
saw that the less expensive bisleri was sufficient, and there was no need to buy something more
expensive and this we will be called Economic Value. And then there are features of this bottle or
brand that have nothing to do with quenching your thirst, maybe you like the design of the bottle,
maybe you just derive pleasure from the experience of buying it, etcetera, etcetera, completely
unrelated to any functional our economic benefits. Maybe this may not make much sense in the case
of a mineral water bottle, right? But think of when you buy clothes or jewelry or your last visit to a
spa, these elements relating to pleasure are called Experiential Value. And finally, there may be an
interpersonal reason for buying this bottle. Maybe your friends like this brand. Maybe you can share
it with a loved one and things like that, we will term this a Social Value. Now, think of any product or
service, and you will realize that all of them have different elements of these four dimensions of values
and complex combinations of these, along with different contexts and what we call your personal
value systems will drive your the consumers' choices. On the other hand, if you're a marketer, it may
be important for you to understand a large number of consumers preferences and make strategic
decisions that will help you sell you of goods or services and thus make profits.

Let's try out the following exercise. You see a table on the screen, which has four columns or take any
for goods or services and try to evaluate your own perceptions of value for them. One way to do this
is to assign a score of 1 to 10 for each of the following four dimensions of value. Try doing this on your
own and you will understand or appreciate the concept that we spoke about a little more.

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