Translating Values Into Product Wants

Topics: Oxford English Dictionary, University of Oxford, Oxford University Press Pages: 2 (506 words) Published: April 2, 2013
Starter Article Essay - Translating values into product wants

Values are defined by Oxford Dictionary (n.d.) as the importance, worth, or usefulness of something to somebody. It is omnipresent and throughout life, humans are constantly faced with a variety of choices in which their built-in values affects their final attitudes and behaviour. Throughout the functions of planning through to the process of development and finishing of a good or service, the diverse values of the different range of target markets are crucial and are expected to be recognised by marketers. It is of necessity that marketers recognise the acquisition of a product is predominantly based on individual values and not on the inputs inserted during manufacture.

Individuals, despite their age, ethnic and gender, each possess a distinctive type of value in which they classify as high through to low importance. Values may include good health, security, beauty, happiness and freedom. It is vital that marketers take into account separate values of each individual during the planning process, then applying or converting it to product wants. The method used in translating product values into product wants starts by a preparation of a list of values, followed by questioning respondents which of those five are of highest importance to them. Secondly, ask the respondents to choose from a list of products those that allows their value to be achievable. “Means” is a linkage between the values and the products since the meaning of “value” and how to achieve it is dissimilar to individuals, hence depending on the type of means can determine the type of product that achieves the consumer’s value. An example given by Durgee, O’Connor and Veryzer (1996) mentions that if one values family security, and the means of security to them is for them to feel stable, then the product that achieves stability may be a house. On the other hand, one that values happiness may consider a music instrument as it...

Bibliography: -Dictionary. (n.d.). Value [Internet]. The American Heritage, America. Available from: http://dictionary.reference.com/browse/value [Accessed 14 August 2012].
-Oxford Dictionary. (n.d.). Value [Internet]. Oxford University Press, Australia. Available from: http://oxforddictionaries.com/definition/english/value [Accessed 14 August 2012].
- Durgee, JF, O’Connor, GC & Veryzer, RW. (1996). Observations: Translating values into product wants. Journal of Advertising Research. November/December, pp90-99.
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