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Foundations_of_Value

Foundations_of_Value - Michigan State University 2008...

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Unformatted text preview: Michigan State University, 2008 Foundations of Value MSC 303: Foundations of Value Michigan State University, 2004- 2 - Michigan State University, 2008- 2 - Whatever the strategy, firms must offer better value to customers than competitors. • Adding value includes: • Transformation: changes in form, location, and time • Problem Solving • Mediation/Networking: Link customers together, reduce risk Michigan State University, 2004- 3 - Michigan State University, 2008- 3 - Value Equation Customer’s evaluation of : ___ Benefits ___ Total Cost- Supply Chain delivers related to product quality and timeliness Michigan State University, 2004- 4 - Michigan State University, 2008- 4 - Points to make about value: • Value is determined by customers using subjective and objective criteria • Value is judged according to expectations and according to need Thus, “good value” for one person, at one time, may not be equally valued by another person, or by the same person at another time. Michigan State University, 2004- 5 - Michigan State University, 2008- 5 - What is a Customer?What is a Customer?...
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