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Value Communication – Economic Benefits and Psychological Benefits Reflection

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Value Communication – Economic Benefits and Psychological Benefits Reflection How can we communicate our product’s value to customers? This is always a good question to companies. The most common method used by companies nowadays is usually advertisement, especially on TV commercials. Companies have to deliver the benefits that customers could seek from their product by telling the economic and psychological benefits in their advertisement. Economic benefits usually refer to those features that are measurable and can be transferred into quantified value among different brands. For example, profit, productivity, etc from the product. Psychological benefits is different from that of the economic benefits, they usually refer to the feeling you can get from the advertisement or product. For example, feeling of excitement when you watch a car racing advertisement.

Reason for choosing this concept:
Value communication is a very important and essential concept in a company. It is because customers always ignore the value of a company’s product as they are inexperienced customers and affected by the innovative product or they may not be motivated to calculate the product.Therefore, companies need to deliver the value and benefit of different product to consumers, in order to attract more purchase from consumers. This concept is very important for both consumers and the company side.

Consumer side:
1. Consumers can make a better choice
Under this concept, in order to attract more customers, the company will try to deliver their product value through different kind of methods, for example, advertisement of the products’psychical and economic benefits that consumers can get, set a high price to the product that can signified a high level to the product, etc. Consumers can therefore be better informed on what they want to buy and will not be mislead on their

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