Value for money<br />Relationship between of what something is worth and how much is spent on it. If prices are too high compared to other similar products, the consumer is less likely to be interested in the product. But if the product is too cheap the consumer is going to think that due to its price it wont last long. Demand for an item will be the main reason where the product can get maximum price. Because of competitors companies decide to keep a set price to similar of others. <br />
How consumers apply criteria value for money<br />Before purchase:<br />Advertising the product, products specs, list price, product image, and evaluation from some consumers before the release of the product. <br />Purchase:<br />Style, usability, performance, quality, and price. <br />Initial use:<br />The performance of the product, safety, and how easy is it to use? E.g. sizes. <br />Long-term use<br />Is it reliable, easy to repair, durability and cost of running. <br />
Importance of criteria <br />The importance of criteria is due to the design concept. Value judgment, plays a part in the product analysis, and which vary by different people, the time area and circumstances. <br />Consumers will often value the product itself, security, availability, rarity and aesthetics. Designers would consider function, reliability and ease of maintenance a more important factor. <br />
Quality assurance<br />Very important to consumers, <br />This allows the consumer to not do any research into the product when considering purchasing. This means the company ahs a guarantee for the product, if the product fails to match standards. <br />
Consumer associations <br />These are organizations that protect consumers they see if the company product is matching the standards and if there claims are justified. The organizations will compare products from the target market and see if it is recommended for best value for money product. Therefore these organizations play a big role in evaluation. <br />
Contribution of media and education<br />Education and the media also fit into the evaluation stage this is because TV programs and such may focus on a product, and articles focusing on the new products and its specs. <br />Curriculum development and design education in school encourages product evaluation.<br />
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