2. Value for money “Value for money (VfM) is about obtaining the maximum benefit with the resources available” Basically, value for money is getting the most out of your money. Using the resources to their full extent.
3. Assessing a product for value for money Maximum price is generally established according to the demand of the product, the higher the demand, the higher the price. Minimum price is according to the production price.
4. Evaluating a product for a value for money Consumer criteria: -before purchase (advertising, manufacturer’s specification, list price, product image, evaluation by experts.) -purchase (aesthetics, performance, build quality, purchase price.) Initial use (actual performance, safety, ease of use.) Long-term use (reliability, ease of maintenance, durability, running costs.)
5. Weightings Value judgement, depends on the consumer’s individual opinion of the product It also depends on what the product is supposed to do and how well it meets its specifications Example of value judgement:
6. Relevance of quality This gives the consumer reassurance of what they are buying by giving them other people’s views on the product, by carrying out tests and surveys on the product, meaning that the consumer does not have to carry out their own research. ISO is one of the most recognised consumer associations worldwide
7. The media The media only advertise the products which have been passed through quality control and therefore have quality assurance. Results of tests can be posted in different media, therefore helping the consumer make a decision based upon these results whether the product is worth buying.
