Business Discussion: Definition of Value

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Marketing
According to Nickel et al., marketing processes and activities that aim at creating and delivering value to customers through communication (328). The study of economics shows the dissimilarities in the consumers’ perception of value through differences in individual tastes and preferences. For instance, people exhibit different points of view regarding what value entails. Over time, understanding of people on what they value in goods and services has changed. While considered specific parameters for judging the value of items like shoes, there seems to have occurred as a complete drift.
In 2017, I purchased a Nike Air Max 97, a shoe brand that trended in 2017 and was considered by a majority of people as the best premium footwear at the time (Nayak, 2). Nike Air Max 97 was widespread in nearly all social media and e-commerce websites. On this note, I also got interested in this brand and liked its quality, price, and the feeling of wearing it was satisfactory. The value I derived from this product was in the form of luxury and social satisfaction of owning and wearing a Nike Air Max 97 shoes, which was promoted by celebrities. Therefore, the primary value from this pr...