VALUE is perception of worth. In the context of marketing, it is the extent to which a good or service is perceived by its customer to meet his or her needs or wants - measured by customer's willingness to pay for it. (Business Dictionary)
There is always a demand for products/services that add value to the needs of consumers (e.g. psychological value derived from cosmetics, alcohol, etc. and sociological value from club memberships, social media, etc.). Your job as a savvy businessman or woman is to tap into buyers' needs and offer better or unique value than your competitors for an exchange of money or whatever adds value to your business. This is not a one-off affair since consumer preferences and needs are ever changing & evolving.
It is worthy of note that adding value does not immediately translate to money, although however it is a starting point in building and maintaining a strong seller/buyer relationship - whilst taking consideration of your internal and external business environment (context). Thus in the words of Albert Einstein, "Try not to become a man of success. Rather become a man of value “[and you will be perceived as an indispensable pillar]”.
In Business, CONTEXT refers to the background, environment, framework, setting, location, or situation within which a business operates. It could be the business environment or location within which a business exists. In other words, what may obtain in Europe may not necessarily work in the African continent. What might also work in the banking industry, will probably not be applicable in the oil & gas sector. Company A's formal/structured approach to business may be different from Company B's informal perspective.
Ultimately, businessmen and women need to take into consideration the context within which their business exists before they can effectively add value to the needs of consumers.
By Kemdi Acholonu (Contractor & Certified
Business Manager)
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