Category: Business Philosophy
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The Consumer’s Hierarchy of Preferences: Two Ends of the Strategy Spectrum
“To not decide where to go, is to decide where to go.” Marshalls and Hermès At the extremes, there are two strategies in retail: 1) work hard to get people to spend a lot for your product so you can charge a high price, 2) work hard to get your product cost down so…
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The Consumer’s Hierarchy of Preferences: The Other Side of the Consumer Value Prop
“Clarity of thought is only made possible by clarity of language. Lacking the latter, the former will forever remain out of reach.” We are all familiar with the idea that companies have different and specific value propositions (or “value prop” for short). The value prop is what a company offers…