Terms

Price sensitivity (also see price elasticity, willingness to pay)

Value

  1. Value in use.  The functional value of a product or service.  Value of a product used when determining whether or not to purchase in a product category.  “Will I?” value.
  2. Comparison value.  The value of a product relative to the price of a similar product.  The customer’s willingness to pay.  The value used in Value Based Pricing or Value Based Buying.  “Which one?” value.
  3. Reference value.  The value of an acquisition.  Typically the price relative to a reference price or the price the customer expected to pay.