Abstract
In our highly competitive world it becomes ever more important that products address what customers value in various circumstances. Asking around in your office or home environment, you can immediately find out that for a given product or service, value is very subjective. It is difficult to establish the value of a product because for one and the same product, different people will apply different criteria to assess if they would receive a good or bad value in return for their invested money. Price is measured in numbers and is obvious to each consumer, yet what is value?
Price is what you pay, value is what you get.
Warren Buffet
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Notes
- 1.
For a precise definition of lifecycle costing, please see the international standard IEC 60300-3-3:2004, “Dependability Management, Part 3-3: Application guide—life cycle costing”.
References
International standard IEC 60300-3-3. (2004). Dependability management, Part 3–3: Application guide – life cycle costing. Retrieved from https://www.saiglobal.com/PDFTemp/Previews/OSH/IS/EN/2004/I.S.EN60300-3-3-2004.pdf
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Smith, A. (1776). The wealth of nations, book 1. London: Methuen & Co.
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The authors thank the International Electrotechnical Commission (IEC) for permission to reproduce Information from its International Standards. All such extracts are copyright of IEC, Geneva, Switzerland. All rights reserved. Further information on the IEC is available from www.iec.ch. IEC has no responsibility for the placement and context in which the extracts and contents are reproduced by the author, nor is IEC in any way responsible for the other content or accuracy therein.
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Fuchs, C., Golenhofen, F.J. (2019). Design to Value (DTV). In: Mastering Disruption and Innovation in Product Management. Management for Professionals. Springer, Cham. https://doi.org/10.1007/978-3-319-93512-6_6
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DOI: https://doi.org/10.1007/978-3-319-93512-6_6
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