Key Principle: Value
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Why is value important and what does it stand for? Providing a superior value for customers and users is a key aspect for business success. To be able to create value for customers and users, it is important to understand their needs and motivations as well as how these needs can be met by an innovation. This focus gives organisations an opportunity to increase the level of innovation and to decrease the risk of developing something that customers do not want. Consumer value can be defined in terms of the monetary sacrifice people are willing to make for a product. Money is seen as one index of value. The assumption is that at the moment of purchase, the consumer makes a calculation and evaluation of what is given (value) in respect to what is taken in terms of money.