Sources of Value and Emergent Market Practices
Creating and delivering value is of utmost importance across industries. Customers satisfy their needs through perceiving value, value they receive through consuming products and services. New emerging market practices may serve as sources of value in this regard. For example, locavore, those who are motivated to consume local food, perceive value in consuming local food because they find it to be of higher quality, more sustainable, and that it supports their local community. From a consumer research perspective, it is important to have a look at how human beings perceive, e.g., new offerings or trending topics. Another source of value for consumers are their senses. This translates into marketing areas such as sensory marketing or packaging. Value perceptions are multidimensional. Studying the sources of value also means to endeavor alternative approaches to measure phenomena in marketing and consumer research. Consumer Neuroscience can be a valuable approach in this regard.