2007-06-08 00:33:17 · 10 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
If you spend money on something, goods, entertainment or anything really and you are happy with the amount you paid. That's value for money.
2007-06-08 00:39:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Economically speaking, it goes back to an Economic Theory of Utilitarianism.
Each unit (Utile) can bring a certain level of satisfaction ("perceived" value). And you can assign values (i.e. money) to utiles.
For example:
you may like a particular cheeseburger from a restaurant (Wendy $.99 double cheeseburger). However, other factors may into play (you may be really hunger/you make like more vegies, you make like mustard - which is not available at Wendy, etc), and you shift your perceived value (because 1 cheeseburger may not be enough to satiate your big appetite).
So, you may decide to go to Burger King and get a Whopper for $1.99 (for $1.00 more).
What made you decide to choose between one over the other? It was a shift in your "unit of utile". While the $.99 is a good burger, and reasonably priced, the $1.99 is bigger, and considering your bigger appetite, and/or other taste preferences, it was a "better deal".
Therefore, the $1.99 vs. the $.99 is a better "Value for your Money". (Of course, there are many other advanced concepts invloved which can be discussed, but for Economics 101), I hope that helps.
2007-06-08 00:52:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Value for money or perceived value is being able to justify what the product or service costs.
If for example you are selling a service for 1000 dollars and your punter thinks its too much then being able to justify the cost by added value. small extras. If you take twenty dollars an hour for your service and it takes ten hours then that's 200 dollars. Additional service and better quality and backup for your work could be included as added value so explaining to your punter the price difference between you and someone else who wants 600 for what would seem to be the same job.
If you feel that what you are buying, taking into account labour materials office and other costs plus a30% profit seems right-then buy it. Give your client the same reasoning. Justification!
2007-06-08 00:48:16 · answer #3 · answered by thebaldchemist 3 · 0⤊ 0⤋
If I am pleased with the product and happy with the price I paid then this is value for money..
2007-06-08 00:42:54 · answer #4 · answered by Diablo 3 · 0⤊ 0⤋
Value for money , when one is happy to pay for item or service based on the price.
2007-06-08 06:39:21 · answer #5 · answered by Stephen A 4 · 0⤊ 0⤋
It describes a sale. Take your cash to WalMart. Buy a step ladder. You get value for your money.
2007-06-08 00:36:26 · answer #6 · answered by regerugged 7 · 0⤊ 0⤋
its down to individual choice.value for money doesnt exist.eg,i wouldnt give you ten pounds for the mona lisa but some idiots have paid millions for it.value is in the eye of the beholder.
2007-06-08 00:44:02 · answer #7 · answered by earl 5 · 0⤊ 0⤋
If something cost a quid and I get it for 75p. Now that's value for money.
2007-06-08 00:36:46 · answer #8 · answered by Anonymous · 0⤊ 0⤋
depends on the product..
if its cheap, then it means it will break in a few weeks..
if its expensive, then it means it will last longer and worth the money...
2007-06-08 00:36:23 · answer #9 · answered by Sabre 4 · 0⤊ 0⤋
getting a car for £3.50 :-)
anything less and we are never satisfied...
2007-06-08 00:36:27 · answer #10 · answered by fireman sam 4 · 0⤊ 0⤋