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What is value?

Question asked by anadyr on Mar 28, 2013

The term value can have as many definitions as the people you ask. In most questionnaires administered to folks the concept is viewed as the relationship between quality and price -- a service or product gets higher value ratings as the benefits offered are expanded or the price is reduced. However, does satisfying this definition of value really guarantee a customer's loyalty? Often, this is not the case since every strong competitor in a marketplace will offer a decent package of services at a competitive price.

So my question is:  How do you, as a veteran or novice road warrior, assess value when booking a room at a Marriott or another chain? 

Is it price driven? Does the concept of value involve the recognition of brand quality?  Does a history of brand experience help?  What part of the calculus involves loyalty program membership?

If there is a perception that the loyalty program is somehow becoming less advantageous to you as a member does this cause a drop in the perceived value of the stay?

Maybe this is too esoteric for Insiders but what the heck!  Let me know what you think?