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Is the Opportunity Real and Large Enough? Refine the Customer Value Concept

In: Getting Funded

Author

Listed:
  • Chandra S. Mishra

    (Florida Atlantic University)

Abstract

This chapter presents a framework and tools to assess and refine the customer value concept. The three key questions the entrepreneur may ask when reformulating the customer value concept are whether the customer pain is real and widespread, whether the relative advantage of the new product is superior enough for the product to sell, and whether the customer is willing to pay for the relative advantage of the product. The customer value concept should be refined to maximize the likelihood of the new product’s acceptance in the market. The target customer group may need to be redefined. The relative advantage of a new product should be superior to compensate for the entrepreneur’s self-selection bias and the consumer’s loss aversion bias. A framework is provided to determine the competitive price of a product. The seller may charge a price premium for a new product when the perceived value of the product is significantly greater than the cost to serve the customer.

Suggested Citation

  • Chandra S. Mishra, 2015. "Is the Opportunity Real and Large Enough? Refine the Customer Value Concept," Palgrave Macmillan Books, in: Getting Funded, chapter 0, pages 79-100, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38450-8_4
    DOI: 10.1057/9781137384508_4
    as

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