What does the term “value” mean in business and economics, and what are the market implications? What are the criteria for entrepreneurs to follow to facilitate value creation and to serve people better? And to obtain a price as close as possible to the consumer’s maximum willingness to pay? Value is subjective, and the best understanding of its mechanics is studied in this paper, identifying a value-centric business model to identify and capture potential opportunities in the market.
Encapsulated by Gabriele Marasti:
Value is Subjective and Entrepreneurs Must Facilitate Its Creation
Original paper by Per L. Bylund and Mark D. Packard:
Subjective Value In Entrepreneurship
The Subjective Value Cycle