I saw this picture on Facebook....This prompted me to write this blog...
Let me start with a decliner- I love Lay's and it is one of the best tasting potato chips in the market.
I am looking at this more on the value? How many times do we look beyond the price tag? If a price is cheap does it mean its low in value?
Often Brands, Advertisement, and peer pressure are the reasons for making financial decisions. I sometimes come across clients who decide on a financial plan because a friend also did it. Its quite a challenge to explain that each of our financial needs are different.
To compare Value with cost is a challenge. Some of the criteria in assessing are
Meets the objective- The first criteria is to see if it meets the objective. It cannot be decided on impulse. How many times have you bought something because you think you may need it sometime in the future and never used it. It maybe at a discount but if you don't NEED it, there is no Value.
Reliable- When it comes to food, the most important decision is the reliability of the company manufacturing. The quality control processes in place, the food handling methods, cleanliness and the quality of the raw materials used helps us make the decision.
Functionality- A lot of times we come across products that are lower price but have more functionalities.
Accurate- Functionality and accuracy go hand in hand. There maybe a lot of functions in a product, but if they do not perform accurately the purpose is lost.
Efficiency- My daughter always prefers a particular brand of pen. She argues that the flow of INK and the smooth movement makes her handwriting look neater when she writes. Especially in exams, when she is trying to race against time.
Coming back to the picture above, What do we get when we look beyond the price tag!!!!!.....
