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Value-based pricing: A success factor in the competitive struggle

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DOI: 10.5937/markt1104227N

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Članci/Papers
Value-Based Pricing – A Success
Factor in the Competitive Struggle

Tatyana Netseva-Porcheva

Abstract:  Over the past decade, the 1. INTRODUCTION

view that the main purpose of market-
oriented organizations is not to satisfy Over the past decade the view that the main purpose of market-oriented
the consumer, but to create values has organizations is not to satisfy the consumer, but to create values has dom-
dominated. Exactly the values, ​​their inated. Exactly the values, their
​​ creation, retention and increase, are the
creation, retention and increase, are the main sources of competitive advantage of the company.
main sources of competitive advantage of Today, marketing is considered as a process by which companies cre-
the company. The purpose of the present ate value for their clients and form stable relationships with them in order
report is to present the price formation, to obtain final value for customers (Kotler & Armstrong 2008).
based on product value, as a source of Figure 1 shows a simplified model of the marketing process.
competitive advantage. In connection
As it is seen from the model, during the first four stages of the market-
with the so-defined objective, the value
ing process, the company aims to create value of the customers. During
and the product price for the customer
are derived as key factors for success of the fifth stage, the company receives value from its customers in the form
the company in the competitive struggle; of current and future sales, profits and gained customer capital. The cre-
the role of the value of the product in the ation of exclusive custom values, increases competitiveness of the com-
marketing and pricing is revealed; and pany product, as it creates a high degree of satisfaction among customers
theory clarifies the two basic approaches and motivates them to make regular purchases and buy in larger quanti-
for determining the price of the product on ties from the company’s product. This enables the company not only to
the basis of value - customer value model- ensure the customer lifetime value, but ensures as well bigger share for
ing (CVM) and economic value modeling their products and services in the client’s portfolio of purchases. In com-
(EVM), their nature, scope of application, bination, this leads to a growth of the company‘s profits in the long term
advantages and disadvantages. and increase of its market value.
Keywords:  value to customer, value- Creating value for the customer is achieved by: development of prod-
based pricing, customer value modeling, uct that meets the desires and needs of customers, development of a com-
economic value modeling, competitive- munications program that transfers the value of this product to the cus-
ness. tomers, choice of a program for distribution, with which the product is
made available to the customers and development of a pricing program
that on the one side, creates an incentive for customers to buy the prod-
uct, on the other side - is an incentive for the company to sell this product
(Figure 2).
With creating value for its clients through the first three elements of
the marketing mix, the company incurs expenditures. The price is the
only element of the marketing mix, through which the company earns
revenue and thus retains some of created values to finance its efforts on
creating future values. Every mistake in the management of the prices
and their determination directly affects the competitiveness of the prod-
uct and the financial performance of the company (Figure 3).

227
 Figure 1  Capture value
A simple model Create value for customers from
and build customer relationships customers in
of the marketing
return
process
Construct an
Understand the integrated Capture value
Design a Build profitable
marketplace and marketing from customers
customer- driven relationships and
customer needs program that to create profits
marketing create customer
and wants delivers superior and customer
strategy delight
value equity

Source:  Kotler P., Armstrong G., Principles of Marketing, 12e, Pearson, 2008, p. 5.

Although most of contemporary authors do ac- 2. ROLE OF THE VALUE IN THE

knowledge the necessity of reporting the value of the PRICE FORMATION
product in the price formation, there is still a deficit
in complex theoretical and practical works in the field In order to be competitive in the market, the pric-
of researching the value of the product in the pricing, ing strategy of the company should be the following:
marketing and its competitiveness. • Value-oriented - the company should define cus-
Study of Monitor Group in 2008 (ValueScan Sur- tomer-differentiated prices. The company should
vey, Monitor Group, Cambridge, MA, 2008), involv- reflect the price changes during the time and the
ing more than 200 companies from the consumers differences or changes in the value of the product.
and the business markets, has found that the com- • Proactive - the company should anticipate de-
panies that develop and use effective price strategies, structive events, such as customer bargaining,
based on the value, achieve 31% higher operating competitive threats, technology changes and etc.,
profit than the companies that use the price to capture trough development in advance of strategies, with
greater market share or their target profit. which to neutralize these destructive events.
Examination of the value and the product price, • Source of the profit - the company should evaluate
as a source of competitive advantage, the deficit of its success in the price management, by compar-
complex scientific researches for the role of the value ing the profit of the investments what were done,
in the price formation and in the marketing, as well not by comparing its revenues with those gener-
as the results of the above mentioned study made by ated by its competitors.
Monitor Group in 2008, requires clarification of the
theory and methodology of the pricing based on val- These three principles are leading in making deci-
ue, attempted to be made in this report. sions at various levels of the so-called strategic price
pyramid (Figure 4). Each prior level of the pyramid
serves as a basis and a prerequisite for upgrading.
Figure 2  The four policies of the marketing mix The basis of the strategic price pyramid is to create
value.
The term value is one of the most used in business
circles and the academic publications. However, most
Communications of the definitions of value are incorrect (not displayed
Product
on the background of a specific marketing task) and
uncertain (mean different things in different con-
texts). This makes difficulties in the measuring, ana-
Price lyzing and finding ways to create additional value.
Figure 1 shows that the value is the ”input” and
Distribution the ”output” of the marketing process. As mentioned
above, during the first stages of the marketing pro-
cess, the company aims to create value for customers;
at the final stage the company receives value from its

228    Tatyana Netseva-Porcheva

 Figure 3  Factors Consumer
Quality of the
for competitiveness product preferences
of the product
Value of the product
Production costs Solvent demand

Factors and levels of Price of the Substitute products

impact product

Competitiveness of the product

Source:  Чурсин А.А., Иванов А.С., Эффективная ценовая политика как фактор успеха в конкурентной борьбе,
Евразийский международный научно-аналитический журнал, Проблемы современной экономики, N 1(29)

customers. In connection with this an important mo- are using the term ”value of the product.” Further in
ment in defining the value is to specify the object of this statement we will understand the product value as
value: the client or the company. Definitions which do the value of the product for the customer and the two
not specify the object of consideration of the value, concepts will be used as synonyms.
have no practical implementation, and even confuse Value of the customer is the one that the company
the managers. derives over the time from its clients. Source of value
Value to customer most common is the overall for the company are its customers - those who are al-
satisfaction that the client gets from the acquisition ready customers and those who will be customers in
and the usage of the company product. The customer the future. The company aims not so much to earn
value is this what many authors (Lipsits 2005, Nagle, profit from selling products to the customers. The aim
Hogan and Zale 2011 and others) mean when they is to accumulate customer capital, to ”possess” for the

Figure 4 
Strategic price pyramid Price
Level
Price setting

Pricing Policy
Negotiation Tactical & Pricing Setting
Procedures

Price & Value Communication

Communication, Value Selling Tools

Price Structure
Metrics, Fences, Control s

Value Creation
Economic Value, Offered Design, Segmentation

Source:  Hogan, J. & Nagle, T., What is Strategic Pricing? Monitor Group, SPG Insights, summer 2005, p. 2

Value-Based Pricing – A Success Factor in the Competitive Struggle    229

 Figure 5:  Value to customer
Grid of the value
low high

low 1 2 Evolution of the

typical company
Value of the
customer

high 3 4

Source:  Soman D., N-Marandi S., Managing Customer Value – One Stage at a Time, Part 2 Value, p. 34

lifetime its customers, to receive their lifetime cus- • Economic value modeling (EVM approach) - the
tomer value, and to occupy a large share in their total value is considered as the global economy (eco-
purchases. nomic savings or profits) and the satisfaction
The grid presents the possible combinations be- which the user gets as a result of purchasing and
tween value to customer and value of the customer using of the company’s product, rather than the
(Figure 5). The four quadrants of the grid represent best available alternative products. In this case the
the four stages of evolution of the company. If the value of the product is the basis for price forma-
company chooses the right model for price formation, tion.
it will reach the point of complete ”happiness” (fourth
quadrant), which creates high value to the custom-
3.1. Customer value modeling
ers, derives maximum value from them and it is most
competitive. The CVM approach is based on the subjective assess-
The marketing managers are facing an interesting ments of the consumers for the characteristics and
challenge when it comes to price formation. They are
expected to determine a price that corresponds to the
value of the product for the customer, but also to max- Figure 6  Procedure for modeling
imize the profit of the company. The profound under- of the value of the product
standing of this how to create a value and what the
value of the company product is for the consumers, Determining the products of the main competitors
is the key that unlocks the possibility for the manag- (alternative products)
ers to use the pricing as a competitive tool for taking
profitable business decisions. Determining the parameters which reflect utmost the
benefits that the company product andalternative
products give to the consumers, and their value
3. APPROACHES FOR DETERMINING
THE PRICE ON THE BASIS OF Determining the burden of each parameter in the
”VALUE TO CUSTOMER” overall assessment for quality of the company product
There are two alternative, fundamentally different ap- and alternative products, from the perspective of the
potential buyer
proaches to using ”value to customer” in determining
the price, which leads to various pricing decisions:
Calculation of weighted average basis for the company
• Customer value modeling (CVM approach) - the product and alternative products, as a sum of the
value is considered as accepted by the consumer product of the magnitude of each parameter and its weight
benefits that he/she receives for a price. In this
case the ”cost-benefit” is determining for the com-
petitiveness of the product. Determining the proportion „benefit -price”

230    Tatyana Netseva-Porcheva

 If the market is stable (the market share of com-
Figure 7  Value map: stable market shares
petitors does not change) and the perceived costs and
benefits are measured accurately, then all products of
competing companies are located along the diagonal
VEL
– the VEL. For any desired level of the price or advan-
high

tage, exists a logically correct choice of the product. In

such markets, the consumers receive exactly the prod-
Perceived price

uct, for what they pay. If buyers want to obtain prod-

ucts with higher value, they will have to pay more, if
they want lower prices, they must be willing to divest
themselves of certain benefits.
low

If the VEL is the place where the perceived ben-

efits and the price are equivalent, the space above it
is ”low-value area” where the perceived value exceeds
low high the consumer perception of product quality, and the
Perceived benefits space below the VEL, suggests higher value of the
product rather than price.
Source:  Adapted on Marn, M., E. Roegner, Zawada, C. The If market shares shall be redistributed among the
Price Advantage, John Wiley & Sons, Inc., 2004, p. 45
competitors, then the correctly done map of the value
will look like that of Figure 8, where some firms are
the price of the product. The basis of this approach located outside the line VEL.
is the understanding that the consumers buy prod-
ucts that have higher benefit at reasonable prices, that
the majority of product characteristics have no quan- Figure 8  Value map: companies off the
titative character what is difficult to be expressed in VEL – changing market shares
money, and consequently per unit price. This avoiding
of turning the characteristics of the assessments into
cash value, makes the CVM approach suitable mainly
for products with high psychological value for the end
D A
high

users.
Perceived price

The implementation of CVM approach consists of

five stages presented in Figure 6. C
The data obtained as a result of the application the
described in Fig. 6. Procedure for average dependence
”benefit-price” of the company and similar products E B
low

are put on the so called map of the value of consumer

(customer value mapping).
The map of the value is the basic tool that com-
panies use, in order to position themselves in com- low high
petitive markets. Horizontally is applied the amount Perceived benefits
of the weighted average earnings, and on the ordinate
- the price of the company’s and the similar products. Source:  Marn, M., E. Roegner, Zawada, C. The Price
Once the data for the company and its competitors are Advantage, John Wiley & Sons, Inc., 2004, p. 46
inflicted on the map, it is displayed in a different way
called line of equivalent value (value equivalence line)
(VEL), a line of fair value (fair-value line) or line of in- The company B is located below the VEL at ad-
difference (indifference line). vantage in terms of the value of the product and price
The points on the VEL show fair balance between situation, making it the most competitive in the mar-
the benefits and the cost of the product (Figure 7). ket. Consumers wishing to buy a cheaper product
The following main options are available to map will choose between products of the company C and
the points of the value on the map of the value. E. Since the company B offers a product with better
quality characteristics for the same price, its products

Value-Based Pricing – A Success Factor in the Competitive Struggle    231

will be preferred. Users who need a product that pro-
Figure 9  Procedure for determination of
vides more benefits, will choose between the products
the economic value of the product
of companies A and B. The product of the company B
will be preferred by the buyers, because the perceived
Determining the price of indifference
benefits are similar, and its price is lower.
The company D is located above the VEL and it is at
disadvantaged situation, compared to the other firms.
Identification of all parametersin which the company
The company E is offering a product with the same
product is different from the product sold at aprice of
benefits as D, but at a much lower price, but company
indifference
A – offers more benefits for the same price. If this card
of the value is accurate, it is logical that company D + -
will start to lose its market share.
With regard to the market shares of companies A
and E - they would rather remain stable. Quantitative assessment of the significance of differences in
The main advantage of the CVM approach is that parameters from the standpoint of the potential buyer
it is easier to understand and use this approach, be- + -
cause in it the characteristics of the product are not
converted in monetary valuation. Summing of theprice of indifference with quantitative
The CVM approach has the following disadvan- assessments of differences
tages:
Source:  Липсиц, И.В., Ценообразование – управление
1. Consumers do not pay for the average score of the ценообразованием в организации: Учебник, Издательство
various benefits and the value they receive from Экономистъ, Москва, 2005, p. 204
them. This is because the users are transferring in
their thoughts into monetized benefit and in this
way they decide how much higher price to pay for called exchange value, or economic value of the product
the extra value they receive from more expensive for the customer (economic value). The economic value
products. If the value of the product is higher than of the product is determined by the alternatives that
the fixed price, they buy it. the user has to satisfy the same need.
2. The CVM approach does not distinguish between The determination of the total economic value of
the total value, associated with the characteris- the product includes a four stage process presented in
tics of the company‘s product, similar to those of Figure 9.
major competitors, and the differentiated value, The total economic value of the product is calculated
related to the characteristics of the company prod- as the sum of the price of the best available alterna-
uct, in which it differs from the product of the tive for the consumer product (reference value) and
competition. the value that the consumer gets from the differences
3. The CVM approach ignores the difference be- (positive and negative effects) between the company
tween objective and perceived value of the prod- and the best alternative product (differentiation value).
uct. The consequences of this omission of the
pricing and marketing are significant because (1)
consumers are willing to pay for perceived value
of their product, not economic. Therefore, using
marketing communications, marketers should In the economic literature to indicate the price of
strive to come closer to perceived objective value the best available alternative for the consumer prod-
of the product by customers. uct (price analogue) are used the notions: reference
The disadvantages of the CVM approach are avoid- price, indifference and etc.
ed in EVM approach. Although that the determination of the best avail-
able for the user, alternative competitive product and
3.2. Modeling of the economic value collection of accurate data for the reference prices,
seems relatively simple, sometimes it hinders the mar-
The EVM approach considers as important not the keting specialists. The most frequent difficulties are
value of the product to the customer at all, but the so- limited to: lack of specific competing products that

232    Tatyana Netseva-Porcheva

consumers consider as suitable available alternatives product category and for the most sources of mon-
and lack of information about the prices of compet- etary value there is ready and available data, which is
ing products under similar conditions. Information the case, for example, with the price of the fuel and the
about the prices of competing products is easier to be maintenance costs of the vehicle. It is difficult to de-
found in the business-to-consumer (B2C) markets, termine in quantity the sources of the monetary value
because the retail prices are available for all users. In in the B2B markets, due to the complexity of the most
the business-to-business (B2B) markets, information business operations and the need of full understand-
about competitors‘ prices can be obtained very diffi- ing how the product affects the profits of the business
cult and sometimes it might not be true. The reason buyer. Because of this complexity, the process should
for the lack of pricing information may be the usage be started with a detailed assessment of the business
of discount system which is changing the conditions model of the consumer to understand how company
when the contracts are concluded with specific busi- product contributes to the ability of the business buy-
ness customers and they become trade secrets for the er to create value for its own customers and reduce its
seller company. operational costs.
This part of the economic value, what is associ- As a difference from the monetary sources of value,
ated with the differentiation of the company‘s product the intangible nature of the psychological sources of
from the best available alternative product is called value, such as satisfaction, safety, security and oth-
differentiation value. The differentiation value has two ers, are in its nature not quantifiable. For their deter-
forms: monetary and emotional. mination, is most commonly used a content analysis
The monetary value represents the total amount (conjoint analysis) - a technique that allows to iden-
of saved cost or higher revenues, which the consum- tify the hidden product features, which have value to
er receives as a result of the purchase and use of the the consumers. The essence of the conjoint analysis
company’s instead of the best available alternative consists of decomposition of the product groups of
products. The monetary value is more important in features and presenting to the consumers a choice be-
the B2B markets. For example, if a company manufac- tween different groups, in order to understand what
tures machine, during the usage of which the current the most important features are for them.
and the capital expenditures are lower than the best The differentiated value can have positive and neg-
alternative available machine from the competitors‘ ative elements, as illustrated in Figure 10.
machines, then the industrial buyer is willing to pay a In determining of the economic value of the prod-
higher price for the company‘s product, because then uct for the customer should be followed certain guid-
he/she can produce an end product with lower costs ing principles that allow avoiding of the possible er-
and he/she will be more competitive in the market of rors:
the end customers.
1. To be considered only the value of the differences
The psychological value expresses the many ways
between the company’s product and the next best
with which the company’s product creates positive
competitive product. The value of all benefits that
emotions and satisfaction for the consumer, against
are common for the company’s and alternative
the best available alternative products. For example,
product is included in the reference price.
Rolex watches do not create a tangible monetary ben-
2. The differentiated value to be measured by cost
efit for their owners, but they have a high psychologi-
savings or as achieved certain level of benefits or
cal value - perceived as successful people with high
additional benefits, received for identical costs.
living standard and lifestyle.
Simultaneous recording of one and the other is
The different characteristics of the monetary and
wrong, as this will lead to double counting and
psychological sources of value require different ap-
confusion.
proaches for quantization.
3. The scale of the quantitative changes on the level
Due to the fact that the monetary sources of the
of one or another consumer parameter of the
value are quantitative by nature, the monetary value is
company’s product, in comparison with the pa-
determined by using quantitative research techniques.
rameters of the alternative product, is not obliga-
First step for the quantification of the sources of mon-
tory to coincide with the scale of the change in the
etary value is to understand how the product catego-
benefits from its usage for a buyer and from then
ries affect the cost and the revenues of the consum-
on in the amount of money, which he agrees to
ers. On the B2C is relatively easy, since the end users
pay, to obtain this product (Figure 11).
usually have a few monetary sources for a particular

Value-Based Pricing – A Success Factor in the Competitive Struggle    233

 Figure 10  Economic value

Negative
Differentiation Value Differentiation Value
The value to the consumer (both positive and
negative) of any differences between your
offering and the reference product

Positive
Differentiation Value

Total
Economic
Value

Reference Value Reference Value &

The price (adjusted for differences in units) of
thecustomer’s best alternative

Source:  Nagle, T., Hogan, J. and Zale, J., The Strategy and Tactics of Pricing of Pricing,
A Guide to rowing More Profitable, 5 ed., Person, 2011, p. 20

Figure 11  Mismatch of

objective scales of change
in consumer parameters
of the product and their
subjective evaluations Importance for
the buyer of
in comparison with the
Importance for parameter 1
product analogue the buyer of
parameter 1

Importance for Importance for

the buyer of the buyer of
parameter 2 parameter 2

Importance for Importance for

the buyer of the buyer of
parameter 3
parameter 3

Source:  Липсиц, И. В., Ценообразование – управление ценообразованием в организации: Учебник, Издательство

Экономистъ, Москва, 2005, p. 206

234    Tatyana Netseva-Porcheva

 The total economic value is the maximum price 2. The economic value of the product is the starting
that a ”rational buyer”, who is fully informed about point for development of product pricing strate-
the market and who is looking for the product with gies, which are value based, not just consistent
the highest value, would pay. But the consumers are with this what the customers are willing to pay for
not always rational. It happens often that the buyers, the product, or only with the competitors.
especially the purchasing agents in B2B markets, do 3. The economic value of the product is useful in
not realize the true economic value of the product, persuading potential customers in the superiority
what they receive. Therefore, in terms of pricing, it is of the company’s over competing products and
important to distinguish between objective and per- the justification of the price. This is so, because the
ceived value to the customer. economic value is calculated based on the actual
The objective value, or the total economic value is data for the prices of analogues and compared to
the measure of the benefits that the product provides the characteristics between the company’s and
to the client, regardless of whether the customer rec- similar products, which seems fair in the eyes of
ognizes them or not. the people.
The perceived value is the one which the client be-
lieves that the product provides to him, those are the
so-called perceived benefits. The perceived value is
the maximum price that the customer is willing to pay 4. CONCLUSION
for the product. In the present report makes an attempt to derive value
The marketing efforts should be directed not only and price of the product for the customer, as key fac-
to determine the perceived value, but also to constant tors for success of the company in the competitive
search for ”roads” for its increasing and its maxi- struggle, to reveal the role of the value of the product
mum possible approximation to the objective of the pricing and the marketing and to clarify the theoreti-
perceived value of the product to the customer. For cal aspect of the two main approaches for determin-
this purpose, it is of great importance for us, the use ing the price of the product based on value - customer
of marketing communications through which to un- value modeling (CVM) and economic value modeling
derstand what characteristics are likely important for (EVM), their nature, advantages and disadvantages.
the consumers, and to focus their attention exactly to The future studies in regard to the subject of this re-
them. port, are generally limited to clarification of the fol-
Advantages of the EVM approach: lowing key questions:
1. The economic value of the product is a logical • Value-Based Market Segmentation.
starting point for determining the price, since this • Price and Value Communication.
is the monetary value of the benefits that custom- • How to approach the perceived value to the objec-
ers will receive in return for the price that they tive value of the product for the customer.
have paid. • Obtaining value from the customers and creating
of customer capital.

References

1. Bradley T. Gale, Donald J. (2006) Value-Based 4. Marn, M., Roegner, E., Zawada, C. (2004) The Price
Marketing & Pricing, Customer Value, Inc. Advantage, New Jersey: John Wiley & Sons, Inc.
Competitive Marketing Strategy 5. Nagle, T., Hogan, J., Zale, J. (2011) The Strategy and
2. Kotler, P., Armstrong, G. (2008) Principles of Tactics of Pricing of Pricing, A Guide to rowing More
Marketing, 12e, New Jersey: Pearson. Profitable, 5 ed., New Jersey: Person.
3. Hogan, J., Nagle, T. (2005) What is Strategic 6. Netseva-Porcheva, T. (2010) Value-Based Pricing,
Pricing? Monitor Group, http://www.monitor. International Scientific Conference, The Challenges
com/RU/Portals/0/MonitorContent/imported/ of Economic Science and Practice in 21st Century, Nis,
MonitorUnitedStates/Articles/PDFs/Monitor_What_ October 14-15, faculty of Economics, University of
Is_Strategic_Pricing.pdf Niš.

Value-Based Pricing – A Success Factor in the Competitive Struggle    235

 7. Smith, G., Nagle, T. (2005), A Question of Value, 10. Липсиц, И. (2005) Ценообразование – управление
Marketing Management, July/August: 39-43. ценообразованием в организации, Москва,
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Marketing Management, May/June: 28-32. 11. Чурсин, А., Иванов А. (2009) Эффективная
9. Soman D., N-Marandi S. (2010) Managing Customer ценовая политика как фактор успеха
Value – One Stage at a Time, Part 2 Value, Singapore: в конкурентной борьбе, Евразийский
World Scientific Pub. международный научно-аналитический журнал,
Проблемы современной экономики, N 1(29).

Rezime
Formiranje cena zasnovano na vrednosti
- faktor uspeha u konkurentskoj borbi
Tatyana Netseva-Porcheva

Tokom protekle decenije dominantan je bio pogled da u marketingu i formiranju cena je prikazana. I teorija
glavna svrha tržišno zasnovane organizacije ne predstav- objašnjava dva osnovna pristupa za određivanje cene
lja zadovoljenje kupaca već povećanje vrednosti. Upravo, proizvoda po osnovu vrednosti:modeliranje vrednosti za
vrednosti, njihovo stvaranje, zadržavanje i povećanje su kupca (CVP) i modeliranje ekonomske vrednosti (EVM),
glavni izvori konkurentske prednosti kompanije. Svrha objašnjava njihovu prirodu, domet primene, prednosti i
ovog rada je da prezentuje formiranje cena zasnovano na mane.
vrednosti proizvoda kao izvora konkurentske prednosti. U
vezi sa tako određenim ciljevima vrednost i cena proizvo- Ključne reči: vrednost za kupca, formiranje cena zasnova-
da za kupca proizilazi iz ključnih faktora uspeha kom- no na vrednosti, modeliranje vrednosti za kupca, modeli-
panije u konkurentskoj borbi; uloga vrednosti proizvoda ranje ekonomske vrednosti, konkurentnost

Kontakt:
Tatyana Netseva-Porcheva, PhD,
University of National and World Economy,
Department ”Marketing and Strategic Planning”,
Sofia, Bulgaria;
e-mail: [email protected]

236    Tatyana Netseva-Porcheva

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