Values

‘…a value can be defined as a belief about some desirable end state that’s transcends specific situation and guides selection of behavior.’ (Solomon 2006)

Everyone has values, and most share a set of terminal values – the ones that are most important. Our values drive our behavior and hold a high influence on our consumer decisions. Kahle's List of Values’s can determine your spending habits based on your most important values. Didn’t work for me, but I had trouble trying to work out what was most important to me . . . others in the lecture were impressed tho! See below. . . . .

Kahle's List of Values (1983)

1. Self Respect

2. Excitement

3. Being Well Respected

4. Self-fulfilment

5. Sense of accomplishment

6. Warm relationship with others

7. Security

8. Fun & enjoyment

9. Sense of belonging

Often, consumers values will match to the brands they choose, and therefore for it is the brands responsibility to hold up its standards. When Kerry Katona was found sniffing coke she lost her contract with Iceland Foods – mums (Iceland’s main customers) would not condone drug use, against their values.

Each country will have different values to another. Marketers must acculturate - meaning they must understand the values, to understand the consumers and the market of the particular country.

So a successful advert here in England, could be not only unsuccessful, but offensive in another. YOU MUST KNOW YOUR MARKET!

The laddering technique questions each decision to investigate the values behind it. Please relate to the example below :

Eric likes light beers - ask why?

Does not want to get drunk - ask why?

Will be able to have more interesting conversations - why is this important?

Will be able to be more sociable - why is this important to achieve?

Wants to get better friendships - i.e. a terminal value for Eric!

Look at the image below to get an idea of some other major values which exist...