While doing the simulation, I chose the outdoor segment to target. The goal ofthis simulation was to match the customer preferences up to certain figure in theproduct. I did not pay more attention on the cost of production but rather focused onmatching the customer preferences. I played 3 times to get the score I want, and I had toswitch up my choices. I accidently missed out that there was a waterproof material thatwas more favorable to outdoor hikers and campers, so I chose eco-friendly materials.After realizing my mistake, I was able to improve my score.I believe there is a huge difference between price and value. The definition ofprice may differ depending on economic theories. Some may say that price is determinedby the perception by consumers on products and services while some may argue thatprice is determined by the level of supply and demand. On the other hand, value is hardto be represented by numbers as the value is highly subject to individual’s perception.High values sometimes make consumers to care less about prices they pay for a productor a service. Some values cannot even be comparable to monetary
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