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Focus on the perceived value, not the actual value from "summary" of Alchemy by Rory Sutherland
In business and marketing, we often fixate on the actual value of a product or service. We meticulously calculate costs, analyze features, and compare prices to determine the worth of what we are offering. However, this approach overlooks a crucial element of human behavior—perception. The perceived value of something can be just as important, if not more so, than its actual value. When we focus solely on the tangible attributes of a product, we neglect the intangible factors that can significantly influence consumer decisions. Human beings are not always rational creatures; our choices are often driven by emotions, biases, and subconscious cues. This is where the concept of perceived value comes into play. By understanding and harnessi...
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