Define value and list three ways for organizations to increase value.
PBJ currently sells a product for $100. Market research suggests that the customers who buy the product perceive the value of the product as $150. PBJ considers three improvement options to the product. Market research suggests the perceived benefit for each option as follows:
Improvement option (i): Perceived benefit = $185 and selling price $125
Improvement option (ii): Perceived benefit = $200 and selling price $130
Improvement option (iii): Perceived benefit = $225 and selling price $140
Which improvement option is more attractive for customers? Explain why.