value vs price
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1,111,111 TRP = 11,111 USD
1,111,111 TRP = 11,111 USD
1,111,111 TRP = 11,111 USD
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Value reflects the perceived worth or utility of a product/service to a buyer, shaped by needs, emotions, and long-term benefits (e.g., education, healthcare, or brand trust). Price is the monetary amount assigned by sellers, influenced by costs, competition, and market demand.
Key Differences:
Subjectivity vs. Objectivity: Value is personal (e.g., a farmer values drought-resistant seeds more than urban dwellers); price is fixed (e.g., ₦5,000 per bag).
Time Horizon: Value considers future gains (e.g., a solar panel’s energy savings); price is immediate.
Market Dynamics: In Nigeria, fuel subsidies might lower prices but mask true economic value.
Practical Insight:
A ₦50,000 smartphone may have low price but high value if it boosts productivity.
Inflation (e.g., 2025 Nigeria) can distort prices, but value remains tied to real utility.
Conclusion: Price is what you pay; value is what you gain. Wise decisions balance both—especially in volatile economies.