It may also be referred to as a "utilitarian" value.Īn environment where retailers provide multiple product categories and services into one shopping venue. The value assigned to something based on external influences that present or persuade the consumer that it has personal value and is necessary. For example, utilitarian value could be the durability of hiking boots, the nutritional value assigned to a meal, or the speed of service at a quick-serve restaurant. Thus, utilitarian value reflects which characteristics offer the greatest value for the consumer's intended end use. Consumers will vary in their product and service decisions based on the extrinsic value that they assign to the thing and their willingness to pay the associated price.Įxtrinsic value offers "utilitarian value." In this context, the consumer looks at the functional attributes of a product or service to determine its utilitarian value. It fulfills a consumer need and provides a benefit to the consumer. Assigning extrinsic value to a "thing" such as an object, event, brand relationship, or consumption activity means it serves a specific purpose.
Thus, extrinsic value of a "thing" is determined by external factors. This personal value often elicits an emotional response related to its inherent importance to the consumer.Įxtrinsic value is generally given a monetary or a similar external benchmark that is associated with an economic value. The value assigned to a something based on a consumer's essential core beliefs that regard it as having value and is necessary. The consumer is emotionally involved through engagement with that product or service.
Intrinsic value creates gratification derived from a consumer's emotional (hedonic) engagement with the thing. Generally, consumers do not assign monetary worth to a thing that has an intrinsic value. These values generally elicit an emotional or "hedonic" consumer response. Inrinsic values are often associated with deep-rooted beliefs that are aligned to moral, ethical, and spiritual values. If that attribute or quality or element was removed, then the "thing" would no longer exist. What this means is the "thing" has an attribute, a quality or an element that is permanent and inseparable - i.e., inherent to that thing. When a consumer gives intrinsic value to a "thing" it represents the assignment of an inherent value held by that consumer.
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