Maslow’s Hierarchy has long been a staple at MBA courses, but now a new pyramid has been designed outlining the 30 Elements of Value as needed by businesses. This has been developed by management consulting giant Bain. At the base level are the functional elements which simplifies tasks, save time, offer variety, reduce effort, avoid hassles, connect, organize, reduce cost and improve quality. The come the emotional elements which have therapeutic value, improve the aesthetics, reduce anxiety, provide access and generate entertainment. At the third level are the life-changing elements that lead to self-actualization, provide hope, motivate and generate a sense of belongingness. On top remain social-impact elements which lead to self-transcendence. The more is usually merrier, so companies or brands that can solve more of these, will provide greater satisfaction. Yet, some of these needs matter more, so they need to be focused more on. The digital plus omnichannel approach is most convenient.

Source:https://hbr.org/2016/09/the-elements-of-value?utm_medium=social&utm_campaign=hbr&utm_source=twitter

Uploaded Date:29 September 2020