View this email in your browser ([link removed])
[link removed]
Continuing our focus on subjective value, it's time to introduce the principles.

The purpose of business is to generate value for customers. Value is an experience, and it’s entirely determined by the customer. That’s what the term subjective means. The business challenge is to generate a feeling of value in the customer’s mind. The first step is a solid understanding of subjective value.

Listen to Episode #13 with Per Bylund ([link removed])

If value is created in the customer’s mind by their felt experience, what’s the role of business? We like to use the term facilitator of value. Sometimes the customer needs to learn about value options they’re unaware of, sometimes they need to be alerted to new innovations that might be valuable to them. Firms listen to customers report on their experiences and then facilitate better experiences through innovation. Here’s a link ([link removed]) to one of E4B’s encapsulations, where we capture the content of academic research papers in easy-to-read summaries:

Read the Subjective Value Summary ([link removed])

For customers, value is a learning process. They learn what to want and what they can want. Mark Packard is the leading researcher on this topic of value learning and you’ll find quite a lot of his research on the Economics for Business platform.

Listen to Episode #44 with Mark Packard ([link removed])

One of the ways econ4business.com ([link removed]) aims to help businesses tap into the business-friendly content of Austrian economics is through visualizations and process tools. Here’s an example illustrating the cyclical nature of value:

Download the Subjective Value Cycle Knowledge Map ([link removed])

Continue to follow us during the month of July as we highlight some of the intelligence and tools at econ4business.com ([link removed]) that will help you with profitable value generation!
Register Now ([link removed])

============================================================
** Facebook ([link removed])
** Twitter ([link removed])
** Instagram ([link removed])
** YouTube ([link removed])
** Vimeo ([link removed])
** Website ([link removed])
** Mises Institute ([link removed])

You are receiving this email because of your interest in the Mises Institute.

Our mailing address is:
Mises Institute
518 West Magnolia Avenue
Auburn, Alabama 36832

Want to change how you receive these emails?
You can ** update your preferences ([link removed])
or ** unsubscribe from this list ([link removed])
.