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Worth is the value that can be placed on something, especially momentarily and also the equivalent of which it can be exchanged for something of equal value as well. Now the truth is there are different ways through which worth can be examined and when it comes to determining worth in a competitive market, one thing that should come to mind is acceptability of a good or service to be satisfactory and certified patent by a group of customer or buyers in a competitive market.
Worth determines how much a good and service would be sold. Truth is, when a manufacturer recognise their product to be worth a certain fee in the market, the forces of competition can convince them consumer that this isn't so. Marketing helps prove worth this is because a customer needs to understand that a particular goods and services may have quality in relativity to some sectors that may be useful to them, howbeit they do not understand yet.
Like I said earlier, a manufacturer and a consumer needs to agree that a product or service is worthy this sometimes determines prices for which a product can go by. So Worth comes when quality is universally proven in a competitive market else a product might not have worth even if it possesses a whole lot of quality. An example is the worth of Xiaomi phones in the Nigerian second hand device market. I'll tenderly explain this very well.
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The Nigerian market doesn't place Xiaomi as a mobile device that's worth much in the market and this is because the Nigerian market isn't concerned with things like chipset, hardware and durability of a phone. What sells more is marketing, and marketing and brand automatically determines worth which in turn makes the valuation of a product such as Xiaomi really biased and unfair. Truth is, Xiaomi devices are one of the best In the Nigerian market but they have rather poor marketing and poor representation, although globally Xiaomi can stand toe to toe with the likes of Samsung, but in Nigeria, Xiaomi isn't even valued to to Huawei which of has higher representation in marketing though.
So marketing sells worth to a semi ignorant market such as the one in Nigeria. Techno and infinix devices aren't better than Xiaomi in any way, but the earlier values more in the Nigerian competitive market and this is overly unfair, like I said, superior marketing creates demand for a product and sometimes people are obliged to buy what's marketed to them rather than buying quality and this of course shows that superior marketing in Nigeria determines worth worth as it where will not determine value
In conclusion it's important to understand that competitiveness is won when better marketing hits less better marketing, I believe quality should drive worth which should in turn determine demand irrespective. The value of something might be misappropriated and that's why it's important to understand that worth isn't determined by price, what determines price is the demand of a product and quality is truncated. The only thing that can change this is "better marketing" from Xiaomi and self education by the Nigerian consumers in totality
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The Distinctive Nature Of Man And How It Aligns With His Ever Changing Universe.
Infant Lapsing In The East. (An Original Prose + Poetry)
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The Malady Of Being Driven Excessively By Dreams And Ambitions
My name is @Josediccus, a young Nigerian student who is a Vlogger, A Psychologist, Poet And Sports Writer/Analyst. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers
@Josediccus, your brother-in-pen & heart
I'm hoping to reach more people who are broken at heart and spirit, so share on any platform or rehive
Branding increases the worth of anything. Xiaomi have not established their brand in Nigeria. I like to equate worth with utility but this is not how it in the real society. Even if economics defines it as that
Xiaomi is globally a huge brand but Nigeria isn't a place they've fully invested in marketing wise, this however doesn't decrease their value as a brand globally.