I recently came across a very good piece of research by Harvard on the elements of value . Broadly, it indicates four major groups of value that consumers actually pay for, viz. 1) Functional, 2) Emotional, 3) Life Changing, and 4) Self-transcendence. It roughly coincides with the Maslow's Hierarchy of Needs. It helps tremendously in defining how a business should go about improving profits, by examining how we can add further value, or appeal to a value-segment that we may never have thought of serving. The tuition business in Singapore, especially a full-service one like Frankel Tutors, works mainly at the following levels. Provides hope (life changing). They want to do well in their exams, and the service provides hope for them to do so. Motivation (life changing). They need that extra push, that extra motivation to bring them through the treacherous waters of academics. Affiliation/belonging (life changing). They want to study together with like-minded friends or cl
