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Science of How Consumers’ Buying Changes over Cycles 61

people to perceive more expensive goods as being of
higher quality than inexpensive ones (providing they are
of similar initial quality or lack of quality and of similar
style). Veblen also found that this holds true even when
prices and brands are switched, i.e. putting a high price
on an inexpensive brand is sufficient to create a perception
that the brand is of higher quality than the normally more
expensive brand.

Using Walker’s desire code in the context of a downward
economy, businesses must narrow the range of actual dif-
ferences in commodity attributes. This is particularly impor-
tant when money is scarce when attempting to create a value
proposition optimized for tough times.*

Business to consumer value
proposition fundamentals

Under a healthy economic, “carefree” consumption economy,
the order of importance that the consumer assigns relative
to high-order and low-order consumption dimensions is:

● 30% of the low-order dimensions are focused on “What
I Get” and “What I Pay” (Figure 3.10).

● 70% are focused on the high-order aspects of “What I
Get”.

As in all buying decisions, the consumer always has a
choice. Therefore, it’s necessary to look at the relative choice
schematic, i.e. “What I Get” and “What I Pay” as it compares
with competitors (Figure 3.11). Again, there are high and
low-order dimensions in both.

* Source: Stephen Byrne.