Exploring Products’ Tetrad-Value Theory

Abstract

It is well known that people buy products to meet their multiple needs and desires based on the value they attach to such products (goods, services, ideas, information, experiences). The tetrad-value theory includes economic, social, ecological and psychological values. Based on this theory, we developed a questionnaire to assess the perception of value in relation to 20 main groups of products. We used definitions of the four type of values, and we asked the participants from a convenience sample of 804 university students to tell us whether the product has that kind of value, absolutely, a lot, a little, or doesn’t have it at all. The results showed that is not indifferent the type of products under value evaluation. There are products with more impact on social level and other on psychological level with statistically significant differences. This study confirms that people are mainly concerned with the product value for themselves, based essentially in their own interest, showing that social value is not their fundamental criteria. This research also indicates that social products appear to be of greater value, whatever the type, in the participants' perception. Thus, scholars’ generalization about the way people assess product’s value, considering that the personal impact is a social issue, should be rethought at the light of tetrad-value theory.