Image above depicts Hermes, known in ancient Greek religion and mythology as a deity of trade and heralds and a protector of travelers and merchants. In Roman mythology, Hermes or Mercury represents an amalgamation of several Roman deities of commerce and trade, known as Dei Lucrii. There too, he was perceived as a god of financial gain, commerce, communication and travel.
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TWO VIEWS MAKE A MARKET
The reverse side of a Roman Emperor Constantius I coin
VALUE
How much is something, anything, worth?
Something is worth as much as is somebody willing to pay for it at a given time.
Key elements of evaluation
NEED
The first thing we should take in consideration when evaluating given product or service is NEED for it i.e. whether the product or service is of essential importance.
Let’s take one simple example. You need a medicine, and it costs a lot. You will buy it, or you will try to buy it no matter what. You will economize on other things but you will buy the medicine you NEED.
It is also applicable in the case where an item or service will considerably save time and effort in regards to functionality.
DESIRE
Hello. So, tell me.. What is it that you truly desire?
A famous quote from Lucifer series on Netflix
Desire is to truly want something. We can strive for and seek all kind of things or experience. It can be anything, from something that you always liked and wanted to have or do, something you are very PASSIONATE about.
In order to fulfill your dream, price you are prepared to pay is relative by all means.
ATTRACTIVNESS
It is said “attracted like a butterfly to a light”, a quote that sums up the allure based on fact that all of us like beauty and pleasure.
Although the beauty is in the eyes of beholder and differs from person to person, when we encounter something that we consider attractive we will certainly try to do our best to get it.
Attractiveness and desirability are often used interchangeably and although closely related clear distinction should be made between them. It is in human nature to have affection towards someone or something and being liked or admired, which is exactly what drives people to do, buy or use service of what will in their mind make them more attractive. We are all to a greater or lesser extent, prone to that.
Mastering psychology is of crucial importance in advertising. Understanding the human behavior and ways people make decisions should be genesis of any marketing strategy. It is of uttermost importance to emphasize significance of psychology as it plays pivotal role in any serious sales strategy.
Brand
It should also be noted that brand plays important role in determining a value of goods and services, as it provides “expected quality” based on consumer reviews, ratings and tradition.
COMPLEXITY, QUALITY & COMPOSITION
The mastery of work, its complexity, quality, time and effort needed to fulfill the task or to produce an item all contribute to overall assessment of its value. In the case of an item, value of the material item is composed of should be taken in consideration.
HISTORICAL & CULTURAL SIGNIFICANCE
Any kind of memorabilia, in any form possible, that is related to a notable individual or event in the past can be of great importance and value to collectors, researchers, various institutions etc.
PROVENANCE
Provenance often helps in determining authenticity of an item and in some instances can considerably add a value to a piece. It is a very important element to consider when buying an antique or vintage object of art.