MGT 498 University of Phoenix Week 5 Economic and Social Value Response Discussion

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Respond to peer in 175 words or more

Response 1

When it comes to economic value it is based on the value that is placed on a product or service. For example if an individual uses a companies service to fix their roof the value that the individual places on the service they received and the finished product of the roof will benefit the company’s economic value. The social value is based on a product or service for the society. When it comes to a company providing a product or service it is best to create something that will benefit many than just a selected number of individuals. If the company only provides products for a certain amount of individuals then that product can only be successful to a point. There if a company provides a product everyone can use it will always be successful and will always continue to grow with time. The company can also take this same product and upgrade it as it continues to grow in popularity. Social value is what makes companies grow into a successful and continuously growing company.

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Response 2

Social and economic value is important when it comes to businesses and knowing the difference and how they may work for the company is very important as well. Social value is “the value of the changes that beneficiaries and stakeholders experience as a result of using a product or service; or taking part in a project or program.” This is a very important factor because when it comes to the business succeeding they need to make sure that other people are happy with the outcomes when they are working with the products that the business provides. Economic value is what the worth is of the business and the products that it provides. These two different values are very important when it comes to working with a business and making sure that in the end it is successful. I think that when I look at these two different types of value I think that they are both very important to the business in question but I think they might focus more on social value. This would be because if they have good social value and are making people happy this would in return raise their economic value.

Musings of an impact practitioner: What is the difference between economic value and social value when monetizing your impact?