Question

What does the Resource-Value-Time (RVT) predict a professional service needs to succeed in the marketplace?

a) High Prices
b) Unique Selling Proposition
c) Effective Marketing
d) Adequate Resources, Value, and Time

Answer 1

The RVT model indicates that adequate resources, substantial value, and proper timing are critical for a professional service to succeed in the marketplace. It focuses on preparedness, value addition, and strategic timing rather than just pricing, marketing, or unique selling propositions.

Step-by-step explanation:

The Resource-Value-Time (RVT) model predicts that for a professional service to succeed in the marketplace, it must possess adequate resources, provide significant value to customers, and have the right timing for its introduction and delivery. This model emphasizes the importance of the following:

1. The resource must have been produced, indicating that the professional service has invested in creating something of substance and worth that is ready for the market.
2. The resource can be used to produce other goods and services, which means that the service offered should be valuable in itself and potentially contribute to the creation of additional services or enhancements, thereby adding further value.

To achieve success, a service does not necessarily need to rely on high prices, unique selling propositions, or even effective marketing alone. Instead, the combined strength of having adequate resources, offering substantial value, and choosing an opportune time are the predictors of success according to the RVT model.