Marketing

The Value Triangle is a simple framework used to explain why customers choose one product or service over another. It shows that perceived value is created by the balance of three core elements: quality, price and service.

While customers evaluate all three sides of the triangle together, a business generally can’t maximize all three simultaneously. In other words, you may be able to offer low price + high quality but it usually means less hands-on service; high service + high quality usually requires a higher price, or low price + high service often sacrifices quality. Businesses use it to decide where they want to position themselves.

“You can’t provide all three so know which two your lab is offering. It’s what you lead with that tells people who you are,” said Jude Grayson, martial artist, entrepreneur and executive coach,...