Rejection Cost. From the perspective that my profit is someone else’s loss, and someone else’s profit is my loss, the fact that I have to reject an opportunity to make money for my circumstances is a loss for me and an act of giving someone else a profit. In other words, my added value is not determined solely by productivity but also by the marginal utility generated by the law of supply and demand. Therefore, my labor price should reflect the value that I have given up—the profit I could have gained. If the rejection cost is not included in my profit, I will be at a loss to that extent. Failing to account for rejection costs in production expenses is not wise, but foolish, because it risks my survival. There is no absolute value in this world. All economic values are relative. - Joseph’s “just my thoughts”
I believe it’s accurate to say that “branding is about suggesting a way of life.” Instead of just stating, “Buy ice cream,” it’s more meaningful to say, “Buy ice cream for the children waiting for their dad at home.” It’s about suggesting a lifestyle, not merely a product. It’s better to imply, “You can enjoy a warm meal with your loved one after a while,” rather than simply saying, “Come to our restaurant.” The definition, role, and function of branding evolve as times change. - Joseph’s “just my thoughts”