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Importance of Customer Value

1990 words (8 pages) Business Assignment

2nd Nov 2020 Business Assignment Reference this

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Introduction

Every innovation and inventions are birthed by the dream, vision and will of solving problems. (Kothari, 2018) Hence, each product or services are expected to have patronage in order to show its success or acceptance. The consumers of ones invented products or services are the customers or clients. The importance society place on the consumers of products or services is called value, and this cannot be overemphasized as a core of profit making or success of any organization. (Kothari, 2018)  Therefore, customer value is the satisfaction or fulfillment a customer gets from products and services. For a fact, businesses and organizations are set up for profit making, directly or indirectly; one of the vital strategies of sustaining high patronage of products or services is placing value on customers. (Kothari, 2018)

Most organizations includes “customer value or satisfaction” as part of the core values of their company. (Meredith, 2019) Customers are the consumers of a company’s’ inventions, products and services. There is need to prioritize their satisfaction and place uttermost value on them in order to keep our products or services on the path of profit or success.

Customer Satisfaction as a means of Sustaining Patronage

The Coca-Cola Company having been in existence for centuries had “Coke” as their first product and over the years included products like Fanta and Sprite. (Coca-Cola, 2019)  This company had been able to keep hold of their large customer base and have been able to remain relevant due to the importance they place on customer satisfaction. (Coca-Cola, 2019)   For customers who don’t like the cola taste but prefers orange taste, they can have the Fanta while those who prefer a clear drink can have Sprite. (Coca-Cola, 2019)  Years after, the number of people who are trying to reduce their sugar intake grew and Coca-Cola introduced two order products “The Diet Coke and Coke Zero” and replicated that on other existing products like Fanta and Sprite. (Coca-Cola, 2019) 

All these were as a result of them wanting to meet the satisfaction of their customers. They grew from a product and diversified. No doubt, customer satisfaction is their core strength for sustenance and relevance. (Coca-Cola, 2019) 

The Rebranded and Resurrected APPLE INC

The Apple Inc created the apple computer on April 1 1976 by its founders Steve in Cupertino, California. (Apple Inc., 2019) At inception Apple Inc was known for manufacturing computers which includes the Apple II, Macintosh as well as the Power Mac. (Apple Inc., 2019) The company couldn’t survive in the competitive market then which was dominated by Microsoft and that led them into crisis and the resurfacing of Steve Jobs whom then studied what the customers would want and need. (Meredith, 2019) Steve Jobs, came back in 1996 and changed the types of computers Apple were making which couldn’t stand the competitive market and introduced the types of computers customers’ needs; then Apple started making simple and recognizable designs. (Meredith, 2019) Prioritizing the satisfaction of the customers, Apple went into making their design more easy, portable and accessible by designing their own smartphone and other smart devices like the iPad and iPod. (Apple Inc., 2019) Steve Jobs didn’t stop at that, in 2007 Apple decided to drop computer from the company’s name and since then gave it a unique name which customers also pride of. (Apple Inc., 2019)

As of June 30 2015, Apple was the largest publicly traded corporation in the world by market capitalization, with an estimated value of $1 trillion as of August 2 2018. (Apple Inc., 2019)  That’s a company which hit rock bottom in the early 1990s. (Apple Inc., 2019) Steve Jobs changed the company from a manufacturer of computers into a manufacturer of systems that customers will like. He personalized computers for customers. (Apple Inc., 2019)

Article Summary

According to the McFarlane, he explained that the customer value is the appreciation of a service or product is worth to a consumer compared to the competition. (McFarlane, 2013) Value basically means whether or not the consumer feels they received the best product or service they purchased. (McFarlane, 2013)  The article elaborated on the service, quality, image, and price approach. (McFarlane, 2013) Extraordinary service is crucial to any company; it’s a rare valued offered to consumers. It is the organization’s priority to deliver high quality service because it correlates to the market share, profit, and savings. (McFarlane, 2013) McFarlane stated that quality service is a crucial technique in order to succeed in today’s business world. (McFarlane, 2013) The second approach is the consumers’ perception of how great of quality the product or service is and also if all expectations are well met. The company or products image is always important in order for the business to thrive. (McFarlane, 2013)  The customer’s perception of the business and how the company interacts with the public impacts the profit and approval of the company. (McFarlane, 2013) The final approach is price. The price a company commands for its service or products is based on customers and the amount they are will to pay. (Kothari, 2018)  Meeting the needs of consumers and wants must become the priority within the company and they must also believe in customer service and satisfaction is important for any organizations success. (McFarlane, 2013)

Biblical Integration

“You will do all right, if you obey the most important law in the Scriptures. It is the law that commands us to love others as much as we love ourselves. But if you treat some people better than others, you have done wrong, and the Scriptures teach that you have sinned.” — James 2:8-9 CEV: as serve our consumers, we must make it a priority to do our best to make them happy and satisfied. One should always have a good spirit and positive energy when dealing with anyone. All consumer should be treated with care, respect, and love.

“Love is kind and patient, never jealous, boastful, proud, or rude. Love isn’t selfish or quick tempered. It doesn’t keep a record of wrongs that others do. Love rejoices in the truth, but not in evil. Love is always supportive, loyal, hopeful, and trusting. Love never fails!” 1 Corinthians 13:4-8 CEV : Anyone who believes that he or she is Christ-like should love everyone, which means to always show kindness. It is always great to give ones very best to each person one encounters this includes being cheerful, loving, warm, and showing grace.

So whatever you wish that others would do to you, do also to them, for this is the Law and the Prophets. – Matthew 7:12 (ESV): It is important for one to have a open perspective when dealing with customers. One should always treat all consumers the way they would like to be treated.

Application

Businesses and organizations are set up for profit making, directly or indirectly; one of the vital strategies of sustaining high patronage of products or services is placing value on customers. (Meredith, 2019) Prioritizing the satisfaction of the consumers as well as placing the uttermost value on them is the path to a successful business. (Meredith, 2019) It is important for one to properly research the market and competitors. Once one understands the needs and values of consumers, it’s easier to attract more consumers. (Meredith, 2019) This technique will help one create and build a solid value proposition; this will encourage an increase of profits. On should always look for new ways to better ones products and services.

Annotated Bibliography

Coca-Cola History World of Coca. (n.d.). Retrieved from https://www.worldofcoca-cola.com/about-us/coca-cola-history/

This reference covers the history of Coco Cola and the process of maintaining consumers. Coco-Cola elaborated on how they were able to maintain their large customer base and also stay relevant because of the importance of the customer’s satisfaction. (Coca-Cola, 2019) Coco-cola discussed how the company’s system was innovated and how the different flavors were created to give their consumers more options. (Coca-Cola, 2019) Coca-Cola is the leading in its industry because they prioritized their focus on the customers’ needs and satisfaction. They grew from a product and diversified. No doubt, customer satisfaction is their core strength for sustenance and relevance.

Kothari, A. (2018, May 10). Customer Value: What it Means and How to Create It [5 Ideas]. Retrieved from https://tallyfy.com/customer-value/.

This section elaborated on how organizations are set up in order to make some profits. The article basically stated that it’s best to prioritize the satisfaction of the consumers as well as placing the value on them for the success of ones’ business. This article talks about how it’s important for one to properly research the market and competitors. Understanding the customers and their needs helps the business thrive. This helps the business build a value proposition; and will encourage an increase of customers and profits. Innovation is what will help every business expand and stay relevant in the industry.

McFarlane, Donovan A. (2013) "The Strategic Importance of Customer Value," Atlantic Marketing Journal: Vol. 2: Iss. 1, Article 5.

McFarlane believes that the consumer value is the basically how the customer appreciates the product or service. This article focused more on value and whether or not the consumer feels they received the best product in the field. The article elaborated on the service, quality, image, and price approach. McFarlane stated that quality service is a crucial technique in order to succeed in today’s business world. The consumers’ perception of how great of quality the product or service is and also if all expectations are well met. Meeting the needs of consumers and wants must become the priority within the company and they must also believe in customer service and satisfaction is important for any organizations success.

Meredith, J. R., & Shafer, S. M. (2019). Operations and supply chain management for MBAs. Hoboken: Wiley.

The authors in this book used Apple as an example; Apple changed the types of computers used and introduced the types of computers consumers need. The book elaborated on how Apple went into making their design more easy, portable and accessible by designing their own smartphone and other smart devices like the iPad and iPod. The book focused on the operations and functions in a competitive environment and the strategy used in operations to provide the best value of any product and service.

Supplier Responsibility. (n.d.). Retrieved from https://www.apple.com/supplier-responsibility/.

Customer value is the fulfillment a customer gets from products and services. Businesses and organizations are set up for profit making, directly or indirectly; one of the vital strategies of sustaining high patronage of products or services is placing value on customers. Most organizations includes “company responsibility” as part of the core values of their company. Customers appreciate when companies focus on the environment and the consumers. As Apple stated they take pride in making sure their customers are happy; this should be the focus of all companies.

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