Business Studies

Reply must be a paragraph long of at least 275 words or more not including references which should supported by citing at least 2 peer-reviewed journal articles between 2017-2021 for each reply and a biblical reference. Your reply must be in current APA format and must include a reference list. Make sure that you are adding new and relevant information with each reply. Reference sample make sure to include DOI-Drollinger, T., Comer, L. B., & Warrington, P. T. (2006). Development and validation of the active empathetic listening scale. Psychology & Marketing, 23(2), 161-180. https://doi.org/10.1002/mar.20105 Discussion to Reply to:
Why has more progress been made on customer value differentiation than on customer needs differentiation?
A great deal of work has gone into figuring out what customers appreciate most. Target marketing and product or service portfolio creation are influenced by customer value models used by organizations. Companies might experience a greater return on investment if they determine what differentiates their product or service from the competition (ROI). To put it another way, differentiating based on customer value gave companies an advantage over the competition(Peppers & Rogers, 2012; Chen & Wang, 2016). When it comes to gaining a competitive advantage, understanding customer demands differentiation is just as vital, but it is more difficult to comprehend. For organizations, it can be a challenge to understand the many customer needs because it requires a grouping of consumers based on their wants that can be a multidimensional process, which takes both time and resources that organizations don’t always have.
Organizations must also employ their awareness of the consumer values differentiation to obtain an advantage over their competitors in order to recognize a customer’s needs differentiation and identify a product type. When it comes to cereal, there are a variety of milk options, including whole milk, low-fat milk, and so on. Despite meeting the customer’s needs, the almond milk’s flavor may make it more appealing to the customer. When it comes to distinguishing your product or service from competitors, customers choose value differentiation over customer needs differentiation since it is more valuable and easier to understand (Moghavvemi, et al., 2018; Peppers & Rogers, 2012)

2. Is it possible to meet individual needs? Is it feasible? Can you describe three examples where it has been profitable?

To be successful, businesses need to satisfy customer demands, but because there are so many levels of customer need differentiation, it is difficult for businesses to understand and implement it at the micro level due to the high costs associated with it. The macro-level requirements of consumers can, nevertheless, be recognized by organizations. An organization’s products and services can be improved by focusing on meeting the demands of its customers. Companies can also use extra customer data to gain a better understanding of the needs that are now overlooked by the market. Because there are so many distinct types of client wants, it’s improbable that any organization will be able to satisfy them all. This is due to the fact that they must serve not just the customer, but also retailers, manufacturers, and other stakeholders. As a result, it becomes much more difficult to satisfy client demands while still making a profit (Peppers & Rogers, 2012).

Can you describe three examples where it has been profitable?
At Liberty University, a macro-level example of addressing a consumer’s requirements was profitable. As a result, Liberty University has introduced flexible online classes with no scheduled online presentations. Military personnel and full-time employees, among others, who require a high degree of mobility in their studies may appreciate this option. Since the current pandemic, it has helped Liberty University grow its student body and profit. Flexible classes lasting more than a month are offered by the University of Phoenix in order to increase enrolment and/or retention of students. Students and alumni alike feel more connected during the pandemic because Christopher Newport has developed weekly talk panels to encourage students to collaborate and learn from each other. All three of these scenarios include a large number of customers with a wide range of requirements. To maximize the value of colleges, universities focus on the macro level of the demands that are most important to the institution.

For each of the following product categories, name a branded example, then hypothesize about how you might categorize customers by their different needs?

There are many different types of automobiles to choose from at Nissan, ranging from trucks to small, electric cars. Nissan has a wide range of vehicles, from basic to high-end, with varying levels of technology. According to Nissan’s changing ideals and demands over time, its vehicles have evolved to fulfill the needs of customers in different regions across the world. When it comes to trucks, Nissan has more trucks in rural areas than in crowded metropolitan areas, whereas it has more compact vehicles in crowded cities and near colleges. In order to suit the needs of its customers, Nissan employs this strategy, which includes providing eco-friendly automobiles with a wide range of amenities, including Bluetooth, multiple cup holders, and artificial intelligence (AI) (Bhasin, 2018). More than 325 domestic and international airports are served by Delta, which flies to six continents. First class, economy class, comfort plus, and premium select are just some of the options available. Because each seat has a different customer value, it offers a varied set of features. Additionally, Delta’s comfort plus seat has a 4-inch legroom advantage over ordinary main cabin seating. Comparatively, it offers low prices and basic amenities in its economy class seating (Johnson, 2020). A wide range of customers can be served by Delta’s seating options, including business, family, and premium class passengers. This allows the airline to offer larger seats, better meals and a more comfortable travel experience.
Natural and eco-friendly personal care products are available from Burt’s Bees, an American firm that manufactures them. Natural ingredients are used to create a wide range of products. Its skin care products, for example, offer a wide range of solutions to fit the demands of customers, such as for those with sensitive or mature skin, as well as those with oily or dry skin. Additionally, the items are available in a variety of sizes for use on the go or at home. By age (e.g., oily skin vs. dry skin, wrinkle care vs acne care), gender, and product requirement, it can classify its clients’ demands into numerous different groups.
Mid to high-end hotel chains like Holiday Inn Express have established themselves around the country. Customers can save money while still getting the amenities they desire, such as a gym and free breakfast. Hotel facilities, amenities and customer service are provided to meet the needs of traveling customers, and several types of hotel facilities are available to cater to different customer groups, such as family-oriented, business-oriented and one- or two-night stays.. Holiday Inn Express has been able to address the primary needs of customers by offering a variety of hotel branch types (Wilder et al., 2014).

Connect the chapter from ‘Every Good Endeavor’ called ‘The Design of Work’ to ONE of the examples you provided. For example, a Louis Vuitton handbag holds important items for their consumers from their money and credit cards and many other daily essentials. But a handbag from Walmart works just as effectively. Why is there such a following for Louis Vuitton then? You choose YOUR example. Connect Timothy Keller’s excerpt from page 41.

Work can be tedious, essential, and bad, or it can be enjoyable and beneficial. Keller (2012) argues that labor isn’t only a drudgery and a waste of time, but rather an essential part of life. Work, according to Keller, can honor God. Honoring God through one’s job and behavior is possible when one performs to one’s potential. While savoring our world’s natural beauty is important, Keller (2012) stresses the necessity of pause and contemplation. Burt’s Bees sells eco-friendly goods made with natural components.
Because of the inexpensive cost and all-natural ingredients, it has grown in popularity over time. When it comes to brands like Lancome, which conduct animal research and use dangerous synthetic components, consumers are increasingly turning away from them in favor of items that are more eco-friendly and ethica

ANSWER

Discussion Reply

I agree with the post that most business have gone into figuring out what the clients appreciate most. This has brought about target marketing and product portfolio creation which are impacted by the customer value models. Considerably, it can be challenging for businesses to understand the customer needs since they require grouping of the clients on the basis of their wants which can be a multidimensional process that requires time and resources. Customer value differentiation entails identifying varying sets of features and benefits that make products and service offering different and value to the client (Mahajan, 2020). These include those features that customers value when considering competing product offers in their purchase decision. On the other hand, customer needs differentiation entails using feedback from an identifiable individual client to predict that client’s needs better than their competitor who lacks that specific feedback (José Sánchez-Gutiérrez et al., 2019). Organizations have focus on consumer value differentiation than customer needs differentiation.

I agree with the post that organizations need to be aware of consumer values to obtain an advantage over their competitors which also helps identifying their needs and product type. Recognizing what customers’ value allows tailoring the products and services to the values of the customers thus being able to service a wide group of individuals (Mbango, 2019). It’s possible to meet individual needs of customers through extracting customer data which allows gaining better understanding the needs of the customers.  For instance, at Liberty University has introduced flexible online classes with no scheduled online presentations. University of Phoenix offers flexible classes that last more than a month as a way of increasing retention and enrollment of students. In the automobile industry, there are different car categories that range from basic to high end and with different levels of technology.

Nissan is one of the car brands with a range of cars from small to trucks and electric cars. Nissan has changed their designs and technology to fulfill the needs of the consumers. For instance they have trucks that are used rural areas and compatible vehicles that are used in metropolitan areas and crowded cities. Over time, they have focus on eco-friendly automobiles with wide current technologies such as artificial intelligence. Therefore, products need to focus on the net benefits that the service and products deliver to the customers above those offered by their competitors to offer better customer service.

References

Mahajan, G. (2020). What Is Customer Value and How Can You Create It? In Journal of Creating Value (Vol. 6, Issue 1, pp. 119–121). SAGE Publications. https://doi.org/10.1177/2394964320903557

Mbango, P. (2019). The role of perceived value in promoting customer satisfaction: Antecedents and consequences. In D. F. Toerien (Ed.), Cogent Social Sciences (Vol. 5, Issue 1, p. 1684229). Informa UK Limited. https://doi.org/10.1080/23311886.2019.1684229

José Sánchez-Gutiérrez, Pablo Cabanelas, Jesús F. Lampón, Tania E. González-Alvarado, (2019) “The impact on competitiveness of customer value creation through relationship capabilities and marketing innovation”, Journal of Business & Industrial Marketing, Vol. 34 Issue: 3, pp.618-627, https://doi.org/10.1108/JBIM-03-2017-0081