Month: May 2014

Measuring the value of relationships with the consumer

Measuring the value of relationships with the consumer

 

      Measuring the value of relationships with the consumer

Creating value with clients is a key source of building a competitive advantage for businesses. There is little agreement between business owners and managers of what establishes customer value. Furthermore, some companies do not indicate in detail in their planning process or to their staff about the value they are looking for that identifies a value for the consumer. Therefore, the question ask is. How do I to deliver value to the consumer?

There are three components deciding what value a company can provide for their customers. However, most company’s think of value as to their own prosperity, such as how much money can we get from the customer? How much can we sell to them? In addition, how much can we cross sell to them?  In today’s competitive world, many businesses are striving to get a piece of the market share. Therefore, it is imperative to think about value in terms of the consumer. For instance, the business owner should ask him or herself, how can we create and deliver value to our customer? How we can ensure the customer experience is constantly a positive experience? Moreover, how can we ensure the customer’s offer is significant, and attractive to him or her?

Quote of the week: “Don’t judge each day by the harvest you reap but by the seeds that you plant.” ROBERT LOUIS STEPHENSON

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Does your Organization have Values, Mission, and Organizational Culture?
To be successful in business organization’s must be a visionary always looking ahead and to anticipating future events and respond quickly and effectively in every moment. Therefore, there must be a specific foundation in every organization. The entrepreneur should ask him or herself three simple questions, such as why does my business exist? What will it do? What strategies will be set in place?

Let us break down each question into three parts. This is important for the entrepreneur because he or she is building a foundation for the organization. This foundation is a guide to inspire employees throughout their career and know the reason why it exists. The three elements are:
1. Core values
2. Mission or Vision
3. Organizational Culture

First, the foundation of the business, which equals to the core values within the organization. The founder of the firm usually develops the core values, and it pertains to principles that they are passionate about, which acts as an organizational conduct guide over time. Core values are consistent with the beliefs and character in the organization. It is the heart and soul of the business to inspire and motivate shareholders, employees, board of directors, suppliers, local communities and the customers. Core values never change, regardless of the situation within the company. Lastly, to be effective the core values must be communicated and lived by from top management with the employees, if not they are just words of no meaning.
Once the core values are in place next is the mission or vision statement that is defined. Questions asked, how would customers, markets, suppliers, distributors, identify with my organization? It has to be clear, and concise. The same applies for the organizational culture. Whether the firm is a major corporation or a small business, they have to communicate with all inside and outside the organization. An important marketing function is communicating its core values and mission.

For instance, PepsiCo core values & philosophy starts with a commitment to employees and consumers. Part of PepsiCo’s commitment sustained growth, empower people, and responsibility and trust. In addition, PepsiCo has guiding principles, such as.
Care for our customers, our consumers and the world we live in
Sell only products we can be proud of.
Speak with truth and candor.
Win with diversity and inclusion.
Balance short term and long term.
Respect others and succeed together.(PepsiCo Inc., n.d.)
Core values are the most important written documentation you as a business owner can do for your company, your employees, your customers, and your community.

Visit PepsiCo’s company page, they have a mission, a vision, and the core values all on the main page, http://www.pepsico.com/Purpose/Our-Mission-and-Values

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