The paper "Five Value Benefits and the Perceived Costs - Frank’ s All-American BarBeQue" is a good example of a management assignment. Robert should consider the current customer value of his father’ s hotel in so as to ensure the hotel provides a relatively greater customer value to realise high returns. He will have to identify the benefits that will result in consideration of the customer value. However, he will also need to identify the cost components that will come as a result of customer value consideration. The business must give consideration of the various mixes of values that will benefit the customers Krajewski, L.
et al. (2015). There are five value benefits he will have to consider. First, is the functional value? This relates to the hotel’ s ability to deliver service and products to its customers. Robert will have to consider speed, quality and reliability of the products and services the hotel will be providing as found out by Bryman, A., & Bell, E. (2015). The second value benefit to consider is social value. This value benefit relates to the sense of relationship with the various groups with the use of images so as to market the business.
For instance, Robert may change the menus and decorations of the hotel so as to exhibit the developments with the new business idea. Emotional value is the value of the third benefit that is derived from the business’ s ability to evoking an emotional response in the market. A good example is whereby Robert may come up with the idea of creating a romantic environment by introducing soft music for the customers in the restaurant. The fourth value benefit is the epistemic value that involves deriving fun so as to evoke more desire to know about the product or service.
A good example is whereby Robert may decide to create a unique environment in the hotel by using the petting zoo. Finally, the conditional value is the value of the fifth benefit that is derived from a sociocultural perspective. A good example is whereby the restaurant can decide to lower the prices of turkeys that are often eaten by many families as in “ come together” festivals. The various perceived costs that ought to be considered is monetary, time and physic as claimed by Hatten, T.
S. (2015). There is a need for Robert to consider the operating cost and the cost of purchasing the foods in the hotel. Psychic involve factors that may induce stress on the customers. Question 2: Robert has several possible options for expanding his father’ s business— find a larger location in Fairfield, adds a takeout option, open more restaurants in surrounding communities, incorporate web marketing concepts, and expand the sales of sauces. Review each regarding value benefits. The option of finding a larger location in Fairfield is derived from a conditional value benefit due to its physical context.
This option will involve introducing a new element so as to tap more customer base. In this option, Robert will have to learn the traditions of the people in the new location he wants to set the restaurant. He will then have to focus on developing the sociocultural perspective of the new location (Scally, W. A. 2015).
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