Before we can talk about how important is ‘value’, we have to know what is value, in my opinion Value is the worth of the product (goods and services), based on its benefits. Value is relative to one person and another; it depends on someone’s need or the importance of the product at a particular time when they use the benefits. Sometimes how high is a value can be seen from people’s willingness to pay more from its actual price, only just to get it, it’s all because the importance of the product for them.
From that brief description about ‘value’, i can explain why value is so important in business today, because by only because of a value, customers are willing to pay more for the value, even more than its actual price. Nowadays, customer’s needs are growing, they not looking only ...view middle of the document...
From that we can gathering data and conclude what are they looking for, so we can create a value that touch their heart, mind and soul, meets their needs, wants, and demand, and also we have to create unique value (Superior Value), that competitors haven’t provided, so the targeted customer’s will choose ours.
To Deliver value, we have to build ‘value’-profit relationship with the customer, where customer can get what they expected from what our product with its value offers, and we can get the profit from them buying the product. It needs very full efforts from my team to create such a good relationship with the new customer and existing customer. We are not only attract customer with the value, we also have to satisfy their expectation when delivering the value that we offers, then the other part after that is how to retain the customer that have receive the value that we’ve delivered before.
Which i would prioritize customer or competitor? For me both of them is important, but it depends on what situation that we’re facing. When we talked about creating a produt, along with it’s value, etc, it related to the customer, its related to what they need, what they wants and what are their demand. We have to focus on the delevring process of our value to the customer, we have to make them satisfy, we have to retain their loyalty, and make them repeat the purchase. That’s when we have to prioritize the customer. But when it comes the time, that we are about to selecting target market, we have to prioritize the competitor, because in choosing which targeted segment that potential for us, one of the factor that we considered is competition situation related to competitors, we have to choose the targeted segment with less competitor, so our brand can survive and be superior in there. So, when it comes to the market we have to prioritize the competitors.