Running head: DESIGNING THE VALUE OF THE CUSTOMERS

Designing the value Of the Customers

Shashi Shrestha

BN160716

Westcliff University

BUS557 Applied Methods capstone

Prof. Ceaser Rana

September 24,2018
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Abstract

In this paper we shall discuss about the products and services of my business. I will also

be talking about the business design and how I will be selling my products and services to my

target customers. It also provide the information about what kind of value that my customers will

be receiving. Furthermore, this paper discusses about the prototyping that we faced during the

launching of our product.

Keywords: value, target customers, services, business, products

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Product value and designing process

It is very much important for any business to make its position in the market to meet

customers’ needs by providing the final output to the customers. If the product cannot meet the

customers desire and is worthless than no one will buy the product and services. Hence the

product and services that a business offers should be appropriate and user friendly according to

the market trend to increase the customers demand so that purchases can be made. To meet the

customers’ needs and provide satisfaction to them there are certain factors that needs to be

fulfilled by every startup business while designing the services and products of its own.

Hence, as an entrepreneur we must make sure that whether our developed product and

services are meeting current market trend or not. By doing so a business can provide better

product and services in right amount at right time. The business evaluation can be done on the

basis of economic value, functional value, social value, emotional value etc. With help of these

factors we can be ale to determine whether our product and services are favorable or not by the

consumers in the market.

Product value

The most important aspects of any business is to communicate the product value to the

targeted customers. Being able to create a value and make the customer satisfied by providing

those value is very crucial to any business especially while developing the new product and

services or starting up any new ventures (Colgate, M. 2007). There fore we should identify the

product quality and features , its benefits and advantages and focus on its strength while

highliting abut the newely developed producat and services. By doing so we can tell the
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customers that our developed product is favourable and is uptodate accoring to the market trend.

This shows that the product has higher demand in the current market. Some of the points below

describes how value can affect different categories of needs.

Functional value

Whether it’s a developed business or a startup business, every business should know

about what kind of functional value they are offering to their targeted customers. Those value are

the tangible benefit that customers receive after purchasing the product and services. Knowing

about the functional value helps the businesses to attract more customers and increase the

demands and desire of the customers to purchase the products. As my business is related to

clothing, the functional value that we provide to our beloved customers are the quality of our

products. We also take orders from the customer and make design according to their choice and

with good finishing and stitching. Our products designer will be our own customers and I think

this is what makes my product unique because every customers can flaunt their own designs.

Another functional value that my business provide is lease system. People who are interested in

wearing the design but are not willing to buy can hire our product for certain period of time as

per their requirements.

Emotional Value

Most of the purchasing decision of the customers is driven by the emotional value. For eg

people usually buy new clothes on big event like birthdays, wedding, anniversary which is linked

with the memories and the emotions of the customers. By looking at the pictures of their event

people can recall about the dress from where they have purchased. These memories provide

positive feeling to the customers. It is very much important to provide brand experience to the
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customers so that they get attached with the brand. People who are emotionally connected with

the brands are more than twice as valuable as satisfied customers. These types of customers

usually buy more of the product and services and visit us more often. To be able to provide our

customers with the feeling of a sense of belonging is the most important factor (Peter Doyle

2000). Thus my business runs with the motto of “Every Body is Beautiful”. My business uses

every kinds of models regarding their shapes and sizes while advertising our product so that

every customers can feel beautiful and enjoy our services with a sense of freedom and

independence. Apart from these factors, my business also donates 3% of our revenue for women

education so that every women can be empowered. By doing so our customers can also have an

emotional satisfaction that they have contributed towards a good cause directly or indirectly.

This helps in creating an emotional value to our customer and their attachment towards our

brand.

Social value

Social value can be defined as value and desire of the customers which is related to

having a luxury and branded products and services so that they can be a part of a socialite group.

These kind of value is mainly related with status, and class of the specific group of consumers in

the market. Social value of the consumer can be noticed in terms of jewelry and the stylish

design that they carry on. In my clothing line, in terms of social value customers can purchase

the designs of the renowned designers so that that they can have their strong presence in the

social gathering and functions. Our business lead the customer’s social value by leading them

with modern ethnic lifestyle. For this we create attractive designs with high quality fabrics. The
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modernization of the society has also evolved the value related to the luxury products (Wong, W.

Y. 2012).

Economic value

The term economic value can be defined as the amount that the customers are willing to

pay. It is the amount of something which is given in return to the customers after purchasing the

product and services. If the economy value is low in comparisons with the purchased product and

services than consumers are more likely to buy the products and vice versa. In my clothing line

we make sure to provide higher satisfaction to our beloved customers in terms of the investment

that they have made while choosing our brand.

Prototyping products

While designing the product and services of any business it is very much important to

develop the effective and appropriate prototyping methodologies. Prototyping is an essential part

of the product development process. This include eliminating the errors, making the design

realistic in early phase of the development process. (Liao, K., & Hutchinson, R. 2010). The

main purpose is about getting the ideas and knowledge, knowing about the taste and

preferences of the customers,and provide the final product according to the market trend. This

also includes making changes in the produt to improve the services along with making ssolutions

to the problems that we may facce while developing the products. As for my business, it is very

important in cretng the prototype which will help in cretaing the value for the customers and

knowig about their demands and needs accirdin to their tase and preferences. With helps pf

prototype we can be able to get the feedback and review of our product and services along with
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the customer suggestions so that we can improve our business and be able to meet their

expectation while providing them to higher satisfaction. This will help in eliminating our

weakness and helps in maintaining the uniqueness of our brand in this competitive market.

Conclusion

From this paper we came to know about the important of value that a business has to

offer. Every product and services should have a value for their targeted customers so that they

can get attracted toward the brand and make an investment. If a business fails to provide the

brand experience and value to the customers than they are more likely to lose their potential

customers. Hence, a business owner must define the value composition of their developed

product and services in different phases of developing process.

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References

Smith, J. B., & Colgate, M. (2007). CUSTOMER VALUE CREATION: A PRACTICAL

FRAMEWORK. Journal of Marketing Theory and Practice; Abingdon , 15 (1), 7-23.

Peter Doyle: Value-Based Marketing: Marketing Strategies for Corporate Growth and

Shareholder Value. Wiley, 2000.

Lim, W. M., Ting, D. H., Khoo, P. T., & Wong, W. Y. (2012). UNDERSTANDING

CONSUMER VALUES AND SOCIALIZATION - A CASE OF LUXURY

PRODUCTS. Management & Marketing; Bucharest , 7 (2), 209-220.

Liao, Y., Liao, K., & Hutchinson, R. (2010). A conceptual framework for prototyping

outsourcing in new product development: A knowledge-based view. Journal of Manufacturing

Technology Management; Bradford , 21 (1), 122-138.