Question on Frank’s All-American BarBeQue Essay Example

  • Category:
    Business
  • Document type:
    Math Problem
  • Level:
    Undergraduate
  • Page:
    1
  • Words:
    325

Question 1:

The first value benefit and its perceived cost is referred to as the functional value. Ideally, a product should meet the basic or utilitarian needs of its clients (Heene & Sanchez 2014, p. 68). In this case, the meals that are offered at the restaurant should meet the basic needs of the customers who visit the place. The perceived cost in this case refers to the money that the customers spend to eat at the restaurant.

Secondly, social value refers to the way customers perceive their relationship to a product as more beneficial than the costs that they experience when using the product (Cadden & Lueder 2012, p. 48). In this case, the perceptions of the customers about the quality of food, service and ambience of the restaurant should exceed the time and money that the customers spend while at the restaurant.

Third, epistemic value refers to how customers consider a product a novelty (Heene & Sanchez 2014, p. 68). It will be necessary for clients to consider that the sense of novelty of the restaurant exceeds the energy that they spend accessing the restaurant’s services. The third source of perceived value for customers arises from the extent to which the business is considered a local firm. This aspect of localness of a business is referred to as conditional value. Fourth, Robert should make sure that his customers consider it beneficial to be associated with the business. Fifth, emotional value describes the positive feelings that clients have when they interact with the employees of a firm (Cadden & Lueder 2012, p. 48). Robert should ensure that the benefits associated with the decor and the overall service of the restaurant exceed the time, money and effort that clients expend.

References

Cadden, D T & Lueder, SL 2012, Modern management for small businesses, viewed 18 august 2017, <https://2012books.lardbucket.org/pdfs/modern-management-of-small-businesses.pdf>.

Heene, A & Sanchez, R 2014, A focused issue on building new competencies in dynamic environments, Emerald, London.