homework for marketing

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Overview

Customers judge the value of a business by weighing the benefits they expect to receive against the costs they expect to pay. Maintaining the balance between these two keeps a business in the fair value zone. Keeping this in mind write a 1 page brief that outlines the value proposition your business makes to potential customers.


Action Items

  • In the first section, describe what the benefits will be to staying at your bed & breakfast or small hotel. Some typical elements of the value to staying at a given hotel are the presence of a pool, being on the beach, a large variety of amenities in the rooms, cleanliness, responsive service, etc. What do you look for when judging the value of a hotel?
  • In a second section, describe what the monetary and non-monetary costs to the customer associated with staying at your establishment are. There is of course a charge for renting a room, but what other costs are there? Will people have to travel to stay at your inn? If so, how will they need to travel, by car or by plane? Might they need to take time off from work? What other non-monetary costs might your potential customers incur by staying at your hotel?
    • For both of these sections, take a look at the second section of the assignment for Week 1. You may want to take any feedback you received from your instructor into account.
  • Next, create a value map, similar to Figure 6.2 on page 70. Include your own planned business and 3 potential competitors. In a short paragraph explain the position of your business on the value map.
  • Finally, in a single sentence, sum up the value proposition that staying at your bed & breakfast or hotel offers.
    • 9 years ago
    • 3
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