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02:_Your_Business_Idea-_The_Quest_for_Value
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<p class="lt-biz-22470"></p><div id="fac89a38-a99d-42de-bf6f-c64825a915c9" class="mt-guide-content"><div class="noindex"><ul class="mt-topic-hierarchy-listings mt-guide-listings"><li data-page-id="22464" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="2.1: Chapter Introduction" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/02:_Your_Business_Idea-_The_Quest_for_Value/2.01:_Chapter_Introduction"><span class="mt-icon-article-topic"></span>2.1: Chapter Introduction</a></dt><dd class="mt-listing-detailed-overview">This page describes Robert Brown's 25-year ownership of the Cheshire Package Store, where he creates a welcoming atmosphere and focuses on personal customer relationships. He ensures customer comfort through thoughtful store layout and prioritizes understanding customer preferences over technology, despite using advanced inventory software. Robert believes that his presence shapes the store's personality, impacting employee performance and enhancing customer satisfaction.</dd></dl></li><li data-page-id="22465" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="2.2: Defining the Customer’s Concept of Value" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/02:_Your_Business_Idea-_The_Quest_for_Value/2.02:_Defining_the_Customers_Concept_of_Value"><span class="mt-icon-article-topic"></span>2.2: Defining the Customer’s Concept of Value</a></dt><dd class="mt-listing-detailed-overview">This page discusses the centrality of customer value in business strategy, defining it through influential thinkers like Drucker and Deming. It identifies five value types—functional, emotional, social, epistemic, and conditional—and the importance of balancing perceived benefits and costs, including money, time, and psychic expenses. The text emphasizes market segmentation for understanding customer needs and improving competitive advantage.</dd></dl></li><li data-page-id="22466" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="2.3: Knowing your customers" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/02:_Your_Business_Idea-_The_Quest_for_Value/2.03:_Knowing_your_customers"><span class="mt-icon-article-topic"></span>2.3: Knowing your customers</a></dt><dd class="mt-listing-detailed-overview">This page emphasizes the significance of understanding customer needs to deliver value in business. It highlights the role of the voice of the customer (VOC) through direct interactions and market research, advocating for customer segmentation and an awareness of customer lifetime value.</dd></dl></li><li data-page-id="22467" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="2.4: Sources of Business Ideas" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/02:_Your_Business_Idea-_The_Quest_for_Value/2.04:_Sources_of_Business_Ideas"><span class="mt-icon-article-topic"></span>2.4: Sources of Business Ideas</a></dt><dd class="mt-listing-detailed-overview">This page highlights the vital role small businesses play in fostering creativity and innovation, often outpacing larger firms in R&D and creative solutions. Challenges like complacency can hinder creativity, but recognizing enduring social and consumer trends can enhance their innovation efforts. Small businesses' flexibility allows them to adapt to these trends effectively, utilizing online tools to monitor market shifts.</dd></dl></li><li data-page-id="22468" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="2.5: The Three Threads" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/02:_Your_Business_Idea-_The_Quest_for_Value/2.05:_The_Three_Threads"><span class="mt-icon-article-topic"></span>2.5: The Three Threads</a></dt><dd class="mt-listing-detailed-overview">This page emphasizes the crucial role of perceived customer value in business success and retention, underscoring how accessible CRM software enhances customer relationships. It warns that misjudging customer value can lead to failures, citing the backlash against New Coke due to disregarding emotional connections.</dd></dl></li></ul></div></div><script type="application/json" id="mt-localizations-guide-tabs-settings">/*<![CDATA[*/{"MindTouch.IDF3.label.guide.settings.classifications":"Classification settings","MindTouch.IDF3.label.guide.settings.learningpath":"Path settings","MindTouch.IDF3.label.overview.max.count":"{0} characters remaining.","MindTouch.IDF3.label.overview.max.count.over":"Warning. {0} characters will be truncated.","MindTouch.LearningPath.dialog.remove.cancel":"Cancel","MindTouch.LearningPath.dialog.remove.confirm":"OK","MindTouch.LearningPath.dialog.remove.header":"Remove path","MindTouch.LearningPath.dialog.remove.message":"You are about to remove this path from this guide."}/*]]>*/</script>
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