Valuing Customers

This is a two part activity, in part one, think of a product you use and love. Write down what makes it fulfill the customer value equation, and how would you improve it’s value by changing it in somehow that enhances the value overall?
Step two: If you were to create an entirely new version of the product, what would be its primary value proposition, which of the five values would you leverage, and who would be your target customer?

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Examples below

Shane Reiss
Airbnb
Functional Value: Airbnb provides accommodations other than hotels (offers unique amenities; ex the barbie house).
Emotional Value: Travelers might have genuine experiences visiting new places.
Social Value: Airbnb helps visitors connect with other travelers and hosts.
Conditional Value: Convenience is offered via flexible booking possibilities.
Financial Value: Airbnb frequently provides lodging options at a lower cost.
Improvements:
Useful Value: Provide themed accommodations for distinctive encounters. (on the app)
Emotional Worth: Offer carefully chosen regional encounters.
Social Value: Assist visitors in making new friends. (Add features to find similar travel “buddies” — people who have similar tastes etc.).
Conditional Value: Make sure reservations are flexible.
Financial Value: Offer discounts, the more you use and travel via Airbnb the better deals you get.

My product: TravelGo or TravelNow
Primay Value Proposition:
TravelGO/TravelNow makes travel experiences easier by creating social connections (a social value). Provides flexiable booking options and making accommodations that are both unique and reasonable.
I would leverage themed accomodations, social matching additions/fetures, more leniant reservations, and loyalty discounts.
The target customer would attract younger travelers seeking authentic experiences, social conections, and a so-called “bang for their buck”. With that being said it would appeal to people trying to explore, make friends or strengthen their relationships with friends, hint* while saving money.
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Philippa Bourke
Product is the iPhone.
Functional Value: iPhone provides users with cellular telephone technology; also includes other items like photograph and the ability to download other applications
Emotional Value: The iPhone doesn’t have any direct emotional value, but it can evoke certain emotions for people reconnecting after a long period away from one another. It also has FaceTime, which can be used for seeing someone else’s face during conversation, and can be used to establish human to human contact.
Social Value: Acceptance within the cell phone community, as Apple has created an almost necessary demand amount for the phone.
Conditional Value: the iPhone retains its value until there is a new version of the phone that is released and updated. The old phone becomes obsolete.
Financial Value: While iPhone’s are not cheap, and can cost over $1000, they can often be received for free or at very little cost when trading in an old phone. Their individual value holds strongly until it is time to trade in for the next model up.
Improvements
Functional Value: Try to improve the current rechargeable battery to be able to sustain a charge for an entire 24-hr day including usage.
Emotional Value: While maintaining the product’s current high standard of production and performance, I would get celebrity endorsements to try and connect with the younger population.
Social Value: Add features that allow for more group phone calls.
Conditional Value: Establish concrete guidelines for trade-in of older iPhones. Pick values across the board for all models at all times and never deviate.
Financial Value: Aim to decrease the cost of iPhone to consumer by 25% over the next 5 years.
Primary Value Proposition
The iPhone is an iconic piece of technology that can be even better with a few small changes. Extending the battery life, getting celebrity endorsements, and trying to decrease the costs overall will be focal points for new marketing and distribution of the iPhone.
My target customer is anyone over the age of 12 , especially current iPhone users. Adults and children use the phones for music as well as socializing, and so the target base can be very broad in this way.
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Maxmillian Moudy

Diet Coke
Functional Value: Diet Coke is a soda made by the Coca-Cola Corporation that offers soda drinkers a lower calorie, less sugar, and “healthier” alternative to regular soda. Hence the name “diet.”
Emotional Value: Diet coke has no overall emotional value, as it is unable to display emotions, or really even provoke emotion. However, it may remind the consumer of special times with loved ones, or cool experiences. So the emotional value is dependant on the customer.
Social Value: Diet Coke is not exclusive; however, maybe people would consider you a “healthier” person if you were drinking it instead of regular Coke.
Conditional Value: Diet Coke does not necessarily have a conditional value. There are only so many factors that would change the price. Unlike an iPhone, as stated by one of our classmates, no new Diet Coke model is coming out. However, economic factors can change the price, like the cost of goods.
Financial Value: Depending on the store, Diet Coke may be on sale or have a special discount. However, its price stays relatively constant, which provides an element of financial stability/ value.
To enhance the overall value, I would make Diet Coke cheaper than its counterpart, Diet Pepsi. This depends on the stores and branches of stores, so it would be crucial to lower production costs, thus driving the price in stores down. Another way to increase the value would be to bring back the names on the cans; in 2014, Coca-Cola launched the “Share a Can” campaign, which had the names of consumers printed on the cans. This tied the consumer directly to the product, thus giving it more value.
My improvements would be…
Functional Value: I would emphasize health more. Diet is in the name of this soda, but as we all know, it does contain harsh chemicals. I would attempt to structure the soda around natural ingredients, thus giving the name “diet” more life.
Emotional Value: As I mentioned, I would bring back the “Share a Can” advertising campaign to tie the product directly to the consumer.
Social Value: I would not change this product’s social value. There is no need for this item to have any social connotation, and it should not cause exclusions or particular inclusions.
Conditional Value: To alter the conditional value, I would launch more ad campaigns during the summer, talking about the coldness of the product and how it soothes the parched throat. Thus, by doing this, the conditional value will rise in the summer.
Financial Value: I would work with the government to implement a rebate for buying diet soda. This would impose healthier habits on Americans and add cash into their pockets.

•My new Diet Coke is actually a healthy alternative to regular Coke. I would use real cane sugar or stevia and remove all harmful chemicals.

•I will leverage the financial value the most. By adding a rebate for buying diet soda, I believe I can drive sales up and help improve Americans’ health.

•My target customer is anyone who drinks soda and is looking for a healthier alternative. This can really be anyone, as long as they enjoy soda.