Analyzing Customer Value at Frank’s BBQ: A Critical Essay

Discuss how Robert should explicitly consider the customer value currently offered by Frank’s All-American BarBeQue. In your discussion, comment on the five value benefits and the perceived costs.

Robert should start by deeply understanding why the firm has been successful in the area and having won various awards. The main thing that should be in his mind is that the how to make clients feel that they get value for the money they pay to buy food. He must be very cautious of the five values including total customer value against the perceived total consumer value (Beneke, Flynn, Greig and Mukaiwa 2013). The total customer value is that perceived monetary value of economic or bundle, functional as well as psychological benefits expected by a customer from a particular market offering. The total customer cost is bundle of cost expected to be incurred by a customer in his evaluation, obtaining, utilizing as well as disposing of a given market offering (Chiu, Wang, Fang and Huang 2014). Thus, Robert has to full describe his offer to meet the expectation of the customer who the best out of his cash via product or service value on perceived metrics. The customer must add up all the values from 4 sources including product, services, personnel as well as image in order to perceive Robert’s offer as delivering a greater customer value. This is because her decision to buy is hinged on the examination of total cost against other offerings that is more than the money. Customer uses the toil and trouble when acquiring an item as the real price. Thus, a customer total cost will be inclusive of his time, energy and psychic costs which Robert must all take into consideration. Because the customer will have to evaluate all these aspects alongside monetary cost to establish a total customer cost and then consider whether the cost is too high with respect to total customer value. Thus, a buyer has the option to buy from any source he thinks delivers highest perceived customer value.

Finding a larger location in Fairfield: This is a good option for expansion, however, it will require huge capital start and also it might not be the ideal place as customers have known one place for a long time. This new place might not be convenience for customer who factor in the energy, time and psychic cost to determine the real price. Indeed where the customer will trouble and toil to get the new place, then the benefits will be reduced and hence not a good move. 

Adding a takeout option: Adding a takeout is a good idea and will add customer’s range of choices. This is a good idea because it will be adding value to the clients who might need to buy and go eat at up. However, Robert must ensure that the total customer cost from this idea doesn’t fall above its perceived total customer benefits. 
Open more restaurants in surrounding communities: Opening more restaurants in the community will help ease the packing space. This will mean that those clients that trouble to get into the single one restaurant will be excited as more spaces is created.