Employing Customer Values in a Small Business
Villanen, Elizabeth (2022)
Villanen, Elizabeth
2022
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2022060716411
https://urn.fi/URN:NBN:fi:amk-2022060716411
Tiivistelmä
The thesis emanates from the researcher’s role as an entrepreneur and is rooted in the interest of serving customers better through understanding which values they prioritize when considering purchasing a product or service. The objectives are to identify the consumer value dimensions and describe how small businesses might find customers with aligned values. The research is beneficial to the case company, Blondie Bakes, as it reveals a demographic whose values naturally align with Blondie Bakes and with which the small business can optimize offerings that appeal to the target demographic based on the aligned values.
The research question was, How can customer values be employed in a small business? The study explores customer understanding and value dimension frameworks from various researchers, and then applies one selected framework to a survey. The survey, conducted in March 2022, consisted of 23 questions and statements, including 7 demographic background questions and 16 value-based statements. Prior to publishing the survey online for data collection, the founder of Blondie Bakes responded to the value-based statements section of the survey to reveal the business’s own value prioritization. The survey collected 135 responses and was conducted in the U.S. market using an online survey tool. The survey participants remained unaware of which statements correlated with which value dimension in order to minimize the possibility of contaminating results with bias. Responses were measured using a 5-point Likert-scale with options ranging from Strongly Disagree to Strongly Agree. Responses from both the founder of Blondie Bakes and the 135 survey participants were then analyzed to identify where mutually held values aligned. From the aligned values, the researcher was able to further identify and reveal the characteristics of the target customer.
In light of the findings, the researcher offers recommendations for employing values in a small business. They include achieving fit when designing the Value Proposition Canvas, creating Buyer Personas, and advice on remaining steadfast in Value-Based Decision Making. Further research on this topic could include surveying, specifically, immigrants and expatriates residing in Finland. The researcher could analyze if there is a different perception of the values, and how they may be prioritized, if the customer is not native to the Finnish market.
With the results of this study and the recommendations that follow, the intention is that Blondie Bakes will be able to build long-lasting relationships, on a foundation of trust, by understanding how its customers prioritize the value dimensions, and the journey toward exchanging what they value most for something of equal or greater value.
The research question was, How can customer values be employed in a small business? The study explores customer understanding and value dimension frameworks from various researchers, and then applies one selected framework to a survey. The survey, conducted in March 2022, consisted of 23 questions and statements, including 7 demographic background questions and 16 value-based statements. Prior to publishing the survey online for data collection, the founder of Blondie Bakes responded to the value-based statements section of the survey to reveal the business’s own value prioritization. The survey collected 135 responses and was conducted in the U.S. market using an online survey tool. The survey participants remained unaware of which statements correlated with which value dimension in order to minimize the possibility of contaminating results with bias. Responses were measured using a 5-point Likert-scale with options ranging from Strongly Disagree to Strongly Agree. Responses from both the founder of Blondie Bakes and the 135 survey participants were then analyzed to identify where mutually held values aligned. From the aligned values, the researcher was able to further identify and reveal the characteristics of the target customer.
In light of the findings, the researcher offers recommendations for employing values in a small business. They include achieving fit when designing the Value Proposition Canvas, creating Buyer Personas, and advice on remaining steadfast in Value-Based Decision Making. Further research on this topic could include surveying, specifically, immigrants and expatriates residing in Finland. The researcher could analyze if there is a different perception of the values, and how they may be prioritized, if the customer is not native to the Finnish market.
With the results of this study and the recommendations that follow, the intention is that Blondie Bakes will be able to build long-lasting relationships, on a foundation of trust, by understanding how its customers prioritize the value dimensions, and the journey toward exchanging what they value most for something of equal or greater value.