Business Research Design
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Introduction
The success of any business organization is highly dependent of the totality of benefits which is provided to customers in the form of product or services. The goal of each organization is to ensure that differentiate value proposition is being provided to customers and this goal can be achieved by using different research strategies for enhancement of overall value for customers. The underlying report has made reliance on business research findings of three Harvard Business Review articles, such that this knowledge might be applied in real world organization for improvement of customer value proposition, innovation and future of organization. The research studies have mainly highlighted the importance of customer value proposition and considered it crucial for assuring long run success of any business. The chosen organization is Adina Apartment Hotel in Australia, which provides contemporary apartment services to its customers. The insights obtained from three articles are considered relevant for bringing improvement in existing customer value proposition of Adina Apartment hotel.
The report has been structured in different segments with an aim of linking research knowledge of customer value proposition with Adina Hotel. Firstly, the introduction of company and its relevant industry is provided, which is being followed by discussion on business enhancement tools, encompassing; customers, innovation and future. Followed by this, each chosen research paper is discussed along with highlighting its relevance with the underlying issue of discussion. Additionally, the existing value proposition of Adina Hotels is discussed in addition to guidance for improved value proposition.
Industry and Company
Adina Apartment Hotels operate in hospitality industry, which has basis in Australia and works under TFE brand of Hotels (TFE Hotel, 2019). The brand was considered as first Australian based apartment hotel chain in Europe and it has expanded to around 32 branches which operate in Australia, Europe and New Zealand, of which 20 hotels operate within Australia (Adina, 2019a). The main slogan of Adina Apartment Hotels is “my other address”, which shows that hotel is designed with the aim of providing home away from home. Adina is considered as highly comfortable and it provides space to its residents where they could live the way they like (Adina, 2019b). For instance, customers can do their laundries if they want, can cook food and do their dishes, just like their homes. In addition to this, it also offers an opportunity to its customers for availing the hotel services on demand. Based on this notion it can be said that Adina Apartment Hotels makes and effort to blend in-home experience of customers with hotel experience, whereby they might enjoy their stay to the desired level.
Regardless of this attractiveness for customers, it is important to assess the customer value proposition of hotel, with an aim of assessing the reasons for which its competitors are performing better than Adina. For instance, ibis Hotel has found to be more popular among customers than Adina, indicating that there might exist some discrepancy in customer value proposition of Adina Apartment Hotels, which should be addressed for assuring customer satisfaction and attractive future of business.
Business Enhancement: Customers, innovation and future
Customers are considered as core stakeholders of business, whose demands and preferences are continual state of flux, requiring the businesses to respond to those changing needs (Selden and MacMillan, 2006). The ability of organization to offer timely response to the needs of customers is considered as crucial for assuring long run success of any business. Based on this notion, it can be mentioned that customers are fundamental drivers for change within a specific organization and customer centric innovations are the actual source of business enhancement. For instance, it has been highlighted by Christensen et al. (2016) that innovation is the core strategic priority for 84% of global executives. Given the inherent value of innovation in defining future of business, the executives are striving hard to seek ways through which their innovation does not fall short of expectations. The consideration to customers’ undone jobs is thus crucial in this regard, as it might enable the organization to undertake innovation strategy which is most suitable for future success of business (Edelman and Singer, 2015; Camillus, 2008). For instance, it has been noted that businesses maintain too much reliance on the percentage based preferences of customers, such as 90% customers want organic products. In order to innovate they simply innovate the products to make them aligned with preference of customers. Such innovation efforts are considered as hollow, as it might fail to create long run value for customers as well as for business (Govindarajan, 2016). Therefore, in order to ensure that innovation enhances future value and competence of business, there is need to deliver the value which could offer benefit in foreseeable future.
Moreover, the study of Johnson, Christensen and Kagermann (2008) has shown that customer value proposition serves as the core element for bringing change in fundamental model of business, which serves as basis of supporting long run innovation of organization. Based on this insight it can be mentioned that when a business drives innovation to solve problem in lives of customers and aim is to bring continual improvement in customers’ lives, then the success might be evident in long run (Van den Driest, Sthanunathan and Weed, 2016; Schoemaker and Tetlock, 2016). By seeing through the lens of business enhancement endeavor, it is addressable that there is inherent linkage between customers, innovation and future of business. Any innovation effort of company which does not substantially considers the preference of customers is most likely to face failure (Porter and Heppelmann, 2015). Therefore, the future competence of business is based on the extent to which innovation of business successfully addresses and solve the problems in customers’ lives. In the light of this connection, the customer value proposition holds integral position in defining competence of any specific organization, as it drives innovation and future growth of organization.
Article One and its Relevance
The research of Edelman and Singer (2015) highlights that contemporary customers are highly empowered and in order to succeed businesses need to develop solutions which are tailored to unique preferences of customers. For instance, the customers undergo consideration and then move to evaluation of options available to them for making purchase. Followed by evaluation, they might either enter loyalty loop or might restart the process of consideration and evaluation (Edelman and Singer, 2015). The key for businesses is to address the preferences of customers by developing products which are well complied with customers’ journey, such that customer might not start new journey and enter into loyalty loop (Edelman and Singer, 2015).
The relevance of this research study with Adina Hotel’s aim to innovate and to develop valuable proposition for customers is based on the fact that this paper has highlighted the ways through which organization can proactively lead by assuring that they are creating compelling experience for customers in their journey (Edelman and Singer, 2015). The four keys for Adina Hotel to create successful customer journey are linked with making reliance on automation, personalization, active interaction with customers and long run innovation. Additionally, Adina Apartment Hotel can embark upon the proactive approach of customizing, such that journey of customers can be made engaging and once they enter into phase of consideration it become difficult for them to resist the entry in loyalty loop. In similar manner, by making identification of customers’ journey position, the interaction can be shaped to enhance the overall experience of customers (Edelman and Singer, 2015). Adina might also consider the journey innovation for customers, such that their previous interaction points are used to create features which can further enhance their experience. In this manner, the article has suggested ways through which customer centric innovations might be introduced by Adina by maintaining focus on enhancement of customers’ journey.
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Article two and its Relevance
Second chosen HBR article is about Customer Value Propositions in Business Markets by James, Narus and van Rossum (2006). The study focuses on the notion of delivering maximum value to the customers by recognizing the points which matter most for the customers. In order to derive benefits of CVP (customers value proposition), it is crucial for businesses to make it real, such that it might be separated from overly estimated marketing claim of the business (James, Narus and van Rossum, 2006). Based on this study, it is found that shortsightedness in presentation of value for customers can substantially lower the authenticity of brand, while focus is needed to be maintained on creating long run worth for customers.
The relevance of this study with improvement of value proposition of Adina Hotels might be justified by the notion that it provides detailed information about kinds of value proposition and thus might enable the company to choose most suitable alternative for creating maximum value for customers (James, Narus and van Rossum, 2006). For instance, the three alternatives are; all benefit approach, favorable point of difference and resonating focus. The first option is most widely used by business, yet provides limited and short-term benefits. It allows to list all the benefits provided to customers by the business and mere reliance on benefit assertion might lose wider vision of business future. The next alternative mentioned in study of James, Narus and van Rossum (2006) is to detail favorable point of difference which makes business offering differentiated from customers. However, it is considerable here that each point of difference might not hold maximum value for the customers. Finally, the resonating focus highlights that business needs to maintain emphasis on the only point of differences which could deliver maximum value to customers in long run (James, Narus and van Rossum, 2006).
By maintaining reliance on results of this study, Adina Apartment Hotel’s management might reconsider its customer value proposition. For instance, if the existing service offerings are only stating all benefits to customers, or communicate point of differences for customers, then it is time for them to reconsider their customer value proposition to make it more real and valuable for customers. Likewise, the aims of creating understanding about customers, innovating and then understanding the future of business can all be addressed well through research findings of this study. The development of lasting CVP for customers is mainly based on enhanced understanding of customers, which then allows to innovate the business for assuring long run success of business (James, Narus and van Rossum, 2006). Therefore, the relevance of this study is well understood to make difference in customer value proposition of Adina Hotel.
Article three and its Relevance
The research of Dawar and Bendle (2018) about Marketing in the Age of Alexa has been considered worthy for innovating and improving customer value proposition in Adina Apartment Hotel. The research has highlighted that Artificial Intelligence is likely to replace the ways in which brands are engaged in communication with customers and the ways in which value is being generated for the customers (Dawar and Bendle, 2018). The development in artificial intelligence will open new endeavors for business organizations, such that marketing, sales, distribution and customer service management can all be automated with assistance of artificial intelligence platforms. The platforms can generate large amount of data about habits, buying patterns and interests of consumers which could change the way in which customers’ are served and relationship with customers is managed (Dawar and Bendle, 2018). The insight of this article is worthy for establishing innovative strategies of business, such that competence of company can be assured in tech-based environment.
The relevance of this research study of HBR with the desire to improve customer value proposition of Adina Apartment Hotel can be justified by the fact that along with all other industries, the hospitality sector is also expected to be influenced heavily by the development of artificial intelligence platforms. The key to success lies in satisfaction of customers, which will be driven by use of artificial platforms in future. For instance, it is stated by Dawar and Bendle (2018) that development in terms of artificial intelligence will have an impact on acquisition, satisfaction as well as retention of customers. All of these areas are crucial for Adina Hotels to assure it’s long run success and competence and thus insight about future use of Artificial Intelligence platforms can help the hotel to bring innovation in its technology infrastructure. The more reliance on artificial intelligence assistants can help Adina Hotels to acquire more dependable customers data which can then be used for creation of differentiate value for customers (Dawar and Bendle, 2018). Likewise, the attainment of customer satisfaction and retention will also become easy for Adina Hotel, which are crucial for realizing strategic goals of the organization (Dawar and Bendle, 2018).
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