Value Beyond the Price Tag

In a business, companies value people by tending to the customer's needs so they can make a profit. Marketing, in general, is all about analyzing needs, determining wants, identifying your audience, and ensuring the customer is satisfied. One marketing concept, learned in Principles of Marketing (MKTG 350), helped me realize the value of treating people with respect and care which is customer lifetime value. To elaborate, customer lifetime value refers to "the total profits a single customer contributes to a firm over the length of the relationship" (Essentials of Marketing McGraw-Hill Education). For example, let's say a customer is 20 years old and buying from your car dealership. It is estimated that they would spend $20,000 a year for a car every 5 years. So, in the next 40 years, you would receive $160,000 which is the customer's lifetime value. To get this value of $160,000, you as a business owner must ensure that the customer returns to your practice. Customer value emphasizes a company's market philosophy or how the focus of a company is based solely on the customer's needs. This example is enhanced from my Principles of Marketing Final Report where we looked at Target's marketing philosophy. From a business standpoint, treating people properly and with care can increase revenue in the long run because of retention. But there is more to valuing people than just for the intention of money. 

I learned the importance of valuing relationships while emphasizing a person's well-being through my experience at a part-time job. Starting in April of 2021, I worked at a grocery store called Food Lion for almost three years. I started as a cashier. I engaged in the Food Lion To-Go service as a To-Go associate. I eventually worked my way up to the position of Customer Service Leader. Daily tasks include managing the front end (cashiers and customer leads), handling the customer service desk, and executing end-of-day tasks. At the beginning of every shift, I always talked to all my coworkers to make sure they were in a good mental place. Asking questions like, "How's your life?" and "Anything new?" was predictable and consistent, but it was important to me. I wanted to let them share their successes, struggles, and thoughts so I could be a supporting figure in their life. I have built memorable and meaningful lifetime relationships with these people I never expected to meet. Learning about my coworkers' passions, hobbies, and aspirations changed the way I understand myself and the impact I have on others.

Value can be interpreted in two ways. In Principles of Management or MGMT 371, value can relate to a reward that managers can offer their employees which can be intrinsic or extrinsic. Intrinsic rewards are how something affects you internally. This includes a sense of belonging, accomplishment, and enjoyment. Extrinsic rewards are external and managers can give extrinsic rewards including promotions, praise, and pay increases. When I relate this concept to the real world as a Food Lion Customer Service Leader, I am not able to give my coworkers the extrinsic rewards that they deserve. But thankfully, I can create an environment that shows them I value them not only as an employee but also as people. 

Intrinsic vs. Extrinsic Rewards

Valuing employees is similar to the customer lifetime approach. Instead of the total amount of revenue gained per customer, it is like getting the total amount of output per employee. When the level of output is possibly jeopardized by an employee's lack of motivation, dealing with conflicts and concerns with employees may be hard to navigate. I recently had a text conversation with my immediate boss. The conversation started normally, but then she said something negative about an employee. I asked her to elaborate, and she responded with long texts voicing her frustrations about two not-so-excellent employees who were dating. She mentioned how the couple requests many days off yet expects a lot of hours. She said how they only want to work if they are scheduled together and the struggle of scheduling the whole front end every week. 

I tried to give her advice. I told her she could have a meeting with both employees in person and tell them about their strengths, weaknesses, opportunities to grow, and the possible consequences if they remain constant. Basically, she should create something similar to a SWOT analysis. I also advised her to ask them to make an availability sheet so she could schedule them better. I didn't realize how she didn't feel valued by her employees or how she had been run over for the past couple of weeks. Through the texts, I felt the frustration. She expressed how they constantly take and ask for more without displaying a proper work ethic; however, she cannot hold them accountable for things that they do not know. Even though the situation between both parties is a shade of gray, I know my manager and the couple are good people, but the events left everyone feeling with no value and misguided. 

One thing I struggle with when it comes to value is valuing myself. During my sophomore year fall semester, I took upon too much. I was a full-time student at a college-level institution, I was involved in multiple clubs, and I worked nearly 40 hours a week. All these commitments made me feel burned out and stressed, but all of it helped me understand my limitations and that I need to do what is best for me without fear of making people angry. Fortunately, we learn and grow to find what fits best in our chaotic lives through balance and self-discovery. It took me 19 years to realize the value I bring to the table. For my family, my peers, my coworkers, my supervisors, and myself. Value is a word with many meanings, and I desire to uncover a new perspective.

Pictures with Those I Value 

Artifacts

Within the Classroom Example: 

• MKTG 350 - Marketing Final PowerPoint 

• MKTG 350 - Marketing Written Document

Beyond the Classroom Example: 

• Text Message Conversation with Boss at Food Lion