Mr. David Jeter Tells Students that Every Field Has an Aspect of Business

Every Field Has an Aspect of Business

On December 11, 2017, Pine Richland FBLA continued our Speaker Series with Mr. David Jeter. Mr. Jeter showed us the different ways business can be incorporated into various career fields. No matter what career field someone is in, you can identify business values anywhere. Mr. Jeter demonstrated this through Bain’s Elements of Value, a pyramidal model based on the impact a product or service has on a customer. The lowest level of Bain’s values is functional value. These products or services attract customers because of function, usually making someone’s life easier in a convenient way. The next level is emotional, which evokes meaning for the customer and generally makes them feel something on a deeper level. The next level is life-changing, which, as they name shows, creates a significant change in the customers life. These type of products may provide hope or a feeling of belonging among other things. Finally, the highest level of Bain Elements of Value is Social Impact. This means that the consumers each reach a point of self-transcendence that collectively changes their society. The higher your own product is on the pyramid, the more attractive it is to consumers. They value more impactful things than simply functional items. Using this model can help young business people to better develop their product in an efficient way, saving time and money.

Thank you to Mr. Jeter for taking time to come speak to PR FBLA.

Reporter, Holly Holmes