...name Institutional affiliations 1. A company that choses to use the value approach will focus more on delivering value to the customer whereas one that uses the 4ps will focus more on the product. For the two companies steps will almost be the same only that the one using the value approach offering more. For instance the value approach goes beyond availing the product but ensures the customer understand the product and gets the most of the product. The 4Ps approach promotes and advertises the product, while the value approach goes beyond that and offers – the value, product plus service, benefit, and enjoyment that can be received with the product. 2. Just like the four Ps this start with the creation of product that has value and then communicate/promote the offering by describing it and gather consumer opinion. Delivering is similar to place whereby you now take the created product to the consumer for them to purchase. Exchanging is when you now trade value for the product or what the 4Ps calla price. 3. a) Marketing creates goods and services that a company can offer to its consumers at a price. The price, the goods and the services constitute the company’s offering b) Marketers educate potential consumers about the value of what they are offering as well as gathering their opinion on whether they want the offering. c) Marketing cannot just promise value it should be able to get the product to into the hands of the consumer and ensure he or she knows how to...
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...evils of MNCs, the virtues of products made in India, the corruption of corporates, the exploitation of farmers, the cancerous effects of fertilisers and chemicals and just about everything that surrounded his products. He just showed us the reasons and left us on our own to explore his products. Product: Use genuine & natural ingredients and in sufficient quantities which make them effective in delivering the promise, it claims to deliver. Result – Customers who buy the brand experience the promise. 2. Recipe: It is derived from our heritage. 3. Promise: Goodness of nature with each product having its own unique benefits which are effectively highlighted. 4. Price: 15 – 30% lower than the competition. 5. Promotion: Use Alternate Media to build brand: a.#Buzz Creation (Word of Mouth Publicity). When a company makes a claim, its believability is merely between 20 – 49%. But when real people speak good about a brand – the believability jumps to 70%; when friends speak about a brand’s goodness the believability jumps to 90%. Result: Increase in the believability of brand promise accompanied by a...
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...Many experts believe that marketing is the most important function in a company. Discuss the reasons this is a true statement. Discuss the reasons this is not a true statement. Marketing is critical in that it is the clearest direct intentional connection between the culture built around a product, service, or firm and a potential customer. In a market-directed economy, where the dollar “vote” decides, marketing is the campaigning for those votes (FIT, 2012). Target Corporation has thrived on a very successful marketing strategy that has a keen understanding of their customers and an ability to reach them, delivering what they want (before they even know that they want it). Their annual report defines their customer profile as: • Median age of 40 • Median household income of approx. $64K • Approximately 43% have children at home • About 57% have completed college (investor.target.com) “Expect More. Pay Less” clearly sets the (marketing) stage. Target is well-known for market strategy that partners with current designers (like Jason Wu, Stella McCartney, Converse) and artists (like Taylor Swift, Michael Buble and Tony Bennett) to deliver limited-time offers that drive customer demand and interest and media buzz. Target recently partnered with Justin Timberlake to offer two exclusive recordings and appearances aligned with his recent album release. Even television viewers accustomed to ad-skipping have doubtless caught the latest Target commercial promoting Justin...
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...What Makes Brands Great • Role of the brand: they serve as a route map for purchasing behavior and when managed properly, generally accrue significant value to their owners • For many years, most brand owners relied on marketing-oriented measures such as awareness and esteem. Today they use more innovative and financially driven techniques to better quantify the value that brads represent • Brand leaders appear to perform consistently well against a broad range of factors, including tangible equity, customer purchasing habits and market stature. The reason is that they share certain characteristics and approaches that contribute to their success as a brand and a business WHAT GREAT BRANDS SHARE • There are five notable qualities that leading brands share Three principal attributes: 1. A compelling idea • Behind every brand is a compelling idea, which captures customer’s attention and loyalty by filling an unmet or unsatisfied need 2. A resolute core purpose and supporting values • These remain in place even though the business strategy and tactics have to be regularly revised to address and take advantage of the circumstances of a changing, and in the detail often largely unanticipated, world and business environment. • Example: From the 7 Series to the Mini, the BMW brand stands for “the ultimate driving machine” – the core remains the same: to deliver an outstanding experience though superior car performance • This strategy illustrates an opportunity captured...
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...Final Review Who should be involved in the new service development process? What are service improvements What is the first step of service development process? * Business Strategy Development or Review: reviewing the organization’s mission or vision. New strategy must fit in the larger strategic mission. What is a business analysis: * An estimate of its economic feasibility and potential profit implication. Including demand analysis, revenue projections, cost analyses and operational feasibility are assessed here What is concept development and evaluation: * To product a description of the service that represents its specific characteristics and then determine initial customer and employee response to the concept What is market testing: * A tangible product might be test marketed in a limited number of trading areas to determine marketplace acceptance of the product as well as other marketing mix variables such as promotion, pricing, and distributing systems What is post introduction evaluation: * The information gathered during commercialization of the service can be reviewed and changes made to the delivery process, staffing, or marketing mix variables on the basis of actual market response to the offering. * Formalizing the review process to make those changes that enhance service quality from the customer’s point of view is critical What is a service blueprint: * A picture or map that portrays the customer experience and the service system...
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...study JetBlue’s successful model and how it has helped to change the airline industry by providing cutting edge technology while keeping costs down and giving their customers exactly what they want. Creating and delivering value for customers in the industry pose some challenges. These challenges include identifying the market segments, building customer loyalty, and reducing costs. The tight competition within the airlines industry and the varying needs of customers has become a problem in identifying the market segments and creating customer value. Determining the customer value that can enhance customer loyalty is also one of the challenges that hinder delivery of superior customer value. JETBLUE’S CUSTOMER VALUE SUCCESS MODEL 3 The economic downturn in 2009 and the oil price hike in 2008 had hit the airline industry hard. Now, with a revival in the economy, demand for air travel is improving. The airline industry lost $16 billion in 2008 and $9.9 billion in 2009. Following a turnaround, airline industry would gain $15.1 billion in profits in 2010 as expected by the International Air Transport Association (IATA). The IATA expects full-year 2011 to be tough and profits to soften to the level of $9.1 billion. Tougher conditions are likely to stem from rising fuel costs, stable yields, weak traffic volumes, slower global GDP growth and increased taxation, particularly in Europe,...
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...on-hand industry, but to develop new market space or rather the “Blue Ocean”, in which case it makes the competition irrelevant. (Brooks, 2013) As such, the Blue Ocean strategy illustrates the opportunities of vast and untapped market spaces (Kim & Mauborgne, 2004) The Blue Ocean strategy is quite important. This is because it allows some business to sell its products with no or little competition from other firms. It is also significant for some new business that does not have enough money for advertising and does not want to sell its products in some market where other industries have already established strong brands. In addition, the Blue Ocean creates some new market and also it makes competition quite irrelevant. It focuses on non-consumers and they help in developing some new demand and market...
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...INTRODUCTION: This report has been prepared as a requirement of the insurance and risk management course. The report was based upon the overall insurance company’s problems and prospects in Bangladesh. . It can be defined as a co-operative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to ensure themselves against that risk. It is a contract whereby the insurers, on receipt of a consideration known as premium, agree to indemnify the insured against losses arising out of certain specified unforeseen contingencies or perils insured against. It can play an important role in a country’s economy. It is an old form of financial practice of sharing risk, which was introduced in this area in mid-18 the Century. DEFINITION OF INSURANCE: In legal terms, insurance is a contract of uberrima fideism, i.e. a contract of utmost god faith. Here both the parties namely insurer (insurance company) and insured (policy holder) must be honest and disclose all material facts about the insurable interest. Here the insurance company undertakes to indemnify the insured against any loss in lieu of a small charge known as premium. Such as insurance policies except life insurance allows a policy-holder to transfer all risk to the insurance company in exchange of paying a certain amount of premium. INSURANCE IN BANGLADESH In Bangladesh, the Insurance business, after and early stage of dislocation, adventure and experimentation...
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...Delivering Commitments on our ® Our Vision Our vision is . . . To be the world’s first-choice provider of insurance and financial services. We will create unmatched value for our customers, colleagues, business partners and shareholders as we contribute to the growth of sustainable, prosperous communities. Our Values • People Develop diverse talent. Reward excellence. • Customer Focus Anticipate their priorities. Exceed their expectations. • Performance Be accountable. Manage risks. Deliver AIG’s strength. • Integrity Work honestly. Enhance AIG’s reputation. • Respect Value all colleagues. Collaborate with one another. • Entrepreneurship Seize opportunities. Innovate for and with customers. Deliver the Firm The core values and principles set forth in our Code are a reflection of the talents and expertise which distinguish AIG and are an integral component of the value proposition that we bring to our customers, employees and all of our communities as we strive every day to truly Deliver The Firm. In order to execute our Deliver The Firm strategy, AIG expects every employee to collaborate with colleagues throughout the organization, manage risks, comply with all applicable regulations and optimize operational efficiencies. A Message from Anastasia D. Kelly In 1919, 27 year old Cornelius Vander Starr founded an insurance agency in Shanghai, China that established the roots of the organization that became AIG. Starr was not a wealthy...
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...positively and significantly contribute to the success of our business partners. The Dot brand promise is trusted values, innovative solutions and shared growth. Robert Tracy founded Dot Foods with the support of his wife, Dorothy, in 1960. Today, seven of his twelve children are involved full time in the operation of the business. RT and Dorothy knew if their new business was going to be a success, it would have to be built on a strong foundation. So, they instilled a set of values within Dot that has never wavered in fifty years. Today, the trucks in the Dot fleet bear their brand promise: trusted values, innovative solutions, and shared growth. It reminds their employees what the company expects of them, and what their business partners can expect from Dot Foods. Dot Foods is the largest food redistributor in the United States, serving more than 3,000 food distributors with coast-to-coast deliveries from 480 manufacturers. Dot consolidates these products and delivers in less-than-truckload (LTL) quantities to distributors nationwide on a weekly basis. With headquarters in Mt. Sterling, Illinois, this family-owned and operated business has experienced strong and steady growth since it was founded in 1960. It started from a one man operation delivering fifteen different products from the back of a station wagon, to a thriving national corporation employing over 2,000 people and delivering goods from an inventory list of over 40,000 products. Dot Foods remains the family business...
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...The Occupy Wall Street of 2011 in Zuccotti Park in New York and the rest of the country and the 15M campaigns in Spain failed to turn public mobilizations into mechanisms in delivering concrete changes partly because the protesters became spectators of their own protests that led into failing to build a hybrid between a social movement and a political party that does not have leaders, but has spokespeople and an organizational structure that lasts more than few months. The candidacies and policies of real progressives like Sen. Bernie Sanders, Sen. Elizabeth Warren, Congresswoman Donna F. Edwards (Maryland) and Mayor Bill de Blasio and the 72 members of the Congressional Progressive Caucus could provide the best hope for permanent hybrid political...
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...Community Hospital's existence and organizational structure and identify the company's collaboration process and the roles of key stakeholders in order to achieve organizational goals. The results of each areas responsibility needs to contribute to the achievement of the company's outcomes and results, helping the company move towards the chosen strategic path. Moreover, I will provide an example of the use of lateral collaboration and vertical collaboration within the organization, and prepare an action plan to use lateral and vertical collaboration. Lastly, I will recommend the collaborative interactions among the key stakeholders to facilitate the organization's success. Reasons for Existence: Patton-Fuller Community Hospital is a non-for-profit healthcare organization that has provided a broad array of superior quality services and facilities to the city of Kelsey and the surrounding communities since 1975. The hospital provides specialized services such as emergency medical care, surgery, labor and delivery, physical therapy and radiology for adults and children. "As one of the first hospitals in Kelsey, they are also committed to providing a variety of programs that will support the health and welfare of their local community populations" (Apollo Group, 2006). The primary reasons for Patton-Fuller Community Hospital's existence from an analysis of the mission, vision, and goals are to be the healthcare organization of choice for patients, healthcare professionals and physicians...
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...Wal-Mart Stores, Inc: Image Issues for the World’s Largest Retailer Where do you buy eggs, laundry detergent, and motor oil? If you are like millions of others the answer is Wal-Mart. “Each week, 138 million shoppers visit a Wal-Mart retail store somewhere, and 82% of Americans made at least one purchase at Wal-Mart in the year 2003” (O’Rourke, 139). “Wal-Mart’s central promise to its customers is always to have low prices for the goods they want” (O’Rourke, 139). Because of this promise, the company has had to engage in some questionable, perhaps illegal practices. The question is, how does the company balance the promise it made to its customers in 1962, while maintaining a positive image. Employees are an important aspect in any business. Wal-Mart employs a global workforce of 1.5 million people (O’Rourke, 140). In 2004, the average annual wage for a full-time Wal-Mart employee was $9.76 an hour (O’Rourke, 140). This comes out to $20,300 a year, $1,210 a year more than the poverty level for a household of three. If you increase the family size to four, the figure is $2,750 below the poverty level (aspe.hhs.gov). In 2004 it was discovered that Wal-Mart was locking in their overnight associates. The only ways to get out were through the fire exit or by having the manager manually open the door. Employees complained that if they used the fire exits to leave they would be fired. The also noted that on many nights there wouldn’t be a manager on duty to open the doors...
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...services at lower rates than usual and in turn resulted in a significant decrease in the profit margin in spite of an increase in subscriber base. Next, Airtel’s debt has increased by...
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...Unit 03: Introduction to Marketing – Major Assignment 1 1: Situation Analysis and its Applications. Situation analysis can be divided into SWOT and PEST analysis. It is aimed at collecting and evaluating data which will help identify circumstances which may influence the organisation in a positive or negative way, and affect its choice of strategies. SWOT analysis examines the internal aspects of the organisation which characterize its strengths and weaknesses and also its external opportunities and threats. This analysis focuses on a business unit and will help researchers determine the best strategy an organisation should follow in order to be successful. Implementing SWOT analysis on PAVI, one sees that it has numerous strengths such as being a multi-purpose supermarket logically laid out onto one floor giving customers the advantage of finding everything they need easily and in one place. A weakness of PAVI might be that they only have a single outlet across Malta which will hinder their chances of attracting customers living further away from the centre. Its competitors’ weaknesses are PAVIs’ opportunities, thus PAVI took the opportunity to eliminate the problem of parking other supermarkets have by installing a car park on the supermarkets’ roof, increasing their appeal to customers using private transport. The most obvious threat for PAVI is having LIDL open an outlet practically in its’ backyard, therefore PAVI must focus on perfecting its strengths, improving its...
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