EMV24410,HC2112

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Marketing

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Apr 3, 2024

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Student Number: EMV24410 Student Name: PARBATI ROKKA HC2112 SERVICE MARKETING AND RELATIONSHIP MARKETING FINAL ASSESSMENT TRIMESTER 2, 2022 TIME ALLOWED: 24 hours Assessment Weight: 50 total marks Instructions:  All questions must be answered by using the answer boxes provided in this paper.  Completed answers must be submitted to Blackboard by the published due date and time. Please ensure you follow the submission instructions at the end of this paper. Purpose: This assessment consists of six (6) questions and is designed to assess your level of knowledge of the key topics covered in this unit. HC2112 Final Assessment T2 2022

Question 1 (11 marks) The four Ps of marketing are product, price, place, and promotion. These are the key factors that are involved in marketing a product or service. Some marketers said: “The 4 Ps are all a marketing manager needs to create a marketing strategy for a service business.” In what ways and to what extent do you think service business just needs 4Ps to create marketing strategy Answer the question in 300 words. ANSWER: ** Answer box will enlarge as you type Marketing strategy "is the process that allows an organization to focus its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage" (Kotter, 1996, p.173). In other words, marketing strategy is the process of creating a plan that will help a company achieve its marketing goals. There are many different factors that go into creating a successful marketing strategy. The 4Ps of marketing are a important part of the process, but they are not the only factors that need to be considered. A company must also have a clear understanding of its target market, its competitors, and its own strengths and weaknesses. In addition, a company must set realistic marketing goals and objectives. Without these other elements, the 4Ps of marketing will not be enough to create a successful marketing strategy. As such, service businesses need more than just the 4Ps of marketing to create a successful marketing strategy. If service businesses want to create a marketing strategy that will help them achieve their marketing goals, they must also consider other important factors such as their target market, their competitors, and their own strengths and weaknesses. When it comes to marketing strategy, target market refers to the group of people that a company wants to sell its products or services to (Kotler and Keller, HC2112 Final Assessment T2 2022

2009). A company must have a clear understanding of its target market in order to create a successful marketing strategy. They must know what their target market wants and needs, and offer products and services that meet these needs. In addition, companies must research their target market in order to understand their buying habits. Competitors are other companies that offer products or services that are similar to those offered by the company in question. A company must have a clear understanding of its competitors in order to create a successful marketing strategy. They must know what their competitors are doing, and find ways to differentiate their own products and services. Finally, a company must understand its own strengths and weaknesses in order to create a successful marketing strategy. They must know what they do well, and what they need to improve upon. Only by considering all of these factors will service businesses be able to create a marketing strategy that is likely to be successful. Question 2 (7 marks) Describe search, experience, and credence attributes and give examples of each. Answer the question in 250 words ANSWER: Search attributes are characteristics that can be ascertained before purchase and do not require experience with the product, such as price, color, or style. Experience attributes are those that can be experienced only after purchase and use, such as taste, comfort, or durability. Credence attributes are those for which it is difficult or impossible to determine whether the product meets expectations, such as long-term durability or safety (Ford,et al,1988). HC2112 Final Assessment T2 2022

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Some examples of search attributes include color, size, and price. Some examples of experience attributes include taste, texture, and smell. An example of a credence attribute would be the health benefits of a particular food product. There are two main types of credence attributes: those that are verifiable and those that are not. Verifiable credence attributes are those that can be checked by the consumer through some type of test or examination. Non-verifiable credence attributes are those that cannot be checked by the consumer and must be taken on faith (Ford,et al,1988). Web search is the process of finding information on the World Wide Web. Image search is the process of finding images on the Internet. Video search is the process of finding videos on the Internet. First-hand experience is when a person experiences something directly. Second-hand experience is when a person experiences something indirectly. Third-hand experience is when a person experiences something that they have heard about, but have not directly or indirectly experienced. For example, if you read about someone eating a slice of pizza, you are having a third-hand experience of eating pizza Question 3 (7 marks) How can positioning maps help managers better understand and respond to competitive dynamics? Provide an example and answer the question in 250 words ANSWER: A positioning map is a tool that companies use to assist them in the process of developing a positioning statement that is clear and succinct. This positioning statement HC2112 Final Assessment T2 2022

is then used as a guide to direct marketing communications, and it also helps to ensure that all marketing efforts are aligned with the overall positioning of the organization. Positioning maps are a sort of competitive analysis that may be used to assist managers in better comprehending and reacting to the competitive dynamics at play in their respective industries. Positioning maps provide a graphical picture of how the goods or services offered by one business compare to those offered by other businesses in the same industry. The ability to swiftly identify areas in which the firm may need to make adjustments in order to better compete in the market is provided to managers by this (Jackson, 2019,p1). For instance, a positioning map may reveal that a certain company's goods are priced more than those of its rivals, despite the fact that consumers do not see them as being of greater quality. In this scenario, the firm may find that it has to reduce its pricing in order to remain competitive on the market. Alternately, a positioning map may reveal that a company's goods are seen as being of greater quality than those of its rivals, despite the fact that the company's prices are much lower. In this scenario, the firm could be required to increase its pricing in order for those prices to more accurately represent the value that customers place on the company's goods (Jackson, 2019, p1). Question 4 (7 marks) What is the difference between enhancing and facilitating supplementary services? Give several examples of each relative to services you have used recently. Answer the question in 250 words ANSWER: HC2112 Final Assessment T2 2022

There are many differences between enhancing and facilitating supplementary services. The first difference is that enhancing services are typically used to improve the quality of a service, while facilitating services are used to make it easier for people to access and use a service (Enyinda et al., 2020). For example, if you were to use a service that helped you book a hotel room, the enhancing service would be something that helped you find a room that met your specific needs, while the facilitating service would be something that made it easy for you to book the room. For instance, during my vacation last year it was easy for me to book a hotel room using their website. However, their website filter made it even easier for me to identify the exact room I needed. Another difference between enhancing and facilitating services is that enhancing services are often provided by the company that owns the service, while facilitating services are typically provided by third-party companies. For example, if you were to use a service that allowed you to book a hotel room, the company that owned the service would provide the enhancing services, while a third-party company would provide the facilitating services. Finally, enhancing services are typically more expensive than facilitating services (Enyinda et al., 2020). This is because enhancing services often require more manpower and resources to provide. For example, if you were to use a service that allowed you to book a hotel room, the company that owned the service would likely charge you more for the enhancing services than the third-party company would charge you for the facilitating services . HC2112 Final Assessment T2 2022

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Question 5 (7 marks) Discusss about the importance of price strategy. How can the pricing tripod approach to service pricing be useful in setting a good pricing point for a particular service? Answer the question in 250 words ANSWER: Pricing strategy is important for any business, but it is especially important for service businesses. The reason for this is that service businesses generally have higher overhead costs than product businesses, and they also tend to be more labor intensive. This means that they need to charge more for their services in order to make a profit. The pricing tripod approach to service pricing can be very useful in setting a good pricing point for a particular service. The tripod pricing approach takes into account the three main factors that affect pricing: cost, value, and competition (Kienzler & Kolakowski, 2017). Cost: The cost of providing a service includes the cost of labor, materials, and overhead. The cost of labor is the most important factor, as it is the biggest expense for most service businesses. Value: The value of a service is determined by the benefits it provides to the customer. A service that provides a lot of value to the customer will be worth more than a service that doesn't provide as much value (Kienzler & Kolakowski, 2017). Competition: The level of competition in the market for a particular service will also affect the price. If there is a lot of competition, businesses will need to charge less for their services in order to stay competitive. HC2112 Final Assessment T2 2022

The pricing tripod approach is a good way to set a price for a service because it takes all of these factors into account. By considering all three of these factors, businesses can come up with a price that is fair to both the customer and the business. Question 6 (11 marks) In what ways do the objectives of services communications differ substantially from those of goods marketing? Describe four common educational and promotional objectives in service settings and provide a specific example for each of the services that you list. ANSWER:  increasing awareness of the service Increasing awareness of the service is often one of the primary goals of marketing for services, with the end goal being to attract new clients. This can be accomplished through the use of a variety of advertising and marketing channels, such as print commercials, television ads, or advertisements posted on the internet. For instance, a local newspaper may print an advertisement for a new hair salon in the region, or a television commercial may promote a new dry cleaning service in the neighborhood. Both of these examples are examples of advertising.  Increasing the number of people who use the service: In order to increase the number of people who use the service, service providers may provide first-time users discounts or other types of incentives. For instance, a newly opened fitness center may provide new members with one week of free membership, or a newly opened car wash may provide first-time customers with a discount on their service. HC2112 Final Assessment T2 2022

 Increasing the level at which customers are satisfied with the service:-The contentment of one's clients should be a primary focus for any company that provides a service, since this can result in further sales and good word-of-mouth marketing. It is possible for service providers to collect client feedback through surveys or other ways, and then utilize that feedback to make adjustments to the service in order to increase customer happiness. For instance, a restaurant may send out surveys to consumers at the conclusion of their meal and utilize the feedback to enhance the quality of either the cuisine or the service that they provide.  Increasing customers' sense of commitment to the service provider:-Increasing the amount of customer loyalty is another essential aim of services marketing, as this can result in additional repeat business as well as positive word-of-mouth. It is possible for service providers to provide loyalty awards to consumers who continue to utilize their services in an effort to enhance customer loyalty. For instance, a gym might offer a discount to customers who renew their membership, or a car wash might offer a loyalty card that entitles customers to a free wash after a certain number of visits to the facility. Both of these examples are great ways to reward customers for their continued business ( Lovelock,et al,2015) . HC2112 Final Assessment T2 2022

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Key references: Enyinda, C. I., Opute, A. P., Fadahunsi, A., & Mbah, C. H. (2020). Marketing-sales-service interface and social media marketing influence on B2B sales process. Journal of Business and Industrial Marketing. https://doi.org/10.1108/JBIM-01-2019-0053 Kienzler, M., & Kowalkowski, C. (2017). Pricing strategy: A review of 22 years of marketing research. Journal of Business Research. https://doi.org/10.1016/j.jbusres.2017.05.005 Kotler, P. (1996). Kotler on marketing: How to create, win, and dominate markets. Simon and Schuster. Kotler, P., & Keller, K. L. (2009). Marketing management (14th ed.). Upper Saddle River, NJ: Prentice Hall. HC2112 Final Assessment T2 2022

Ford, G. T., Smith, D. B., & Swasy, J. L. (1988). An empirical test of the search, experience and credence attributes framework. ACR North American Advances . Srinivasan, S. S., & Till, B. D. (2002). Evaluation of search, experience and credence attributes: role of brand name and product trial. Journal of product & brand management . Jackson, J. (2019). How to Use Positioning Maps to Understand Competition. Harvard Business Review. Retrieved from https://hbr.org/2019/03/how-to-use-positioning-maps- to-understand-competition Lovelock, C., & Patterson, P. (2015). Services marketing . Pearson Australia. Ford, G. T., Smith, D. B., & Swasy, J. L. (1988). An empirical test of the search, experience and credence attributes framework. ACR North American Advances . END OF FINAL ASSESSMENT Submission instructions: Before you submit your assessment, please check all of the following:  You have named your file with your Student Number and Unit Code e.g. EMV12345 HC2112 It is critical you follow this file name instruction to ensure the file belongs to you.  You have saved your file in MICROSOFT WORD format only. No other format is accepted .  You have checked you are submitting the correct document as special consideration is not granted if you make a mistake. Once you have checked the above: Upload your file to the appropriate link on Blackboard. HC2112 Final Assessment T2 2022

You have two attempts to submit your assessment with only the final submission being marked. ** Note: All submissions are automatically passed through SafeAssign to assess academic integrity. HC2112 Final Assessment T2 2022

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