EMV24410,HC2112

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Holmes Colleges Sydney *

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HI6025

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Marketing

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Apr 3, 2024

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docx

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12

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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
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
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