Service Encounter Journal As consumers we hold a very influential and powerful tool‚ money. Whether buying a top-quality watch like a Rolex or purchasing a shirt at Wal-Mart‚ we expect to get value from our monetary expenditures. In reference to the previous items‚ the customer dealt with absolutes. They are physically tangible items that cannot be returned or resold. Customers tend to have a high level of confidence in their expectation for these goods; however‚ services set on the other end
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the accident told him with worries that “Young man‚ stop worrying about your car. You better worry about your arm. It is over there on the road!” That young man looked at the way that person was pointing at and shouted “Oh no! That’s my Rolex watch! That’s my Rolex watch” (Visalo‚ 2010). This story is really suit to the society in present which most people believe in getting everything they want by buying them‚ or in other words‚ it is the age of consumerism society. The joke which was stated in the
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[Type text] [Type text] [Type text] Name: Ibrahimkhanli Nihad ID: 9253147 WHY DO PEOPLE BUY BRANDS? Brand are inevitable component of modern business‚ which means a class of products‚ that serves to determine a certain product and all have particular name‚ furthermore‚ all are made by a specific company. Primarily‚ mission of the brands is to connect two different basic areas of production and consumption‚ which has a great influence on economy and community. Although‚ these areas were integrated
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Week 5 Block 2 – Reading 5 Looking Inside For Competitive Advantage Jay Barney 1 Introduction • Focus has been placed on the relationship between the firm’s environmental opportunities and threats‚ and the firm’s strengths and weaknesses (SWOT analysis ). • Michael Porter’s work on the ‘five forces model’ helps understand the importance of external threats and opportunities. • Barney emphasizes the competitive implications of the firm’s internal strengths and weaknesses. To Barney the SW should
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Management Chapter 6 Structure: Levels of strategy: Superior performance Competitive advantages Corporate strategy---what business/industry Business strategy—how to compete Functional strategy---execute to support Business strategic goals by @ all department 1. Superior performance: the ability to generate high profitability and increase profits over time High profitability Superior performance Requires eg. Specific strategy‚ Technology‚ capabilities etc Growth in profits
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B2B vs. B2C Marketing Business-to-business (B2B) is a term used to describe transactions of goods or services between businesses as opposed to business-to-consumer (B2C) which describes activities of commercial organizations serving end customers with products and/or services. B2B and B2C marketing is different. There are profound differences that a business must remember when developing marketing activities. Although the marketing programs are the same for each type of business (events‚ direct
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Resource-Based View IO vs. RBV Business Level Strategy How do we compete in a specific business arena? Four objectives of business-level strategy Generate sustainable competitive advantages Develop and nurture (potentially) valuable capabilities Respond to environmental changes Approval of functional level strategies Business-Level Strategy The primary objective of business-level strategy is to create “sources of sustainable competitive advantage”. What is sustainable competitive advantage
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Business-Level Strategies There are four generic strategies that are used to help organizations establish a competitive advantage over industry rivals. Firms may also choose to compete across a broad market or a focused market. We also briefly discuss a fifth business level strategy called an integrated strategy. 1. Cost Leadership – Organizations compete for a wide customer based on price. Price is based on internal efficiency in order to have a margin that will sustain above average returns
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transaction for the business. Consumers are able to make decision for determining how much of the utility they should get from purchases based on the price. Price also indicates the quality of the products. Expensive price for the famous brands like Rolex and Christian Dior is set because of the image of the high quality products‚ whereas cheap price is set for the low quality of the products. Second element in the marketing mix is promotion. It is known as the communication of the marketing which
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BUSINESS ETHICS TUTORIAL EMERGING BUSINESS ETHICS ISSUES Case Study: Joseph’s Ethical Dilemma. Joseph Freberg had been with Alcon for 18 months. He had begun his career right out of college with a firm in the Southeast called Cala Industrial‚ which specialized in air compressors. Because of his work with Cala‚ he had been lured away to Alcon‚ in Omaha‚ as a sales manager. Joseph’s first six months had been hard. Working with older salespeople‚ trying to get a handle on his people’s sales territories
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