PRINCIPLES OF MARKETING (MKT101) Case Study – Team Project (15 points) BP: Transforming Its Strategy “Beyond Petroleum” (p. 47-49) Each team should submit a written report by May 13th‚ 2012 at 1:00 pm. 1) Format The written document will be approximately 6 to 7 pages (excluding references and appendixes). The case write-up should have the following format: i. ii. iii. Cover page (with alphabetized names and students ID) Introduction (including a brief summary of the case) Answer to questions:
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FEATURES OF SERVICES In terms of economics‚ service is a transaction where no physical goods are transferred from the seller to the buyer. The benefits of services are held to be demonstrated by the buyer’s willingness to make the exchange. In terms of management‚ Service is a customer-focused approach in delivering information technology. Service Management focuses on providing value to the customer and also on the customer relationship. Some of the basic features of Services are: 1. Intangibility:
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Assignment on SERVICE FAILURE AND SERVICE RECOVERY Few months back my experience with ICICI bank helped me identify with these concepts. Service failure can occur on multiple dimensions. A core service failure occurs when a customer is not able to avail the service one has paid for. A service encounter failure occurs when customer interaction with employees of a firm leave the customer feeling negative about the firm. I experienced the first type of service failure. In March 2010‚ while
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‘Scientific Management’ still relevant in a predominantly service economy? Discuss. To investigate whether or not scientific management is still relevant in a predominantly service economy‚ it is important to explore and analyze the principles of scientific management‚ and subsequently evaluate the advantages and disadvantages of the theory in order to prove that scientific management is‚ in fact‚ not relevant in a modern service economy. Scientific management can be defined as “the systematic
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1.0 OVERVIEW OF THE SERVICE INDUSTRY We have always had service industries‚ and indeed there are numerous biblical references to services as diverse as inn keeping‚ money lending and market trading. Over time‚ the service sector has grown in volume and in the importance attributed to it. According to Baker J.M et al‚ The Marketing Book 5th Ed‚ (2003)‚ early economists saw services as being totally unproductive‚ adding nothing of value to an economy. He quotes Adam Smith as having included
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Main Aspects of Porter’s Five Forces Analysis The original competitive forces model‚ as proposed by Porter‚ identified five forces which would impact on an organization’s behaviour in a competitive market. These include the following: • The rivalry between existing sellers in the market. • The power exerted by the customers in the market. • The impact of the suppliers on the sellers. • The potential threat of new sellers entering the market. • The threat of substitute
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5 Forces Model -Examines competitive forces that influence the profitability potential in an industry -Each force can reduce the probability that a firm can earn profits while competing in an industry Potential Entrant - can take market share away - force to learn new ways to compete - Barrier - Economies of scale – cost disadvantage - Capital – lack the resources (physical & human) to compete‚ competitive disadvantage - Switching costs – college‚ machine - Differentiation
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Economic Environment Development of the Moroccan Economy The Moroccan economy is known for its macroeconomic stability. Inflation rates have always been relatively low‚ mainly due to the country’s restrictive currency regime. Morocco has been characterised by moderate to high growth rates. The country has benefited from its low labour cost and strategic location near the European mainland. Morocco has experienced a stronger growth than usual since the year 2000‚ caused by improved weather conditions
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Michael Porter’s five forces Analysis is a tool for the structural analysis and shape the competitive structure of the company. The objective of strategic planning is to modify these competitive forces such that the company’s position is improved. Management can decide how to influence or to develop industry characteristics‚ based on the information given by the Five Forces model. There are: 2.1 Threat of New Entrants: New entrants to an industry can raise the level of competition‚ thereby
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1. Measuring the Cost of Living 1) Questions for Review # 2 Questions: Describe the three problems that make the consumer price index an imperfect measure of the cost of living. Answer: The 1st problem is called substitution bias. Consumers substitute toward goods that have become relatively less expensive. However CPI is based on a fixed basket of goods and it ignores the possibility of consumer substitution. The 2nd problem is the introduction of new goods. This means that consumers have more
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