7BSP1106 Referral/deferral assignment
Word count: approx. 750-1,000 per question
- ‘In an economy of rapid change, continuous innovation is a necessity.
Companies such as Google and Dropbox update their software daily as
a means of addressing the constantly changing needs and tastes of
customers, and increased competition from around the world,’ Kotler
and Keller (2015). Critically evaluate the requirement of all businesses
to engage in continuous improvement and new product development.
- To compete more effectively, many companies are using increasing knowledge of their customers to embrace a more focused target market strategy. However, such a differentiated approach to segmentation can lead to higher costs, Kotler and Armstrong (2017). Critically evaluate, with examples, the benefits of targeting smaller segments.
- Heller Baird and Parasnis (2011) suggest that companies may not understand consumers’ motivations for engaging in social media with them – consumers are seeking tangible value, rather than simply trying to connect more deeply with the brand. Critically analyse the role of social media in building lasting valuable customer relationships.
- Ko & Megehee (2012) report that ‘the luxury industry is relatively small in terms of the number of companies, but punches far above its weight both in terms of sales and more importantly, influence. The best design, the best materials, the best merchandising, and the best packaging occur in the luxury industry, and hence luxury brands frequently lead the way for the rest of the marketing world’. With reference to luxury fashion brands, critically analyse how the products have become so important to consumers.
- With increasingly crowded and competitive markets, the importance of strong brand associations to differentiate the brand from its competitors becomes ever more important (Keller and Lehmann, 2006). For a brand of your choice critically analyse how it has achieved a distinct brand positioning to achieve a competitive advantage.
- Marketers within Europe today, face formidable challenges as they try to make their marketing messages heard. Practitioner estimates suggest that consumers are exposed to thousands of marketing communications daily (Marsden 2006), and many consumers seek to actively avoid marketing communications from any source, Wells (2004). Critically evaluate how marketers might still be heard amongst the vast amount of marketing clutter.