July 2019 (Done) - Practice PDF

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Summary

a) People tend to harbour high expectations of a place, especially with high influx of advertising, social media outreach and word of mouth that describes the quality and quantity of attractions or facilities the place has, and especially when it is a shopping district with multiple high-end facilit...

Description

a) People tend to harbour high expectations of a place, especially with high influx of advertising, social media outreach and word of mouth that describes the quality and quantity of attractions or facilities the place has, and especially when it is a shopping district with multiple high-end facilities. Therefore, with these expectations, people would expect the new Jewel Changi Airport to hold an extensive range of middle to high-end F&B, entertainment and retail outlets that we would usually find overseas or in the Orchard shopping district, such as Massimo Dutti, Bottega Veneta and Louis Vuitton etc. The services in this building must also be superior, and well-catered to all ages and individuals of multiple interests, including nature lovers, children and elders. If Jewel Changi is able to satisfy all individuals of all ages and interests adequately during their experience in Jewel Changi, they can encourage customer satisfaction rates and consumer expenditures. As for the technological aspect, the facilities must have advanced technology in-built or imposed, such as interactive kiosks every few metres as a store directory or e-concierges to help customers efficiently navigate the customer service centres, airport terminals and shops available in the large space. If a child, elder or item happens to be lost, there would be a sufficiently intuitive CCTV system in place to help customer service personnel to find them and return them to the owners. In the check-in lounge, the airport can also ensure that all check-in kiosks and personnel are available and up to date for faster check-in processes and convenient travelling. If Jewel Changi is able to facilitate customers in their enquiries and navigations efficiently, customers will get their answers efficiently or be able to find their desired stores to buy their desired goods and services efficiently, heightening customer satisfaction rates, positive customer reviews that can influence returns and expenditures. b) Jewel Changi Airport has marketed experiences and places. In this context, Jewel Changi is selling and marketing experiences for customers by tailoring their services to their personalized needs, ensuring that all customer enquiries are answered effectively and efficiently and making sure that their facilities are current and on par to customer expectations and functional/practical use. In other words, making sure that consumers get to enjoy a seamless, high quality shopping or entertainment experience during their stay in Jewel Changi. One example includes the early check in lounge that serves passengers of 26 airlines, inclusive of integrated ticketing and baggage services for fly-cruise and fly-coach transfers. Jewel Changi has also marketed places, with its iconic dome shaped façade, a five storey garden made out of 2,500 trees and 100,000 shrubs, 50m long suspension bridge, 2 walking trails and the

famous 400m high Rain Vortex. Other than that, it also has multiple high-end retail stores and common entertainment or supermarket areas that we can often find in our neighbourhoods as well. c) In relationship marketing, the company must build mutually satisfying long-term relationships with stakeholders to earn & retain their business. These stakeholders include customers, employees, marketing partners (channels, suppliers, distributors, dealers, agencies) and members of the financial community (shareholders, investors, analysts). In this context, Jewel Changi can maintain healthy relationships with their customers and partners by catering to their enquiries and offering exclusive or high-quality experiences and services on time and up to satisfaction. This ensures customers and partners, such as potential investors and stakeholders, that they are indeed taking their advice, suggestions and complaints seriously, and are equally and genuinely invested to grow the potential of the business or their personal welfare. It would be a plus point that Jewel Changi is able to cater to these requests one-to-one for a more personal connection, rather than just a corporate one, which will usually leave negative impressions and discourage investment, growth in profitable relationships and spending. d) Jewel Changi can attempt online and social media marketing, sales promotion, and events and experiences. For online and social media marketing, Jewel Changi can frequently update their social media pages and websites with high resolution and trendy GIFS, videos and images of their available attractions, facilities, services, new stores, etc. It would also be great if Jewel Changi can utilise IG and FB stories, polls and highlights to their fullest advantage to engage with their customers more interpersonally, encouraging long-term profitable relationships that can drive revenues, positive reputation and customer expenditures. Customers would also like to view or engage in things that they can take part in, especially those that can win prizes, or accentuate their amount of knowledge. Jewel Changi can also perform sales promotions, especially during the Great Singapore Sale or times when the economy is not performing well (COVID-19). They can lower their prices for certain goods and services that they personally offer to customers (not the retail stores, etc.). This applies to their check-in services or merchandize (hand-towels etc). When goods and services become more affordable, customers will be enticed to spend more and to stay longer in that area to maximize their experience. Lastly, Jewel Changi can host frequent events, such as Pokemon themed shows, local or international celebrity meet-ups, lucky draws, cosmetic line-ups, etc. to attract human traffic into one area of the building instantly. This especially applies to avid fans of certain avatars and celebrities, who often have huge following, enthusiastic individuals who like to try their luck to win rewards, and consumers who are demanding a certain good or service which cannot be easily bought or is not usually bought.

Ai) Waterfall approach is when the organization decides to penetrate gradually into the markets of several countries in sequence. On the other hand, the sprinkler approach is when the organization simultaneously enters multiple markets of several countries. In this case, Mr Loh appears to have adopted the waterfall approach because he has expanded into multiple countries incrementally over the years, such as Vietnam, South Korea and Japan, other than his home country. There are advantages for this approach, one of which include having to complete one phase before moving on to another. This ensures that processes within the phase is immaculate or elaborate enough, minimizing the room for error, which can often be costly and irreversible in the long run. On the other hand, one disadvantage of this approach is that requirements of one project can fluctuate, so because of this, more time and resources will be spent to align with these fluctuating requirements before finally moving on to the next phase, or completing the project for clients to overview or feedback on.

Aii) Mr Bean has adopted the joint venture strategy when it penetrated the market in Vietnam. Joint ventures refer to a new setup by shareholders based on common interests, and where foreign and local companies share ownership & control. One advantage of joint ventures is that with a local partner, costs and resources can be shared, therefore minimizing the need for extra resources and capital for Mr Bean to operate in Vietnam. However, the disadvantage of joint ventures is that because partners also have an equally weighted say in major management decisions, they can easily influence or obstruct the progress of certain projects and decisions, such as investment, expansion and growth.

b) Mr Loh would have taken into account the underlying official experience EGroup has in the local market, its financial strength and its cooperativeness towards a joint venture with a foreign company on local grounds. EGroup would be more experienced than Mr Bean in the Vietnamese market, and with its experience, it is able to take note of local market and consumer trends more efficiently and effectively, and more capable of contacting relevant individuals and agencies or gathering resources locally more easily than Mr Bean. Therefore, EGroup would be able to act as a viable advisor for financial, operational or R&D decisions in Vietnam. The financial strength would matter as well, because it would be favourable for Mr Bean to share operating, investing and financing costs adequately for long-term operations, optimally at minimal costs. In addition, with an equally strong or stronger partner, Mr Bean would be able to reach certain goals that it cannot attain before, especially financially. Lastly, the cooperativeness of the partner would matter, because it would be unfavourable for Mr Bean if the partner decides to swallow the market share or abandon the project for their own personal gains. The partner must be open to collaborate with foreign companies, on the basis that it will not only benefit them, but the local community and market as well. In addition, with aligned and clear goals, the joint company will be able to achieve better quality goals more efficiently and effectively, and will experience less disputes over ownership and control over certain decisions, which can be costly and unfavourable in the long term, especially to the foreign company.

c) Product Line and Product Bundling will be apt in this context. In terms of product line, Mr Bean has an extensive range of soy-based foods and beverages, such as Iced Viet coffee, soya bean ice cream, soy-based desserts and soy-based buns with rich fillings such as cream cheese and red bean. This especially applies to the Vietnamese consumer market, which is in favour of the trending Viet coffee and soy-based ingredients and foods, of which the country is well-known for (especially when it’s an importer). In addition, children, adults and elders can also enjoy these soy-based foods in different flavours and different timings of the day, implying that Mr Bean can cater to a large demographic and sociocultural market, thereby possibly expanding their market shares in this way. In terms of product bundling, Mr Bean can sell food and beverages together. For example, buy one get one soya bun of any filling free, or purchase set meals (especially for breakfast), such as porridge with soya bean drink, or bun with soya bean drink, or bun with soya bean drink. People can enjoy Mr Bean not only as a full meal, but also as a snack as well.

a) Point of Difference refers to attributes or benefits consumers strongly associate with a brand and believe they could not find to the same extent with a competitive brand. Three criteria must be fulfilled, of which includes being desirable to consumer, deliverable by the company and differentiable from competitors. On the other hand, point of parity refers to attribute or benefit associations that are not necessarily unique to the brand but may be shared with other brands. In this case, Point of difference would be that the Samsung Galaxy Fold can fold at least 200,000 times into a compact rectangle for easier and more convenient storage in the pocket, which other phones are currently still unable to do. Other than that, it has 6 cameras, all of which have individual specialized functions such as taking selfies, and it has a QXGA resolution. Point of parity would be that it has multiple cameras and batteries, as well as a large processor and RAM. It is also using Android, like most phones do.

bi) The Samsung Galaxy Fold would be in the introductory stage because it has just launched, so there would not be many customers yet; there is a considerably high investment for R&D to manufacture operate the phones to how it is now.

bii) The 2 strategies would be to build intensive distribution and offer product extensions or warranties to maximize market share. With intensive distribution, more customers will come into contact with the phone, and with favourable product extensions or warranties, customers would be inclined to afford the phone because there is more worth and value in purchasing the back-ups or additional add-ons as well, other than just the individual product.

c) In the social aspect, reference groups can potentially and directly influence consumers to purchase the phone because their behaviour, attitudes and way of speaking in front of these consumers about the phone, especially under the long term and in close contact, is positive. In the personal aspect, occupation and economic status would matter as well, because people with more disposable income will be more capable of affording this phone and any other associative services, extensions and warranties. This includes working adults, of whom will find this phone compact and useful for daily use at work, but also as a way to accentuate their personality, income level or organizational status at work to their peers, employees, stakeholders or clients (eg: manager or boss).

d) Product quality leadership would be an apt pricing objective for the Samsung Fold Phone. It would be at a high enough price to make up for the costs of producing and marketing It, especially its more technologically advanced in-built functions and design, cameras, resolution and batteries. However, it would not be too high to accommodate to most customers, so it would be slightly more expensive than its previous product lines, but still enough to cater to an adequate share of the market to afford....