Matching Items (5)

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Marketing to Millennials Within the Airline and Finance Industries Across Cultures

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Millennials are the group of people that make up the newer generation of the world's population and they are constantly surrounded by technology, as well as known for having different

Millennials are the group of people that make up the newer generation of the world's population and they are constantly surrounded by technology, as well as known for having different values than the previous generations. Marketers have to adapt to newer ways to appeal to millennials and secure their loyalty since millennials are always on the lookout for the next best thing and will "trade up for brands that matter, but trade down when brand value is weak", it poses a challenge for the marketing departments of companies (Fromm, J. & Parks, J.). The airline industry is one of the fastest growing sectors as "the total number of people flying on U.S. airlines will increase from 745.5 million in 2014 and grow to 1.15 billion in 2034," which shows that airlines have a wider population to market to, and will need to improve their marketing strategies to differentiate from competitors (Power). The financial sector also has a difficult time reaching out to millennials because "millennials are hesitant to take financial risks," as well as downing in college debt, while not making as much money as previous generations (Fromm, J. & Parks, J.). By looking into the marketing strategies, specifically using social media platforms, of the two industries, an understanding can be gathered of what millennials are attracted to. Along with looking at the marketing strategies of financial and airline industries, I looked at the perspectives of these industries in different countries, which is important to look at because then we can see if the values of millennials vary across different cultures. Countries chosen for research to further examine their cultural differences in terms of marketing practices are the United States and England. The main form of marketing that was used for this research were social media accounts of the companies, and seeing how they used the social networking platforms to reach and engage with their consumers, especially with those of the millennial generation. The companies chosen for further research for the airline industry from England were British Airways, EasyJet, and Virgin Atlantic, while for the U.S. Delta Airlines, Inc., Southwest Airlines, and United were chosen. The companies chosen to further examine within the finance industry from England include Barclay's, HSBC, and Lloyd's Bank, while for the U.S. the banks selected were Bank of America, JPMorgan Chase, and Wells Fargo. The companies for this study were chosen because they are among the top five in their industry, as well as all companies that I have had previous interactions with. It was meant to see what the companies at the top of the industry were doing that set them apart from their competitors in terms of social media marketing content and see if there were features they lacked that could be changed or improvements they could make. A survey was also conducted to get a better idea of the attitudes and behaviors of millennials when it comes to the airline and finance industries, as well as towards social media marketing practices.

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Date Created
  • 2016-05

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An empirical mega-analysis of retail locations: value platforms, real-estate maturity, and deployment decisions

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The objective of this dissertation is to empirically analyze the results of the retail location decision making process and how chain networks evolve given their value platform. It employs one

The objective of this dissertation is to empirically analyze the results of the retail location decision making process and how chain networks evolve given their value platform. It employs one of the largest cross-sectional databases of retailers ever assembled, including 50 US retail chains and over 70,000 store locations. Three closely related articles, which develop new theory explaining location deployment and behaviors of retailers, are presented. The first article, "Regionalism in US Retailing," presents a comprehensive spatial analysis of the domestic patterns of retailers. Geographic Information Systems (GIS) and statistics examine the degree to which the chains are deployed regionally versus nationally. Regional bias is found to be associated with store counts, small market deployment, and the location of the founding store, but not the age of the chain. Chains that started in smaller markets deploy more stores in other small markets and vice versa for chains that started in larger markets. The second article, "The Location Types of US Retailers," is an inductive analysis of the types of locations chosen by the retailers. Retail locations are classified into types using cluster analysis on situational and trade area data at the geographical scale of the individual stores. A total of twelve distinct location types were identified. A second cluster analysis groups together the chains with the most similar location profiles. Retailers within the same retail business often chose similar types of locations and were placed in the same clusters. Retailers generally restrict their deployment to one of three overall strategies including metropolitan, large retail areas, or market size variety. The third article, "Modeling Retail Chain Expansion and Maturity through Wave Analysis: Theory and Application to Walmart and Target," presents a theory of retail chain expansion and maturity whereby retailers expand in waves with alternating periods of faster and slower growth. Walmart diffused gradually from Arkansas and Target grew from the coasts inward. They were similar, however, in that after expanding into an area they reached a point of saturation and opened fewer stores, then moved on to other areas, only to revisit the earlier areas for new stores.

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Created

Date Created
  • 2013

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Bayesian network analysis of brand concept maps

Description

We apply a Bayesian network-based approach for determining the structure of consumers' brand concept maps, and we further extend this approach in order to provide a precise delineation of the

We apply a Bayesian network-based approach for determining the structure of consumers' brand concept maps, and we further extend this approach in order to provide a precise delineation of the set of cognitive variations of that brand concept map structure which can simultaneously coexist within the data. This methodology can operate with nonlinear as well as linear relationships between the variables, and utilizes simple Likert-style marketing survey data as input. In addition, the method can operate without any a priori hypothesized structures or relations among the brand associations in the model. The resulting brand concept map structures delineate directional (as opposed to simply correlational) relations among the brand associations, and differentiates between the predictive and the diagnostic directions within each link. Further, we determine a Bayesian network-based link strength measure, and apply it to a comparison of the strengths of the connections between different semantic categories of brand association descriptors, as well as between different strategically important drivers of brand differentiation. Finally, we apply a precise form of information propagation through the predictive and diagnostic links within the network in order to evaluate the effect of introducing new information to the brand concept network. This overall methodology operates via a factorization of the joint distribution of the brand association variables via conditional independence properties and an application of the causal Markov condition, and as such, it represents an alternative approach to correlation-based structural determination methods. By using conditional independence as a core structural construct, the methods utilized here are especially well- suited for determining and analyzing asymmetric or directional beliefs about brand or product attributes. This methodology builds on the pioneering Brand Concept Mapping approach of Roedder John et al. (2006). Similar to that approach, the Bayesian network-based method derives the specific link-by-link structure among a brand's associations, and also allows for a precise quantitative determination of the likely effects that manipulation of specific brand associations will have upon other strategically important associations within that brand image. In addition, the method's precise informational semantics and specific structural measures allow for a greater understanding of the structure of these brand associations.

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Created

Date Created
  • 2013

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Knowledge sharing processes in business-to-business solution co-creation

Description

The marketing and development of solutions has become an increasingly important concept in both marketing practice and theory. Recent conceptual work has defined solutions as sets of products and services

The marketing and development of solutions has become an increasingly important concept in both marketing practice and theory. Recent conceptual work has defined solutions as sets of products and services that allow customers to achieve customized outcomes. Although the definition of a solution is becoming clearer, the process through which solution value is generated is still opaque. The purpose of this study was to add clarity to both marketing theory and practice by examining the solution value co-creation process in depth. Service-dominant logic, the relational view, service value co-creation, and theories of organizational learning and knowledge were the basis for this examination. Social capital was also examined to determine how these important relational concepts are involved in solution development. The study was conducted in four separate phases using a multi-method approach of quantitative surveys, qualitative surveys, and depth interviews. A large, multinational educational firm provided the context for the study which included access to their solution sales force and customer base. Quantitative data was collected from 97 key informants across 182 different customer opportunities for both new and existing solution engagements. Qualitative data was also collected from 71 respondents to provide a mixed-method triangulation of how solution value is created. Overall, the study provided strong support to the idea that knowledge sharing between solution providers and their customers plays a pivotal role in the co-creation of solution value.

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Created

Date Created
  • 2011

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Engagement across the customer experience landscape: : the drivers of brand performance

Description

Understanding the customer experience, which requires a thorough knowledge of all touchpoints that can result from the way that a product is marketed, sold, and used has recently been identified

Understanding the customer experience, which requires a thorough knowledge of all touchpoints that can result from the way that a product is marketed, sold, and used has recently been identified as a research priority by the Marketing Science Institute. Although recent research has examined some aspects of the customer experience, research has yet to examine the way in which the full spectrum of touchpoint experiences may drive particular marketing performance metrics. Significant challenges to this line of research are the complex network of relationships that competing firms have forged with channel partners, the relationships that focal customers have with other customers in social networks and user communities, and the relationships that customers have with the brand and with channel partners. To address these challenges, this paper examined the customer experience and its effects on loyalty and commitment through three research projects conducted in the consumer aviation market. The first and second studies examined these touchpoint experiences using archival data supplied by an avionics manufacturer. Results from these studies showed the importance of the customer experience in accounting for customer loyalty. The final study examined the role of identity in shaping the customer experience among aircraft owners through a series of depth interviews. Results from these interviews illustrated the importance of identity in shaping the customer experience, and provided insights into how individuals attempt to use their consumption experiences to reinforce a sense of identity

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Date Created
  • 2011