co-related value
Assignment 2 –Co-creating value (35%)
When completing the second assignment, please use the same branded service as the first assignment. In this assignment, you will focus on co-creating value. In the first assignment, you looked at “value in the exchange” and in this assignment, you will be looking at value more deeply. You will look at the influences of customer value, and the ways to segment the market and position the branded service towards the target audience (you).
Your task
You are to develop a piece of communication that provides the service brand manager with information about their brand and socio-cultural and normative influences that affect and co-create value for the target audience (you).
Your assignment should be written in either second or third person and be limited to 1600 words or 15 slides in total. Please use the “notes section” for your words when using PowerPoint. When you are using Word, please place your illustrations in-text and close to the words describing the illustration.
You are to develop an assignment that has a similar structure to below
- Title page
- Introduction
- Brand-image
- Brand congruency
- Brand attitude
- Social influences
- Rituals and artefacts
- Conclusion
- Recommendations
- The title page should have a catchy title limited to eight words or less. The title page should also include your student name and student number.
- The introduction section should briefly introduce the assignment to your audience, which is the CEO, the Brand Manager or the management team of the branded service you have selected (no more than one slide or one page).
- Develop a brand-image. A brand-image is a way to describe your associative memory network, which includes various primary and secondary brand associations (or nodes) linked to the brand (in your memory). Brand-images are unique for each individual customer. The manager is interested in the “typical” brand-image for his/her brand.
To develop a brand-image, you may do this, by recalling everything you can think of, when you think about the branded service, and noting the order in which you recall information (see the materials and the learning activity associated with brand-image, you might find this useful in helping you to develop an accurate brand-image).
A useful brand-image is one that shows the relationships and the strength and weakness of the relationships between the various nodes linking to the brand and service (like the brand-image in your materials, where thick lines represent the strong relationships and dotted lines illustrate the weak relationships). Remember to label any diagram you create.
Explain the brand-image to the CEO or Management team. You might like to identify points-of-parity and points-of-differentiation in your brand-image. Points of parity are nodes that are likely to be the same for other brands of services (e.g. weights room, spin classes, PT sessions are points of parity for many gyms). Whereas points-of-difference are likely to be unique to the brand of service (you have selected).
- Discuss brand-congruency. In the section on brand congruency, please explain and reference the concept of congruency. In your explanation, discuss brand congruency. Explain the degree of congruency between the brand-image and the typical user’s-image, as well as the degree of congruency between your self-image and the typical brand-user’s image. Provide an overall summary of brand-image congruency.
To complete this task, you may need to do some research on these various congruency terms. Reference any materials you find that help you to explain the congruency terms (or any other terms used in this assignment) using Harvard AGPS http://www.usq.edu.au/library/referencing/harvard-agps-referencing-guide).
- Explain the brand attitude of your target audience (you). When explaining the term brand attitudes, explain any beliefs (cognitions), affects (emotions or feelings) or behavioural intentions towards the branded service. Provide a summary explaining your overall brand attitude towards the service. You may also like to consider and write about whether any attitudes are positive/negative or strong/weak or indifferent.
- Explain the social cultural influences of the branded service. Consider the informational influence, the normative influence and the identification influence. You might like to conduct some research on these concepts or refer to your notes or the course materials on these types of social-cultural influences to ensure you understand these and are able to write about them in your assignment. When writing about them, write about their impact (influence) on perceptions of value, and any ethical considerations.
Because as at times there are ethical considerations and implications for various target audiences (e.g., ethics of targeting minority groups, indigenous groups, because of gender and so on). Some of these targeted audiences are micro-cultural groups (see your course materials about social-cultural influences) and as such there are ethical implications/considerations that may affect these groups. Some company’s consider the ethical implications others do not. When writing about the social and cultural influences for the branded service, discuss whether the company (brand) considered the ethical implications of their target audience (you).
- Identify any rituals and artefacts associated with the branded service. Pick one ritual and explain each of the steps in the ritual. You may like to provide a diagram to assist your explanation. Discuss any artefacts associated with the branded service. Explain how the rituals and artefacts provide meaning and value to the branded service.
You might like to refer to your course notes about rituals and artefacts or search through consumer behaviour textbooks, e-books or online articles to help you to understand and write about the various rituals and artefacts that provide you with meaning and influence your perceptions of value about the branded service. When discussing the rituals and artefacts discuss them in light of the meaning and the value they provide the target audience (you).
- Develop a conclusion section. The conclusion section should provide a summary of your assignment and finish by briefly discussing the key elements that provide the target audience (you) meaning and value.
- Develop the recommendations section. You should base this section on the key elements of value that you have identified above (conclusion section). You are making recommendations to a manager about how s/he can co-create value.
This will require some novel thinking and creativity. Co-creating value requires a good understanding of customer value, what is meaningful and of value to the customer.
Start by brainstorming various ways to create value for the customer, and then prioritise which of those ways might be the best, and then develop some sound recommendations on ways to co-create value. These novel ideas might be ways in which service is improved or ways in which value is expanded or extended.
The recommendations section should be strong – and have a reasoned-based argument and be at least one page or one slide in length.
Save your assignment as follows:
Student number_MKT1002A2
Value in the Exchange
Courier Services; DHL Express
Introduction
The need of the freight and courier services in the global village will not be satisfied anytime soon. The service is required more than ever as businesspeople, firms, families and nations keep on sending and receiving deliveries through the courier services companies.
DHL Express offers such crucial service to the majority of people in the world. It is necessary to note and appreciate the honor done by the firm in satisfaction of our needs through freight service delivery. Courier services involve transit of the stated goods from one destination to another. Globalization impacts on the need to grow the interaction of people and such more exchange is likely to occur in an attempt to meet their desires. Since the movement by people is costly and sometimes inconvenient, courier services become relevant in the context.
It’s since 1969 when the courier service firm was established to serve overseas clients. The company started as a mail delivery business that dealt with parcels across the continent. Initially, it concentrated on business in Europe and America but expanded to other continents to satisfy their customers’ desire. According to (Coltman, Gattorna, and Whiting, 2010, pp 4-5). The firm furthered their interest in logistics in the mainland that serves well both in Africa and Asian continents. Their effort to expand led to the further renown of the firm and their services in 2001 after full acquisition by Deutsche Post AG. DHL brand then became more popular and their services more available to customers (Coltman, Gattorna, and Whiting, 2010, pp 4-5)
It is interesting how the service impacts on the lives of the majority of people using the service. Purchasing a product in China today will quickly reach at Guantanamo Island or in Iceland through DHL Express. It, therefore, impacts on trade and the exchange of goods. The ease to import goods enhances utility enhancement to the price paid.
Value equation
In modern times, the exchange of products and services happen concerning the price paid in return (Lepak, Smith, and Taylor, 2007, pp 186). The term value in the exchange, in this regard, will be defined by the benefits and challenges the clientele derive from the use of the courier services. These elements derive the value equation of the service in our case. However, the variables are constrained by the time and place factors, thereby limiting benefits and rather increase the costs engaged (Lepak, Smith, and Taylor, 2007, pp 186). Essentially, the DHL Express courier service has the following benefits:
DHL offers reliable service on delivery of mails and parcels. The recognition and certification procedures enable easy tracking of the recipient. This method improves the reliability extent of the services offered by the firm. Notably, the service has high confidentially, and only the recipient can receive the delivery. It, therefore, makes the delivery procedure easy, fast and reliable.
Notably, the service reduces the time taken to transit goods from one place to another. Since the firm is known for its services, sending a mail or parcel with DHL Express will reduce time taken to transit the product. Additionally, the cross-border tax is also reduced and such saves money for the clients besides the transit time.
The global presence aspect of the firm makes it convenient for the target clientele to access the business. Notably, the company can also expand its market by targeting new groups in the locality and regions that the firm is based. The aspect also makes it easy for the exchange to take place. People can transfer goods/mails from Germany to the USA, from Russia to Argentina any time and at their wish. Hence, the global presence of the firm increases convenience and reliability of the service. Besides, the local deliveries can be made quickly at low cost and minimal time as well.
On the other side, the courier service faces challenges that make the existence of the service challenging. The high rate of globalization makes it difficult for the firm to continue operating in their environment (Jayaram, and Tan, 2010, pp 268). Firms have overseas branches that make it easy to acquire material and required task done effectively at the local stations. Technology has made the mail delivery service unprofitable especially with the corporate sector with increased use of emails. The impact is that the firm cannot gather enough overseas clients and such the business only remains viable locally. Additionally, the increased security checks and entry barriers demean the services.
Local and international completion as well reduces the value of the service. Firms are introducing value-added services to win a larger market share. It calls for improved service offer by the enterprise to retain their existing clientele base. Working on holidays and weekends, door to door delivery and catering for the clearing checks amount to the dynamics that keep the logistic and courier arm in existence.
DHL Express Courier Services
Globalization (door to door delivery, RELIABILITY
Extra working hours)
Saves Time and Money
Technology (introduction of E mailing systems) Global Presence
The figure above shows the additional cost on the left-hand side of the diagram while the benefits derived on the right-hand side of the diagram.
Decision-Making Perspective
Making the most appropriate decision depends on the user’s perspective. Time and place are the first considerations that enhance decision making of the service user. Reliability of the service will significantly influence the channel of decision making. An individual will choose a service that is reliable in terms of time and place of reach (Jayaram, and Tan, 2010, pp 268). Therefore, value; involves comparison of value derived; and cognitive perspectives that require a detailed evaluation of the service to acquire importance, convenience and appropriateness are the common decision making.
However, emotional perspective may also prevail as people have the tendency of responding emotionally though not appropriate. Emotional perspective results in unsound decisions thus increasing uncertainty for the both the firm and the client. In this regard, value and cognitive decision-making decisions are of great importance.
| Priority(tick appropriately) | First | Second | Third |
| Reliability | |||
| Cost saving | |||
| Time saving |
The above table can be used to make a decision regarding a service. The user can tick on the priority of the service aspects. Ranking of the priorities will follow and the decision regarding the service made. It is used as a tool to make a sound decision based on the preferences. Notably, the decisions are more rational than behavioral. However, there exist an aspect of experimentation since most clients has little experience in the industry.
Risk and Involvement
Despite enhancing reliability, loss and damage of goods in transit is real. Transporting perishable goods is risky as they may spoil in the case of delay in transportation. The risk may result in 100% loss and without an insurance cover on the product; it is challenging to recover the loss. At times mail delay making it inconvenient. Delay of mails may sometimes lead to the loss of business especially where instant supplies are done (Waters, 2011).
My regular service consumption basis is affected by the delay risk. However, I receive my weekly deliveries on schedule. The timing of the mails and parcels is crucial to ensure that the delivery is made on time scheduled.
Atmospherics
High demand for the service usually causes delays in reception of the deliveries. The certification procedures take time for first users, and sometimes delays occur while transacting. The congestion also may result to poor handling of the delivery or physical damage. The situation reduces the value derived from the services and such negatively impacting on the utility expected. Instead, I consider alternative means in times of urgency. Otherwise, I have a tendency of continuous use of the firm’s services.
Conclusion
In summary, the value in the exchange is derived when the consumer is willing to exchange the product for another. The exchange between money for goods and services in modern times amounts to the sharing of the two. In this case, the value in the exchange is determined by the courier service under DHL Express in which time and place determine the decision-making perspective employed to come up with a sound decision. Reliability, savings on cost and money as well as global presence is the essential benefits besides convenience. However, property loss and physical damage limit the scope of the service usage. Furthermore, the congestion and delayed services at collection points make it invaluable to use the service despite the tendency of the DHL Express service use.
References list
Coltman, T., Gattorna, J. and Whiting, S., 2010. Realigning service operations strategy at DHL express. Interfaces, 40(3), pp.175-183.
Jayaram, J. and Tan, K.C., 2010. Supply chain integration with third-party logistics providers. International Journal of Production Economics, 125(2), pp.262-271.
Lepak, D.P., Smith, K.G. and Taylor, M.S., 2007. Value creation and value capture: a multilevel perspective. Academy of management review, 32(1), pp.180-194.
Waters, D., 2011. Supply chain risk management: vulnerability and resilience in logistics. Kogan Page Publishers.
