Critical Drivers of Success and Failures in Service Business

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Critical Drivers of Success and Failures in Service Business

Introduction

As the world economy and technology advance, the growth of the service business has been phenomenon. The service business is one which is involved in the provision of service other than tangible products.  A good example is the insurance business where insurance companies provide insurance services. Service marketing is a marketing subfield that falls within the B2B (business to business) and B2C (Business to Consumers)   in the selling of services like telecommunication, insurance, financial, hospitality, and others (Christopher and Jochen, 2011). These are intangible products that come with attached value just like tangible products.  The success or failure of the service business is dependent on different factors.  This study reviews the critical drivers of success and failures of service business, with a focus on the insurance service business. Success in this case means the metric measures like the profitability, number of customers, and number of operating years while failure factors include financial losses, few return customers, and others.

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Critical Drivers of Success and Failures in Service Business

Detailed information on assessment tasks
1. You have recently graduated and have secured a role in the marketing department of a large insurance
company. On your first day in the role, you are asked by your superior to research and prepare a report
outlining the drivers of success and failure in the context of service businesses in general. Your superior
intends to use your report to help prepare a verbal presentation that she will be delivering at an upcoming
services marketing conference.
In regards to this task, please note the following:
l Your submission should be carefully planned prior to starting writing to ensure relevance to the topic and good
sequencing of ideas
l You are expected to consult at least 4 recent, high-quality journal articles on this topic as well as any other sources that
you believe are relevant and authoritative
l The work should be correctly referenced throughout the document (Chicago protocol)
l A list of references should appear at the end of the document (Chicago protocol)
l Your writing should be structured under appropriate headings and sub-headings
l Appropriate use of paragraphs should be evident throughout the document
l Avoid vague or sweeping statements
l Ensure that there’s a logical flow throughout the document
l Do not write in the first person (Don’t use “I”, “we” or “us”)
l Edit your work thoroughly
Length: No longer than 10 pages (1.5 spacing; 11 font)
Marking rubric on Black Board
2. There are TWO online multiple choice tests set during the term, each worth 15% of your final grade. You have one chance
to complete the test during the week in which the test is made available. Please take special note of the time on which the
test will be made available on black board. Each test comprises 30 multiple choice questions and is to be completed
within 20 minutes. Both tests are open-book assessments and you may refer to your textbook and notes during the test
sessions. However, take careful note that these are challenging assessments that require a thorough knowledge of the
unit material being tested. If you need to refer to the textbook or notes often, you will run out of time and fail to complete
the test. You will be given your grade immediately after completing the test, regardless of whether all questions have
been answered.
3. This is a group assessment in which groups of no more than 4 members are expected to:
1. Source a services firm that is willing to act as your client (have at least one option in place by week 2
class tutorial).
l Ideally, your client should be a small or medium size business with little or no access to marketing expertise.
Be aware that a high profile, large services business may already have sophisticated marketing programs in place and it
will be hard for you to make a meaningful contribution

Task Value % Date Due

Unit Learning
Outcome(s)
Assessed

1
Individual Project 35 percent Week: Week 5
Day: Friday
Time: 5pm

1,2,5

2
TopicTest 30 percent Week: Topic Test
Day: TBA
Time: TBA

235

3
Group Project 35 percent Week: 12
Day: Friday
Time: 5pm

MKTG3006 Services Marketing

l Examples of service firms that you may approach include: a café, restaurant, landscaper, medical or wellness
practitioner, hair salon, electrician, travel agent, gym, nail bar, sporting club or any other business where the service
element is a strong component of the product offering
l Vote for a leader within your group. The group should acknowledge that the leader will monitor each member’s
contribution to the strategic component of the plan which is awarded a group mark. If any member of the group makes
no contribution to the ‘group’ task, the leader should bring this to the attention of the tutor and that member (or those
members) may be awarded no marks for that section of the plan.
l Ask the client to nominate a specific person within their organisation who will liaise directly with your
group leader, provide up-front information and agree to answer INSIGHTFUL questions emailed to
him/her on a once-a-week basis
l Ideally, you should spend some time at the business to at least observe the service delivery process and ideally do
some basic customer research, if the client approves.
l If your client raises confidentiality issues or concerns, please see your tutor for advice
l Ensure that you get your tutor’s approval before finalising your potential client
2. Prepare and package a PRACTICAL services marketing plan that gives your client relevant and insightful
strategic input that can be affordably implemented into their business.
l Find out as much as possible about the firm, the industry in which it operates, it’s customers and staff in order to
demonstrate a thorough analysis of their business environment
l You should visit the firm at least once and, with permission from management, take photographs of the service
environment
l Within the analysis of the competitive environment, propose and justify a positioning for your client’s service firm and
develop a realistic marketing strategy to evidence and support this positioning
l Demonstrate critical thinking, develop carefully considered solutions and practical strategic direction
l Justify any suggestions you make and ensure they are realistic within this service context
l Ensure that the report is written with clarity and that there is co-ordination and consistency across the sections
l As with any good business report, include a cover page, executive summary, table of contents and a reference list
l Do not give your client a lesson in services marketing. Rather, package your plan as a solution to your client’s
services marketing needs and make use of relevant headings to showcase the contribution and the flow of the
document.
l Be careful to give recommendations for the future only in the Strategy section of the plan (“Service Marketing
Strategies”). All other sections preceding the strategy section set out what the business is currently doing.
l Where you have consulted external sources, remember to reference these appropriately.
l Provide a copy of your report to the client only if you have produced excellent work. In return, request a reference letter
from the client that you can add to your CV. Critical Drivers of Success and Failures in Service Business.

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Critical Drivers of Success and Failures in Service Business

Introduction

As the world economy and technology advance, the growth of the service business has been phenomenon. The service business is one which is involved in the provision of service other than tangible products.  A good example is the insurance business where insurance companies provide insurance services. Service marketing is a marketing subfield that falls within the B2B (business to business) and B2C (Business to Consumers)   in the selling of services like telecommunication, insurance, financial, hospitality, and others (Christopher and Jochen, 2011). These are intangible products that come with attached value just like tangible products.  The success or failure of the service business is dependent on different factors.  This study reviews the critical drivers of success and failures of service business, with a focus on the insurance service business. Success in this case means the metric measures like the profitability, number of customers, and number of operating years while failure factors include financial losses, few return customers, and others…….. Critical Drivers of Success and Failures in Service Business….

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