...CO-CREATION EXERCISE (1) How can you use co-creation to create a competitive advantage? First of all we must define co-creation as a marketing strategy. It differs from the traditional view of the firm and passive consumer market and emphasizes that the market can be considered a forum for firms and active customers to dialogue. Co-creation can, in a matter of fact, create a competitive advantage. In today's world customers have been empowered and co-creation allows firms to mantain an interaction with consumers, for instance through the Internet. Furthermore, the product development process is faster and the costs are reduced (once you start co-creating your investment risks go down)... It also reduces marketing costs, because of the so called “word of mouth”, which means that if people like the experience with the firm, they will probably share it”. In fact, the real advantage of using co-creation is that firms learn faster what customers do or do not value. (2) Imagine you own a restaurant and you want to apply co-creation. What initiatives would you start? The restaurant we own is situated in the centre of Palma. After learning about co-creation, we have decided to change our traditional view of our company and promote interaction with our clients, in the following ways: Our first initiative would be to open a facebook account, where clients could share there thoughts and services about their experience in our business. Nextly, we would do a monthly...
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...from product-focused to consumer-focused is long standing, and the influence of consumers in the process of brand development can not be underestimated nowadays (Linehan, M and Cadogan, T. 2000). This article explores and examines the co-creation process, affirming the importance of co-creation in the entrepreneurial development of designer fashion enterprises particularly. By analysing the three essential stages through grounded theory and in-depth interviews, respectively, presentation, interpretation and reaction, the author holds the belief that the continuous cooperation between stakeholders and enterprises can help brand development effectively, and can obtain distinctive brand recognition in which condition...
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...KARLSHOCHSCHULE INTERNATIONAL UNIVERSITY Seminar Paper Co-creation and its impacts on film tourism as reflected by The Lord of the Rings and Harry Potter Tours Nguyen Thi, Thu Thuy WS 2014 23.12.2014 Contents Introduction ................................................................. 3 I. Literature review ........................................................ 4 1.1 Studies on co-creation ....................................................................................4 1.2 Opportunities and challenges of co-creation .......................................5 1.2.1 Opportunities of co-creation ................................................................5 1.2.2Challenges of application co-creation ...............................................7 1.3The process of co-creation ............................................................................8 II. Impacts of the concept co-creation on film tourism. ........... 9 III. Case study: Co-creation in case of Studio Tour with examples Lord of the ring tours and Harry Potter tours ................... 12 IV. Conclusion ............................................................ 17 References ................................................................ 18 Page | 2 Introduction Globalization has had a great impact on economic activities, of course, including services. Wilson, Zeithaml et al (2012) explained that services are not tangible things that can be touched, seen and felt...
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...Can Evolutionism and Creationism Co-exist? Is the teaching of evolution really corrupting the minds of children? Can you really talk about the two theories without cutting off the others head? These are questions that come to mind when thinking about the topic at hand. Evolutionism and creationism can be taught together in classes without any controversy because evolutionism can be tied into creationism in many ways. Almost everyone wonders if the world was really made and how it was made. Students everywhere also ask, “How did the human originate?” This is a huge controversy that has been fought for many years. Although there are many ideas, people mainly argue over two of them. The first theory is that people was created by God during his creation of the world; this is the idea of creationism. It is backed up by many religious people and religion itself. There is much turmoil on the broad topic of creationism and its place in American society. The big controversy of creationism versus evolutionism is a very large topic, something that has been made increasingly evident by the numerous books printed on the subject. Most evolutionist and creationist spend their time attempting to prove the other’s theory wrong; in one way or another, prove that theirs is the correct answer to the origins of life as we know it. I have no intent of diving into that raging battle, but would rather take a very different approach. Being raised in a religious household, I naturally have...
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...ESSAY CHARLIE MITCHELL THEO 104-D59 “If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land” (2 Chronicles 7:14). When one speak of, “foundational to the Christian faith is the belief that mankind is created in the image of God” (Biblical Worldview Essay instructions).It goes without saying, we cannot overlook the passage that indoctrinate our thoughts of this phenomena event. Very early in the writing of the bible, God set the stage for what his intentions were to be. The writing of Genesis sets that stage in the creation, from the first verse, “In the beginning God created the heaven and earth” (Genesis 1:1). Through the final creation, “And the Lord God formed man of the dust of the ground, and breathed into his nostrils the breath of life; and man became a living soul” (Genesis 2:7). Thesis: There is no argument, “Let us make human beings in our image, to be like us” (Etzel, Gutierrez, 2012). The question lies in, is he (man) living out that creed? Has man’s perspective of God’s commandments gone off the beaten path? Where did man sway? In my profession, there are no less than 10,000 personnel that makeup our company structure. All with varying demographic makeup, yet all are considered as one from our CEO perspective. We have a product to market to the general public, each employee are given the necessary...
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...Story Tiffany & Co. is created by Charles Lewis Tiffany and John B. Young (then known as Tiffany & Young, a stationery and fancy goods emporium at 259 Broadway in New York). All items were marked with a non-negotiable selling price, which was a first at that time. The first day’s sales total $4.98. 1837: Introduction of the Tiffany Blue Box The well-known shade of blue was chosen to symbolize the company’s renowned reputation for quality and craftsmanship. The colour is well known globally and widely used on Tiffany & Co. boxes, catalogues, shopping bags, brochures and in their advertising mediums. Today, it has become Tiffany & Co’s trademark colour. No box can be taken out of a Tiffany & Co. store except with an article which has been sold by them. This adds to the exclusivity of the brand. The tradition of the famed Tiffany Blue Box has endured over the years as its contents are unsurpassable in quality and design. 1845: The First Blue Book The first ever Tiffany catalogue is published. This tradition still continues at present day. 1851: The Heritage of Tiffany Silver Tiffany becomes the first American company to use the 925/1000 sterling standards which is later adopted as the United States Sterling Standard. Tiffany’s silver designs also start capturing attention worldwide. 1853: Tiffany & Co. is “Officially” Named Charles Tiffany assumes control of the company and renames it. 1867: Tiffany & Co. at the Paris Exposition Universelle Tiffany & Co becomes the first...
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...The creation of our world has been the topic of debate for quite a while now. Some people believe in evolution while others believe in creationism. Others fall somewhere in the middle accepting that both can co-exist. Creation stories have been used since the beginning of time to explain and provide meaning to the complex nature of our existence. Different cultures and religions have creation stories on how life came to be. The creation stories from the perspective of the Kono people of Guinea and The Hebrew share some commonalities but differ in other areas as they explain the origin of the Earth, its life, and its peoples. The creation story of the Kono people explains that in the beginning there was nothing. That neither matter nor light existed. The story then explains that the God Alatangana created earth followed by plants and animals. He then took death’s daughter as a wife to populate the world. The story explains the creation of light and also talks about humans being cursed. The Hebrew story is similar in that it also explains how the earth was created first and then the plants and animals. The Hebrew story also explains the creation of light and humans became cursed. The Kono story of creation begins with the existence of death. This story also includes the family unit as already being in existence by including Sa and his wife and daughter. Since Sa had the power to make a world of mud and then create light, he had god-like powers as...
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...A creation story or a creation myth can be defined as a symbolic narrative of how the world began and how humans adapted to it. Some creation stories, such as African creation stories existed for years. These stories has been told and passed down by many. With creation stories many people can interpret in many different ways. One of the most common creation stories that have been told was the creation of the world. In this paper I chose to write about The Planet of Life. I chose to write about this creation paper because the story itself is really interesting to me and this story reminds me of stories from the bible. This creation story, The Plant of Life, comes from a Nyamwezi story. The alternate name for Nyamwezi is Wanyamwezi. It is located in Unyamwezi. Tanzania’s national language is Kinyamwezi. The religion they believe in is spirituality shaped by traditional beliefs; Islam and Christianity. They have much respect for the living dead. The Nyamwezi people were called Wanyamwezi. They lived in East African country of Tanzaina. Their home area was called Unyamwezi, “the place of the Wanyamwezi”. As years passed the Nyamwezi culture has both influenced the cultures of neighnoring African societies as well as the national Tanzanian culture. Their religion has also had great impact on modern Nyamwezi customs. The Nyamwezi tribe “people of the moon” is the second largest in Tanzaina. The family lives together and the villages are not necessarily based on kinship relationships...
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...Scholarly Journal Summary The “Journal for the Study of the Old Testament” had a very interesting topic that is discussed almost an unlimited amount of times in today’s society. The topic is sex, and how it is defined in Leviticus, with particular attention to Leviticus 18:6-23. This is due to the fact that in chapter 18 of Leviticus, it is formatted in such a way where it is laid out as law, or apodictic law. The author tries to deviate from just explaining what the scriptures mean in its context, but instead tries to use the contextual format from the chapters before and after chapter 18 to see what its true interpretation should lay on. Leviticus Chapter 18:6-23 is Lord God talking to Moses about the things that the Israelites shall not do. God speaks to Moses telling him to tell the people of Israel what he is telling him and no to do as others do. “You shall not do as they do in the Land of Egypt, where you lived, and you shall not do as they do in the land of Canaan, to which I am bringing you. You shall not follow their statutes” Leviticus 18:3. (Collins, Harper pg 177) Shortly after God states this to Moses, he describes multiple different ordinances of law dealing with Sexual Relations. A great deal of these ordinances deal with Incest Relationships, such as “None of you shall approach anyone near of kin to uncover nakedness” Leviticus 18:6. (Collins, Harper pg 177) Along with that verse there are multiple others deal with uncovering nakedness of your father, your...
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...CO-BRANDING OF CREDIT CARDS: AS A TOOL FOR CUSTOMER ACCQUISITION Contents CO BRANDING: .......................................................................................................................................... 3 INTRODUCTION: ....................................................................................................................................... 3 TYPES OF CO BRANDING: ...................................................................................................................... 4 Reach & Awareness Co-branding ............................................................................................................. 4 Value Endorsement Co-branding .............................................................................................................. 4 Ingredient Co-branding ............................................................................................................................. 5 Complementary Competence Co-branding ............................................................................................... 5 The Power of Co-Branding ........................................................................................................................... 5 Benefits of Co Branding ............................................................................................................................... 7 Problems with Co-branding .........................................................................
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...| You Decide | FIN 561-60619 | Mergers and Acquisitions, Week 3Professor Gene Smith, PhD | Melissa Walter | 7/27/2014 | | Abstract Merck & Company (Merck) is evaluating the possible acquisition of Medco Containment Services Incorporated (Medco). The Chief Operating Officer, Executive Vice President of Sales and Marketing, and the Chief Financial Officer have all stated their thoughts and concerns regarding this matter. It is my job to make the final recommendation to the Board of Trustees. Executive Summary Merck is a leading pharmaceutical manufacturer and Medco is a leading pharmacy benefits manager. Both companies have a strong hold on their piece of the market. In 1992, Merck had revenue of $9.7 billion while Medco recorded $2.2 in revenue.4 Benefits of the merger include: * Increased marketing potential through Medco’s accumulated data * Access into the Managed Care market * Decreased costs in sales and marketing efforts Risks include: * Merging of corporate cultures * Loss of R&D dollars due to subsidizing Medco * Regulatory and compliance threats. The stated price for the merger is $6.6 Billion. At the time of the merger, I would have recommended to the Board to proceed with the merger as benefits seem to out-weigh the risks. However, in looking back, due to the FTC findings stating the merger did create an unfair advantage to Merck, I would have to re-evaluate. Merck was unable to issue the intended...
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...Merck’s Business Environment MNGT/521 University of Phoenix November 7, 2011 Kevin Wilhelmsen Merck’s Business Environment There are many factors a business, such as Merck, must have in order to be successful, for example strong financial statements, leading technology, and globalization. With the help of income statements, balance sheets, and cash flow statements, a financial analysis can be applied in a wide variety of situations to give business managers the information they need to make critical decisions (Financial Analysis, 2010). They also provide information in regards to the financial health of a company. Pharmaceutical companies are using technology to conduct clinical trials, which has proven to be beneficial to research, development, and the introduction of new products. Globalization is also important for Merck when it comes to product distribution. Outsourcing was been adopted by Merck in order to produce equal quality vaccines and medications at a cheaper cost. Review of Finances Analyzing a company’s income statement, balance sheet, and cash flow is a prime way in determining their success. A comparison can be made between the competition in the industry and a leader can be established. An analysis can also show which company is spending more on research and development and in turn, producing better products. After review of the income statements, Merck’s worldwide sales were $12 billion...
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.... Tiffany and CO. A case study presented by: Ben Turkia Emna For MGMT 6000: Marketing management Harvard summer term Synopsis Prince charming on his white horse, Cinderella and her glass shoes, princesses, fairy tales…. Are strong definers of pop culture and perception. Those symbols learned and adopted during a girl’s childhood translate into brands and product as that girl becomes a woman some brands have done a very good job capturing these concepts and translating them in a marketing proposition: the Vera Wang dress, The Louboutin shoes and of course the tiffany’s six prongs setting diamond ring are part of the myth they are part of every women’s dream wedding. Like everything born in New York tiffany has a strong mythic history founded in 1837 by Charles Tiffany, the brand became since its first day a destination for luxury and uniqueness, reinforced by its founder commitment to high end unique world renown pieces such as the tiffany’s yellow diamond – a 28 carat unique stone- or the French crown jewelry he acquired the brand gained very quickly a unique identity associated with the world’s best pieces of jewelry. The tiffany’s brand today: In 2012 tiffany launched a new product Rubeto to celebrate its 175th anniversary this new metal called rose gold is in the fact a composite made only from 31% of gold and a mix of other metals featuring essentially copper. Despite its very low concentration in gold the Rubeto collection retails for over 7000usd a piece. (FORBES) ...
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...Abercromie & Fitch Abercrombie and Fitch Co. (« A&F ») is an international fashion retailer selling apparel, fragance and luxury products to young customers. The brand describes itself as « casual luxury ». They developed a strong brand image based on provocative communication and specific in-store experience that fits with the cool lifestyle it promotes. However, sales have been dropping for years and do not seem to be going in the future. In 2013, the firm closed about 220 mall stores and entering December 2014, profits were expected about $106 milions, less than half of what they had been in 2012. Fitch’s performance is declining fastly, and it can be explained through internal and external factors. Some of these factors include lack of sustainable competitive advantage, public relation issues that affected the brand’s identity and image, rise of fast fashion competition and its struggle with its brand position and pricing while the consumers’ preferences are changing. Through examining these various elements, it is clear that Abercrombie and Fitch must take a diverse approach in order to revitalize its brand and maintain profitability. First of all, one of the main internal issues that led to Fitch’s decline was their lack of sustainable competitive advantage. Indeed, A&F views brand image as its most important asset, and their postioning enabled them to set premium prices on their apparel. They lost their audience and brand image these past years ; in...
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...Diversity’s Importance To The Competitive Advantage David Calderone Management 300 Dec. 06, 2011 Table of Contents Cover Page – Pg. 1 Table of Contents – Pg. 2 Analysis of Topic – Pg. 3-9 References – Pg. 10 Appendix – Pg. 11-12 Diversity is important for workplaces to retain a competitive advantage in today’s global economy. “Diversity enriches the workplace by broadening employee perspectives, strengthening their teams, and offering greater resources for problem resolution” (Cox). Diversity is becoming a more common aspect of the business world, but the importance of diversity is often undervalued. “Up to 79% of organizations indicated that they use some form of diversity training” (Madera). Diversity training helps to inform employees about the benefits of diversity, and how you can achieve diversity. According to Barb Peluso “diversity training is becoming a bigger part of the workplace as economies and marketplaces become globally intertwined”. Diversity is a necessary entity in order for a company to achieve a competitive advantage in the economy. Diversity can often have many different definitions. For this paper I will be using the University of Tennessee’s definition. “Diversity is a commitment to recognizing and appreciating the variety of characteristics that make individuals unique in an atmosphere that promotes and celebrates individual and collective achievement” (University of Tennessee). Diversity can be experienced in numerous different ways...
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