Reflection and Discussion Forum Week 6
Reflection and Discussion Forum Week 6Assigned Readings:Chapter 14. Customer Satisfaction and Customer Relationships.Chapter 15. Marketing Research Tools.Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter.Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.Also, provide a graduate-level response to each of the following questions:
[Your post must be substantive and demonstrate insight gained from the course material. Postings must be in the student’s own words – do not provide quotes!] [Your initial post should be at least 450+ words and in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review
Attached Files:
Research Paper – Research Topic List Research Paper – Research Topic List – Alternative Formats (227.683 KB)
Research Paper: This is a graduate course and students will be expected to research and write papers summarizing in their own words what they have found on current topics from the weekly readings. Research is a theoretical review of relevant literature and application of findings in the literature to a topic related to a specific industry, field, or business problem. The research must be conducted using peer-reviewed trade or academic journals. While Blogs, Wikipedia, encyclopedias, course textbooks, popular magazines, newspaper articles, online websites, etc. are helpful for providing background information, these resources are NOT suitable resources for this research assignment. Please Note: The UC Library staff are very helpful with assisting students in using the UC Online Library journal database. Please contact them if you have issues. In addition, the instructor has provided additional resources, including a research tutorial, in the “Course Resources” folder in the “Content” area of the course. Assignment Requirements:
Cover page
Overview describing the importance of the research topic to current business and professional practice in your own words.
Purpose of Research should reflect the potential benefit of the topic to the current business and professional practice and the larger body of research.
Review of the Literature summarized in your own words. Note that this should not be a “copy and paste” of literature content, nor should this section be substantially filled with direct quotes from the article. A literature review is a summary of the major points and findings of each of the selected articles (with appropriate citations). Direct quotations should be used sparingly. Normally, this will be the largest section of your paper (this is not a requirement; just a general observation).
Practical Application of the literature. Describe how your findings from the relevant research literature can shape, inform, and improve current business and professional practice related to your chosen topic.
Conclusion in your own words
References formatted according to APA style requirements
Grading Criteria:
Please Note: Plagiarism will not be tolerated. The paper must be written in your own words.
© 2018 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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14
Customer Satisfaction and Customer Relationships
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14. 2
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14.
2
Marketing Framework
3
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14.
Discussion Questions #1
Does customer satisfaction matter? Why or why not?
How do you determine whether you are satisfied?
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14.
Customer Evaluations
(slide 1 of 3)
Customer evaluations include
Customer satisfaction
Perceptions of quality
Customers’ intentions to repurchase
Customers’ likelihood of word-of-mouth, etc.
Marketers track these evaluations because they impact the bottom line
5
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14.
Customer Evaluations
(slide 2 of 3)
Customer Evaluations =
Experience − Expectations
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14.
Evaluation Outcomes
If customers’ experiences
Surpass their expectations delighted
Meet their expectations satisfied
Fall short of their expectations dissatisfied
Low-involvement purchases
Evaluation is instantaneous
Expectations are usually latent
Higher-involvement purchases
Evaluation is deliberative and conscious
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14.
Customer Evaluations
(slide 3 of 3)
Search goods
Evaluate obvious qualities; straightforward
Experiential purchases
Evaluate after trial/consumption
Expectations might not be fully formed; the experience shapes evaluation & expectations
Credence purchases
Don’t have expertise to evaluate
Evaluate what one can (price, looks, etc.)
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Sources of Expectations
Personal experience
Consumers trust their own experience
Experience can be direct or indirect
Friends and experts
Trust those with no commercial gain
Marketing mix elements
Ads, price, retail atmosphere, etc.
Third-party communications
e.g., Consumer Reports, books, and Internet
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14.
Expectation and Experience
The core (hygiene factors) and peripheral components (motivating factors) of a product both contribute to satisfaction
If the core is good, it doesn’t enhance satisfaction much because it is expected to be good
If the core is bad, it can affect dissatisfaction
Peripheral services can affect both
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14.
Expectation & Experience: Flowcharts
Marketers create flowcharts that map all of the interactions between the customer and company
From the eyes of the customer
Flowcharts are used to
Generate quality measures at each stage
Identify points of repeated problems
Suggest system redesigns to improve efficiency
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Types of Expectations
Ideal levels of quality
Predicted levels of quality
Adequate levels of quality
Zone of tolerance exists between the adequate and predicted levels of quality
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14.
Customer Value
Value
The trade-off of the quality of the purchase received compared to the price paid and other costs incurred
Marketers try to increase perceptions of value
13
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14.
Expectations
Expectations are dynamic
What pleased a customer last time may no longer suffice
Expectations vary cross-culturally
In individualist cultures, satisfaction is heavily influenced by quality of reliability and service provider responsiveness
In collectivistic cultures, satisfaction is heavily influenced by the relational aspects of frontline employees
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Measurement
Measuring quality with precision is difficult
Customer perceptions can be measured with surveys
Compare results to previous or competitive benchmarks
Surveys that measure multiple facets of customers’ thoughts are more actionable
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Customer Dissatisfaction
The primary means to regain a dissatisfied customer is through empowered frontline employees
Immediately redress the problem
Empathize with customer
Offer a perk for customer’s troubles
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Customer Relationship Marketing
(slide 1 of 2)
Customer satisfaction is first step in
long-term relationship
Loyalty programs
Price discounts may keep customers from defecting while inducing additional purchasing
Some companies may assume loyal customers are price insensitive and charge them more
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Customer Relationship Marketing
(slide 2 of 2)
CRM programs track customer information including RFM information
Recency, frequency, and monetary values of customers’ purchase history
These factors are used to “score” customers to identify the most desirable customers
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Discussion Question #2
Describe the most desirable customers according to the figure.
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Customer Database Information
Contact information
Demographics
Lifestyle and psychographic data
Internet info
Transaction data (RFM, etc.)
Rate of response to marketing offers
Complaints
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CRM
CRM programs
Take planning and money
Require ongoing customer monitoring
Companies struggle to design an information system with desired qualities
Integrate inputs from all relevant customer touch points
Access information in useful formats for managerial usage
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14.
Customer Lifetime Value
(slide 1 of 2)
Companies utilize customer lifetime value (CLV) to assess customers in terms of their worth to the company
Some customers are costly to acquire, others more costly to retain
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Customer Lifetime Value
(slide 2 of 2)
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Customer Lifetime Value Example
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14.
Managerial Recap
(slide 1 of 2)
Quality and customer satisfaction can be precisely measured for goods, but not as easily for services
Surveys can be used to ask customers for their evaluations of any purchase
Marketers care about loyalty and customer relationship management
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14.
Managerial Recap
(slide 2 of 2)
Customer lifetime value is a means of translating marketing efforts into financial results
CLV allows firms to match customer benefits to revenues to ensure that each customer relationship remains profitable
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14.
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Marketing Research Tools
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15. 2
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15.
2
Marketing Framework
3
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15.
Discussion Questions #1
How can you find the answers to the following questions?
How will your targeted customer respond to a price of $7.99 compared to $9.99?
Should you add a new feature that costs $4.00?
Which is a more effective slogan: “We love to see you smile” or “Have it your way”?
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15.
Marketing Research
Marketing decisions should be fact-based
Smart marketers are continually gathering market information
Marketers also conduct specific research projects
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15.
Marketing Research Techniques
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15.
Marketing Research Process
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15.
Kinds of Data
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15.
Popular Research Techniques
Cluster analysis
Perceptual mapping
Focus groups
Conjoint analysis
Scanner data
Surveys
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15.
Cluster Analysis
Clustering
Form groups within groups of customers, who are seeking something similar and different across groups
Each group has different attributes
Often used for segmentation
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15.
Cluster Analysis Example
(slide 1 of 4)
Segmentation of NPO supporters
Desired result: Determine if segment exists that may donate to an NPO that funds higher education
Start with a survey
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Cluster Analysis Example
(slide 2 of 4)
Survey used to interview customers
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15.
Cluster Analysis Example
(slide 3 of 4)
NPO dataset
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15.
Cluster Analysis Example
(slide 4 of 4)
Next, conduct cluster analysis
C1 cares about environment, but not much
C4 cares about medical causes; thinks higher ed is expensive and would support students
C2 cares about the arts; thinks higher ed helps society
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15.
Cluster Analysis Questions
Which segment is most attractive for the NPO to target? Why?
15
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15.
Perceptual Mapping
Positioning studies are used to understand customer perceptions of brands in the marketplace
Perceptual maps assist in positioning
They give pictures of competing brands and attributes
Two approaches
Attribute-based approach
Multidimensional scaling (MDS)
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15.
Perceptual Mapping: Attribute-Based
(slide 1 of 2)
In attribute-based perceptual mapping
Customers complete a survey
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15.
Perceptual Mapping: Attribute-Based
(slide 2 of 2)
Responses on each question are averaged
Result is a pair of means for each attribute
e.g., BeFit Gym is perceived as a good value
The pairs of means are used to plot the attributes in a two-dimensional space
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15.
Perceptual Mapping Questions #1
Which attribute is most important?
How does BeFit Gym score on this attribute relative to competitors?
Which attribute should BeFit Gym consider improving? Why?
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15.
Perceptual Mapping: MDS
Multidimensional scaling starts by asking, “How similar are these two brands?”
Asks for each pair of brands
Then, each brand is rated on attributes
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Perceptual Mapping Questions #2
Which brands are viewed as most similar?
Which brand is the most different?
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15.
Perceptual Mapping: MDS
(slide 1 of 3)
Results are then plotted
Similar brands are closer together; different brands are further apart
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15.
Perceptual Mapping: MDS
(slide 2 of 3)
Next, overlay the perceptual map with the attribute ratings
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Perceptual Mapping: MDS
(slide 3 of 3)
Feature
fun classes
in ads
Feature staff
in ads
Show fun amenities
MDS can be used to determine how to reposition the brand
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15.
Focus Groups
(slide 1 of 2)
Focus groups
Used for concept testing & ad development
Exploratory technique using 2–4 groups of 8–10 customers
Not good for prediction; best to follow up with a survey
Usually last 1.5–2 hours
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15.
Focus Groups
(slide 2 of 2)
Focus group moderator
Starts with introductions and easy questions
Proceeds to key client questions
Keeps the discussion going
Brings out quieter members
Controls overbearing members
Moderator usually analyzes results along with company input
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15.
Discussion Question #2
Describe at least two research techniques to answer the following objective: How will customers respond to our new packaging?
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15.
Conjoint Analysis
(slide 1 of 2)
Conjoint studies
Used to understand how consumers make trade-offs
Helps uncover customers’ most important product attributes
Good for pricing, new products, branding, etc.
e.g., Would frequent fliers in a loyalty program want access to an elite club at large airports?
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Conjoint Analysis
(slide 2 of 2)
Participants rate each option from least to most preferred
What feature do customers want?
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15.
Conjoint Analysis Questions #1
Fliers’ judgments are in the last column
Describe how the customers’ preferred option differs from the 2nd most preferred.
What does this difference mean to marketers?
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15.
Conjoint Analysis Questions #2
Regression is run on data with flier ratings as the dependent variable
Predicted rating = 5 + 1 Club + 2 Upgrade – 4 Fee
How would you interpret this?
How would you design your program based on these results?
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15.
Scanner Data
(slide 1 of 4)
Companies use scanners to track purchase information and store it in a database
Tracked information includes:
What you bought
How much you bought
What brands you bought
How much you paid for everything
Loyalty cards then link this information to each customer
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15.
Scanner Data
(slide 2 of 4)
Store and area auditors integrate additional information into database
e.g., Prices of competing brands, sales/featured items, advertised brands
Companies can add data from customer panel who provide household information and agree to have their media tracked
These data, with the other tracked data, determine purchase patterns
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15.
Scanner Data
(slide 3 of 4)
Scanner data can be used to forecast demand and determine responses to marketing changes
Experiments with scanner data
Increase price by X—what happens to sales?
Manipulate independent variable (price); hold all else constant; measure impact on dependent variable (sales)
Compare sales results to control group
High internal validity
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15.
Scanner Data
(slide 4 of 4)
Naturalistic observation with scanner data
Instead of manipulating environment, just constantly monitor
Things happen that are beyond your control
e.g., Competitors raise price
High external validity
More difficult to attribute sales differences to one localized action
Smart companies do experiments and naturalistic observation
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15.
Surveys
(slide 1 of 2)
Surveys
Often used to measure customer satisfaction, repurchase intentions, etc.
To administer
Write survey questions
Pretest them
Administer to a sample of customers
Analyze results
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15.
Surveys
(slide 2 of 2)
Survey considerations
Surveys can be administered in person, over phone, on the Web, etc.
Surveys should be short to enhance response rate
Responses should be confidential
Responses should not be used for subsequent sales opportunities
Respondents can be consumers or B2B
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15.
Surveys—Factor Analysis
Factor analysis is utilized to simplify variables
Factor analysis examines strong and weak correlations to identify underlying factors common to the responses
High correlations imply that you may be measuring the same concept
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15.
Discussion Question #3
Which items hang together?
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15.
Discussion Questions #4
What would you label Factor 1?
What would you label Factor 2?
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15.
Discussion Questions #5
You developed an idea for a new shoe: Having a single shoe sole in which you can clip on different shoe tops to create different shoes (the Onesole).
Describe appropriate research techniques to answer each of the following questions.
Is this concept viable?
Which will generate more sales: one pair of soles and one shoe top for $30, or one pair of shoe soles and 3 shoe tops for $50?
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15.
Managerial Recap
(slide 1 of 2)
Cluster analysis identifies similar customer groups—ideal for segmentation
Surveys and MDS are used to create perceptual maps—ideal for positioning
Focus groups are exploratory—ideal for product concept and ad testing
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15.
Managerial Recap
(slide 2 of 2)
Conjoint methods indicate trade-offs—ideal for product design
Scanner data—ideal for investigating brand switching, loyalty, price sensitivity, and marketing experiments
Surveys—ideal for satisfaction
Can be simplified through factor analysis
43
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15.
Research Paper – List of potential research topics
To complete the Article Research Paper due in Week 6, please select a topic from the list
provided below or from the chapter readings.
Marketing an Exchange Relationship
Importance of Marketing
The “Marketing Framework”: 5Cs, STP, and the 4Ps
The role of sensation and perception; learning, memory, and emotions; motivation; and
attitudes and decision making in the purchase process.
The Marketing Science of Customer Behavior
Market Segmentation
Information as Bases for Segmentation?
Targeting
Sizing Markets
Concept of positioning and its importance.
Factors affecting product line breadth and depth.
Brand associations.
Branding strategies.
Brand equity.
New product development.
Product life cycle.
Diffusion of innovation and its implications.
The relationship between new products and marketing strategy.
Trends in the global marketplace and their potential impact.
The impact of supply, demand, and elasticity on pricing.
The psychological aspects of pricing.
Price discrimination.
The concept of non-linear pricing.
“Channels of distribution” and “supply chain logistics.”
The impact of channel power on channel behavior.
Designing Advertising Messages to Meet Marketing and Corporate Goals
Non-advertising components of integrated marketing communication.
Integrated Marketing Communications across Media
Social media.
Social networks
Return on investment, key performance indicators, and Web analytics associated with
social media.
Perceptions of quality and customer satisfaction.
Customer loyalty and customer relationship management.
Research in marketing decision making.
Marketing research techniques and their importance.
Surveys for Assessing Customer Satisfaction
What marketers can do to increase profitability?
Significance of SWOT analysis.
Significance of marketing metrics in strategy.
Marketing Strategy
Key Marketing Metrics to Facilitate Marketing Strategy
Marketing framework in developing a marketing plan.
Research Paper: This is a graduate course and students will be expected to research and write
papers summarizing in their own words what they have found on current topics from the weekly
readings. Research is a theoretical review of relevant literature and application of findings in the
literature to a topic related to a specific industry, field, or business problem.
The research must be conducted using peer-reviewed trade or academic journals. While
Blogs, Wikipedia, encyclopedias, course textbooks, popular magazines, newspaper articles,
online websites, etc. are helpful for providing background information, these resources
are NOT suitable resources for this research assignment.
Please Note: The UC Library staff are very helpful with assisting students in using the UC
Online Library journal database. Please contact them if you have issues. In addition, the
instructor has provided additional resources, including a research tutorial, in the “Course
Resources” folder in the “Content” area of the course.
Assignment Requirements:
i. Choose a research topic from the chapter readings or from the list provided by your
professor.
ii. Research/find a minimum at least four (4), preferably five (5) or more, different peer-
reviewed articles on your topic from the University of the Cumberlands Library online
business database. The article(s) must be relevant and from a peer-reviewed source.
While you may use relevant articles from any time frame, current/published within the
last five (5) years are preferred. Using literature that is irrelevant or unrelated to the
chosen topic will result in a point reduction.
iii. Write a four (4) to five (5) page double spaced paper in APA format discussing the
findings on your specific topic in your own words. Note – paper length does not include
cover page, abstract, or references page(s).
iv. Structure your paper as follows:
a. Cover page
b. Overview describing the importance of the research topic to current business and
professional practice in your own words.
c. Purpose of Research should reflect the potential benefit of the topic to the
current business and professional practice and the larger body of research.
d. Review of the Literature summarized in your own words. Note that this should
not be a “copy and paste” of literature content, nor should this section be
substantially filled with direct quotes from the article. A literature review is a
summary of the major points and findings of each of the selected articles (with
appropriate citations). Direct quotations should be used sparingly. Normally, this
will be the largest section of your paper (this is not a requirement; just a general
observation).
e. Practical Application of the literature. Describe how your findings from the
relevant research literature can shape, inform, and improve current business and
professional practice related to your chosen topic.
f. Conclusion in your own words
g. References formatted according to APA style requirements
Grading Criteria:
Content Knowledge & Structure (25 points): All of the requested components are
completed as assigned; content is on topic and related to marketing management, critical
thinking is clearly demonstrated (few, if any, direct quotations from the source in the
paper); scholarly research is demonstrated; topics and concepts gained from the assigned
reading and/or from research is evident.
Critical Thinking (15 points): Demonstrates substantial critical thinking about topics and
solid interpretation of materials and reflection.
Clarity & Effective Communication (15 points): Communication is clear, concise, and
well presented; scholarly writing is demonstrated; grammar, sentence structure, writing in
third person, and word choice is used correctly.
Integration of Knowledge & Articles (15 points): Articles used are current and relevant
(preferably published within last five (5) years and MUST be from peer-reviewed journal
article publications. At least four (4) peer-reviewed journal articles are examined and
analyzed in the paper.
Presentation & Writing Mechanics (30 points): Cover page, headings, in-text citations,
page citations (page number citations required for specific information such as dates,
years, list of items from article, names, numbers, statistics, and other specific
information), and references are properly formatted.
Please Note: Plagiarism will not be tolerated. The paper must be written in your own words.