Determine if the statement is true. If it is not, rewrite the italicized part to make it true. true 1. Adaptations of…
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52 multiple-choice questions
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M4A2: Expected Value and Consumer Choices
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Consumers’ choices are prey to subtle discrepancies that arise in cognitive accounting. Learning how and when you are prey to these discrepancies is an important step in improving your decision making.
As the readings for this module demonstrate, people value gains and losses differently under different scenarios. For example, contestants in a game show might choose a guaranteed $10 prize over a 50 percent chance of winning $20 despite the fact that the expected values are the same.
Using the readings for this module, the Argosy University online library resources, and the Internet, address the following:
- What is mental accounting and how does it impact consumer decision making?
- How might a company take advantage of consumers’ mental accounting? Give examples.
- As a marketer, how might you frame certain decisions to benefit from the disparities that arise in one’s cognitive accounting?
- As a consumer, how would you avoid the pitfalls posed by the inequalities of one’s cognitive accounting?
Write a 3–5-page paper in Word format. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M4_A2.doc.
.
Assignment 2 Grading Criteria |
Maximum Points
|
Examined the concept of mental accounting and how it impacts consumer decision making. |
20
|
Adequately described how a company can take advantage of consumers’ mental accounting, providing appropriate examples. |
24
|
As a marketer, explained how certain decisions might be framed to benefit from the disparities that arise in one’s cognitive accounting. As a consumer, explained how to avoid the pitfalls posed by the inequalities of one’s cognitive accounting. |
36
|
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation. |
20
|
Total: |
100
|
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2x+2y=-6 5x-5y=-15
/in Uncategorized /by adminAssignment 3: Marketing Scenario Analyses
/in Uncategorized /by adminSouthern Baptist Hospital (SBH) had long resisted the use of marketing, believing it was not an appropriate activity for a nonprofit organization. By the mid-1980s, however, the erosion of its market share due to growing competition forced SBH to adopt an aggressive marketing strategy.
Its primary initiative was a campaign of television advertisements aimed to reinforce for the general public the image of SBH as a high-quality institution. Because the organization was starting its marketing activities from scratch, ad production and airtime costs were expensive. The television commercials were professionally produced and received critical acclaim from the advertising community.
Following the public’s repeated exposure to these advertisements, a hospital executive requested information about the impact of the advertisements. The idea to study the campaign’s impact had not been considered earlier, and a belated evaluation effort was mounted to determine the extent to which the campaign had achieved the desired effect. Much to the consternation of SBH administrators, the evaluation found that the ads had had virtually no impact on the public’s already high perception of the institution, and no improvement in patient volumes, revenues, or market share could be attributed to the campaign. SBH administrators, committed to an expensive initiative, rationalized that the campaign had not aired long enough to generate the desired effect and invested even more money in the initiative.
After reviewing the above case, address the following points:
- To what extent did SBH research the needs of its audience prior to developing a marketing strategy?
- Does it appear that SBH has an overall marketing plan?
- Does it appear that SBH had a significant grasp of the nature of marketing?
- What are the implications of focusing marketing efforts on corporate image rather than the services the organization provides?
- What are the implications of marketing to the general public rather than targeting specific segments of the market?
- How much thought was given to measuring the effectiveness of the campaign going into the initiative?
Post your responses in a 2- to 3-page Microsoft Word document.
Assignment 3 Grading Criteria |
Maximum Points
|
Evaluated whether SBH had an overall marketing plan. |
10
|
Discussed the nature of marketing at SBH. |
10
|
Described implications of image marketing instead of marketing a product or service, and of marketing to the general public instead of target marketing. |
10
|
Discussed how much thought was given to measuring the effectiveness of the campaign at its onset. |
10
|
Presented a structured document free of spelling and grammatical errors. |
5
|
Properly cited sources using the APA format. |
5
|
Total |
50
|
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How does the experience witb Charley Thomas in 1910 affect Branch Rickey?
/in Uncategorized /by adminTake the perspective of a CEO of a large group practice, which owns its own managed healthcare plan. Describe three…
/in Uncategorized /by adminTake the perspective of a CEO of a large group practice, which owns its own managed healthcare plan. Describe three major ways that you could improve the access, quality, and cost of containment of health care in your organization.
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