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Marketing Research of Wynn Resorts -
April 9th, 2011
Wynn Resorts Limited is a publicly traded corporation based in Paradise, Nevada that is a developer and operator of high end hotels and casinos. It was formed on October 25, 2002 by former Mirage Resorts Chairman and CEO Stephen A. Wynn.
The researcher seeks to investigate the effect of the concept of “country of origin” (COO) in the market of Dubai. Specifically, the study seeks to answer the following questions:
1. What is the importance of COO image?
2. What contributes to the formation of CO images?
3. How can CO images be measured?
4. What is the nature of each facet of COO?
5. What is the contribution of each facet to the overall image?
6. How salient is CO image in shaping attitudes and behavior toward specific products and brands and in affecting choice behavior, both in absolute terms and relative to other marketing stimuli?
Country of origin (CO) is a potentially powerful image variable that can be used to gain competitive advantage in international marketing. However, deficiencies in the definition and measurement of its facets have contributed to ineffective and infrequent use of CO image as competitive tool. Country-of-origin (CO) image refers to "buyers' opinions regarding the relative qualities of goods and services produced in various countries" (Bilkey 1993, p. xix). Among the image variables in the international advertiser's toolkit, the CO variable is conceivably the most potent if skillfully applied. Papadopoulos (1993, p. xxi) asks rhetorically, "It is often said that brand names like 'McDonald's' are worth millions. If so, how many billions is Germany's image worth?" A few authors have questioned the magnitude of importance of CO image in affecting choice behavior (Ettenson, Wagner, and Gaeth 1988; Johansson 1989; Johansson, Douglas, and Nonaka 1985), but most acknowledge its salience in overall product evaluation and as a proxy for other, more intrinsic, qualities (Han and Terpstra 1988; Yoo 1992). Internationally, CO serves as a useful extrinsic cue and as a surrogate for difficult-to-evaluate intrinsic characteristics such as quality and performance because consumers tend to be less familiar with foreign than with domestic products (Huber and McCann 1982; Olson 1977). Han and Terpstra (1988, p. 236) claim, "It has been found that all products originating in foreign countries are subject to country-of-origin [image] effects." Han (1990, p. 24) further states that CO-image studies in general show that consumers have significantly different general perceptions about products made in different countries. Hooley, Shipley, and Krieger (1988, p. 67) asserted that international marketers need to understand these [CO] images as they relate both to their own, and to their competitors' products. Specifically, they will need to determine whether such images are positive or negative, whether and how they affect behavior, and how they can be catered to in the marketing strategy. Yet, few multinational marketers and advertisers make full use of their products' favorable CO image or successfully overcome the liability associated with an unfavorable one
he healthcare sector remains one of the most complex, spanning a huge range of products that treat multiple conditions, and vastly different sets of customers. To enable businesses to better understand the complications of researching the healthcare sector, MRS and Research Conferences is holding a one-day conference at The Hatton, London EC1, on Tuesday 26 February.
Prescription for Success: Winning strategies and trend analysis for pharmaceutical research professionals aims to provide professionals across the pharma and market research spectrum with practical information designed to increase their understanding of the evolving healthcare sector. The conference sets out to identify key market trends, predict future developments, and outline – with the help of real life case studies – new and innovative approaches to pharmaceutical market research.
Chaired by Jane Shirley, Joint Group Managing Director of the Insight Research Group, the conference will present high level speakers from across the pharmaceutical and research industries. These include Mike Owen, from Brand Health & Pharma, who will discuss the importance of branding and explore its role in the product lifecycle, Synovate’s Bob Douglas, who sets out to examine online techniques that are changing the traditional rules of research, and Nina Felton from IMS Health who will look at the strategies behind creating the best performing sales force.
Further highlights include Janssen-Cilag’s Nick Voysey, speaking on the implications of new regulations, and Jon Chandler from Brand Health, who is presenting with Amber Gibson from Sanofi-Aventis on how to measure brand equity. Finally, Ksenia Chelnokova, Nycomed Group, will outline how market research teams can support launch management.
MRS conference organiser, Sophie Russell-Ross, is positive that the event will arm delegates with practical information that is hard to come by in the complex world of pharmaceutical research. She comments: "Pharmaceutical research is, by definition, complex, and as a result has traditionally lagged behind the retail and consumer markets in its sophistication. However, this is changing as new approaches come to the fore. This conference will give delegates the opportunity to learn from the industry’s thought-leaders and promises to encourage debate and discussion, ultimately resulting in an enhanced understanding of the vast and highly complex market they are operating in."