Opening statement (5%): Before you embark on this assignment, reflect upon what Marketing means to you, how would you define it and how is it different from other activities of business such as production/manufacturing? Your opening statement will form part of your introduction section where you will also be expected to briefly describe the purpose and scope outline of what areas you will be covering in other sections (300 words).
Task 1: Market and Business Analysis – 15% (1000 words)
For the UK define the market sector/category in which you intend to develop and introduce a new product.
Carry out an external PEST analysis for your allocated market category and evaluate the current structure of your chosen market sector as well as how it evolved and likely to change in the future.
As a group, decide which company you are going to use as the basis of your analysis within your allocated category and outline a suggested mission statement for the new product strategic business unit that you intend to develop and launch.
Briefly discuss how your analysis would differ if you were also considering launching your new product in other European, North American or Asian markets.
Identify and explain the relevant marketing theory for the task and how you have applied it. Outline how you used external data (e.g., Keynote or Mintel reports).
Please ensure that you are referencing the theories that you are applying as well as the external data sources using the Harvard Referencing System for Business. A document of how to use the Harvard Referencing System is available on the library website and a copy has been uploade d on StudySpace in the contribute resources section.
Task 2: Segmentation, Targeting and Positioning – 15% (1000 words)
Using external data sources for the UK identify the different customer segments which exist within your market category in the UK. What variables / factors have been used to segment the market in the external sources?
Briefly discuss whether you think these bases segmentation in the external sources are appropriate and can you identify improved ways on how best to segment your sector?
Identify the main competitors who are competing in your market sector and identify the segments they are targeting as well as how they are positioning themselves in each segment. Demonstrate their positioning by producing perceptual maps.
What additional considerations would you need to take into account if you were considering international markets?
Identify and explain the relevant marketing theory for the task and how you have applied it. Outline how you used external data (e.g., Keynote or Mintel reports).
Please ensure that you are referencing the theories that you are applying as well as the external data sources using the Harvard Referencing System for Business.
Task 3: SWOT analysis – 15% (1000 words)
Using external data sources for the UK including digital / social media as well as visiting appropriate retail outlets construct a table comparing the different aspects of the marketing mix of competitor s such as competitor product characteristics, their prices, how they promote and how they distribute to different customers?
Identify examples of online and in store promotion, displays and use pictures to support your claims and don’t forget to reference these. Identify other promotional messages which drive customers to visit store e.g. TV ads, social media activity, newspaper/magazine adverts, outdoor advertising. Use photos / pictures to support your claims.
Using the marketing mix information undertake a full SWOT analysis of the competitors identifying any potential gaps of where they are not meeting the needs of current customers. This part can be linked to the perceptual maps you developed in task 2.
Briefly describe how qualitative market research can be used to identify unmet customer needs.
What additional considerations would you need to take into account if you were considering international markets?
Identify and explain the relevant marketing theory for the task and how you have applied it.
Please ensure that you are referencing the theories that you are applying as well as the external data sources using the Harvard Referencing System for Business.
Task 4: Product – 15 % – (1000 words)
Using information regarding the gaps in the market segments relating to unmet consumer needs, design a new product for your company incorporating the missing attributes not being offered by current competitors. Develop only new product attributes that meet the needs of the segments that you intend to target.
Develop key objectives for your new product identifying predicted market share, sales and profit targets (explained using a profit and loss spreadsheet). Also develop a brand name, packaging, selling price, USP, distribution strategy and communications plan.
Briefly describe how quantitative market research can be used to quantify the potential size of your market sector and new product.
What additional considerations would you need to take into account if you were considering international markets?
Identify and explain the relevant marketing theory for the task and how you have applied it.
Please ensure that you are referencing the theories that you are applying as well as the external data sources using the Harvard Referencing System for Business.
Closing Statement (5%): Now that you have completed your assignment, review your definition of marketing in your opening statement. Reflect on what you now consider to be the definition of marketing and back this up with evidence from your assignment and the theory you have learned. The closing statement will form part of your conclusion section (300 words).
Marking criteria for assessment 1:
Good clear critical writing that is well structured with headings and neatly presented and properly referenced using Harvard Referencing for business (10%).
Clear and in-depth evaluation of the relevant theory from marketing management and international marketing (25%).
Good clear in-depth application of the relevant theoretical concepts clearly stating any assumptions made in the analysis (25%).
Identifying appropriate analytical insights identified from applying theoretical concepts, analysing data and drawing appropriate conclusions (5%).
Clear documentation of the analytical process using external sources and appropriate use of the appendices (5%).
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