Assignment tasks You will be able to work on the same product and/or service innovation idea within the fitness sector that your group has presented to the SME client, however, you will need to...

Assignment tasks You will be able to work on the same product and/or service innovation idea within the fitness sector that your group has presented to the SME client, however, you will need to formulate a marketing plan for a different market (for example, in a different new segment; or a new segment in a different country) to that of your other team members. It is recommended that you focus on a single product/service or one market sector, not a class or family of products/services. The reason for restricting your marketing plan to a single product and/or service or one market sector is that each product/service of a company will have a somewhat different target market (s) and set of competitors, as well as potentially being impacted on by various environmental factors. So it is required to write Individual Marketing Plan (in report format) for the COROS LINX SMART CYCLINGHELMET - https://www.coros.com/ for Austri/Europe state. Assessment Requirements: A written marketing plan in (report format) of 2,000 words that synthesises and critically evaluates marketing management issues pertaining to an innovative product and/or service. State the number of words used at the end of the assignment. You may include diagrams, figures, appendices etc. without word penalty. A sliding scale of penalties for excess length will be imposed. Instructions for individual assignment: 1. This is an individual assignment – a written marketing plan. 2. The word count for this assignment is 2,000 words excluding appendices, diagrams, tables and bibliography (Penalties will be applied in cases where the word limit is grossly exceeded. 3. You are allowed up to 4 pages of appendices (for supporting materials only) 4. The assignment must be typewritten (word processed) in Tahoma font size 12. 5. You must reference any material that you use. You must also include a reference and a bibliography lists. Please use Harvard Referencing style. Your marketing plan must include: 1. A clear outline of your key area of innovation and the objectives you hope to achieve; 2. A market overview and analyses - summary of key micro and macroenvironmental issues facing organisations competing within the global market; outlining the impact of issues faced within the global marketplace, concentrating on the opportunities for market growth or the situations that may cause the market to contract; identify and review close and distant competitors; 3. Market segmentation with the segment outlined and analysed; 4. Marketing objectives: strategic focus which should include recommendations and justifications of future growth strategies, prioritising the options you identify according to a market-based rationale using at least one growth model to structure your recommendations. Ensure that you draw upon the opportunities and threats identified and that consistency within segmentation analysis is retained. You will also need to include critical evaluation of contemporary global developments and the application of sustainability, corporate social responsibility, ecommerce and ethical aspects of marketing innovative product and/or services; 5. Marketing strategies for your innovative product and/or services: market coverage, market targeting, differentiation and positioning strategies (STP), Marketing Mix strategies; and 6. Building on your marketing strategies, include a brief discussion on resource requirements for taking the product and/or service to market. Note: it is recommended that you focus the implementation of the marketing mix on a single innovative product and/or service or a single market sector. This is because each product/service or market sector can have different target markets and competitors and may even be affected differently by the same set of environmental factors. Report Guidelines: A written marketing plan must be compiled in a suitable format that must incorporate the following: 1. A clear and concise outline of the practical marketing innovation issues; 2. Generation of conclusions and recommendations that draw upon both theoretical and practical aspects; 3. Use of appropriate terminology that will indicate a thorough understanding of innovation and marketing management concepts; 4. Suitable referencing of the materials used to support arguments put forward that will indicate competence in the academic issues discussed; 5. Evidence to suggest a more in-depth understanding of innovation and marketing concepts being reviewed and their practical applications; 6. Written content and structure that will demonstrate practical benefits being derived from the module, reading lists and research required for this individual assessment; 7. A wide range of reliable sources used or cited (a minimum of 5) and they should be current (not before 2012). 8. You must reference any material that you use. You must also include a bibliography. Please use the Harvard Referencing System.