MKT101A- MarketingFundamentalsAssessment MarketingReport IndividualLength 2000words(+/- 10%)LearningOutcomesAddresseda) Describethemarketing conceptb) Outlineandapplytheelementsofthe marketingprocess.c) Identifyandexplainthemacroandmicro environmentalfactorsimpactingthemarketingofa businessor industry.d) Demonstrateanabilitytoincorporatenewtrendsto solvemarketingproblemsandapplycommunication skills.
Microsoft Word - MKT101A Assessment 2 brief.docx MKT101AAssessment1Brief20191111 Page1of8 ASSESSMENT2BRIEF SubjectCodeandTitle MKT101A-MarketingFundamentals Assessment MarketingReport Individual/Group Individual Length 2000words(+/-10%) LearningOutcomesAddressed a) Describethemarketingconcept b) Outlineandapplytheelementsofthe marketingprocess. c) Identifyandexplainthemacroandmicro environmentalfactorsimpactingthemarketingofa businessorindustry. d) Demonstrateanabilitytoincorporatenewtrendsto solvemarketingproblemsandapplycommunication skills. Submission By11:55pmAEST/AEDTSundayofModule5.2(Week 10) Forintensiveclass:By11:55pmAEST/AEDTSundayof Module5.2(Week5) Weighting 45% TotalMarks 100marks Context FollowingfromtheAssessment1briefyouneedtodevelopamarketingreportforthesame client.Thefocusofthismarketingreportistoreviewandanalyseyourclient’smarketing strategies.Thisincludesidentifyingatargetmarket,creatingapositioningstatementaswell asamarketingmixanalysis.ThenutilisingtheinformationgainedfromtheAssessment1 situationalanalysis,combinedwithapplyingthemarketingprinciplesyouhavelearnedin thesubject,developaconciseoutlineofmarketingstrategyrecommendationstoassistyour clientingrowingthebusiness. MKT101AAssessment1Brief20191111 Page2of8 Instructions: Developamarketingreportbasedonthefollowingsections: a. CoverPageincluding: § Businessname § StudentIdentifier(nameandnumber) § Subjectcodeandname § Dateofsubmission § Facilitatorname b. Tableofcontents c. Briefintroduction d. TargetMarketProfile.Developatargetmarketprofileapplyingatleast2(two) variablesforeachofthefollowingsegmentationelements:demographic, geographic,psychographicandbehaviouralelements.Note:Yourbusinessmay targetmorethanonemarketandifso,focusonwhatyouthinkisthelargesttarget market. e. PositioningStatement.Developapositioningstatementfortheclienthighlighting thevaluesandbenefitsofferedbythebrandtoconsumers.Thismaybederived fromevaluatingtheclient’swebsiteandmarketingcommunicationsinorderto completethe“Moorepositioningstatement”(templatebelow): For:(targetcustomers) Whomust:(solveaspecificproblemorfulfilaneed) Ourproductisa:(describeproductorsolution) Thatprovides:(keybreakthroughbenefitwhichsolvestheproblemand/ora reasontobelieve) Unlike:(referencedirectcompetitors) Ourproduct/solutionoffers:(describethekeypointofcompetitive differentiation) f. AnalysisoftheCurrentMarketingMix.Analysethevariablesthatinclude applicationsof: i. Productstrategy: § Identification/suggestionofthethreelevelsofproduct § Productclassification § Identification/suggestionoftheproductportfolio(width,depthandlines) MKT101AAssessment1Brief20191111 Page3of8 ii. Pricingstrategies § Application/suggestionofatleast2(two)relevantpricingstrategiesthat maybeusedbythebusinessandassociatedterminologies/concepts. iii. Placement § Identification/suggestionofatleast1(one)marketing/distribution channelstrategyusedandapplyassociatedterminologies/concepts. iv. Promotions § Identificationanddescriptionofatleastthree(3)promotionaltools usedbythebusinessincludingrelevantapplicationofassociated terminologies/concepts. g. Recommendations.Identifyatleast4(four)marketingrecommendationsbasedon thesituationalanalysisandapplyingkeyconceptsandmarketingprinciplescovered inthemodules.Theserecommendationsshouldrelatetoany/oralloftheelements ofthemarketingmix(Product,Price,Place,Promotion).Youmayalsoinclude discussionofthetargeting,positioningandbrandingifchangesarerecommended. h. References § Aminimumof4credibleandreliablesourcesshouldbeusedinyourresearch § Asthisisareport,appropriateheadingsandsub-headingsshouldbeusedin yourwriting § ThereferencelistmustbecompiledusingAPA7thed. § Pleaserefertothemarkingrubricattheendofthisbriefforgradingdetails MKT101AAssessment1Brief20191111 Page4of8 Submissionguidelines • Thisassessmentmustbecompiledinreportformat. • AnexecutivesummaryisNOTrequired. • Usesuitableheadingsandsubheadingsfortheinformationpresented,andpage numbersshouldappearoneachpageofthedocument–ideallyineitherthe headerorfooter. • Allassessmentsaretobesubmittedtothelearningportal.Allworkmustbeword- processed,spell-checked,grammaticallyacceptable,andprofessionalin appearance. • TheassessmentsubmissionshouldincludetheSimilarityReportfromTurnitin. • Assessmentsshouldnotbewrittenfroma1stpersoncontext,butratherfromthe 3rdpersonperspective.Thatis,“I,we,my,our”arenotacceptable. • Allclaimsandrecommendationsaretobesupportedbysuitableandrelevant marketingand/ortheoreticalprinciplesandtheirrelevantreferences. • ThereportshouldincludeacorrectlyconstructedReferenceListand accompanyingin-textcitationsasperUniversityguidelines(APA6thed. referencingstyle).PleaseseetheAcademicSkillspageinthelearningportalfor informationonreferencinginAPA7thed. • Theuseofanycombinationofnarrative,pointform,diagrams,graphsorcharts includingpresentingtheinformationintableformispermitted–particularlyif thesedevicesreducethewordinessandincreasethe"readability"ofthe submission MKT101AAssessment2Brief20191111 Page5of8 LearningRubrics-Assessment2:MarketingReport Assessment Attributes Fail(Unacceptable) (0-49) Pass (Functional) (50-64) Credit (Proficient) (65-74) Distinction (Advanced) (75-84) HighDistinction (Exceptional) (85-100) Segmentationand Targetmarket Identifiedconsumer buyercharacteristics utilising demographics, geographic, psychographicsand behavioural variables. 15% Segmentationvariables areunclearand demographic,geographic, psychographicand behavioural characteristicsnot identified Targetmarkethasnot beenidentified Somesegmentation variablesidentified. Demographic, geographic, psychographicand behavioural segmentationvariables includedwithsome adjustmentsrequired. Targetmarketprofilehas beenidentifiedforthe businessbutisweakand lacksdepth Anadequatenumberof segmentationvariables identified.Good selectionof demographic, geographic, psychographicand behaviouralvariables. Anacceptabletarget marketprofileidentified forthebusiness. Verygoodselectionof demographic, geographic, psychographicand behaviouralvariables. Relevantandreliable sourcesusedtosupport theidentificationof segment(s). Verygoodtarget marketprofileidentified forthebusiness. Excellentselectionof demographic,geographic, psychographicand behaviouralvariables. Relevantandreliable sourcesusedtosupport theidentificationof segment(s). Excellent targetmarket profileidentifiedforthe business. Positioning Identificationofa positioning statement. 15% Positioningstatementnot clearlyidentified. Positioningstatement includedsomerelevant valuesandbenefits. Goodpositioning statementincluding relevantvaluesand benefits. Verygoodpositioning statementincluding relevantvaluesand benefits. Excellentpositioning statementincluding relevantvaluesand benefits. MarketingMix Identified marketingmix variablesincluding Threelevelsofproducts notclearlyidentified. Productportfoliodidnot Threelevelsofproducts identifiedwithsome improvementsrequired. Productportfolio Goodidentificationand explanationofthree levelsofproducts. Gooddescriptionof Verygoodidentification andexplanationof threelevelsofproducts andtheproduct portfolio. Excellentidentificationand explanationofthreelevels ofproductsandthe productportfolio. MKT101AAssessment2Brief20191111 Page6of8 relevantproduct, price,placeand promotional strategies. 30% provideenough information. Pricingstrategiesnot clearlyapplied/ suggested.Lackof terminologiesand concepts. includedbasic information. Pricingstrategies applied/suggestedwith adjustmentsrequired. productportfolio. Goodapplicationof pricingstrategies. Verygooddescription ofproductportfolio. Verygoodapplicationof pricingstrategies. Verygoodapplicationof place/distribution strategies. Promotionalstrategies identifiedwithavery goodlevelofdetail providedthroughgood levelofresearchand clearlinkagewiththe targetmarketshowed. Verygoodreferencing ofmarketingconcepts andterminologiesused tosupportthe discussion. Excellentdescriptionof productportfolio. Excellentapplicationof pricingstrategies. Excellentapplicationof place/distribution strategies. Promotionalstrategies identifiedwithexcellent detailprovidedthrough robustresearchand referencingandclear linkagewiththetarget marketshowed. Excellentreferencingand engagementofmarketing conceptsandterminologies usedtosupportthe discussion. Marketing/distribution channelstrategynot correctlyidentified. Marketing/distribution channelstrategycorrectly identified. Marketing/distribution channelstrategy correctlyidentified. Promotionalstrategies werenotidentified and/ordidnotprovide relevantinformationand linkagewiththetarget market. Promotionalstrategies basicallyidentified/ suggested.Some relevantinformationand linkagewiththetarget marketprovided. Goodpromotional strategiesidentified/ suggested.Goodlevel ofdetailsprovided throughresearchand clearlinkagewiththe targetmarketshowed. Noorveryweak referencedmarketing conceptsand terminologiesusedto supportthediscussion. Lackofreferenced marketingconceptsand terminologiesusedto supportthediscussion. Goodreferencingof marketingconceptsand terminologiesusedto supportthediscussion. Recommendations 30% Recommendationsnot includedand/or informationisnot relevanttoclient and/ortarget audience. Atleastfour(4) recommendations identifiedandincluded somelevelof information Atleastfour(4) recommendations identified.Goodlevel ofinformation providedtoexplain the recommendations Morethanfour(4) recommendations identified.Verygood levelofinformation providedtoexplain the recommendations. Morethanfour(4) recommendations identified. Sophisticatedlevelof informationprovidedto explainthe MKT101AAssessment2Brief20191111 Page7of8 Someexamples provided. recommendations supportedbyexcellent examples. Somerelevanceto clientand/ortarget audiencepresented. Clearandrelevant informationprovided showinglinkagewith theclientand/or targetaudience. Verygood informationand research providedshowing linkagewiththe clientand/or targetaudience. Excellentinformationand highlevelofresearch providedshowinglinkage withtheclientand/or targetaudience. Goodsupportwith applicationof marketingprinciples Verygoodsupportof recommendationsusing applicationofmarketing principlesand references. Excellentsupportof recommendationsusing sophisticatedapplicationof marketingprinciplesand references. Qualityand accuracyof referencingand communication skills Lessthan4credibleand researchsourcesused. Atleast4limitedquality andcredibleresearch sourcesused. Atleast4qualityand credibleresearch sourcesused. Morethan4high qualityandcredible researchsourcesused. Excellentengagementof morethan4widevariety ofqualityandcredible researchsources. 10% Somemistakeswithin- textcitationsandthe referencelist. Somemistakeswith in- text citations and the referencelist. Limitedmistakeswith in-textcitationsandthe referencelist. Veryfewmistakeswith in-textcitationsand thereferencelist. Nomistakeswithin-text citationsandthe referencelist. Informationisdifficultto understandforthe audience. Nological/clear structureandspelling andgrammaticalerrors throughout. Informationisnotalways clearandlogicalto understandforthe audienceandlacksclear structure. Somespellingand grammaticalerrors Informationismostly clearandlogicalto understandforthe audience. Aclearstructureand fewspellingand grammaticalerrors Informationisclearand logicaltounderstand fortheaudienceand wellsupportedby evidence. Veryminorspelling andgrammatical Informationislogicaland persuasive.Relevant conceptsandtheories applied. Verystronglysupportedby evidence. Freeofspellingand MKT101AAssessment2Brief20191111 Page8of8 Noheadings, subheadings,andother submissionguidelines notfollowed. throughout. Limitedheadings, subheadings,and/or somesubmission guidelinesrequire adjustments. throughout. Headingsand subheadingsand otherassessment requirementsare consistentwith submissionguidelines. errorsthroughout. Headings, subheadingsand othersubmission guidelinesare consistentwith submissionguidelines. grammaticalerrors throughout. Headings,subheadings andothersubmission guidelinesareconsistent withsubmission guidelines. 06/11/2020 Laureate International Universities https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_94449_1&content_id=_9215959_1&mode=reset 1/5 MODULE 3MODULE 3 Segmentation, Target Marketing, Positioning and Branding Introduction: This topic introduces the more complex fundamentals of marketing i.e. the types of market and customers. The process of Segmentation, Targeting and Positioning (STP) is discussed in detail to provide a comprehensive framework from which new marketing opportunities may be explored. Market-oriented �rms appreciate that markets are complex and highly competitive. Consumers' ever-changing habits create new opportunities and trends that may be seized upon by organisations. After careful analysis, some �rms may come to the conclusion that certain markets are more attractive than others. This would lead these �rms to focus their e�orts to creating product and service o�erings that would appeal to these markets. Positioning is the last step in the STP process. Through positioning, organisations are able to imprint a speci�c meaning into consumers’ mind. Positioning can be expressed through a statement including 4 critical components: Target Audience, Product Category, Points of Di�erence and Reasons to Believe. This module explores how appropriate selection of target markets is essential for companies to comprehend customer’s speci�c characteristics and how they in�uence product o�erings, pricing strategies, promotional campaigns and choices of distribution. For instance, Net�ix constantly 06/11/2020 Laureate International Universities https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_94449_1&content_id=_9215959_1&mode=reset 2/5 screens its customer base to understand their preferences, suggestions for movies and series obtained through its online platforms, collection of data to analyse its consumers’ behaviours, lifestyles, price sensitivity, online behaviours and so forth. Essential Resources: Pride, W., Ferrell, O., Lukas, B., Schembri, S., Niininen, O., & Casidy, R. (2017). Marketing principles (3rd ed.). South Melbourne, VIC: Cengage. Retrieved from https://ebookcentral-proquest- com.ezproxy.laureate.net.au/lib/think/detail.action?docID=5474380 Please read chapter 6, pages 199-242. This reading explores markets and market segmentation. It starts exploring what a ‘market’ is and its respective requirements. It discusses market segmentation in both consumers and business markets. Then, it shows the steps to select the appropriate target market, and lastly it discusses the positioning strategies and respective components required to help companies to build their brand images into consumers’ mind. Please read chapter 8, pages 293-329. This chapter explores di�erent types of brands, branding strategies, and how it can become a powerful tool for businesses. It discusses the name selection, brand policies, brand extensions, co-branding, brand licensing, and how companies can protect their brands. West, K. (2016, November). Eight things to think about to master modern segmentation best practice. Retrieved from https://www.marketingmag.com.au/hubs-c/8-things- segmentation-best-practice-karena-west/ In this reading, Karena West discusses how to identify the right approach to segmentation for companies’ objectives. This could help you to address the requirements for assessment 2. https://ebookcentral-proquest-com.ezproxy.laureate.net.au/lib/think/detail.action?docID=5474380 https://www.marketingmag.com.au/hubs-c/8-things-segmentation-best-practice-karena-west/ 06/11/2020 Laureate International Universities https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_94449_1&content_id=_9215959_1&mode=reset 3/5 Vodafone. (2016, November 8). Vodafone My Flex Prepay [Video File]. Retrieved from https://www.youtube.com/watch?v=cTEgKHfnjuU This ad from Vodafone promotes the bene�ts of its ‘My Flex Prepay’ plan by using several cues such as price sensitivity, consumption patterns and lifestyle. Can you spot them? Module 3.1 facilitated presentation Optional Resources: Breakenridge, D. (2017, October 27). Marketing Foundations: Competitive Market Analysis [Video �le]. Retrieved from https://www.linkedin.com/learning/marketing-foundations- competitive-market-analysis/what-is-a-competitive-analysis? u=56744473 This is a course explaining the bene�ts of competitive analysis by delving into how to assess competitors, including an understanding of their strengths and weaknesses, competitors market, products and other factors to create competitive advantage. Boyd, D. (2015, April 3). Branding Foundations [Video �le]. Retrieved from https://www.linkedin.com/learning/branding- foundations/what-is-a-brand?u=56744473 These videos explain how to de�ne and position a brand and communicate the brand e�ectively internally, to employees, and externally, via social media, PR, advertising, packaging, and other channels, to customers. Drew Boyd, a marketing expert with over https://www.youtube.com/watch?v=cTEgKHfnjuU https://laureate-au.blackboard.com/bbcswebdav/pid-9215977-dt-content-rid-35801956_1/institution/Business%20and%20Hospitality%20Faculty/Bachelor%20of%20Business/_Marketing/MKT101A%20Marketing%20Fundamentals/3.%20Resources/Module%203/MKT101A_Module%203.1.pdf https://www.linkedin.com/learning/marketing-foundations-competitive-market-analysis/what-is-a-competitive-analysis?u=56744473 https://www.linkedin.com/learning/branding-foundations/what-is-a-brand?u=56744473 06/11/2020 Laureate International Universities https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_94449_1&content_id=_9215959_1&mode=reset 4/5 three decades of experience, explains how to measure brand performance in categories such as authenticity, relevance, di�erentiation, consistency, presence, and understanding. Learning Activity: Collaborative learning activity: Buyer Persona Segmentation and target are important activities in marketing as they assist marketers and companies to identify potential buyers for their products/services. In this activity, you are required to create a buyer persona for a company of your choice and share it in the discussion forum for this activity in Blackboard. A buyer persona is a description of an individual from a speci�c segment and assists marketers to create marketing strategies whether it is a new promotion or pricing strategy. To complete this activity, use any buyer persona template available in the internet as long as it includes: Name, picture of the buyer, DOB, profession and income of the buyer; Bio of the buyer; Brand preferences; Communication channels utilised; Aspirations, lifestyle; Any additional factor that you �nd relevant to the brand of your choice. Here are some websites to assist you: https://optinmonster.com/how-to-create-a-concrete-buyer- persona-with-templates-examples/ https://www.hubspot.com/make-my-persona https://xtensio.com/user-persona/ https://optinmonster.com/how-to-create-a-concrete-buyer-persona-with-templates-examples/ https://www.hubspot.com/make-my-persona https://xtensio.com/user-persona/ 06/11/2020 Laureate International Universities https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_94449_1&content_id=_9215959_1&mode=reset 5/5 https://blog.�lestage.io/e�ective-buyer-persona-template-free- download/ http://www.digitalmarketer.com/blog/customer-avatar- worksheet/ Post your buyer persona in the discussion forum to get feedback from your peers as this will assist you in Stage 2 of your marketing plan. If you are studying online, select at least one persona from your peers’ posts and analyse to see if it clearly describes the buyer and if there would be any additional variable that should be added. If you are studying face-to-face, provide the same feedback but directly to your fellow student during a discussion organised by your learning facilitator. This activity is due by 11:55 pm AEST/AEDT Sunday of module 3.1 (week 5). To participate in the Discussion Forum, click