Assessment on Development of effective marketing mix strategy

Assessment on Development of effective marketing mix strategy

Reports are to satisfy the following requirements-in this order.

• Report format-business (not an essay) – see Report Writing notes on Moodle and resources below.
• DO NOT write in the first or second person (I, we, our)-write in third person only.
• Proof read at least three times for spelling, grammatical and logic errors.
• Font- Any San Serif font, e.g. Arial.
• Size-11.
• Paragraphs-fully justified.
• Paragraph spacing-one space before and after.
• Line spacing-1½ lines.
• All tables and diagrams labelled-they do not form part of the word count-check APA 6th Ed. manual
• APA reference style.http://www.ballarat.edu.au/library/assignment-and-research-help/referencing

Structure Assessment Task One – Individual Business Report
• Title page
o BUMKT5902 Marketing Management
o PARTNER ADD-LOCATION AND TERM
o Individual Assignment-Consumer Behaviour Insights
o Your name (Individual Assignment). If you are an international student and also have an English name please write both names
o Your student ID
o The Due Date and Time-PARTNER ADD
o Submitted to- PARTNER ADD
• Executive Summary (not part of word count – graded based on Report Writing notes)
o Introductory sentence/short paragraph
o Major findings-key insights and justifications
• Table of Contents
• Introduction – See Report Writing notes for explanation on structure
o Background to the task
o Purpose of the report
o Format of the report
• Description of the consumer (MUST be completed BEFORE you record/analyse your shopping).
• Categorisation of purchases using excel spreadsheet
• Analysis 1-Analysis of overall purchase behaviour. Integrate marketing theory with an emphasis on buyer behaviour.
• Nominated product-Clear description of the product
• Analysis 2-Factors that influenced purchase of nominated product
• Analysis 3 – Compare and contrast analysis #1 & #2
• Provide overall key insights and explain relevance to marketing manager

-Listing of ALL purchases for seven days with a relevant and structured categorisation of ALL purchases. See the example on Moodle for assistance

Overview

The overall purpose of this assignment is to build your understanding of the consumer and how an understanding of consumers is a key input to the development of an effective (the right type) and efficient (minimal or no waste) marketing mix strategy (assessment 2).

You must develop and overall insight regarding the consumer, making the focus of the report on “proving” your insight to a marketing manager. The insight could be regarded as your “answer” and your analysis and the integrated theory is your “working out”; the same approach if you were explaining an answer to a math problem. See notes on Report Writing. The overall purpose of the assessment is for you to demonstrate an “advanced and integrated understanding of a complex body of knowledge” (AQF Level 9 – Masters http://www.aqf.edu.au/aqf/in-detail/aqf-levels/ )

First step

It is important that you begin (even before starting the data recording) by describing yourself as a consumer before you have analysed your shopping. For example, ‘

Psychographics
(The Whole Brain Group, 2012)
• Concerned with health and appearance
• Wants and enjoys a healthy lifestyle but is limited by time
• Finds fulfilment in family and career
• Prefers the radio over the TV
• Loves spending any time available with her daughter
• Does not enjoy shopping activities without a purpose
• Prefers to save than spend

Personality traits

Myer Briggs – ESFJ (ESFJ Personality Type According to MBTI Typology, 2013) Myer Briggs – ESFP (ESFP Personality Type According to MBTI Typology, 2013)
• Loves people and society, altruistic, supports and cares
• Tidy and willing to help
• No problem to adapt to the majority, avoids controversy
• Respects authority
• Seeks contact with other people
• Likes control over environment
• Strongly oriented to reality and presence
• Looks for meaningful activities

If you are studying in Australia you should place yourself in one of the Roy Morgan Values Segments. Go to www.roymorgan.com click on Products, click on Values Segments and then read all of the segments to decide which segment you belong to.

If you are studying at an overseas location you could look for an ‘equivalent’ in your country to the Roy Morgan segments. Roy Morgan is a major Australian market research firm and there may be one in your country doing similar work.

Second step
You will track and detail everypurchase you make over seven days and note what occurred in the decision making process (DMP) and the influences on the DMP for every purchase decision. These purchases need to be recorded in a matrix-in an Excel spreadsheet. An example of a matrix is available on Moodle. This is an example-you should amend according to your needs. The purchases you record here will, in the main be those products you buy weekly, e.g. milk, food, fuel, rent, entertainment and the like but should also cover clothes, small household items such as a toaster, etc. These tend to be classified as low-involvement purchases (why are they low involvement? Are all your weekly purchases low involvement?).

Explainwhat influenced your purchase decisionover the week. Analyse of your purchase over the week and combine this withmarketing and consumer behaviour theories/concepts to explain your decision making process for your purchases. Integrating theory does not mean cut and paste of theory. It means using the theory to structure the logic of your argument or to justify a specific insight or to provide credibility / validity to an assertion.Please aim to provide at leastthree different academic (text or journals) for this section – see 658.8 in the library for text books. Use APA (in-text) referencing: FedUni Library –

Third Step

Detail a recent purchase of what is generally known as a high-involvement product, e.g. a new TV or a new car or an overseas family holiday (why is this purchase high involvement? It is higher involvement than some of your weekly purchases? Why?). Be sure to provide a full description of the product. If you have not made such a purchase then you can write about such a product that you will make in the near future. Please note that the term product includes services such as a family holiday.

You need to detail how and in what ways marketing and consumer behaviour theories/concepts, influence (or influenced) your decision making process for your nominated. Integrating theory does not mean cut and paste of theory. It means using the theory to structure the logic of your argument or to justify a specific insight or to provide credibility / validity to an assertion.Please aim to provide at leastthree different academic (text or journals) for this section – see 658.8 in the library for text books. Use APA (in-text) referencing: FedUni Library – Referencing

Fourth Step

Compare and contrast your buying behaviour for the products purchased over the week with your buying behaviour of your nominated product.This section is critical to the report and is the opportunity to fully explain your key contention or insight regarding the behaviour of the consumer developed as a result of the three steps above. Please aim to provide at leastfour different academic (text or journals) for this section – see 658.8 in the library for text books. Use APA (in-text) referencing: FedUni Library – Referencing

Fifth Step

Provide key overall insights and justification (use theory to support) regarding what you have discovered. Describe how Marketers could use these insights to develop more persuasive Marketing strategies.

You need to detail how and in what ways marketing strategy (changing / influencing consumer behaviour) can occur as a result of your insights from step four. Again, you will frame your response integrating theory to structure your response.Please aim to provide at leastthree different academic (text or journals) for this section – see 658.8 in the library for text books. Use APA (in-text) referencing: FedUni Library – Referencing

Report Overview

You will form a group (maximum of three group members) and choose ONE of the nominated products that group members wrote about in Assignment One. The second assignment requires the group to develop a NEW marketing mix strategy for a product that competes against the chosen nominated product. For example, your chosen nominated product may be the LG 55 inch full HD3D TV-the group then needs to develop a marketing strategy for a competing product, e.g. theHisense 55 inch full HD3D TV.

The report will demonstrate how your proposed marketing mix strategy will create and deliver sufficient customer value for the targeted consumer segment to change its preference from the chosen nominated product.DO NOT simply describe the competing products current marketing mix strategy

Your value proposition and marketing mix strategy will be graded based on your ability to prove via evidence from your research and analysis that consumers will, or is highly likely to, change their intended purchasing behaviour away from the nominated product chosen from Assignment 1.

Integrate concepts of consumer behaviourto provide consumer insights in order to develop a value proposition a marketing mix strategy that changes consumer behaviour.Integrating theory does not mean cut and paste of theory. It means using the theory to structure the logic of your argument or to justify a specific insight or to provide credibility / validity to an assertion.The overall purpose of the assessment is for you to demonstrate an “advanced and integrated understanding of a complex body of knowledge (AQF Level 9 – Masters http://www.aqf.edu.au/aqf/in-detail/aqf-levels/ )

Step 1 – Consumer Analysis – (500/600 words)

Describe the consumer / segment using the theory and frameworks from marketing to structure the information you are presenting. It is suggested you research a wide range of general marketing textbooks (658.8 in any library anywhere in the world) to find the most appropriate visual representation / structure to present your information and analysis. The purpose of using these frameworks is to provide a clear structure to the information you are communicating to your reader.
At the end of this section there must be an overall insight regarding the buying behaviour (need triggers, information search patterns, criteria for evaluating product alternatives, etc) of the target segment. This insight will be one of the underpinning components for the justification of your proposed marketing mix strategy.Please aim to provide at least four academic (text or journals) for this section. Use APA (in-text) referencing: FedUni Library – Referencing

Step 2 -Competitor Marketing Mix Analysis – (500/600 words)

For the nominated product that the consumer is intending to purchase, undertake an analysis of the value proposition and marketing mix for that brand/product. For example, your chosen nominated product may be the LG 55 inch full HD3D TV. You will analyse the current brand/product value proposition and marketing mix strategy with a focus on explaining why the value proposition and marketing mixof the brand might influence the decision making of the consumer / target segment to purchase this particular brand/product. Your analysis will need to be based on (evidenced by) examples of marketing communication, pricing, description of current channels of distribution, and product specifications. These can be included in the appendix of the report.

DO NOT just describe the marketing mix of your nominated product

As you only have 2000-3000 words the information in the body of the report may be presented as a table followed by you analysis of the table. Refer to Report Writing document in the assignment folder – see section on visualisation.

The end of this section must provide an overall insight as to why the value proposition and marketing mix of the nominated product might influence the consumer target market’s decision making toward this product.You must be able justify your using theory and concepts from marketing

Step 3 – Proposed marketing mix strategy for competing product – (1,000 words)

For the product that is competing against the nominated product, e.g. the Hisense 55 inch full HD3D TV, you are to provide aclear value proposition statement anddetailed marketing mix strategy whose goal is to change the consumer’s preferences away fromthe nominated product e.g.LG 55 inch full HD3D TV. As stated above, DO NOT explain the current marketing mix strategy but rather develop a marketing mix strategy the reflects your insight of the consumer in step one

Do not simply list proposed marketing mix activities. You will need to detail the goals and objectives of your marketing mix strategy, the value proposition your brand/product offers and along with a detailed description of your marketing mix strategy.

Step 4 – Justify proposed marketing mix strategy for competing product

The key focus of this section,is to explain and justify, using theory from marketingand the information analysed in steps 1, 2 & 3 above, why your proposed marketing mix strategy and value propositionwill, or is highly likely to, change the consumer target market’s intended purchasing behaviour away from the nominated product.You are to use at least six additional textbook or journal articles from those used in step 1 above. Use APA (in-text)referencing :FedUni Library – Referencing

As you only have 2000-3000 words the list of marketing mix activities may be presented in the body of the report as a table followed by your analysis of the table. Refer to Report Writing document in the assignment folder – see section on visualisation.

Structure Assessment Task Two – Group Business Report

• Report format-business (not an essay) – See below and Report Writing.
• DO NOT write in the first or second person (I, we, our)-write in third person only.
• Proof read at least three times for spelling, grammatical and logic errors.
• Font- Any San Serif font, e.g. Arial.
• Size-11.
• Paragraphs-fully justified.
• Paragraph spacing-one space before and after.
• Line spacing-1½ lines.
• All tables and diagrams labelled-they do not form part of the word count-check APA 6th Ed. manual
• APA reference style.http://www.ballarat.edu.au/library/assignment-and-research-help/referencing
• Signed and attached Business School Assignment Cover sheet.
There are cover sheets for Group Assignments-these are available on Moodle. Make sure you complete the forms properly. Failure to do so may result in a request to re-submit and then a penalty may apply if the assignment is late.
• An Assessment Criteria Sheet MUST be fully completed and attached to the front of the assignment-after the Business School Assignment Cover sheet.

Structure Assessment Task Two – Group Business Report

Title page
o BUMKT5902 Marketing Management
o PARTNER ADD-LOCATION AND TERM
o Group Assignment-Changing Consumer Preference Strategy
o Names of each group member (Group Assignment). If you are an international student and also have an English name please write both names
o Each group members IDs
o The Due Date and Time-PARTNER ADD
o Submitted to- PARTNER ADD

Executive Summary (not counted in word count) – See Report Writing notes on how write ES

Introductory sentence/short paragraph

Major findings

Major recommendations

Table of Contents

Introduction

Background to the task (include brief description of the product)

Purpose of the report

Format of the report

Target consumer – description and insight. Use the theory of marketing / consumer behaviour to structure.

Explain and analyse nominatedvalue proposition and marketing mix strategy

Explain competing product value proposition and marketing mix strategy

Justify why the proposed value proposition and marketing mix strategyfor competing product will change consumers’ preference.

Structure Assessment Task Three – Group Presentation

General:

First presenter should introduce the topic his/herself, group members and what section each member is covering. When finishing a section the person should introduce the next person and the section to be covered

Time:

20 minutes plus question time

Font size:

Minimum font 20 point

Maximum number of points per slide

Three (3) and two sub-points per main point (do not drown your audience in information)

Maximum number of slides

20-all slides are to be numbered

Colours:

Light background, dark font

Tables, charts, etc.

Yes, these can be included but do not make slide cluttered or difficult to comprehend. The audience needs to be able to see a clear link between the information on the slide and the point you are aiming to make. Use animation tools to in PowerPoint to highlight what is relevant

Suggested structure. You do not have stick strictly with this however the points detailed below must be covered in some form. You can use Prezi if you wish. If you use Prezi upload .pdf of presentation

Slide 1 Title slide: presenters names and ID – show image of two competitng products

Slide 2 – 3 Consumer description structured using marketing theory. NOT just Roy Morgan

Slide 4 Key insight regarding consumer behaviour

Slide 5 – 7 Justification of consumer insight using theory, concepts from marketing theory and evidence from analysis

Slide 8 Value proposition of nominated product (include photo of product) and justification of value proposition

Slide 9 Table with description of marketing mix for nominated product from asssessment 1

Slide 10 Value proposition of competing product (include photo) and justification of value proposition

Slide 11 Table with description of marketing mix for competiting product

Slide 12 – 15 Justifiication / proof / logical argument that will convince a marketing manager that your proposed value proposition and marketing mix strategy for competing will cause a shift in preference away from nominated product. Critical to justify using the insight of the consumer combined with theory and concepts from marketing and your analysis of the market.

Slide 16 Thank you and Questions

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