Market Opportunity Analysis for reusable wine bottle with Focus on Current Australian Market Conditions to Determine Market Attractiveness.

a) Reusable wine bottle (Product) https://www.kickstarter.com/projects/416039610/qikvin-raising-wine-preservation-to-new-heights/ You will need to address the following criteria: 1. Describe the new product chosen and current market conditions in Australia by examining relevant business trends, competitors, customer needs and other factors in the marketing environment that may affect consumer purchasing (research evidence is expected to help support your discussion); 2. Conduct strengths, weaknesses, opportunities and threats (SWOT) analysis for your new product; 3. In general, explain the understanding of the nature and scope of marketing plus the marketing concept; 4. In general, explain the understanding of marketing research techniques and analysis, and how they are important to marketing decision-making; and 5. Differentiate between the marketing mix and the extended marketing mix. Portfolio should contain the following: • A single Word document (no PDF) that addresses each of the 5 criteria listed above plus   Assessment requires undertake a market opportunity analysis for a new product (reusable wine bottle) (or service). Present the market opportunity analysis as a portfolio (not a report). This portfolio should be 1500 - 1650 words maximum in length excluding reference list. The portfolio will consist of one Word document (no PDF files) using size 12 font with 1.5 line spacing. Write a market opportunity analysis for that product (reusable wine bottle) with the focus on current Australian market conditions to determine market attractiveness.   Product description, current market conditions and analysis  Your first task is to briefly describe the new product chosen, outlining its features and benefits plus any optional extras (if applicable).   Secondly, you are to describe the current market conditions in Australia by examining relevant business trends, customer needs and other factors in the marketing environment that may affect consumer purchasing, including the main competitor, so as to determine market attractiveness. For the second task, relevant business trends can be uncovered by relating the influence of six selected environments in Australia (i.e. demographic, economic, natural, technological, political and cultural) to the current status of your business. Make sure your discussion focuses only on those forces in the macro environment which you believe are likely to have the greatest immediate impact (you do not need to discuss all of them).Use of in-text citations to help support the discussion is expected. Hint: The Australian Bureau of Statistics (ABS) might be one useful source for helping identify recent trends in the macro environment.   To uncover customer needs and other factors in the marketing environment that may affect consumer purchasing, look at those factors close to the business that affect its ability to serve its customers and maintain relationships with them (i.e. suppliers, intermediaries, competitors, publics, and customers). Make sure your discussion focuses only on those factors in the microenvironment which you believe are likely to have the greatest immediate impact (you do not need to discuss all of them).Use of in-text citations to help support the discussion is expected. Hint: IBIS World provides market research reports on every industry in Australia and might be one useful source of information.   SWOT analysis Conduct a strengths, weaknesses, opportunities and threats (SWOT) analysis for your chosen product (including what you think the business capabilities are). Explain the Swot in details for the product like the following. Strengths = Superior resources and skills that can be drawn on to exploit opportunities and counter threats. Weaknesses= Deficiencies that inhibit the ability to perform and must be overcome to avoid failure. Opportunities = Environmental trends with positive consequences (i.e. basis for competitive advantage and/or possibility of improved performance if pursued). Threats = Environmental trends with potentially negative impacts (i.e. impede implementation of strategy, increase the risks of a strategy, increase the resources required, and reduce performance expectations).   Internal analysis of the current marketing activities of the business will uncover the strengths and weaknesses. External analysis of the environment, market, customers and competitors as they relate to Australia will uncover the opportunities and threats.   Nature and scope of marketing plus the marketing concept  In general terms, briefly explain to the senior management of the business how marketing has evolved and what are some of the key marketing activities. In addition, include your understanding of the marketing concept. Use of in-text citations to help support the discussion is expected.   Marketing research techniques and importance In general terms, briefly explain to the senior management of the business what some of the main qualitative (e.g. focus groups and in-depth interviews) and quantitative (e.g. customer surveys and analysis of secondary data) marketing research techniques are. In addition, point out some reasons why businesses should conduct marketing research. Use of in-text citations to help support the discussion is expected.   The marketing mix and extended marketing mix  In general terms, briefly explain to the senior management of the business what the marketing mix is and its purpose. In your explanation, you will need to outline the importance of the marketing mix and differentiate between the traditional marketing mix and the extended marketing mix. Use of in-text citations to help support the discussion is expected. Citations and Reference List The portfolio should include at least six (6) sources of information. These sources should come from a combination of scholarly academic journal articles, academic textbooks, trade journals and websites. All sources should be listed in alphabetical order and be cited in the main body using the American Psychological Association (APA) referencing style. Appendices (this is compulsory) Then next two sections must be completed and inserted at the end of your Word document.

• Part A. Self-evaluation 1. Copy and paste the self-evaluation document (see next page) into your Word document. 2. Complete the self-evaluation document by colour highlighting either S (Satisfied) or NS (Not satisfied) with your attempt for each of the Assessment criteria. 3. After completing the self-evaluation, briefly comment directly underneath the self- evaluation document (in no more than 125 words) as to your major accomplishments, learning and main challenges when attempting Assessment.

 

• Part B. Supporting items 1. After completing the self-evaluation and starting on a new page, paste and/or place all Assessment supporting items such as pictures, graphs, tables and diagrams. 2. Directly underneath these supporting items briefly comment (in no more than 125 words) on your reason/s for including each of these in Assessment.

Note: This is a recommended outline for portfolio. Any deviation from the above recommended outline runs the risk of not addressing the assessment criteria.