Marketing - MKT100 - Principles of Marketing Case Study Assessment Answer

Assessment Task:

The aim of this assessment is for students to demonstrate both their understanding of and ability to identify the key components of a product using various marketing models and theories studied in MKT100 Principles of Marketing. 

The document is to be written in the style of a business report from you as a marketing assistant hired to assist in developing the Product Marketing Strategy for the coming year. The factual and detailed information that you will provide will contribute to the development of that plan. Therefore, it is important that students synthesise and process all information obtained to develop a clear and concise yet developed factual report, avoiding the inclusion of any “marketing hype” and/or inflammatory or unsupported (opinion-based) claims. It is a mandatory ICMS requirement that APA referencing is to be fully and correctly applied to all information, definitions and theory within the body of the report.

Each student is to select a specific branded product (good or service) as a basis for the report development. 

Students should select a Product which is well recognised and readily available in the Australian Market and one where there would be sufficient information and literature readily available on. 

The following criteria should be applied by students when making their product selection: 

o Predominantly a "good" rather than a service o Well-known brand and/or parent company – though does not need to be an Australian 

owned Company o has been well and recently advertised in the Australian Market o and has clearly identifiable and sufficient competitors 

 Note the selection is not just a company, say Apple and it is not a product category either, such as iPhones or smartphones, it is a specific model – iPhone XS Plus. 

Students’ selection will be subject to the Lecturer’s Review – Students are to put forward their selection via completing the Product Suitability Test available on Moodle from Week 2 through to Week 3 – Mandatory completing by all students by 06/10/2019 11.59 pm 

The Product Report (Case Study) should take the following format 

ICMS Student Declaration 

The proforma for this declaration is located on the ICMS Moodle platform. It is not to be “photographed” or handwritten. 

Table of Contents 

The Table of Contents should be constructed using the function within Word. Ensure each listing has a title and corresponding page number 

Introduction 

This is a standard report introduction (refer to the ICMS Style Guide), not only detailing what the report will encompass but also introducing your product and its parent company. 

Be sure to not only provide a visual/image of your product but mention the visual in your narrative. (Approximately 150 words which are not included in the word count)

MKT100 ASSESSMENT 2: PRODUCT REPORT [CASE STUDY] 

1. Company and Product Overview 

1.1. Develop a table which includes an overview outlining key information about your Company and the selected Product. The table should clearly and concisely answer the following questions 

1.1.1 What is the name of a parent company that offers the product?

1.1.2 What is the overall value (net worth or latest annual revenue) of the Company?

1.1.3 What is the name the product selected, including model?

1.1.4 What product category or industry does the product belong to?

1.1.5 What was the date that the Product was launched in Australia?

1.1.6 What is the core consumer need that the product fulfils?

1.1.7 A brief description of the basic features and benefits of the product, including any additional models or varieties? 1.2. A SWOT analysis is a key marketing model used to assess Marketing Microenvironment. 

After undertaking independent research on the components and pertinent influences which would make up a full SWOT Analysis for your Company and the selected Product. ( Do not include the full SWOT) Answer clearly and concisely the following questions: 

1.2.1 What is the one (1) most significant Strength of the Company/Selected Product? Be sure to explain why it is a strength.

1.2.2 What is the one (1) most significant Weakness of the Company/Selected Product? Be sure to explain why it is a weakness.

1.2.3 What is the one (1) most significant Opportunity facing the Company/Selected Product over the next 12 months? Be sure to explain why it is an opportunity.

1.2.4 What is the one (1) most significant Threat facing the Company/Selected Product over the next 12 months? Be sure to explain why it is a threat. Make sure that all information in this section is accompanied by evidence of research (ie the sources of the information) 

2. Industry and Competitor Overview 

Compile an overview of the Australian Product Industry in which your brand operates in by answering the following questions 

2.1. How has the overall industry/product category performed over the last 3-5 years? 

Discuss whether it is growing or declining, whether there has been any major mergers and/or new entrants to the Australian Market. This is discussion about the entire market not just your company or product

2.2. What is the one, most significant influence/trend in the Marketing Macroenvironment that has impacted your Company/Product in the Australian Market over the past 3-5 years? Be sure to not only identify but fully describe the factor/influence and outline how it has impacted your products marketing offering. 2.3. Select 4 other competitors in the selected Industry. Independently undertake a full Competitor Comparison on these competitors in respect to your product. You should consider You do not need to provide this full competitor comparison in your report, rather provide a summary by answering the following questions In a table provide a summary of the four selected competitors 

COMPETITOR 1 

 COMPETITOR 2 

COMPETITOR 3 

COMPETITOR 4 A description of the Product (be sure to include the Brand and specific model) 

MKT100 ASSESSMENT 2: PRODUCT REPORT [CASE STUDY] 

Name of Parent Company 

A visual image of the product 

When was the Product first introduced into the Australian market? 2.4 In what two ways is your product better than the competition (holds a competitive advantage)? Be sure to explain why you have come to this conclusion and justify your answer with evidence from credible industry-based /research sources and using the aspects of the competition outlined above. 2.5 For each of the competitors identified to provide one (1) aspect in which they do better than your selected product (holds a competitive advantage). Be sure to explain why you have come to this conclusion and justify your answer with evidence from credible industry-based /research sources and using the aspects of the competition outlined above. Make sure that all information in this section is accompanied by evidence of research (ie the source of the information) 

3. Target Market 

As a starting point for this section, students are to provide an example of how the company primarily promotes the product (a print advertisement or television commercial or viral/digital campaign). Based on the advertisement, answer the following questions

3.1 Briefly introduce/describe the advertisement - what is it about? When and where was it aired/screened?

3.2 Using at least three (3) stills (images) from the advertisement if a television commercial or video or the contents of the print advert describe how the advertisement highlights or identifies the Target Market for the product. 3.3 Detail the main Target Market(s) for the product. Use a table to outline your answer using the sub-headings of 

? Demographic variables 

? Psychographic variables, 

? Geographic variables; and 

? Behavioural variables Be sure to justify your answer with evidence from credible industry-based /research sources and/or the selected promotion/ advertisement 

4. Perceptual Maps and Positioning 

4.1 Using the software provided on Moodle and the brands outlined in the Competitor Analysis, develop a map based on Price and Quality as the axes to highlight differential competitive benefits from the consumer perspective – Display this map in your report. Make a statement as to whether or not the mapping reveals a competitive advantage over the competition for your selected product (including an explanation of why) The Perceptual Map need to be computer generated using ONLY the recommended software and not hand-drawn and explicit evidence of the use of the software (intext referencing) is required.

4.2 Brand/Product Positioning Statement – Using the model/structure provided in the 

curriculum, develop a formal positioning statement for your selected product 

MKT100 ASSESSMENT 2: PRODUCT REPORT [CASE STUDY] 

Make sure that all information in this section is accompanied by evidence of research ( ie the source of the information) 

5. Recommended Change in the Marketing Mix 

Based on your investigation, make one (1) distinct recommendation for a change in the marketing of your product which would create a greater level of differentiation from the competitors. 

Students should avoid the default recommendation of a change in Pricing, rather focus attention on aspects such a product development to address weaknesses or threats, sponsorship/co-branding activities, sustainability initiatives, corporate social responsibility actions and/or development of value-added (augmented) aspects of the product. Students should also provide a strong reason (evidence by research) as to how this change will improve the market offering 

Present your answer using the following layout: 

5.1 Relevant Marketing Mix Element: (identify the associated Marketing Mix Element that 

your recommendation is related to)

5.2 Recommended Change: (detailed description)

5.3 Justification: (Why have you chosen this change and how will it improve the marketability 

of your Product?)

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