MK9616 : Contemporary Marketing Strategy - Pricing Strategies and Appropriate Metrics - Marketing Assignment Help

Assignment Task :

Scenario:

You should assume the same role in the report as that which you adopted in the presentations, in the scenario of an invitation to you personally from the Brand Manager of the new product/service to demonstrate that you can critically evaluate the current proposition and identify areas for improvement to enhance the potential for the product and brand.  You have been asked to write a report to review and discuss how the key elements of marketing strategy and its application to practice would be instrumental in considering the future launch and success of your product/service if/when it goes to market, and the means by which evaluation and control on those strategic decisions could be made.  

The Brand Manager is a practitioner not an academic and has expressed an interest in how the theory you learned as a student has led you to your conclusions and can inform, and be applied to, the practical process of new product development.  Therefore, whilst the assignment requires academic underpinning you are required to use a combination of theory and practical examples in your report (3000 words maximum; Appendices may be included providing they are used to good effect; inappropriate use of information in tables e.g. to seemingly extend the word limit, will be discounted and penalised).

More specifically, the issues you have been asked to address in your report include:

Task 1:  

• As an introduction to the report you should provide a brief re-cap/summary of the new product/brand which the npd team you were working in delivered during the presentations.  

• You have now been asked to critically review that proposition to identify, and justify, any amendments which you would/could make to the original proposals for the product.  

• As these amendments will have implications for different strategies across the 4Ps of the marketing mix, you should identify which strategies, and metrics, would be appropriate within each component, with justification for such, to reinforce the point of difference which needs to be apparent in the development and introduction of new products/services, and in particular to the enhanced proposal your amendments present.

More specifically, for Task 1 you are asked to cover the points below:

1. Brief recap/summary of new product proposed by the group

2. Amendments

3. Product Strategies and appropriate metrics

4. Pricing Strategies and appropriate metrics

5. Promotion Strategies and appropriate metrics

6. Place Strategies and appropriate metrics

Task 2: 

• In this task you are expected to take the next step in developing a contemporary marketing strategy for your new product/brand. Research suggests that the ‘traditional’, goods-oriented perspective, represented by the 4Ps, is no longer solely appropriate for many companies that operate in dynamic business environments. Therefore, there has been a paradigm shift in marketing literature and practices as more emphasis is now being given to intangible resources as an integral part of the product/service offering.  

• In light of this, you have been asked to consider and explain how the Service-Dominant Logic (SD-Logic), as a more contemporary view of marketing, can help you develop more effective marketing strategies.

• Therefore, you should critically analyse the concept of Service-Dominant logic and what it means (from a theoretical perspective), and explain how this perspective might add value to your proposition (from a practical perspective).

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