Market opportunity Analysis for New Product
Instructions:
Order Description
Assessment 2 requires you to undertake a market opportunity analysis for a
... [Show More] new product. You will present the market opportunity analysis as a portfolio. This portfolio should be 1500-2000 words maximum in length not including references.
Your task in Assessment 2 is to choose ONE (1) of the options listed below and write a market opportunity analysis focusing on current Australian market conditions to determine market attractiveness for your product.
a) Sensorwake smell-based alarm clock, viewed 31/01/2016,
https://www.kickstarter.com/projects/222459303/sensorwake-wake-up-happy-with-the-smell-based-alar
NB: The option you choose will also be used in Assessment 3.
You will need to address the following criteria:
1. Describe the new product chosen and current market conditions in Australia. Research evidence is expected to help support discussion on the market, product performance, competition and distribution;
2. Conduct a strengths, weaknesses, opportunities and threats (SWOT) analysis;
3. Explain the nature and scope of marketing in general including your understanding of the marketing concept;
4. Explain the key concepts and tools of marketing and their respective roles in business;
5. Explain your understanding of marketing research techniques and analysis, and how they are important to marketing decision-making; and
6. Differentiate between the marketing mix and the extended marketing mix.
Instructions
Your portfolio should contain the following:
• A single Word document that addresses each of the 6 criteria listed above plus a reference list showing use in-text of at least six (6) scholarly sources of information, excluding the course text. Use size 12 font with 1.5 line-spacing in this Word document (no PDF).
• An appendices attached at the end of the Word document that includes:
• Self-evaluation documenting your learning journey.
• Any other supporting items such as graphs, charts, tables and diagrams you deem suitable.
Instructions:
Product description, current market conditions and analysis (no more than 800 words)
Your first task is to briefly describe the new product or service chosen, outlining its features and benefits plus 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, plus identify the main competitors 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. political, economic, social, technological, environmental and legal) to the current status of your company. Make sure your discussion focuses only on those forces in the macro environment which are likely to have the greatest immediate impact. 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 actors close to the company that affect its ability to serve its customers and maintain relationships with them (i.e. suppliers, intermediaries, customers, direct competitors, and publics). Make sure your discussion focuses only on those actors in the microenvironment which are likely to have the greatest immediate impact. IBISWorld (available online from the CQU library) provides market research reports on every industry in Australia and might be one useful source of information.
See Chapter 3, plus Appendix 2 on pages 517-521, and Appendix 3 on pages 529-531 of the prescribed text for some further ideas. Use of in-text citations to help support the discussion is expected.
SWOT analysis (no more than 400 words)
Conduct a strengths, weaknesses, opportunities and threats (SWOT) analysis for your chosen company and their product or service and present it in a similar manner to what you can see in Appendix 2 on pages 521-522 or Appendix 3 on pages 531-532 of the prescribed text.
Strengths = Superior resources and skills that can be drawn on to exploit opportunities and counter threats. Weaknesses = Deficiencies that inhibit that 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 company 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, scope and key concepts of marketing (no more than 250 words)
Briefly explain to the senior management the nature (i.e. how marketing has evolved) and scope (i.e. the activities from conception of ideas to realisation of profits) of marketing. In addition, include your understanding of the marketing concept. Chapter 1 of the prescribed text is a good place to start. Use of in-text citations to help support the discussion is expected.
Marketing research techniques and importance (no more than 150 words)
Briefly explain to the senior management what 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. Chapter 4 of the prescribed text is a good place to start. Use of in-text citations to help support the discussion is expected.
The marketing mix and extended marketing mix (no more than 150 words)
Briefly explain to the senior management 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. Chapter 2 of the prescribed text is a good place to start. 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, excluding the course text, from a combination of scholarly academic journal articles, academic textbooks, trade journals and websites. Your prescribed textbook would be a seventh source of information. All sources should be listed in alphabetical order and be cited in the main body using the American Psychological Association (APA) referencing style
Suggested Sources:
Text book: principles of marketing ( chapter 1,2,3,4)
Appendix 2 on pages 521-522 or Appendix 3 on pages 531-532 of the prescribed text.
See Chapter 3, plus Appendix 2 on pages 517-521, and Appendix 3 on pages 529-531 of the prescribed text for some further ideas. Use of in-text citations to help support the discussion is expected.
The Australian Bureau of Statistics (ABS)
Essential Sources:
Text book: principles of marketing (chapter 1,2,3,4)
Appendix 2 on pages 521-522 or Appendix 3 on pages 531-532 of the prescribed text.
See Chapter 3, plus Appendix 2 on pages 517-521, and Appendix 3 on pages 529-531 of the prescribed text for some further ideas. Use of in-text citations to help support the discussion is expected.
The Australian Bureau of Statistics (ABS) [Show Less]