Assessment Task 2: Business Report25% Length: 2,5003,000 words (100-120 words per 1 mark) Marking criteria: See Assessment Criteria Sheet Report Overview This assignment requires you 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 TVyou then need to develop a marketing strategy for a competing product, e.g. the Hisense 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 Integrate concepts of consumer behaviour to 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/ ) ? Executive Summary (not counted in word count) 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 consumerdescription (1 mark) (Criteria 3 at the end of this document) (copy and paste can be done, no additional information required) Brief Description of the consumer Age 25 Gender Male Marital Status Single Family Two elder brothers, living with eldest brother, parents and one elder brother live overseas, relatives and cousins live nearby Education Level Studying at Masters level Income AU$45,670 Occupation Graphic Designer Generational Cohort Generation Y Value Segment Young Optimism, Look at Me Target consumerKey insight regarding consumer behaviour. (Use the theory of marketing / consumer behaviour to structure.) (Criteria 4 at the end of this document) 1 mark Explain and analyse nominated value proposition and marketing mix strategy Explain competing product value proposition and marketing mix strategy Justify why the proposed value proposition and marketing mix strategy for competing product will change consumers preference. Appendix if required. See Report Writing notes for structure and purpose of appendix Assessment Criteria Sheet Follow this: Structure Assessment Task TwoBusiness Report CRITERIA (Total Marks = 25) Marks S.N. Content 22 Comments 1 Executive Summary 5 – Opening sentence – Major Findings – Major Recommendations 2 Introductioncovering – Background (of the task) – Purpose (of this report) – Format (of this report) 1 3 Clear description of the target consumer 1 4 Key insight regarding consumer behaviour 1 5 Explanation of the concepts of customer value and value proposition with a conclusion as to why these concepts are important to marketing 2 6 Goals and objectives of the proposed Marketing strategy 2 7 Marketing mix strategies (7Ps) to create and deliver customer value that change the brand preference of the target consumer 6 8 Justification of how the proposed marketing mix creates and delivers customer value so that consumers switch their preference to your product/brand 3 9 Appendix 1: Assignment One nominated product details 0.5 10 Appendix 2: Details of the competing brand/product 0.5 Structure and Style (15%) 3 11 Follows required structure as per checklist 12 Demonstrates use of colour, headings, layout to enhance presentation of argument 13 Integrates tables, charts or diagrams to enhance communication of information 14 Appropriate and adequate use of references and correctly structured reference list 15 Literacy standardsentences and paragraphs make sense 16 Succinct and concise business writing style 17 Engages reader with topic and holds readers attention 18 Research and use of theory demonstrates creativity and engagement with topic Appendix 1 (Criteria no. 9) (0.5marks only) Nominated product – overseas holiday PRODUCT DETAILS The nominated high involvement product for the consumer was a recent 2 weeks holiday trip to the consumers home country Nepal during Christmas last year and numerous tour and travels with friends and relatives. High involvement products are defined as normally purchased less commonly, more complicated, obviously luxurious, or demanding huge sums of time and effort from consumers (Murphy & Enis, 1986; Radder & Huang, 2008; Fish, 2009; Tanner & Raymond, 2012). The ticket price for the holiday trip was finalized at $999 from Everest View Travel & Tours, a travel and tours. Additional Information: ANALYSIS OF THE DECISION MAKING Consumer decision making process Figure 5: Consumer decision making process Figure 2 shows that firstly, the consumer decides to travel to his home country so he needs to buy a ticket because he has a wedding ceremony of his eldest brother to attend and does not want to miss this important event of his brothers life. He also feels that he would like a short holiday because everybody needs one because he was working very hard without taking leaves at work. At this moment, he has recognized that he has a need. The next step after recognizing a need would be for him to search for information relating to the prospective purchase. He is most likely to search for information from the internet, friends and family and previous experience. After searching the information, the consumer evaluates the various tours and travel companies in the market. Here the consumer tries to find out the most important feature or the best deal he thinks is suitable for him. After that the consumer moves toward a clear intention to buy phase leading to the purchase decision. (Talloo, 2007) Factors that influenced the purchase The most important factor that affected the purchase of the nominated product here was the consumer believes that there are few variances amongst the brands characterizing the dissonance-reducing behavior, hence the buyer buys the ticket swiftly based on what is offered by one or two tours and travel companies in the market. (Du Plessis, Cant, Strydom, & Jooste, 2007, p. 64)
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