Marketing Fundamentals Business & Marketing Coursework (Coursework Sample)
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PL4 8AA Page 1 of 3 MODULE CODE: MKT215 ELEMENT: E1 MODULE TITLE: Marketing Fundamentals MODULE LEADER: Dr Dulekha Kasturiratne REFERRAL TASK: Candidates should answer ALL three questions. Word limit: 800 words per question. You are expected to illustrate your answers with examples of how the marketing theories you describe are used in practice. Question 1. Discuss the new product development (NPD) process, and identify the two main pricing strategies that can be applied to new products. Question 2. Using the model of the consumer decision making process, discuss the differences in the process for buying a routine problem-solving product vs. buying an extended problemsolving product. Question 3. Discuss the importance of market segmentation, targeting and positioning in marketing. Use examples to illustrate your answer. REFERRAL TASK Deadline: Thursday 20th August 2020, 3:00pm Submission procedure: Via the module page on the DLE Faculty of Arts, Humanities and Business T+44 (0) 1752 585020 E FoAHBAdmin@plymouth.ac.uk 109 Roland Levinsky Plymouth University PL4 8AA Page 2 of 3 ADDITIONAL INFORMATION: Assessment criteria: 1. Coverage of all aspects of the essay title 2. Use of relevant theory, diagrams, application and real life examples 3. Demonstration of insight and analytical ability 4. Good structure, logical flow, fluent English and general presentation 5. Other factors such as citations, referencing, word limits The following set of guidelines is given to help focus on what areas students need to fulfil in order to obtain the indicated mark: Marks Criteria 70 and above • Demonstrate an authoritative grasp of the concepts, underpinned with analysis, evaluation and reflective conclusions & recommendations, which show originality, as well as strategic & operational insights. • Implement an effective approach to solve a range of business problems, displaying clear and precise reasoning for the use of the techniques chosen, and with reference to their effect on future planning. • Presentation should be of a professional standard. 60-69 • Demonstrate a high level of understanding based on a competent grasp of the relevant concepts, theories and methodologies. • Apply an effective market orientated approach to solve several different types of business problem, displaying coherent reasoning for the use of the techniques chosen, and showing an understanding of their effect on future planning. REFERRAL TASK Deadline: Thursday 20th August 2020, 3:00pm Submission procedure: Via the module page on the DLE Faculty of Arts, Humanities and Business T+44 (0) 1752 585020 E FoAHBAdmin@plymouth.ac.uk 109 Roland Levinsky Plymouth University PL4 8AA Page 3 of 3 • Use materials and ideas developed beyond those introduced / discussed in class. • Refer to the academic underpinning theory and/or models using the Harvard Referencing System. 50-59 • Show a coherent, organised analysis of the business sector with clear expression of ideas. • Display a good knowledge of how an effective market orientated approach is used to solve a few different types of business problem, displaying reasoning for the use of the techniques chosen. • Demonstrate familiarity with relevant source material. • Draw recognisable and relevant conclusions supported by thoroughly researched evidence. 40-49 • Be presented with business/academic style & format, & display grammatically correct form. • Demonstrate awareness of the business type and main points as applicable to the industry/topic under discussion. • Be supported by secondary research, properly cited. 30-39 • Weak arguments, but some signs of understanding sufficient to suggest that with more work / study a pass grade is within the student’s capabilities. Below 30 • Submission deficit in most respects. • Insufficient grasp and organisation of material. • The task required was not understood and insufficiently addressed.source..
Question 1: Discuss the new product development (NPD) process, and identify the two main pricing strategies that can be applied to new products
New Product Development (NPD) process
The changing marketplace requires organizations to innovate and provide new products for their clients to maintain a competitive edge. Consequently, organizations must regularly create products that continually meet clients' demands and needs to ensure that they maintain loyalty. However, making a product that resonates with clients requires gruesome research and development to ensure that it can eventually sell and capture a significant portion of the market. Thus, new products must be profitable for the company, in the long run, to be deemed successful.
Firstly, the NPD process requires the generation of new ideas and concepts about a probable product. This involves a systematic approach that enables the organizations to generate several designs, both internally and externally, through intensive research of the market and the industry (Luchs, Swan, & Griffin, 2015). Therefore, these contributions can emanate from employees or other stakeholders in the organization or market research regarding competitors and customers. Once the ideas are in place, the screening can begin to determine the best and viable choices that the organization can go ahead with to the next step. Products with the highest probability of being profitable are analyzed and shortlisted while others are dropped to ensure that only the best prevail.
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