Market Research and Market Planning (Coursework Sample)
Students are required to collect a portfolio of evidence from the world around them that represents marketing objectives, strategies and tactics. Students will then be required to write a 400 word critique on each of 6 topics, given below, (total 2,400 words):
Your task is to collect a total of 7 different examples (2 for topic 6) relating to the specific topics, listed below, that illustrate and provide evidence of ‘marketing in action’.
Your examples must be current (from 2014 to 2019) and should come from sources such as newspapers, magazines, websites, social media (e.g. consumer blogs), personal experience, etc. If you are not sure if the source of the evidence/ example is appropriate, please ask your teacher.
You need to find one example of each of the following topics. Please note that the last topic requires
1. How does Market Research direct a marketing plan?
HINT: This means sourcing an example that demonstrates the use of market/marketing research to determine marketing objectives, strategies or tactics.
2. Provide an analysis of the impact competitors have on a product.
HINT: This means sourcing an example that demonstrates the impact competition (an external factor) has on a product and thus influences marketing objectives andstrategies.
HOW TO PRESENT YOUR ASSIGNMENT
Your portfolio will be submitted in 2 parts:
• PART A consists of your answers to questions 1 and 2.
A copy of the marking criteria rubric for this assessment will be placed in iLearn under the Assessment Section.
You must write a 400-word critique for each topic. Each critique should include:
• The topic (from above) is clearly stated.
• An explanation IN YOUR OWN WORDS of the relevant theory that demonstrates sound and thorough understanding of the topic as related to the question.
• A description of the example, including sources using Harvard (AGPS) referencing. You may use multiple sources for the example, such as personal experience and an article in a business publication.
• A link between theory and practice. Your task is to evaluate and analyse how the example bridges theory and practice, and how well it relates to the topic chosen (from the list above).
Suggest future recommendations, your opinions, limitations, implications or consequences associated with the example - these will vary depending upon the example and topic. Write clearly and succinctly in your evaluation and analysis.
• Illustrations, images, diagrams, graphs, tables, charts or visual aids to support your answer.
PART A: Should not exceed 800 words.
PART B: Should not exceed 1,600 words.
(These limits do not include tables, figures, the reference list, or title page.)
Formatting: standard 12-point font, 1.5 line spacing, and side margins 2.5 wide.
Referencing: all sources (i.e. the work and ideas of others) must be cited and referenced using the Harvard (AGPS) referencing system. You need to provide both in-text references and a reference list.
Market Research and Market Planning
Market research plays an important role in the identification of the potential competitors of a business and the pricing of its products. Saar (2015) discusses a case study highlighting how he used market research to come up with a market plan on how a company would get into the market. The case study is about a Finnish electro-technical company called Case that specialized in the manufacture and supply of electrical components. The electro technical company was coming up with a new product and they needed a market research to which would help them get the new product into the market. The marketing objectives were to identify the channels through which the company would market its new products to the market in an effective manner. The company also wanted to gain new customers which would in turn make it easy for the company to get the market share that they deserve. As Lee et al (2017) points out market research will help the company to identify the appropriate trends in the specific industry and come up with the appropriate strategies such as the pricing and other marketing channels that will help the company to overcome these competitors CITATION Lee15 \l 1033 (Lee, et al., 2015). The researcher obtained information about the perception of customers on electro technical products especially the shipping process. He carried out the research with Porter’s five forces of competition in mind.
Fig 1: Porter’s five forces of competition
Source: Saari, T., 2015. Marketing Plan for a New Company: A Case Study. Oulu University of Applied Sciences
Fortunately enough, he realized that most of the customers had challenges on the shipping process of the products which took so long. Some of them were also worried about their products since most of the logistical companies did not provide tracking of the products for the customers. There was also a need for an improved communication channel that would give information in real time about the destination of customer’ products. The use of Pareto principle in marketing segmentation also helped the researcher to segment the target market with an understanding that 80% of the profit would come from 20% of the customers CITATION Saa15 \l 1033 (Saari, 2015). Instead of reaching the market as a whole, segmentation would play an important role in identifying new markets and the company would come up with the appropriate market channels to reac
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