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Assessment Brief Module Title: Strategic Marketing Entrepreneurship Module Code: 7BUS2040 Assignment Format & Maximum Word count (consider assessment load) Market research and ideation for a new product launch Weighting 30% Coursework Submission: Time: Date: Method: Canvas Coursework return Date returned to students: Module leader Diane Morrad First marker Internal Moderator Approved ☐ Date: Module Board name External Examiner Approved ☐ Date: Module Board date Assessment Criteria Learning Outcomes: Knowledge and Understanding tested in this assignment: · Develop a critical understanding of the role and processes of strategic marketing planning in the creation of value and/or competitive advantage for an organisation. · Examine the role and processes of innovation and business model development to create new ventures, products, and services in response to growth opportunities. · Assess the market environment in the context of contemporary issues including digital transformation, marketing ethics and sustainability Learning Outcomes: Skills and Attributes tested in this assignment: · Develop a range of entrepreneurial skills through a new venture or new product/service development project including team working, ideation, innovation, evaluation, communication and persuasion. Feedback /Marking criteria for this Assignment Performance will be assessed using HBS Grading Criteria and Mark scheme. Guidance for improvement will be given in writing on the Assessment Feedback Form or via Canvas within 4 weeks of submission. For each day or part day up to five days after the published deadline, coursework submitted late will have the numeric grade reduced by 10 grade points until or unless the numeric grade reaches 40 for levels 4, 5 and 6 or 50 for level 7 (PG). Where the numeric grade awarded for the assessment is less than 40 for level 4, 5 and 6, or 50 for level 7, no lateness penalty will be applied. However, if a submission is more than 5 working days after the published deadline, a grade of zero will be awarded. Detailed Brief for Individual/Group Assessment Assignment Title: Group Work: Market research and ideation Imagine that your team works for a marketing agency. Your manager has asked you to help on a client project to develop a suitable new product or innovation. Attached is the brief received from the directors of the client company. Task 1 Market Research You will need to undertake comprehensive market research to explore the market situation and define the most appropriate opportunities for this company. Your research must be supported by credible market information, using the marketing databases that are available in the Business Toolkit from the Learning and Resources Centre (LRC) Task 2 Ideation process Once you have completed the market research, you need to use the market information to undertake an ideation process within your group and develop a business model canvas for your proposed innovation or new product. In your team, meet to construct and facilitate an ideation process based on your research. You will be given time to do this during weeks commencing 7th and 14th March and can work online or face to face as your group members prefer. Your aim is to propose a suitable new product/service or innovation to help the business grow. To be successful you need to decide on the best tools and techniques to help with your ideation process: e.g., Brainstorming, Mind-mapping, Mood board. You can use a business model canvas to summarise your ideas. You will need to think about your client organisation: 1. What are its values? 2. What makes the brand? 3. What is the competitive advantage or how can it be created? 4. What innovation is possible based on the micro and macro environment? You will be expected to justify the ideation summary by referring to your market research. Once you have completed both tasks, your group work submission needs to present the research and the ideation process in a PowerPoint presentation. Submission requirement: PowerPoint presentation. Summarise your critically evaluative marketing audit and the ideation process into a PowerPoint presentation for the client company’s directors. Your presentation must cover the following areas: 1. Market trends, competition, supply and distribution 2. The proposed segmentation of the customers available to target 3. The significant factors affecting the organisation (no more than 8) 4. The businesses capabilities (based on strengths and weaknesses) 5. The key opportunities available including met/unmet needs to preferred market segment 6. Any relevant ethical or CSR factors 7. Summarise three ideas from your ideation process that you want to present to the company Presentation guidelines You are providing the slides with notes pages to brief your manager/the clients about the market situation. You are not required to give a presentation. The presentation should be no more than 14 slides, with a professional standard of visual presentation. You are restricted to 100 words/slide on the note pages. You must also add a title slide that must include a list of your group members by Student ID number. Failure to do this may mean we cannot track who has taken part and award their grade. You must also add a list of the sources you have used at the end of the presentation and a final slide that lists the contribution of each group member (like the credits at the end of the film), again using the student ID numbers. Please be aware that if an individual does not make a reasonable contribution, they may not receive the same grade as other members. No contribution will mean no grade. The presentation must be submitted online via studynet using the appropriate submission portal Mark scheme: Research Summary and ideation as a PowerPoint presentation The presentation is worth 30% of the module grade Content is worth 60% Weighting QUALITY OF CONTENT/ANALYSIS/EVALUATION Focused on the task & addresses it Displays knowledge & understanding: Inclusion of appropriate/relevant theories; accurate/relevant application of data/theory/practice/examples 30% EVIDENCE OF RESEARCH Appropriate, relevant and credible research Harvard referencing system used 30% Delivery of content = 40% PLANNING/ORGANISATION OF MATERIAL/TOPICS Coherent structure/organisation evident in the flow of the presentation Good delivery of content 10% LINKAGE/SIGNPOSTING Logical sequence throughout the presentation 10% USE OF LANGUAGE Articulate & fluent; language is clear & concise 10% USE OF PRESENTATION VEHICLE Professional/business-like quality; Clear images & ‘audience friendly’ Interesting & attractive; appropriately used 10% To go to CASE workshops, use the CASE website and drop-in hours www.studynet.herts.ac.uk/go/CASE/ · Academic English for Business support is available through daily drop-ins from the CASE office. See the CASE workshop timetable on the CASE main website page for details. · Use the Online Library to access quality information resources for your research. Library Search will help you discover, books, ebooks, journal articles and more. · Further down the Online Library page the Subject Toolkit for Business, under Specialist databases provides access to industry standard business information databases. · For an overview of Library & Computing Services see Get Started, one of the Library SkillUP units. · Library SkillUP can also help you develop your skills in Searching, Reading, Evaluating and Referencing information. · Use Library SkillUP to speak to a Librarian via Chat, join a Library Skills session or make an 1-to-1 appointment with a librarian. See what workshops are on offer as part of our Online Study Success Hub programme · Some tutors allow students to test their work using Turnitin. Guidance on submission to Turnitin via StudyNet can be found by using the following link. http://www.studynet1.herts.ac.uk/ptl/common/asu.nsf/resource+library/TURNITIN+FOR+STUDENTS+2016+USER+GUIDE.pdf/$FILE/TURNITIN+FOR+STUDENTS+2016+USER+GUIDE.pdf Karen Robins - Updated September 2020 7BUS2040 Strategic Marketing Entrepreneurship Client overview Harley and Adamson is a Small Medium Enterprise (SME) based in Hertfordshire The company employs 124 people at its Welwyn base, which is both the production site and head office. Its core business is the manufacture, distribution (B2B) and retail (online) of cast iron cooking equipment. The existing portfolio of products includes barbecues, pizza ovens, Dutch ovens, and griddles. The current geographical markets are the UK and Europe. B2B sales are mostly to garden centres and DIY chains, but the company manages a growing retail website from its head office. Revenue was £14 Million in 20/21 with a spike in demand of 14% compared with the previous year. This was attributed to Covid-19 which meant more people were enjoying recreation activities at home, combined with a good summer in the UK and Europe which encouraged ‘outdoor living’ when people could not go on holidays or travel abroad. At a board meeting in December, the Directors agreed a business plan with a company objective to increase sales by £1260,000 (9%) annually for the next three years. The Brief The Directors are concerned that the existing UK/European markets may see slower growth because the product range is durable and expensive. As a result, consumers purchase as a ‘one-off’ or occasionally during their lifetime. Worried that the existing available market may reduce, the Directors have already commissioned market research into potential new geographical markets. They also want to commission your team to help them to develop new products/services within the existing category, or to diversify into suitable other product/service categories that would be a strategic fit with the company’s core capabilities.