Assignment 3: Create the Value (10%) Introduction This assignment has been designed to help you integrate and apply the marketing concepts, terms, and information you have learned up to this point....

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Assignment 3: Create the Value (10%)

Introduction

This assignment has been designed to help you integrate and apply the marketing concepts, terms, and information you have learned up to this point. These concepts provide a foundation on which other course concepts are built. Assessing your comprehension will help ensure that you are on track to successfully complete the course. This assignment is worth 10% of your final grade in the course.

3.1: Diffusion of Innovation and Product Concepts (25 marks)

Suggested time:1.0 to 2.0 hours

Length:Please write your response in point form and limit your response to two (2) to three (3) pages using 1.5 line-spacing.

Assessment:This part of the assignment will be assessed using the following criteria:

  • Understanding of the factors that influence the adoption and diffusion of innovation.

  • Identification and description of the marketing mix implications of each factor in this context.

As a member of Dyson’s new product team you participated in the development and marketing of Dyson’s V11 Torque Drive Vacuum $899.99 – the company’s latest entry into the vacuum world.

Go to Dyson’s website atwww.dysoncanada.ca/. Review the product information about their V11 Torque Drive Vacuum. You will need to do some research on the Internet to gather additional information about the organization.

  1. Consider the product factors that influence the rate of adoption and diffusion of innovation. For each of the five factors, explain how that factor might affect the speed of the adoption of the V11 Torque Drive Vacuum. Explain how each factor will increase or decrease the rate of adoption. (10 points)

  2. Identify five other non-product-related factors that might influence the rate of diffusion of innovation. Draw from your own experience on what influenced you to buy or not to buy a new product. (5 points)

  3. Then make five marketing recommendations to the Dyson’s team manager that will speed the adoption of the new product now that it has been introduced. These might relate to personal factors, sociocultural factors, organizational factors, or other factors outside of the control of marketers. (10 points)

3.2: Product Management Concepts (50 marks)

Suggested time:2.0 to 4.0 hours

Length:Please write your response in essay format and/or point form as appropriate and limit your response to four (4) pages using 1.5 line-spacing.

Assessment:This part of the assignment will be assessed using the following criteria:

  • Comprehensiveness

  • Depth of insight and analysis

  • Rationale/support for the conclusions drawn

Go to the Internet and log ontoA&W Restaurants Canada’s website. At the top of their home page, read A&W Restaurants “Overview”, “Our Food”, “Our Planet” and “Our Community”.

At the bottom of the home page read about “Our Company” and “A&W Income Fund” (overview).

Go back to the top of the home page and review the menu offering. If you have an opportunity, visit an A&W Restaurant. (This is not necessary to successfully complete this part of the assignment.)

You will need to do some research on the Internet to gather additional information about the organization.

Now answer the following five questions:

  1. In spite of heavy competition from other fast food retailers in the marketplace, A&W secured the second largest market share in Canada after McDonald’s. What five factors do you think accounted for A&W’s success in securing its market share? (10 points)

  2. Using marketing concepts, terms, and information from the module, describe A&W’s product strategy in terms of:

    • The productconcept: core, actual, augmented, and potential product. (8 points)

    • The productline: width, length, depth, and product line strategy. (12 points)

  3. Describe and evaluate the branding strategy for A&W. What are the main advantages and disadvantages of this strategy? (5 points)

  4. Given A&Ws’ growth in Canada, how would you recommend they organize their marketing effort (the organizational structure of the people in the marketing department) for managing existing products and developing new products? (5 points)

  5. In your opinion, what stage of the product life cycle are A&W’s products? What makes you think so? What are the marketing mix implications of being in this stage? (Discuss product strategy, pricing strategy, distribution strategy, and communication strategy implications.) (10 points)

3.3: Pricing Strategy (20 Marks)

Suggested time:1.0 to 2.0 hours

Length:Please write your response in point form and limit your response to one (1) to two (2) pages using 1.5 line-spacing.

Assessment:This part of the assignment will be assessed using the following criteria:

  • Comprehensiveness

  • Depth of insight and analysis

  • Rationale/support for the conclusions drawn

When pricing a new product, a marketer will select a strategy from several different price strategy options. The most common strategies used are skimming price and penetration price.

  1. What are the advantages and disadvantages of each of these two price strategies for the organization? (10 points)

  2. What are the advantages and disadvantages of each of these two price strategies for the customer? (10 points)

3.4: Report Structure and Presentation (5 Marks)

Remember, you will be judged by the structure, clarity, presentation, and quality of your work. Prepare and present your assignment in a formal manner suitable for business.

To ensure the quality of your written work, refer to theAssignment and Final Project StructureSection.

Assessment Criteria

The assignment will be evaluated using the following performance criteria:

Content—Address all points of information as outlined in the criteria and content for the assignments and Final Project. Incorporate specific references to readings, theories, ideas, and feedback that assisted you in rethinking your experiences and increasing your awareness of your marketing skills.

Knowledge—Demonstrate your knowledge, understanding, skills and perspectives on the course’s learning materials by applying them in the assignments and Final Project. Link theory and practice by applying what you learned from the readings, reflections, and practical application of your new marketing skills and from discussions with your fellow students.

Theory & Practice—Demonstrate the connections between the work of others (course materials, readings, activities, and discussions) and actual organizational principles, practices, and processes. Go beyond general descriptions. Be thoughtful and critical in your analyses, conclusions, and recommendations.

Critical Thinking—Use reflective, logical, and rational thinking to gather, combine, process, interpret, and analyze the information to develop a reasonable conclusion. Provide examples to support your comments and observations. Be specific and concrete. Tell a complete story. Avoid generalizations. Support a statement with a specific example that demonstrates your understanding and skill.

Completion Guidelines

Submit your Assignment using the Assignment tool accessible via the "This course" menu and selecting "Assignments." Be sure to save your assignment as a Word document and name it: MKTG 2431_Lastname_Assign3_CourseCompletionDate

Reminders before submitting assignment:

  • Did you put your name, student number, and your course completion date on the cover page of the document?

  • Did you submit all parts of the assignment in one Word document to your Open Learning Faculty Member?

  • Did you complete all the required elements?

  • Did you use concepts, information, and terminology learned in this course?

  • Did you support your statements with specific examples?

  • Did you cite references, using correct referencing format?

  • Did you ensure that there are no spelling mistakes?

  • Is your report grammatically correct, clear, and well organized?

    Note:Reference all quotations appropriately using the APA style (author, date, title, publisher, page number) and when needed provide website URLs or references. Visit theTRU Libraryand access “How do I…?” for further information about how to cite resources.

Answered Same DayMay 10, 2021

Solution

Angel K Peter answered on May 10 2021
27 Votes

MARKETING
&
MANAGEMENT
DIFFUSION OF INNOVATION AND PRODUCT CONCEPTS
1. Diffusion is a marketing technique or process by which an innovation is promoted to the members of a social...

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