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Length: 3500 words (+/- 10%) Format: Report format (refer to your Course Description for more information) Value: 30% of your overall grade for this Course. Assessment Two: The purpose of this assessment is for you to demonstrate your understanding of marketing theory and its application in practice. This assessment requires you to integrate marketing theory with a "real world" context to test your ability to apply relevant marketing concepts in a practical setting. The context for this Report will be a doormat. Doormats have become one of the bestselling products during the pandemic, and are currently averaging nearly 250,000 online searches per month. This is because the more people stay at home, the more inclined they are to try and improve the way their home looks. Doormats can take many different forms and students are encouraged to be creative in this regard. Your task is to provide a Marketing Strategy for a doormat by drawing extensively on your knowledge and understanding of the BUMKT1501 course content. Your Report should cover the following topics: 1. What is the value proposition for your product? In other words, what benefits will it offer, and what "costs" are involved in buying/using it? 2. What elements of the Macro-Environment will have the biggest influence on your Marketing Strategy? Why? 3. Who is the target market for your product? 4. What is your positioning strategy for your product? 5. What is your product strategy? This strategy should actually comprise a host of sub-strategies such as; (a) what product features will you offer and why?; (b) what brand name will you give to the product and why?; (c) what form will your product labelling take and why? 6. What is your price strategy? 7. What is your place strategy? 8. What is your promotion strategy? Marking Criteria This assessment task will be assessed using the following criteria: 1. Is the primary focus of your Report on Marketing theory? As a benchmark for this, aim for at least 30 in-body references stemming from a Marketing textbook. 2. Theoretical understanding. THIS CRITERION IS ESSENTIAL. Have you defined key concepts before discussing them and used them in their proper context? To state the obvious, the whole point of this assessment is for you to demonstrate your understanding of Marketing theory by being able to apply it in a real world context. And of course, in order to do this, you must include such theory in your report. This can take the form of defining key concepts before going on to explain how they will influence your marketing plan. Because it is such an important marking criterion, make sure theoretical sources such as Marketing textbooks dominate your research effort and referencing. There are a couple of example extracts later in this document that will show you how this can be done. 3. Practical understanding: would your strategy work in the real world? 4. Connections: Have key aspects of your marketing strategy been justified by linking them back to Marketing theory? No part of a marketing strategy operates independently from the other parts. Instead, early parts of the Report should be reflected in later parts, while later parts should be justified by earlier parts. As a simple example, if your Value Proposition is based on providing ‘value’ by maximising ‘benefits’, this should be reflected later in, for example, your Product Strategy (e.g. including a tracking device in order to provide the ‘benefit’ of added safety). 5. Is your work free of spelling, grammar, punctuation and presentation errors? Format: APA style, Report format. In this specific case, your Report should comprise the following sub-headings: 1. Executive Summary (approximately 250 words) 2. The Value Proposition (approximately 250 words) 3. Analysis of the Macro-Environment (approximately 400 words) 4. Identifying the Target Market (approximately 400 words) 5. Identifying the Positioning Strategy (approximately 200 words) 6. The Marketing Mix (approximately 2000 words): This should actually be divided up into four separate sub-sections: Product, Price, Place and Promotion strategy. However, for now, these four sections have been placed under the one heading of Marketing Mix. This is because how you wish to allocate the remaining 2000 words of the Report across these four marketing tools is entirely up to you. For example, if the key focus of your marketing strategy is on Product strategy, you may wish to allocate the lion`s share of those 2000 words to that particular section. 7. Reference list (not included in the word count). Because the essential focus of your discussion should be on Marketing Theory, it should be obvious that the vast majority of your references should be academic textbooks. As per the Marking Criteria, aim to use at least 30 academic references when researching your assignment (even if they come from just a couple of different marketing textbooks). While some limited use of the internet to source information about the industry is recommended, please note that Internet sources such as Wikipedia, ‘marketingtutor.com’, ‘learnmba.com’ and any similar sites are NOT credible academic sources and so should NOT be used. Submission: Electronically via Moodle, accompanied by a Turnitin report showing text matching of <25% assessment task 2: marketing report in brief · there is a lot of detail provided below about the nature of this report, but to avoid the essential aspects of this assessment getting lost amongst all that detail, i’m going to summarise those key points here. · the whole point of this report is to assess your understanding of, and ability to apply, marketing theory. as such, this is not a report about a board game. the board game serves no other purpose than to provide you with a real-life context to apply marketing theory. · to help you identify relevant marketing theory, the powerpoint slides contain “assignment pointers”. as their name suggests, they will direct you towards theory you should include in your report. following these pointers will be essential to passing this assessment. the full description assessment task 2: marketing strategy due date: friday week 11, 11:55pm assessment type: this assessment task can be undertaken on your own, or in a group comprising 2-3 students. details of task: the purpose of this assignment is for you to demonstrate your understanding of marketing theory and its application in practice. it requires you to integrate marketing theory with a "real world" context. in doing so, it is designed to test your ability to apply relevant marketing concepts in a practical setting. the context for this assessment is a hypothetical board game. in order to do this, you will need to draw extensively on your knowledge and understanding of the bumkt1501 course content. your marketing plan should comprise the following sections: 1. what is the value proposition for your product? in other words, what benefits will it offer, and what "costs" are involved in buying/using it? 2. what elements of the macro-environment will have the biggest influence on your marketing strategy? why? 3. who is the target market for your product? 4. what is your positioning strategy for your product? why did you choose that particular strategy? 5. what is your product strategy? this strategy should actually comprise a host of sub-strategies such as: a. what product features will your product include? why? for example, perhaps your analysis of the macro-environment revealed a new cultural trend or something in the economic or natural environment that you might like to reflect in your product features. b. what brand name will you give to the product and why? c. what form will your product packaging or labelling take and why? 6. what is your price strategy? 7. what is your place strategy? 8. what is your promotion strategy? 9. reference list (not included in the word count). because the essential focus of your discussion should be on marketing theory, it should be obvious that the vast majority of your references should be from an academic textbook. while some limited use of the internet to source information about the industry is recommended, please note that internet sources such as wikipedia, ‘marketingtutor.com’, ‘learnmba.com’ and any similar sites are not credible academic sources and so should not be used. it is also forbidden to use moodle learning resources such as the powerpoint lecture slides etc. as references. report format. in this specific case, your report should comprise the following subheadings: 1. executive summary (approximately 250 words). 2. value proposition (approximately 250 words). 3. analysis of the macro-environment (approximately 400 words). 4. identifying the target market (approximately 400 words). 5. identifying the positioning strategy (approximately 200 words). 6. the marketing mix (approximately 2000 words): this should actually be divided up into four separate subsections: product, price, place and promotion strategy. however, for now, these four sections have been placed under the one heading of marketing mix. this is because how you wish to allocate the remaining 2000 words of the report across these four marketing tools is entirely up to you. for example, if the key focus of your marketing strategy is on product strategy, you may wish to allocate the majority of those 2000 words to that particular section. marking criteria this assessment task will be assessed using the following criteria: 1. is the primary focus of your report on marketing theory? as a benchmark for this, aim for at least 30 in-body references stemming from a marketing textbook. 2. theoretical understanding. this criterion is essential. have you defined key concepts before discussing them and used them in their proper context? to state the obvious, the whole point of this assessment is for you to demonstrate your understanding of marketing theory by being able to apply it in a real world context. and of course, in order to do this, you must include such theory in your report. this can take the form of defining key concepts before going on to explain how they will influence your marketing plan. because it is such an important marking criterion, make sure theoretical sources such as marketing textbooks dominate your research effort and referencing. there are a couple of example extracts later in this document that will show you how this can be done. 3. practical understanding: would your strategy work in the real world? 4. connections: have key aspects of your marketing strategy been justified by linking them back to marketing theory? no part of a marketing strategy operates independently from the other parts. instead, early parts of the report should be reflected in later parts, while later parts should be justified by earlier parts. as a simple example, if your value proposition is based on providing ‘value’ by maximising ‘benefits’, this should be reflected later in, for example, your product strategy (e.g. including a tracking device in order to provide the ‘benefit’ of added safety). 5. is your work free of spelling, grammar, punctuation and presentation errors? potential mistakes to avoid 1. this is a marketing theory assessment task. its entire assessment="" task="" 2:="" marketing="" report="" in="" brief="" ·="" there="" is="" a="" lot="" of="" detail="" provided="" below="" about="" the="" nature="" of="" this="" report,="" but="" to="" avoid="" the="" essential="" aspects="" of="" this="" assessment="" getting="" lost="" amongst="" all="" that="" detail,="" i’m="" going="" to="" summarise="" those="" key="" points="" here.="" ·="" the="" whole="" point="" of="" this="" report="" is="" to="" assess="" your="" understanding="" of,="" and="" ability="" to="" apply,="" marketing="" theory.="" as="" such,="" this="" is="" not="" a="" report="" about="" a="" board="" game.="" the="" board="" game="" serves="" no="" other="" purpose="" than="" to="" provide="" you="" with="" a="" real-life="" context="" to="" apply="" marketing="" theory.="" ·="" to="" help="" you="" identify="" relevant="" marketing="" theory,="" the="" powerpoint="" slides="" contain="" “assignment="" pointers”.="" as="" their="" name="" suggests,="" they="" will="" direct="" you="" towards="" theory="" you="" should="" include="" in="" your="" report.="" following="" these="" pointers="" will="" be="" essential="" to="" passing="" this="" assessment.="" the="" full="" description="" assessment="" task="" 2:="" marketing="" strategy="" due="" date:="" friday="" week="" 11,="" 11:55pm="" assessment="" type:="" this="" assessment="" task="" can="" be="" undertaken="" on="" your="" own,="" or="" in="" a="" group="" comprising="" 2-3="" students.="" details="" of="" task:="" the="" purpose="" of="" this="" assignment="" is="" for="" you="" to="" demonstrate="" your="" understanding="" of="" marketing="" theory="" and="" its="" application="" in="" practice.="" it="" requires="" you="" to="" integrate="" marketing="" theory="" with="" a="" "real="" world"="" context.="" in="" doing="" so,="" it="" is="" designed="" to="" test="" your="" ability="" to="" apply="" relevant="" marketing="" concepts="" in="" a="" practical="" setting.="" the="" context="" for="" this="" assessment="" is="" a="" hypothetical="" board="" game.="" in="" order="" to="" do="" this,="" you="" will="" need="" to="" draw="" extensively="" on="" your="" knowledge="" and="" understanding="" of="" the="" bumkt1501="" course="" content.="" your="" marketing="" plan="" should="" comprise="" the="" following="" sections:="" 1.="" what="" is="" the="" value="" proposition="" for="" your="" product?="" in="" other="" words,="" what="" benefits="" will="" it="" offer,="" and="" what="" "costs"="" are="" involved="" in="" buying/using="" it?="" 2.="" what="" elements="" of="" the="" macro-environment="" will="" have="" the="" biggest="" influence="" on="" your="" marketing="" strategy?="" why?="" 3.="" who="" is="" the="" target="" market="" for="" your="" product?="" 4.="" what="" is="" your="" positioning="" strategy="" for="" your="" product?="" why="" did="" you="" choose="" that="" particular="" strategy?="" 5.="" what="" is="" your="" product="" strategy?="" this="" strategy="" should="" actually="" comprise="" a="" host="" of="" sub-strategies="" such="" as:="" a.="" what="" product="" features="" will="" your="" product="" include?="" why?="" for="" example,="" perhaps="" your="" analysis="" of="" the="" macro-environment="" revealed="" a="" new="" cultural="" trend="" or="" something="" in="" the="" economic="" or="" natural="" environment="" that="" you="" might="" like="" to="" reflect="" in="" your="" product="" features.="" b.="" what="" brand="" name="" will="" you="" give="" to="" the="" product="" and="" why?="" c.="" what="" form="" will="" your="" product="" packaging="" or="" labelling="" take="" and="" why?="" 6.="" what="" is="" your="" price="" strategy?="" 7.="" what="" is="" your="" place="" strategy?="" 8.="" what="" is="" your="" promotion="" strategy?="" 9.="" reference="" list="" (not="" included="" in="" the="" word="" count).="" because="" the="" essential="" focus="" of="" your="" discussion="" should="" be="" on="" marketing="" theory,="" it="" should="" be="" obvious="" that="" the="" vast="" majority="" of="" your="" references="" should="" be="" from="" an="" academic="" textbook.="" while="" some="" limited="" use="" of="" the="" internet="" to="" source="" information="" about="" the="" industry="" is="" recommended,="" please="" note="" that="" internet="" sources="" such="" as="" wikipedia,="" ‘marketingtutor.com’,="" ‘learnmba.com’="" and="" any="" similar="" sites="" are="" not="" credible="" academic="" sources="" and="" so="" should="" not="" be="" used.="" it="" is="" also="" forbidden="" to="" use="" moodle="" learning="" resources="" such="" as="" the="" powerpoint="" lecture="" slides="" etc.="" as="" references.="" report="" format.="" in="" this="" specific="" case,="" your="" report="" should="" comprise="" the="" following="" subheadings:="" 1.="" executive="" summary="" (approximately="" 250="" words).="" 2.="" value="" proposition="" (approximately="" 250="" words).="" 3.="" analysis="" of="" the="" macro-environment="" (approximately="" 400="" words).="" 4.="" identifying="" the="" target="" market="" (approximately="" 400="" words).="" 5.="" identifying="" the="" positioning="" strategy="" (approximately="" 200="" words).="" 6.="" the="" marketing="" mix="" (approximately="" 2000="" words):="" this="" should="" actually="" be="" divided="" up="" into="" four="" separate="" subsections:="" product,="" price,="" place="" and="" promotion="" strategy.="" however,="" for="" now,="" these="" four="" sections="" have="" been="" placed="" under="" the="" one="" heading="" of="" marketing="" mix.="" this="" is="" because="" how="" you="" wish="" to="" allocate="" the="" remaining="" 2000="" words="" of="" the="" report="" across="" these="" four="" marketing="" tools="" is="" entirely="" up="" to="" you.="" for="" example,="" if="" the="" key="" focus="" of="" your="" marketing="" strategy="" is="" on="" product="" strategy,="" you="" may="" wish="" to="" allocate="" the="" majority="" of="" those="" 2000="" words="" to="" that="" particular="" section.="" marking="" criteria="" this="" assessment="" task="" will="" be="" assessed="" using="" the="" following="" criteria:="" 1.="" is="" the="" primary="" focus="" of="" your="" report="" on="" marketing="" theory?="" as="" a="" benchmark="" for="" this,="" aim="" for="" at="" least="" 30="" in-body="" references="" stemming="" from="" a="" marketing="" textbook.="" 2.="" theoretical="" understanding.="" this="" criterion="" is="" essential.="" have="" you="" defined="" key="" concepts="" before="" discussing="" them="" and="" used="" them="" in="" their="" proper="" context?="" to="" state="" the="" obvious,="" the="" whole="" point="" of="" this="" assessment="" is="" for="" you="" to="" demonstrate="" your="" understanding="" of="" marketing="" theory="" by="" being="" able="" to="" apply="" it="" in="" a="" real="" world="" context.="" and="" of="" course,="" in="" order="" to="" do="" this,="" you="" must="" include="" such="" theory="" in="" your="" report.="" this="" can="" take="" the="" form="" of="" defining="" key="" concepts="" before="" going="" on="" to="" explain="" how="" they="" will="" influence="" your="" marketing="" plan.="" because="" it="" is="" such="" an="" important="" marking="" criterion,="" make="" sure="" theoretical="" sources="" such="" as="" marketing="" textbooks="" dominate="" your="" research="" effort="" and="" referencing.="" there="" are="" a="" couple="" of="" example="" extracts="" later="" in="" this="" document="" that="" will="" show="" you="" how="" this="" can="" be="" done.="" 3.="" practical="" understanding:="" would="" your="" strategy="" work="" in="" the="" real="" world?="" 4.="" connections:="" have="" key="" aspects="" of="" your="" marketing="" strategy="" been="" justified="" by="" linking="" them="" back="" to="" marketing="" theory?="" no="" part="" of="" a="" marketing="" strategy="" operates="" independently="" from="" the="" other="" parts.="" instead,="" early="" parts="" of="" the="" report="" should="" be="" reflected="" in="" later="" parts,="" while="" later="" parts="" should="" be="" justified="" by="" earlier="" parts.="" as="" a="" simple="" example,="" if="" your="" value="" proposition="" is="" based="" on="" providing="" ‘value’="" by="" maximising="" ‘benefits’,="" this="" should="" be="" reflected="" later="" in,="" for="" example,="" your="" product="" strategy="" (e.g.="" including="" a="" tracking="" device="" in="" order="" to="" provide="" the="" ‘benefit’="" of="" added="" safety).="" 5.="" is="" your="" work="" free="" of="" spelling,="" grammar,="" punctuation="" and="" presentation="" errors?="" potential="" mistakes="" to="" avoid="" 1.="" this="" is="" a="" marketing="" theory="" assessment="" task.="" its="">