This is a Business report and it is based on process of Buyer Behaviour. Firstly you have to select a company from the following business areas: clothing, footwear, accessories, or jewellery. The company should be operating its business in "Australia" or "India" not necessarily originated from there only (For ex:- Rolex, Apple, etc). Secondly you have to select any one element from the following two Buyer Behaviour theories: MAO Model (Motivation, Ability, Opportunity) & Model of Information Processing (Exposure, Attention, Perception, Comprehension) for the assignment.
Microsoft Word - Assessment 2 - Apply One BB theory to marketing.docx MKF5911 – Theory and Process of Buyer Behaviour Assessment 2: Apply One Buyer Behaviour Theory to Marketing 1 1 1. Overview Students find it challenging to make the links between buyer behaviour theory and the development, execution and management of marketing activities. This assessment seeks to address this issue by providing you with opportunities to communicate your theoretical insights on buyer behaviour to a senior marketing person within an organisation How does this assignment benefit you? First, the skill of integrating theoretical insights and information into meaningful business insights is highly regarded in business (see definition of insight below in Section 3). Just like consumers, marketing managers (and other business people) are bombarded by too much information and tend to ignore or not respond to information that does not seem immediately relevant. This is particularly the case for decision-makers who are required to sift through large amounts of information to arrive at decisions. Polishing your skills in presenting meaningful, succinct, and well written insights will therefore help build your competitive advantage in the workplace. Second, the process of integrating marketing theory and concepts to create business insights helps to build logical and structured thought process that refines your capacity to think critically and make evidenced based recommendations as opposed to simply offering opinions. You are expected to communicate your ideas clearly and concisely as is fitting for an insights report to a business person, which allows the recipient to grasp the content quickly and easily. Developing your insights report will take time and require that you carefully edit your work for clarity and conciseness. Note that 10% of marks have been allocated to written expression and report structuring (see Marking Rubric). Your report should include meaningful and relevant visualisations and analysis of visualisations. If you create an academic, word dense “essay” you will be penalised. If you cannot “market” information you are not thinking about your audience (senior marketer). 2. Assessment 2 has 6 compulsory components You should develop this assessment as though you were going to present it to a senior marketer in the organisation. For this reason, your analysis and insights MUST BE TAILORED to this person and their organisation. 1. Component 1 requires you to research and profile a company in one of the following business areas: clothing, footwear, accessories, or jewellery. You can select a company in Australia or your home country. If a company’s operation is geographically dependent (e.g., Toyota), it is recommended to select one regional business (e.g., Toyota Australia or Toyota Melbourne) and profile its regional senior marketing manager. Taking this approach will make completing component 3 (profiling target segment) easier. You are instructed NOT to profile Business-to-business (B2B) companies, advertising firms, or consulting firms (assessments based on these will be awarded zero marks). 2. Component 2 requires you to research and profile a senior marketer in the company you have selected. Ideally you should select someone who has been at the organisation for at least one year (e.g., marketing manager, marketing director, vice president marketing, senior brand manager, digital marketing director or manager, marketing executive, etc.). Note - actual titles may vary by organisation and organisational structure. MKF5911 – Theory and Process of Buyer Behaviour Assessment 2: Apply One Buyer Behaviour Theory to Marketing 2 2 3. For component 3, you will profile one (1) consumer segment that the company currently targets or wishes to target. Your profile must address the following segmentation variables: a. Psychographic / Demographic / Geographic/ Behavioural. (“/” means “or”, not “and”) b. Perceived needs and wants of the selected target segment c. Value being sought by target segment (benefit – cost) Based on your profile, you are expected to provide analytical insights into their potential behaviour; the type of person are they, and what are they seeking from the company’s service. You are expected to justify your insights. 4. Component 4 requires you to draw on your profiling and investigation, to develop one key consumer- related insight for the company (e.g., what marketing challenges / opportunities is the company currently / potentially facing in relation to its customers’ behaviour?). This challenge or opportunity must be addressable within the capacity of the firm’s marketing department. (e.g., avoid things like sudden changes of laws, increased manufacturing cost, technology-based changes, etc.) 5. Drawing on your responses to components 3 & 4, explain how one element* of buyer behaviour (e.g. perception) could influence the profiled target market’s decision-making in relation to the profiled business. *The element of buyer behaviour you will focus on for Assessment 2 can come from weeks 1~7. 6. Drawing on your responses to component 5, propose one recommendation that you would want the senior marketer to implement. Your recommendation must relate to the design of one marketing mix activity (e.g., pricing, product, or promotion). Your recommendation must be ORIGINAL (i.e., something that the company is not already doing). Put differently, you are NOT to simply describe what the company has already been doing. Your recommendation must be detailed and ACTIONABLE. A basic or general recommendation is not actionable. Finally, your recommendation must be based on and connected to the theoretically justified analysis in component 5. 3. Definition of insight Your business report is expected to provide insights for the senior marketer. For the purpose of this unit, an insight is defined as; a previously unrevealed fact that can be used to build marketing action that will lead to a sustainable competitive advantage. • Unrevealed – not previously understood, not common knowledge, not generally known. • Fact – it must be supported by evidence; numbers, graphs, trends AND academic, contemporary business or field research. • Marketing action – input to overall strategy, overall marketing mix or specific marketing mix component/s. • Sustainable competitive advantage – input to achieving objective/s in the market place. MKF5911 – Theory and Process of Buyer Behaviour Assessment 2: Apply One Buyer Behaviour Theory to Marketing 3 3 4. Report due date and marks Value: 30% Length Report – 10 pages maximum and strictly 2,000 words maximum for the main body (excluding the title page, executive summary, references, and appendix). 10 marks deduction beyond 10 pages or beyond 2,000 words, because conciseness is valued in business reports to senior managers who are time poor. Type Individual assessment only Due Date and Submission Format Report uploaded via Moodle Assessment Submission box. Due Data: 19 September at 23:59 (AET). Students can choose a buyer behaviour topic/theory from week 1 to week 7 You can submit assessment any time before due date. There will be penalty for late submission for the report. 10 marks deduction per 24 hours of delay. A delay of fewer than 24 hours will be rounded up to 24 hours. Don’t just save a DRAFT on Moodle, you need to SUBMIT it by the due date, otherwise you will receive 10 marks deduction. There will be penalty for plagiarism. Any application for extension must be made BEFORE the due date. For information visit: http://www.monash.edu/exams/changes/special-consideration File protocol Report: Word document (PDF is not allowed) File name Family name_given name_student id_tutorial day & time_week number_topic E.g., Cheng_Yimin_23456789_Tue 1930_week 4_Knowledge Learning outcomes #1, 2, 3, & 4 5. Report Format See notes on How to Write a Business Report and How to Write an Executive Summary on Moodle. • Title Page- report title, student names, ID, date (not included in word count or page count) • Executive Summary (not included in word count, separate page, one page length - max) • Profile the company and its marketing manager: company name, product/service offered, value proposition, size and revenue, major competitors, etc. Marketing managers name, job description, goals/objectives, etc. (1- 2 pages)* • Profile the target segment for the organisation (1-2 pages)*: • Consumer-related insight for the company. Key challenges or/and opportunities. (0.5-1.5 page)* • Based on the above profile, explain the potential impact of one element of buyer behaviour (e.g. perception), on the consumer decisions. (2-2.5 pages)* • Based on the BB element impact on the target segment’s decision-making, propose how the BB element might be used/applied in designing one marketing mix activity. (2-2.5 pages)* • References – Not counted in word or page count. See Report Writing notes regarding referencing • Appendix (if used/relevant) – supporting evidence or data for target segment profile. Not counted in word count. See Report Writing notes MKF5911 – Theory and Process of Buyer Behaviour Assessment 2: Apply One Buyer Behaviour Theory to Marketing 4 4 *The suggested page length for each section is indicative only. You are expected to read the Assessment 2 Marking Rubric and to use the marks allocation to guide how many words you allocate to each of the task components. For example, components 5 and 6 together account for 45% of the marks allocated to this assessment. You should therefore dedicate a relatively big proportion of the report to these two tasks. 6. Mechanics of report San Serif Font— Calibri, Arial, Garamond, etc. Font size—12 Line spacing—1½ lines Paragraph spacing – Before —6 points Pages to be numbered bottom right APA reference style – any ideas, graphs, tables, diagrams other than you own research must be fully referenced. 7. Links to Assessment 3 This assessment is an input to Assessment 3. You will receive feedback on this Assessment 2 report. When you form a group for Assessment 3, your group will select one Assessment 2 report and develop it into the Assessment 3 report. You will need to integrate the Assessment 2 feedback into writing the Assessment 3 report.