MKT20031 Marketing and Innovation Assessment Solutions
- Topic: MKT20031 Portfolio
- Document Type: Assignment help (any type)
- Subject: Marketing
- Number of Words: 2000
- Citation/Referencing Style: Harvard Swinburne Style
Assessment Task – Assignment 1
Stage 1: Innovation Concept Development
Task 1: Consumer Analysis
You are required to complete two tasks.
1.1 Develop a target consumer persona table
You will need to pick one trend that you think is most relevant to you (i.e based on your prior experience, interests, etc). Then, you get to pick one of Roy Morgan’s consumer segment that you believe is the best fit with your chosen trend then develop a consumer persona table using the given template.
The RM’s consumer segment should be used as a starting point. You are strongly recommended to conduct your own research into these consumers (e.g their likely age range, income, occupations, motivations/goals, challenges, media habits, etc.). The best way to do this is to actually ask/interview a few people who are in that segment, then validated or supported by industry reports or data. Please ensure you keep social distancing.
You should analyse all the prospective segments to get an unbiased picture which segment is the best fit with your chosen trend. However, you will only need to develop one consumer personal.
Figure 1. One example of a consumer personal table
1.2 Apply the “Jobs to be done” (JBTD) framework and the Forces Diagram to understand the target consumer.
The Canvas will have information relating to this framework. You will need to:
1. draw JBTD framework and Forces Diagram (exclude from words count) to analyse the above consumer personal.
- The JTBD diagram should present functional, emotional and social jobs and highlight the most important job for this personal.
2. provide a 400-word analysis using evidence (e.g interviews, observations, research articles, etc.) to support and justify your answers to the following questions:
- What desired “job”/progress is that person trying to achieve in relation to the trend we are investigating? Identify the functional, social, and emotional dimensions of the desired progress and explain which dimension(s) are most important to this persona and why.
- What are the circumstances and context that affect the struggle for progress? Different consumer segments will have unique forces shaping their desired progress. You must analyse these forces using Forces Diagram framework.
Figure 2. One example of JTBD Framework
Figure 3. The Forces Diagram overview
Task 2: Creating the innovation concept statement and forecast analysis
2.1 Innovation Concept Statement
After analysing the potential target consumer, it’s finally time to get creative and actually translate your trend into a concrete innovation concept/idea by either role playing as an existing company or a new start-up. The innovation concept is a solution to address the persona’s jobs and forces above.
In 200 words, write an innovation concept statement and justification using the template provided. The innovation concept statement should answer “who, what, why and how” questions such as (Who is proposing the innovation? For whom? What is the innovation
– what are the key important attributes and determinant attributes? Why these key attributes? How are the attributes developed and delivered?)
Figure 4. One short example of how product concept statements can be made
2.2 Forecast analysis using DENT-PC or SIP-CCC frameworks
You will need provide a forecast analysis of one key internal or external factor that may impact the sustainability of your proposed innovation. You will need to use one factor of either DENT-PC or SIP-CCC framework for this.
Note that your forecast need to be based on real evidence, not “what-ifs”. You are encouraged to use market and industry reports such as IBIS, EuroMonitor, or other articles that can provide you with concrete evidence to support your forecast.
Stage 2: Innovation Concept Evaluation
Task 3: Business Model Canvas
3.1 One-page poster of BMC
Osterwalder & Pigneur provides a template of nine building blocks that is aimed at equipping new ventures before they are launched. You must complete all nine building blocks to develop a one-page poster canvas (exclude from words count) and justification of the building blocks.
The one-page canvas does not count as the word count. We recommend you present this as a pdf, pasted into your document, or submitted as a separate document.
Figure 5. Example canvas of Netflix and Uber BMC
3.2 Elaboration of the BMC
You will then provide an explanation of following two building blocks using relevant theory/concepts to justify your answer. The explanation of these building blocks is where you try to explain, justify, and convince the reader that your business model is solid.
Imagine that the reader is a potential investor, so you need to “show-off” and demonstrate that each element of your design has been carefully researched using best- practice theory and examples. For instance, you might draw on Augmented Product Concept to explain which value proposition will set you apart from your competitor, etc.
- Segmentation Block: What is the segmentation strategy adopted? How many segments and how are they segmented?
- Value Proposition Block: Drawing on augmented product concept, in relation to the value propositions building block, identify core, actual and augmented benefits and explain what the points of parity and what the points of differences are and Why. Use research evidence to support the discussion and show how these value proposition helps your company gain competitive advantage.
Task 4: Service Gaps Model
The Gaps Theory highlights five potential pitfalls that may lead to unsatisfied customers.
The framework was originally developed for services marketing, but can be used for products as well since in today’s world, almost all market offering has some service elements to it. In this assignment, you must answer four questions relating to your business model, based on the Gaps Theory.
Explain how your BMC element(s):
- ensure that management and staff know what customers expect (Avoiding Gap 1).
- ensure that delivery standards are accurately translating what the managers believe that customers expect (Avoiding Gap 2).
- ensure that the ‘ground staff’ can perform to the expected delivery standards (Avoiding Gap 3).
- ensure that there is a balance between what is promised to the consumer and the level of performance that is delivered (Avoiding Gap 4).
Each Gap above is likely to be addressed by more than one elements of your BMC. Your job is to ensure you analyse all nine building blocks and show how some of them address which gap. Justify your discussion using theory/concepts covered from Weeks 4-7.
Figure 6. Gap Model from Lovelock, Patterson and Wirtz, 2014, p. 349
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