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MRKT11029 Marketing Fundamentals

Question

Answered

Task:

Your task is to choose ONE (1) of the four options below and then write a market opportunity analysis for that product with the focus on current Australian market conditions to determine market attractiveness.

Product description and current market conditions

Your first task is to briefly describe the new product chosen, outlining its features and benefits plus any optional extras (if applicable).  Secondly, you are to describe the current market conditions in Australia by examining relevant business trends, competitors, and customer needs that may affect consumer purchasing so as to determine market attractiveness. 

Relevant business trends can be uncovered by relating the influence of six selected environments in Australia (i.e. demographic, economic, natural, technological, political and cultural) to the current status of your business.  Make sure your discussion focuses only on those forces in the macro environment which you believe are likely to have the greatest immediate impact (you do not need to discuss all of them).  Use of in-text citations to help support the discussion is expected.  Hint: Chapter 3 (including Figure 3.2 on page 72) of your prescribed textbook deals with analysing the macro environment.  In addition, the Australian Bureau of Statistics (ABS) might be a useful source for helping identify specific recent trends in the macro environment.  

Marketing strategies and innovative marketing approaches

This section should be attempted after you have completed analysis of the macro and micro environment.  You now should have a good idea as to who your main direct competitors are likely to be in Australia. indirect com A direct competitor is someone who offers the same or similar product or service and therefore competes for the same potential market (e.g. Coca-Cola and Pepsi).  If you cannot identify any direct competitors in Australia then look at potential petitors.  Indirect competitors offer slightly different products or services (i.e. substitutes) but target the same group of consumers with the goal of satisfying the same need (e.g. Pizza Hut and KFC).

Your task here is to outline the way your competitors (direct and/or indirect) do their marketing in Australia. Look at: the products or services they provide and how they market them to customers.  In your analysis, identify the marketing strategies and approaches currently being adopted (e.g. their desired positioning and type of customer being acquired).  In addition, you will need to assess the role and impact of any innovative marketing strategies being adopted (e.g. the use of content marketing and social media). 

SWOT analysis 

Conduct a strengths, weaknesses, opportunities and threats (SWOT) analysis for your chosen product (including what you think the business capabilities are).  Present this in a similar manner to what you can see on pages 487-488 of the prescribed text.  

Strengths = Superior resources and skills that can be drawn on to exploit opportunities and counter threats. 

Your portfolio must include at least six (6) scholarly sources of information from a combination of academic journal articles, academic textbooks, trade journals and websites.  Your prescribed textbook would be a seventh source of information.  All sources should be listed in alphabetical order and cited in the main body of the portfolio using the American Psychological Association (APA) referencing style.

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