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MKTG3303 Strategic Marketing

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Question:

Your task as consultants is to provide recommendations for new product development and its commercialisation for Mud & Musk. In particular, you are required:

  1. To perform a competitor analysis
  2. To analyse new product development opportunities in the USA/Asia Pacific market using the competitor analysis insights and crowdsourcing ideas
  3. To suggest an overall product and new product development strategy to compete effectively (please keep in mind that for differentiation, you need to make use of competitor analysis insights)
  4. To develop recommendations for product innovation diffusion

Your analysis and recommendations at all stages need to be realistic and needs to take into the account organisational capabilities of the client. Be critical - if you feel that not all ideas will work, there is no point to paint a favourable picture for the industry partner.

All reports must follow a set format, which is shown below. Students are free to use other relevant sources and other chapters of the textbook provided they are relevant and all external sources have been acknowledged via in-text citations.

Table of content

Does not count toward the word limit

Please use an automatic function in MS Word to produce the table of content.

Does not count toward the word limit

This is a brief section that briefly summarizes what you have done and what your recommendations are.

Section A: Competitor analysis

Competitor analysis needs to be performed by identifying:

  • Secondary Competition1: These companies may offer a high- or low-end version of the client’s product or sell something similar to a completely different audience (target segment).
  • Tertiary Competition1: This category includes businesses that are tangentially related to the client’s business, and becomes handy when the client may look to expand its product range. These could be related products and services that are trending up, as well as businesses that may be beneficial to partner with in the future. For instance, if one sells jewellery, a tertiary competitor may sell gems and stones.
  • Competitors’ product range, overall positioning/differentiation, branding strategies, and pricing

You may use competitors’ website or any other information you find to perform competitor analysis. It is imperative that you familiarise yourselves with the client’s website (https://www.mudandmusk.com/) to understand Mud & Musk’s product range to perform a competitor analysis.

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My Assignment Help (2021) Strategic Marketing [Online]. Available from: https://myassignmenthelp.com/free-samples/mktg3303-strategic-marketing/implications-for-business-strategy-and-brand.html
[Accessed 13 April 2021].

My Assignment Help. 'Strategic Marketing' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/mktg3303-strategic-marketing/implications-for-business-strategy-and-brand.html> accessed 13 April 2021.

My Assignment Help. Strategic Marketing [Internet]. My Assignment Help. 2021 [cited 13 April 2021]. Available from: https://myassignmenthelp.com/free-samples/mktg3303-strategic-marketing/implications-for-business-strategy-and-brand.html.


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