Dear student, Assessment 3 requires you to assume that the new product you chose in Assessment 2 is viable for market entry into Australia. The decision has now been made by the senior management of your company to launch this new product into Australia sometime in 2016/2017. Your task in Assessment 3 is to prepare the marketing objectives, STP (i.e. market segmentation, targeting and positioning), marketing strategy (i.e. 4Ps) and action programs for the first six months from product launch. Assessment 3 is an individual assignment (no groups) requiring you to submit TWO items (i.e. two files). 1. The first item is a single Word document (no PDF) using size 12 font with 1.5 line spacing consisting of your marketing objectives, STP (i.e. market segmentation, targeting and positioning), marketing strategy (i.e. 4Ps) and action programs for the first six months from product launch. This is the written component and it should be a minimum 1500 to 2000 words maximum in length, not including your title page and reference list (see next page for recommended structure). 2. The second item is a single PowerPoint presentation with your own recorded voice-over. This is the presentation component and will be a summary only of the information already in your Word document. The presentation is limited to a maximum use of five (5) slides and a maximum of five (5) minutes of voice-over. It is mandatory that the PowerPoint presentation include your own recorded voice-over and that your voice be clear and fluent to the listener. Assessment 3 is due on Friday of Week 12 (07 October 2016) by 11.45pm AEST. Submissions uploaded after Friday 07 October 2016 will incur a one day late penalty or 2 marks per day (unless an approved extension has been granted). You will submit Assessment 3 through the course Moodle site. Recommended Assessment 3 structure – written component (this closely follows the marking criteria) Title page This will include in the title Assessment 3, your name, id number, lecturer/tutor name (if applicable), campus (if applicable), and the product or service option chosen. Three (3) marketing objectives (no more than 200 words) Launching a new product is expensive and will typically cost more than the revenue early product sales generate. You need to propose and justify three (3) marketing objectives you think are achievable within the first six months from product launch. Your marketing objectives set forth what you want to accomplish as you launch your new product. Examples of marketing objectives might include: • How will you create initial product awareness and buzz? With whom? By when? • How many sales leads do you want to generate immediately after launch? How will you achieve this? By when? • What media vehicles will you use to maintain (or increase) product awareness after launch? By when? • How will you get the product into customer's hands? In what quantities (i.e. sales units)? By when? • What level/s of customer retention and satisfaction are you seeking after launch? With whom? By when? The best marketing objectives meet the SMART test: They are specific, measurable, achievable, and relevant to what you're doing and timed, meaning there is a timetable given to meet them. You need to pick a launch date (i.e. sometime in 2016/2017) and then propose and justify three (3) marketing objectives from this date for the next six months. Use of in-text citations to help support your discussion is expected. Market segmentation, targeted customers and intended positioning (no more than 450 words) Market segmentation is dividing the market up into groups with similar characteristics, whereas targeting is choosing which of those segments to aim for. Positioning is the final step in the chain and consists of positioning the market offering in the minds of targeted customers. Quality, features, design, branding, packaging, labelling and service all affect the way your product is positioned. If you have not segmented and then chosen a target market, you have no sound basis for your positioning. The image below shows a simple example of market segmentation, targeting and positioning for Maggi 2 minute noodles. Your task is to justify your preferred market segments (see Table 6.1 on page 175), targeted customers (see Fig. 6.2 on page 185), and intended positioning (see Figure 6.4 on page 193) for the new product being launched into Australia. Use of in-text citations to help support your discussion is expected. Hint: Chapter 6 of the prescribed text covers aspects of segmentation, targeting and positioning. Product and pricing strategy (no more than 600 words) Product strategy Briefly describe your product in relation to the core, actual, and augmented product or service that is to be offered. Include in your discussion aspects about branding, packaging (where applicable), and any ongoing product development. You should consider the features and benefits you offer, the unique selling points (i.e. what makes your product/service different from everyone else's) and what spin-off products and services you might offer. Use of in-text citations to help support your discussion is expected. Hint: Chapters 7 and 8 of the prescribed text covers aspects of product strategy. In particular, look at product strategy often used at the introduction and growth stages of the product life-cycle (see Table 8.2 on page 254). Pricing strategy You need to outline and briefly justify a price or prices (in $AUD) for your product or service that will help you maximise profits and also build strong relationships with your customers. By pricing effectively you will also avoid the serious financial consequences that can occur if you price too low (not enough profit) or too high (not enough sales). Normally in order to achieve the best possible price or prices for your product or service you need to consider the cost structure of the company. I don't expect students to have access to this information so for the purposes of this assignment make some assumptions and focus more on the competitive environment, your competitive advantage, the economic and market environment (i.e. the level of demand in your industry), and the value the product provides for your customers when determining your price or prices. Use of in-text citations to help support your discussion is expected. Hint: Chapter 9 of the prescribed text covers aspects of pricing strategy. In particular, look at pricing strategy often used at the introduction and growth stages of the product life-cycle (see Table 8.2 on page 254). Placement and promotion strategy (no more than 600 words) Placement strategy Place (or distribution) is about getting the right product, in the right quantity, to the right place, at the right time. Whether it's a retail store, online shop or on social media, place refers to the channels and locations for distributing your product, related information and support services. Being in the right location can be a deciding factor in whether a customer buys from you or not. Your task is to briefly describe how you will reach your target market and what channel/s of distribution you will use. In determining the best structure (or structures) for your business you'll need to consider the following questions: • What is the most convenient means for customers to obtain your product/s or service/s? • What is the level of customer service required? • What is the most cost-efficient way of providing accessibility and service? • How many customers are there, where are they located, what is their average transaction value? • What structures do your competitors use and how efficient are they? • How you will store the product/s to ensure they are ready for delivery to your customers in good condition? • How you will deliver the product/s to your customers? • What stock control, invoicing and transportation systems you will require? Use of in-text citations to help support your discussion is expected. Hint: Chapter 10 of the prescribed text covers aspects of placement strategy. In particular, look at placement strategy often used at the introduction and growth stages of the product life-cycle (see Table 8.2 on page 254). Promotion strategy Promotion is the method you use to spread the word about your product or service to customers, stakeholders and the broader public. Promotion is often used to raise customer awareness, generate sales, and create brand loyalty. Your task is to briefly outline how you intend to communicate to the right people to use and reuse your products or services. Once you've identified your target market, you'll have a good idea of the best way to reach them, but most businesses use a mix of advertising, Internet and online marketing (including social media and mobile), personal selling, direct marketing, referrals, sales promotion, sponsorship and public relations to promote their products or services. If you have chosen product option a, b or c for Assessment 2 assume the promotions budget is limited to AUD $20,000. For product option d, think very carefully about what is likely to be the most cost effective and realistic promotional strategy for your needs when determining the promotions budget. Use of in-text citations to help support your discussion is expected. Hint: Chapters 11, 12 and 13 of the prescribed text covers aspects of promotion strategy. In particular, look at promotion strategy often used at the introduction and growth stages of the product life-cycle (see Table 8.2 on page 254). Action programs (no more than 150 words) An action program is a sequence of steps (i.e. a plan) that must be taken, or activities that must be performed well, for the marketing strategy (i.e. your 4Ps) to succeed and for you to achieve each of your marketing objectives. There are three major elements (1) Specific tasks: what will be done and by whom? (2) Time horizon: when will it be done? (3) Resource allocation: what will it cost for specific activities? Your task is to very briefly propose a basic action program for the first six months from product launch. Your action program can be formatted in a chart, table, and timeline or in any other way. The program can be grouped chronologically or by event types. For example, you could list the major activities planned for each of the six months. Hint: See pages 524 to 526 of the prescribed textbook for an example of an action program. Citations and Reference List The written component should include at least six (6) sources of information, excluding the course text, from a combination of scholarly 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 be cited in the main body using the American Psychological Association (APA) referencing style. The CQU APA referencing guide is available for download under the 'Important Information' section on the course Moodle page. Note: This is a recommended outline for Assessment 3 – written component. Any deviation from the above recommended outline runs the risk of not addressing the assessment criteria. Additional information – PowerPoint presentation component The PowerPoint presentation should only be attempted after completing the written component as it will be a summary only of the information already in your Word document. There is no word limit for your PowerPoint presentation but it is limited to a maximum use of five (5) slides and a maximum of five (5) minutes duration of voice-over. It is mandatory that the PowerPoint presentation include your own recorded voice-over and that your voice be clear and fluent to the listener. Hint: PowerPoint presentations with voice-over are likely to be of a higher quality when a written script has already been prepared on what you are going to say so that you can just start recording and go straight through the entire presentation in one take. With regard to doing the voice-over in PowerPoint, there are some slight variations on how to do this depending on what version you are using and on what platform. Please click on the relevant link below: PowerPoint 2013 and 2016 (PC Windows) https://support.office.com/en-us/article/Record-your-slide-show-in-PowerPoint-9d136e4a-9717-49ad-876e-77aeca9c17eb PowerPoint 2016 for Mac https://support.office.com/en-us/article/Record-your-slide-show-in-PowerPoint-2016-for-Mac-93e8b4a1-5efb-4f78-903b-62897b8bb14b PowerPoint for Mac 2011 https://support.office.com/en-us/article/Record-audio-232d5fec-fc90-4abb-9332-c469d336d947 PowerPoint 2010 (PC Windows) https://support.office.com/en-us/article/Record-a-slide-show-with-narration-ink-and-slide-timings-3dc85001-efab-4f8a-94bf-afdc5b7c1f0b