Dear student, Assessment 2is an individual assignment(no groups)thatrequires you to undertake a market opportunity analysis for a new product (or service). You will present the market opportunity analysis as a portfolio (not a report). This portfolio should be 1500-2000 words maximum in length excluding the title page and reference list. Your portfolio is dueon Friday of Week 6 (21 April 2017) by 11:45pm AEST. You will submit the portfolio online through the unit Moodle site.Submissionsuploaded after Friday 21 April 2017will incur a one day late penalty or 2 marks per dayincluding weekends (unless an approved extension has been granted). The portfolio will consist of one Word document (no PDF files) using size 12 font with 1.5 line spacing. Your task is to choose one(1) of the five options listed in the unit profile and then write a market opportunity analysisfor that product with the focus on current Australian market conditions to determine market attractiveness. Please note that the option you choosewill also be used for Assessment 3. The word count (1500 minimum to 2000 words maximum) will not include your title page andreference list. Recommended Assessment 2 structure (this closely follows the marking criteria) Title page This will include your name, id number,the unit name and code, lecturer/tutor name (if applicable), campus (if applicable), and name ofthe productoption chosen. Product description, current market conditions and analysis (no more than 800 words) 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, customer needs and other factors in the marketing environment that may affect consumer purchasing, including the main competitors, so as to determine market attractiveness. For the second task, 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:The Australian Bureau of Statistics (ABS)might beone useful source for helping identify recent trends in the macro environment. To uncover customer needs and other factors in the marketing environment that may affect consumer purchasing,lookat those actors close to the business that affect its ability to serve its customers and maintain relationships with them (i.e. suppliers, intermediaries, competitors, publics, and customers). Make sure your discussion focuses only on those actors in the microenvironment 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: IBISWorld (available online from the CQU library) provides market research reports on every industry in Australia and might be one useful source of information. See also Chapter 3, plus Appendix 2 on pages 517-521, and Appendix 3 on pages 529-531 of the prescribed text for some further ideas. SWOT analysis (no more than 400 words) Conduct a strengths, weaknesses, opportunities and threats (SWOT) analysis for your chosen product (including what you think thebusiness capabilities are). Present this in a similar manner to what you can see in Appendix 2 on pages 521-522 or Appendix 3 on pages 531-532 of the prescribed text. Strengths = Superior resources and skills that can be drawn on to exploit opportunities and counter threats. Weaknesses= Deficiencies that inhibit the ability to perform and must be overcome to avoid failure. Opportunities = Environmental trends with positive consequences (i.e. basis for competitive advantage and/or possibility of improved performance if pursued). Threats = Environmental trends with potentially negative impacts (i.e. impede implementation of strategy, increase the risks of a strategy, increase the resources required, and reduce performance expectations). Internal analysis of the current marketing activities of the business will uncoverthe strengths and weaknesses. External analysis of the environment, market, customers and competitors as they relate to Australiawill uncover the opportunities and threats. Nature and scope of marketing plus the marketing concept (no more than 250 words) In general terms, briefly explain to thesenior managementof the business how marketing has evolved and what are some of the key marketing activities. In addition, include your understanding of the marketing concept. Use of in-text citations to help support the discussion is expected. Hint:Chapter 1 of the prescribed text is a good place to start. Marketing research techniques and importance (no more than 150 words) In general terms, briefly explainto thesenior management of the business what some of the main qualitative (e.g. focus groups and in-depth interviews) and quantitative (e.g. customer surveys and analysis of secondary data) marketing research techniques are. Inaddition,point outsomereasons why businesses should conduct marketing research. Use of in-text citations to help support the discussion is expected.Hint:Chapter 4 of the prescribed text is a good place to start. The marketing mix and extended marketing mix (no more than 150 words) In general terms, briefly explainto thesenior management of the business what the marketing mix is and its purpose. In your explanation, youwill need to outline the importance of the marketing mix and differentiate between the traditional marketing mix and the extended marketing mix.Use of in-text citations to help support the discussion is expected.Hint:Chapter 2 of the prescribed text is a good place to start. Citations and Reference List The portfolio should include at least six (6) sources of information, not including the prescribed textbook. These sources should come 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 unit Moodle page. Appendices (this is compulsory) Thenext two sections must be completed and inserted at the end of your Word document. • Part A. Self-evaluation 1. Copy and paste the self-evaluation document (see next page) into your Word document. 2. Complete the self-evaluation document by colour highlighting either S (Satisfied) or NS (Not satisfied) with your attempt for each of the Assessment 2 criteria. 3. After completing the self-evaluation, brieflycommentdirectly underneath the self-evaluation document (in no more than 125 words) as to your major accomplishments, learnings and main challenges when attempting Assessment 2. • Part B. Supporting items 1. After completing the self-evaluation and starting on a new page, paste and/or place allAssessment 2 supporting items such as pictures, graphs, tables and diagrams. 2. Directly underneath these supporting items briefly comment(in no more than 125 words) on your reason/s forincludingeach of these in Assessment 2. Note: This is a recommended outline for your portfolio. Any deviation from the above recommended outline runs the risk of not addressing the assessment criteria. MRKT11029 – Marketing Fundamentals Assessment 2 Self-evaluation document Student name: _________________________________________________ Student number: _______________________________________________ Assessment 2 criteria Satisfied with attempt Not satisfied with attempt Product description, current market conditions and analysis S NS SWOT analysis S NS Nature and scope of marketing plus the marketing concept S NS Marketing research techniques and importance S NS The marketing mix and extended marketing mix S NS Citations and the Reference list S NS Supporting items S NS Spelling, grammar and written presentation S NS