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  MARK 101 – Principles of Marketing    Tutorial Assignments 1 Tutorial Assignment 4: 20%                  DUE DATE: Friday 6 October, 5pm For this assignment, you should refer to your previous work because you now have to think about the strategic direction in which your chosen company is headed.  To do this well you will have to show that you understand the company and product market background, the environmental pressures your company faces, and as well, the competitor pressures, all subjects of your previous tutorial assignments. The first section asks you to analyse your chosen brand’s position in the market place and the dimensions on which it is differentiated from competitors. Sections two and three asks you to identify the market segments that your brand is targeted towards, make recommendations for new or additional market segments, and make recommendations as to how your brand’s product(s) should develop. The framework below suggests that all strategic innovations can be thought of in terms of innovation to the market or innovation to the product.  Using this framework should help you in organising your thoughts, comments, suggestions and recommendations. Figure one: The product-market growth matrix. Four market – product strategies: from Kerin, et al. (2007) Marketing: The Core, McGraw Hill, Australia p.32 To help you understand the different options, here are some short definitions to get you started.  Market Penetration – this strategy means a company attempts to sell more of the same product to the same market.  Market Development – this strategy means that a company attempts to sell more of the same product to new markets.  Product Development  ‐ this strategy means a company will sell a new product or innovated product to the same target market  Diversification – means a company will sell completely new products to new markets. For the purposes of this assignment, base your ideas and recommendations on market and product developments or diversification strategies.  If you argue that Market Penetration is the best approach we may think you haven’t thought hard enough about it and you are likely to lose recommendation marks in Section two. Throughout this assignment, you MUST use APA 6th referencing in this exercise. Include in‐text and full citation(s) in each question. Markets Products Present New Present Market Penetration Product Development New Market Development Diversification MARK 101 – Principles of Marketing    Tutorial Assignments 2 Section One ‐ 6 MARKS 1. Consider your brand’s product in terms of the attributes that customer’s value.  Select four attributes of importance to customers and draw two perceptual maps (2 attributes on each map.)                           (2 marks) Do not use Price and / or Quality as attributes. If you do, you will lose all marks for the perceptual maps. 2. Identifying between 6‐10 indirect and direct competitors and place them on the perceptual maps illustrating where each is positioned relative to the other based on these attributes. (2 marks) NB: You can use your competitor analysis from Tutorial Assignment three for this exercise but you will need to find additional competitors. 3. Positioning and Differentiation In 250 words or less, explain the position of your company or brand by showing how it is differentiated from each of the competitors you have included above.           (2 marks) Positioning and Differentiation: MARK 101 – Principles of Marketing    Tutorial Assignments 3 PERCEPTUAL MAP #1 Key (if needed): Draw perceptual map: MARK 101 – Principles of Marketing    Tutorial Assignments 4 PERCEPTUAL MAP #2 Key (if needed): Draw perceptual map: MARK 101 – Principles of Marketing Tutorial Assignments 5 Section Two ‐ 7 MARKS 1. Using appropriate segmentation bases e.g. demographics, geographic, lifestyle, ethnicity, values, opinions and interests (and any others you may wish to use) describe the current target market(s) of your company (2 marks) Describe the (or one major) current target market of your company/brand /product on the bases of these segmentation tools Company: Brand/ Product: Demographics Geographic Lifestyle Values Opinions Interests Other(s) (please specify) References : MARK 101 – Principles of Marketing Tutorial Assignments 6 2. Using a Market Development approach, i.e. the company wishesto market the same productsto new markets, in 250 words or less, complete a profile that describes at least one viable new target market segment your company should pursue. (5 Marks) Make sure you consider whether the size of your chosen target market is large enough to be of benefit to your company and how your company can offer value to the new target market. New Target Market References MARK 101 – Principles of Marketing    Tutorial Assignments 7 Section Three ‐ 7 MARKS Using a product development approach, (the company sells a new product or innovated product to the same target market) or a diversification approach (the company sells a new or innovated product to a new target market) discuss the following (in 750 words or less) How should your company change the product to: a) better appeal to its existing and new customers, and b) differentiate itself from its competitors more clearly. (incorporate any of the 8 Ps of services you believe are relevant here to explain your answer) Make sure you justify your answers thoroughly and do not discuss either price or quality as part of this answer. References