This is a group assignment carrying 10% and presentation 10% of the total marks available for the module.
The coursework should be submitted to Turn-it-in and the report should be appended with the coursework without fail.
The work should be between 1000 to 1200 words in length whose style and content is appropriate for the level of the program.
Format of the report:
1. Font size: 14 point for title/heading, 12 point for contents and 8-9 point for headers/footers
2. Font face: Arial
3. Line spacing: 1.5
4. Proper alignment of your paragraphs, and necessary page set-up.
Students should read carefully the notice on plagiarism placed on the student notice board.
Any use of materials from other sources/persons should be clearly indicated and references given in the text.
Students are also required to complete the form re: Plagiarism, which is available from the Level 1, Graduate School Office Counter. Plagiarism percentage beyond 14% will NOT be accepted and a mark zero will be awarded for the assessment task in question.
MODULE CODE : MKTG0203
MODULE TITLE : PRINCIPLES OF MARKETING
EXAM BAND : MAY 2021
AVATAR Company which leads the food manufacturing industry faced sudden failure in their sales. You as the marketing manager need to take in charge of this failure and overcome this problem. While you are thinking for the solution, you planned to implement the marketing research process to find the problems which makes your company sales drop out. You need to provide the evidence such as, in-text citation and relevant documents for your assignment.
a) Describe briefly about the company business portfolio.
b) Discuss in detail about the marketing research process which you plan to implement as marketing manager to overcome the sales failure.
Task 2 (PRESENTATION -10%)
Students are required to discuss about Task 1 clearly.
Slides (in a hard copy) must give to the lecturer/panel prior to the presentation start. Please ensure that your names and the presentation title are written on the cover sheet (Group based).
Format of the slide:
1. Front cover
3. Task 1(CONTENT)
5. References & Supporting documents
COURSEWORK – Marks Breakdown:
Marks will be awarded based on the following criteria:
Mark Allocated CLO Chapter
Is there a clear, well-structured introduction by student about the Avatar organization? Details about the product/service?
10 Marks 1 2
Main Content of the report:
Discuss in detail about the marketing research process:
Define the Problem-The foremost decision that every firm has to undertake is to find out the problem for which the research is to be conducted.
-What is to be researched (content and the scope)?
-Why the research is to be done (decisions that are to be made)?
Develop the Research Plan– This step involves gathering the information relevant to the research objective.
-The primary source is the first-hand data that does not exist in any books or research reports whereas the secondary data is the second-hand data which is available in the books, journals, reports & so on.
Collect the Information: This is one of the most expensive methods of marketing research.
-the researcher has to adopt the methods to collect the information, he may find it difficult to gather the correct information because of the respondent’s biasedness, unwillingness to give answers or not at home.
Analyze the Information: Once the information is collected the next step is to organize it in such a way that some analysis can be obtained.
-The researchers apply several statistical techniques to perform the analysis, such as they compute averages and measures.
Present the Findings: Finally, all the findings and the research are shown to the top management level.
-Managing director, CEO, or board of directors to make the marketing decisions in line with the research.
Make the Decision: This is the last step of the marketing research, once the findings are presented to the top level management it is up to them either to rely on the findings and take decisions or discard the findings as unsuitable.
Conclusion : summary has been discussed clearly by students
(Any relevant ideas or opinion from students side if logical will be acceptable)
-Clarity and general structure of the Report
-Including referencing and citations.
-Appropriate format Formatting
-References (Harvard Style)
-Supported by the relevant documents or pictures
Total 100 Marks
END OF ASSIGNMENT
SOLUTION TO THE WORK
A company business portfolio refers to a group of brands, investments, businesses, products, and company holdings. It is the product market mix segment. Marketing stakeholders try to make food attractive to a precise set of persons known as segments. By adhering to Avatar’s company business portfolio, and every business unit solely, directors can take tactical business-level verdicts for the entire portfolio. Every unit under the portfolio can be handled as an asset. When operating a business, the conglomeration of diverse associated units, services, and products is known to be a business portfolio. Avatar Company can know concerning the strength and exploit the present chances and its extreme prospective in its favour (Ardolino et al., 2018). It acts as a key function in determining the development tactic of Avatar company and examining if the company should continue with a similar service or product or not. It also indicates if the company should decide on a lesser or more investment.
However, the entire company consists of many factors, numerous involved details, and courses enter. Several aspects boost avatar company statistics individually, and the hint is not enough to have an undefeated operation. The entire key elements must be put in mind to achieve the desired objective, and the company business portfolio assists in this in the major, result-oriented, efficient, and organized way. Besides comprising all the major types that form a business, Avatar’s company business portfolio also lures an outlook of the firm’s strength and assists the firm to take beneficial gain chances (Duckstein et al., 2020). It also assists in decision-making concerning how the firm should invest and how much requires to be used up.
Moreover, Avatar company business portfolio evaluates how the development of a company can be enhanced and all the tactics that would go into it via establishing new food and obtaining new businesses. Avatar’s company business portfolio commends an explicit subject as if definite food should be discarded or retained (Ardolino et al., 2018). Generally, it includes all the serious parts of the company that can choose the bearable being of the company and make sure the exponential development of the company
Marketing research refers to necessary and useful equipment for assisting firm executives and marketer’s management in making correct decisions. Performing marketing research can include extremely specialized experience that goes deeper than the data. Moreover, any marketer must be conversant with the elementary techniques and procedures of the marketing research process (Hafez et al., 2019). However, there is a market research process that can implement to overcome the sales failure:
Identify the problem
The initial stage for any marketing research process is to plainly define and identify the problem one is attempting to answer. Begin with asserting Avatar company and market problem required to address and for which there is a piece of required extra information to think of an answer. Additionally, express the goals for the research in Avatar Company. It is advantageous to share the problem description and research goals with other company participants to get their contribution and polish understanding of the problem and what is needed to answer it. In particular cases, the problem that needs to be solved is not similar to the problem that appears on the face (Lin et al., 2020). Teamwork with other managers assists polish the knowledge of the problem, concentrates the thinking, and selects the hope to study from the research. Selecting the goal is most helpful if there is no room and resource to examine everything needed.
Generate a research plan
Once the problem definition is identified, research goals, and an initial set of research queries, the next stage is to generate a research plan. Vital to the plan is recognizing what information is required to solve the queries and accomplish the goals of Avatar Company (Hafez et al., 2019). Do you require to understand client views and accomplish their objectives? Do you regard for a perfect picture of client requirements and related characters? Do you require sales, revenue, or spending data? Do you require information about rivalries food or understanding concerning what will move potential clients notice? When do you require the information, and what time to access it? What resources and budgets are present? After clarifying the type of information required and the time and the manufacturing’s modesty, create a research design that helps to gather and analyse info one is after.
Perform the research
Performing research can be an exciting and fun portion of the marketing research process. After stressing with the loopholes in the understanding market changing aspects, which caused go on-board on a marketing research project in the initial place, things are about to shift. Performing research starts to create information that assists solve urgent marketing queries. Classically information gathering starts by reviewing any present research and data that offer some insight and information concerning the problem. As a law, this is the secondary study. Preceding research projects, interior data investigation, avatar company info, client gratification survey outcomes, and other info sources may be valuable to review. Even still these manufacturing resources may not solve research queries completely, they might further light the problem to be solved (Lin et al., 2020). Secondary exploration and info sources are closely always inexpensive than taking new info personally.
Analyse, report findings
Analysing the information attained in the market survey includes converting the secondary and primary data into helpful insights and information that solves the research queries. The info is reduced into a setup to be used by stakeholders, typically a detailed and presentation report. Analysing begins with editing, cleaning, and formatting data to ensure that it is appropriate for any applied analytical method. Then, data are organized to show what is occurring. The process might include sophisticated and simple methods reliant on the research results needed (Hafez et al., 2019). Collective analytical methods include deterioration analysis to define the association between aspects, conjoint analysis to define priorities and trade-offs, predictive modelling to forestall causality and patterns, and analysis of formless data like the internet search term and collective media posts to offer meaning and context around what the company say and perform.
When the report is comprehensive, the presentation is carried, and the commendations are made. Suppose Avatar Company has handled a good work understanding the findings and converting them into commendations for the marketing squad and other places of the company. In that case, this stage may look moderately frank (Lin et al., 2020). When the study outcome authenticates a route the firm is already on, the take-action stage can stimulate the squad to match faster and further in a similar course.
In conclusion, a company business portfolio is very important to any organization since it acts as a key function in determining an organization’s development tactic and examining if the company should continue with a similar service or food. It also indicates if the company should decide on a lesser or more investment. However, managers should apply the marketing research process to ensure their projects do not fail or shut down. It solves many company questions and problems in the business.
Ardolino, M., Rapaccini, M., Saccani, N., Gaiardelli, P., Crespi, G. and Ruggeri, C., 2018. The role of digital technologies for the service transformation of industrial companies. International Journal of Production Research, 56(6), pp.2116-2132.
Duckstein, M. and Van Voorst, J., 2020. An exploratory method of customer input integration into product portfolio strategy: A Case Study of Yaskawa Nordic AB.
Hafez, M., 2019. Neuromarketing: a new avatar in branding and advertisement. Pac. Bus. Rev. Int, 12, pp.58-64.
Lin, Y.T., Doong, H.S. and Eisingerich, A.B., 2020. Avatar Design of Virtual Salespeople: Mitigation of Recommendation Conflicts. Journal of Service Research, p.1094670520964872.
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