Principles of marketing
Lets practice the principles of marketing
• Scenario and background
– You have just joined the marketing team in a small backpack company.
– Your team will need to select a target market, design a product, set an initial price, make decisions about promotion and communication, and select distribution channels.
– You will also need to analyse market intelligence, review, understand financial information and make regular reports to your CMO (Chief Marketing Officer)
About the market
• There are five regions in total
• Each region has six companies all competing to become the market leader
• There is no cross over or competition between regions
• To achieve marketing success your team will need to monitor, refine and adapt your product, price, place, and promotional strategies in order to maximize profits and build brand awareness.
The Marketing Practice Interface
• Your team will make your marketing decisions using through the Marketing Practice software. You will also be able to access marketing intelligence and other data via the program.
• You will set up the game in the computer lab session tomorrow, and play a practice/trial of the simulation to familiarise yourself with the program interface.
• This is what the marketing simulation looks like: https://www.mhpractice.com/
Core concepts: Practice Marketing
• The Marketing Mix
• The marketing environment
• The Marketing Concept
• Segmentation, targeting and positioning
Practice Marketing: Regions
• Your firm operates in one of five regions
• The regions are:
– The North
– The South
– The East
– The West
– The central area
Our group region is The West, and our brand name is Eton.
Group assignment – Writing tips
• Follow the structure of the “principles of marketing coursework assessment” using the section headings as guidelines
• For higher marks do not just describe what you have done but critically analyse your decisions:
– Why did you make those decisions?
– Why did you get your results?
• Link your decisions and results to lecture material and wider reading (e.g. make reference to the text book and journal articles) for the higher grades
• E.g. Our segmentation decisions had significant implications for our marketing strategy in line with Baines et al. (2016).
• Baines, Fill and Rosengren (2016) Marketing, 4e,Oxford: Oxford University Press.
This assignment has been designed to assess the following intended learning outcomes:
• Explain the foundational principles of marketing and apply them to a broad range of contexts, industries and outcomes.
• Apply marketing principles to segmentation and positioning and develop appropriate strategic responses.
• Critique the theoretical foundations and practical evidence for the marketing concept and marketing orientation.
Marketing Simulation Coursework Brief:
The assignment is based around your group performance in the Practice Marketing Simulation activity. This is a group assignment and will be assessed as a group. All members of the group will receive the same mark.
The main elements of the assignment are:
1. Initial Marketing Plan (1000 words)
Your team is required to prepare a marketing plan that outlines a proposed marketing strategy for your company, including a proposed positioning strategy, a proposed marketing mix strategy and an outline of the key performance indicators that you will use to evaluate your team performance. Your marketing plan should draw on concepts and models covered in the module, as well as recommended readings and further readings that your group will research independently. The initial marketing plan should contain the following:
1. A critical overview of the aims and purpose of marketing planning
2. A proposed marketing strategy for your company
3. A proposed marketing mix strategy
4. A discussion and justification of the key performance indicators you intend to apply to measure your performance
5. The main roles and activities of each team member
You may include appendices which are not included in the word count. You must use the Harvard Referencing System for all your references. The reference list is not included in the word count.
※The RED PART is the part I need to complete. The decisions, changes, and specific information(data and data analysis) that our group made in the game are in another file.
2. A summary of the decisions made during each turn of the marketing simulation (1000 words)
Before each turn in the Marketing Simulation your team will prepare a short marketing report including the following information:
1. ANALYSIS AND REFLECTION ON THE LAST TURN: An evaluation of the most recent round of results. Was your marketing plan successful? What did you do well, and what are the main areas for concern and attention?
2. PROPOSAL FOR THE NEXT TURN: An outline of your proposed strategies and plans for the next round, including any cost implications. Your report should justify the proposals with reference to the competitive environment, marketing mix factors, and positioning strategy
3. FORECASTED OUTCOME FOR THE NEXT ROUND: A forecast outlining your expectations and predictions for the next round. You should justify your forecast with the marketing intelligence and data you have, and your marketing knowledge, concepts and models from the module
Your team will present your decisions to your Chief Marketing Officer (CMO) during each of your management meetings (each group will be assigned a CMO during the marketing simulation setup lecture).
3. Final Marketing Strategy Report (1000 words)
At the end of the Marketing Simulation Exercise your team will prepare a detailed marketing report including the following information:
1. ANALYSIS AND REFLECTION ON THE COMPANY PERFOMANCE: A detailed and critical evaluation of performance across the six cycles. Was your marketing plan successful? What did you do well, and what are the main areas for concern? Looking back, can you identify areas where you should have changed your strategy and why?
2. PROPOSAL FOR THE NEXT ROUND: Your term of office as a marketing team has come to an end and a new team is expected to be in place shortly. Prepare and justify a detailed outline for the new team that will help them prepare for the next round. Propose and justify a strategy for the next round, including any cost implications. Your report should justify the plan with reference to the competitive environment, marketing mix factors, and positioning strategy. Include your expectations and predictions for the next period. You should justify your forecast with the marketing intelligence and data you have, and your marketing knowledge, concepts and models from the module.
3. REPORT ON TEAM DYNAMICS: A longer reflective report on overall team performance, including strengths and limitations of group dynamics, team and individual performances. This section should also propose and justify a team structure and team responsibilities for the next team. What is the most effective way to organise an efficient and effective marketing team?
4. MARKETING ENVIRONMENT REPORT: Imagine your firm was a real business and operating in the real marketing environment. Analyse your market and identify Political, Economic, Social/Cultural, Technological, Legal and Environmental factors that might have an impact on your firm and the industry as a whole going forward? What are the main Strengths, Weaknesses, Opportunities and Threats for firms in this kind of market?
5. MARKET INNOVATION AND NEW PRODUCT DEVELOPMENT: Prepare and justify an outline marketing plan for a new product or service innovation that your firm might consider developing in the future. Justify your proposed innovation in terms of any particular strengths and sources of competitive advantage you have developed so far for your brand.
Advice and Guidance:
(a) Remember to use the knowledge you gained during the first half of the principles of marketing module to inform your marketing plans and decisions. You do not need to win the game to get high marks but you do need to show that you can apply the concepts you have learned to a simulated marketing scenario.
(b) Remember to assign roles to each team member to spread the work load and gain the best possible learning experience for everyone in the group.
(c) Use figures, tables and graphs to justify your decisions as well as references from the reading material recommended throughout the module and articles you find yourself (hint: use Google Scholar). It is very important to use references to gain high marks.
(d) To gain high marks remember to be critical. This means you should use existing theory to make your decisions but acknowledge its weaknesses. What alternative theories are there? Why are these most appropriate for your decisions? Why do they work or not work in the case of the marketing simulation?