BEMM069 MARKETING & NEW PRODUCT INNOVATION report
Assignment 2 Report MARKETING & NEW PRODUCT INNOVATION BEMM069 Deadline 5 April 2024 Word count 3500 (+/- 10%) Type of submission Individual Format Report Value of assessment 70% of the overall mark | 01 Assignment brief Y o u a r e a c t i n g a s N e w P r o d u c t D e v e lo p m e n t ( N P D ) c o n s u l t a n t f or y o u r c h o s e n c o m p a n y i n t h e c o n f e c t i o n e r y in d u s t r y ((c h o s e O N L Y O N E f ro m : C ad b u ry , H e r s h e y , C h o c o c o o r L l o y d & J a m e s C h o c o la t e ) l o o k i n g f o r n e w p r o d u c t o r service options. Y o u r p u r p o s e i s t o c o n t r i b u t e t o t h e o r g a n i c g r o w t h of t h e or g a n i s a t i on b y i d e n t i f y i n g s i g n i f i c a n t o p p o r t u n i t i e s f o r p r o d u c t / s e r v i c e in t r od u c t i on s t h a t b u i l d o n t h e o r g a n i z a t i o n ’ s c u r r e n t s k i lls a n d a s s e t s . S p e c i f i c a l l y , t h e or g a n i za t i on w a n t s y o u t o l o o k f o r a N e w P r o d u c t / S e r v i c e D e v e lo p m e n t op p or t u n i t y t h a t : foster its values and core strengths capture more revenue and improve margins b u i l d o n t h e c o m p a n y ’ s c u r r e n t s k i lls a n d a s s e t s expand its current offering Y o u a r e r e q u i r e d t o s u b m i t a m a n a g e m e n t r e p o r t c o v e rin g all as p e c t s o f t h e o p e r a t i o n a l a n d s t r a t e g i c p r o c e s s o f b r in g in g a n e w p r od u c t o r s e r v i c e t o t h e marketplace. T h e r e p o r t i s a i m e d a t i d e n t if y i n g a g a p i n t h e m a r k e t t h r ou g h t h e m a r k e t a u d i t , outlining an acceptable new product/service concept, predicting the market accurately, indicating the required resources needed, and establishing the f i n a n c i a l i m p l i c a t i o n s e x p e c t e d i n o r d e r t o a i d t h e s u c c e ss f u l i m p l e m e n t a t i on of m a r k e t i n g s t r a t e g i e s i n t h e m a r k e t i n g p la n . I t i s e x p e c t e d t h a t t h e r e p o r t w i ll c o v e r : An assessment of the company’s current market position through a market audit Identification and creation of a New Product/Service concept Development of an appropriate marketing strategy for the product/service (detailed for the launch and Year 1, overview for Year 2 and Year 3) A financial evaluation of the launch and first year (Year 1) of the project A realistic time-plan for the launch of the project and Year 1 ACADEMIC INTEGRITY Plagiarism and collusion are serious offences and will not be tolerated. Your work must be your own and correctly referenced using the standard APA format. For further support, visit the Referencing pages of the Academic Development Resources. | 02 Report presentation The complete report should be written in a business report format. It should be kept short and business-like, and make use of section numbering, headings and paragraphs – do not write essays. You do not need to explain the theory in great depth, but make sure it is clear what you did/propose to do is based on theoretical application, ensuring you provide evidence and give reasoning to justify your actions/proposals. You are expected to include visual illustrations of the ‘creatives’ to be used relating to the New Product/Service. GENERAL RECOMMENDATIONS Each report should be presented in a professional manner. The front cover should clearly display the following information: – The title of the report – Organisation’s name – Student number Use 12 point font for the main body of your text. If a table/graph you wish to include does not fit on a single page, you may reduce the size of your font within the table/graph so that it does so, but do not go below 8 point in size. Do not split tables across pages unless absolutely necessary. Show an accurate word count at the beginning/end of the report. A list of references should be provided at the end of the report, presented in accordance with the APA Referencing System. The references in the final Reference List do not contribute towards the final word count. Appendices are permitted as long as they are referred to in the main body of the report. Each appendix should be on a separate page, numbered and titled. Appendices do not contribute towards the final word count ASSESSMENT CRITERIA S ee document on ELE for details regarding assessment criteria. | 03 Report guidelines The report must contain ALL the following elements: Cover page Executive summary Table of contents 1. Introduction A brief statement of what the plan proposes Corporate Strategy Corporate mission/vision – what is the company’s current mission Corporate goals/objectives – how your NP will impact the overall corporate goals 2. Market Audit Macro-analysis Micro-analysis Internal Analysis – identification of key facts about the company relevant to the proposal Situational Analysis – SWOT analysis (in table format) 3. The New Product/Service Brief product description Concept statement Target Market Product Positioning 4. Objectives Marketing Objectives (i.e. awareness; distribution; trial; repeat purchase; market position, etc.) Financial Objectives (i.e. could refer to sales, market share, contribution, etc.) Societal Objectives 5. Marketing Mix Product – product specification and performance; brand name; product range; packaging Price – proposed price; comparison with competition Place – channels of distribution; target retailers/distributors Promotion – promotional activities If applicable: Physical evidence, People, Process 6. Financial Evaluation Sales Forecast and Rationale (i.e. how the sales forecast was made) Financial Evaluation (i.e. product costing; marketing budget; net contribution) and Rationale (i.e. how the product costings were calculated, how the marketing budget was calculated, etc.) 7. Time plan Pre-launch – you decide how long and how detailed this period is Year 1 – monthly entries 8. Monitoring and control Monitoring – bench-marking, key/critical success factors Control – profitability control, productivity control, strategic control, etc. Contingency plan
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