NX9523HSK31 Business Professional Practice – Individual Assignment

 

Assignment Details:

• Referencing Styles: APA
• Words: 1400
• Course Code: NX9523
• Course Title: Business Professional Practice
• University: Northumbria University
• Country: SG

 

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The purpose of this assignment is to reflect on is to test what have you learned about Marketing Strategies and working with a team. 

Here’s the rough guide on what they could reflect on: 40 marks

• Which are your best performing phone sales from the 6 rounds. What do you think works to have achieved this result? 400 words 10 marks
• Which are your worst performing phone sales from the 6 rounds. What do you think went wrong? 400 words 10 marks
• What is your share price ranking by end of round 6? Are you satisfied with your position, and why? 600 words 15 marks
• Report structure, presentation of report, referencing 5 marks

You may use the pointers below as guide on what to look out for, and what comments to provide. 

1. Which are your best performing phone sales from the 6 rounds. What do you think works to have achieved this result? 400 words Example: Right use of…

• Due to good research findings and analysis (sharp insights gathered about market size, consumer preference and trends, competitors’ strengths and weaknesses, untapped market segment with little to no competition)
• Due to of Segmenting Targeting and Positioning

1. How to segment, and study DSRR

(a) Definable – Do you know specifically who are your target market

(b) Sizeable – how much is the size of your target market

(c) Reachable – which channels (e.g.: supermarket, specialty store or department stores) to reach out to your target market

(d) Relevance – What will appeal to them in terms of phone design, feature, price.

2. What is the positioning strategy – against your competitors or away from competition to increase your chances of success?

• Due to 4Ps design o Product feature i.e.: Sports, Classic, Avant Garde)

1. Price strategy (skimming or penetration)

2. Distribution – how much to invest in your distribution for each of the 3 types of channels that are selected

3. Promotions- how much to advertise in order to get you the desired conversion rate)

• Due to optimization

2. Which are your worst performing phone sales from the 6 rounds. What do you think went wrong? 400 words Worst performing due to:

Example: Right use of…

• Due to poor research findings and analysis (incorrect insights gathered about market size, ignore consumer preference and trends, failed to analyze competitors’ strengths and weaknesses, chosen market segment with much competition)
• Due to of Segmenting Targeting and Positioning

1. How to segment, and never study DSRR

(a) Definable – fail to look into know specifically who are your target market

(b) Sizeable – do not know the size of your target market

(c) Reachable – do not know which channels (e.g.: online, specialty store or general stores) to reach out to your target market

(d) Relevance – fail to find out what will appeal to them in terms of phone design, feature, price.

2. Poor positioning strategy – No thoughts given to positioning the phone against your competitors or away from competition to increase your chances of success

• Due to 4Ps design – no consideration for…
  • Product feature i.e.: Sports, Classic, Avant Garde)
  • Price strategy (skimming or penetration)
  • Distribution – how much to invest in your distribution for each of the 3 types of channels that are selected
  • Promotions- how much to advertise in order to get you the desired conversion rate)
• Due to ignoring use of optimization study for next plan of actions in marketing plan

• What is your share price ranking by end of round 6? Are you satisfied with your position, and why? 600 words Do not need to discuss all factors below – select 3-4 factors
  • Sound strategy
  • Good optimization plan
  • Leadership
  • Effective Communications
  • Team work & conflict management
  • Time management

More ideas on what you can write in this reflection report. 

i.e., 1: Sometimes, we thought by targeting the biggest segment (DSRR – segmentation effectiveness requirements), we can gain market share, but we neglected the importance of competitors analysis.

i.e., 2: We invested heavily in R&D applying the concept of (e.g.: Prospector Strategy / Positioning as Technology leader), and spend a lot on advertising (e.g.: Heavy Branding and building presence) and channel to gain market share. Our revenue was one of the highest, but we overlook our margin, which turns out to be in the red.

i.e., 3: There could be time we wanted to completed the decision by this date and time, we neglected the challenges getting everyone to meet and deliver as a group decision (e.g.: concept of time management).

i.e., 4: It could also be our team could have gotten much better outcome but i wouldn’t get the team to agree with my decision. And that got me to understand the importance of buy-in from the team for any strategic decision to be made (e.g.: decision marketing process, conflict management)

Based on the 4 examples above, I hope it illustrates REFLECTION on Marketing approach did right or wrong, and team work management concepts. You need to link it to academic theories of coz.

Lastly, how to choose the best and worst selling phone. I will keep it a bit flexible based on the criteria below:

1. Pick the Best-Selling phone within your company (NOT against competitors) in 1 of the 6 rounds (preferred) or across the 6 rounds for Europe or Asia or Both.
2. Pick the Worst Selling phone within your company (NOT against competitors) in 1 of the 6 rounds (preferred) or across the 6 rounds for Europe or Asia or Both.

PS: Phone sales and business performance against competitors will be for reflection on share price will be for overall phone sales performance across all 6 rounds in comparison to competitors in both Europe & Asia.

Some challenges and reflection could be: 

• Importance of optimization (e.g.: dedicated person to analyze data and provide insights on performance metric, conversion rates for both own company and competitors)

• Flexibility on Marketing Strategy (principle stays the same, but need to make tactical change to meet the hypercompetion situation which grows with aggression as the round progress)

• Challenges of Copy Cat Strategy and how you should have handled this situation better
• Change is the only constant, as the dark house could emerge as a strong challenger, and the leader could retreat its spot from the top due to intense price war and superior marketing strategies (invest in R&D to make it difficult for competitors to copy as they do not have the technology to match your phone superior battery life and compactness of your phone)

– Importance of good research findings and analysis (sharp insights gathered about market size, consumer preference and trends, competitors’ strengths and weaknesses, untapped market segment with little to no competition)

– Importance of Segmenting Targeting and Positioning

• how to segment, and study DSRR o Definable – Do you know specifically who are your target market o Sizeable – how much is the size of your target market
  • Reachable – which channels (e.g.: supermarket, specialty store or department stores) to reach out to your target market
  • Relevance – What will appeal to them in terms of phone design, feature, price.
• What is the positioning strategy – against your competitors or away from competition to increase your chances of success?

• Important of 4Ps
  • Product feature i.e.: Sports, Classic, Avant Garde)
  • Price strategy (skimming or penetration)
  • Distribution – how much to invest in your distribution for each of the 3 types of channels that are selected
  • Promotions- how much to advertise in order to get you the desired conversion rate)
• Importance of optimization
• Understanding conversation rate for advertising and R&D spend to max returns and avoid over spending

 

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