The first section is a PESTEL analysis.
We want you to use this framework in a thoughtful and critical way in order to evaluate the current and future attractiveness of a particular market segment. Important to draw some meaningful conclusions.
The second part will depend on whether you are taking a B2C or a B2B perspective.
If a B2C perspective is taken: then the second part should entail applying the marketing mix and STP process in order to critically evaluate your company’s performance and how it could be improved (in other words, an application of what is called V1 thinking). Carefully evaluate how well the company is applying these two frameworks – the marketing mix and the segment, target, position (STP) process – and make some recommendations as for how it could do it better.
Alternatively, if a B2B perspective is taken, then this second part will consist of you arguing whether a V1, V2, or V3 perspective should be taken in order to critically evaluate the company’s performance and how it could be improved. Again, carefully evaluate how well the company is – or is not – applying this kind of thinking, and make some recommendations for how it could do it better.
You should demonstrate:
- critically evaluate the attractiveness of the external business environment
- demonstrate understanding of the PESTEL framework by applying it
- if working in a B2C environment, demonstrate your understanding of the concepts of segmentation, targeting, position and the ‘marketing mix’ and apply these concepts to the company in which you work.
- if working in a B2B environment, demonstrate your understanding of the concepts of the traditional transaction perspective, the relationship management perspective, and the network management perspective and evaluate the relative merits of whether to adopt a traditional transaction perspective, a relationship management perspective, or a network management perspective to the company in which you work.
Please be sure the essay is well presented, all sections are numbered, also must have an:
Introduction, Conclusion, List of references
NB: as outlined above the essay must have two main sections
Further Consideration
The essay entails doing a strategic review of the state of marketing within your chosen company – this assignment requires that you must have a specific company in mind.
When doing your essay, take as focused a view as possible. If your company operates in both B2C and B2B markets, pick just one of them. If your company has multiple SBUs, pick just one of them. If your company offers multiple products and/or services, pick just one of them, or at least a closely related group of them.
Applicable Literature
Hooley et al (2017)
- Chapter 1. 1.1 – The marketing concept and Marketing Orientation
- Chapter 3. 3.1-3.6 The Changing Market Environment
- Chapter 11. Competing through the Marketing Mix
Hooley, G. J. et al. (2017) Marketing Strategy and Competitive Positioning (6th edition) Pearson Education: Harlow
Professional Academy (2017) PESTEL analysis [online]. Available at: https://www.professionalacademy.com/blogs-and-advice/marketing-theories—pestel-analysis (accessed 1 November 2017).
Summarized Course Modules
Module 1 – Introduction to Marketing
- describe the broad area of marketing and some of the subjects it covers
- analyse the marketplace to decide what opportunities and/or threats exist through the use of a PESTLE analysis.
Module 2 – The Marketer’s Toolkit (Part 1)
- describe product strategy and the different product classifications that are used in B2C and B2B marketing
- discuss the notion of product differentiation
- discuss the branding process, the notion of points of parity and points of difference (PoPs/PoDs), and the notion of product positioning
- discuss brand equity and the brand resonance pyramid
- describe the product life cycle and discuss how your marketing strategy needs to vary over time
- describe the six stages involved in price setting along with the notion of perceived-value pricing
Module 3 – The Marketer’s Toolkit (Part 2)
- explain how services can be defined and classified, and how they differ from goods
- discuss the work marketing channels perform and the decisions companies face in managing their channels
- describe the role of marketing communications and explain what the marketing communications mix is
Module 4 – Understanding the Consumer
- discuss the myriad of influences on the consumer decision-making process
- explain what the process of segment – target – position (STP) involves and apply it to develop marketing strategies
- compare and contrast different approaches to segment consumer and industrial markets
- apply different approaches of segmenting customer and industrial markets
Module 5 – Business-to-business Marketing
- discuss the nature of the decision-making unit (DMU) – what it is, and what the implications are for the salespeople selling in to business companies
- discuss Webster and Wind’s Buygrid model, and apply it to your organisation
- examine more closely the buyer–supplier relationship in B2B marketing and its implications for managing B2B buyer–supplier relationships in your company, whether you are the buyer or the seller.
Module 6 – Market Research and Planning
- discuss the fundamentals of how to do market research, and how to apply these in a practical way
- explain the components of a marketing plan, and apply this in your organisation
- discuss the role of market research within the marketing system
- outline different marketing research designs and survey methods
