5MK015 Innovation in Marketing- contemporary marketing strategies

For this assignment you can choose to work on an Organisation with which you are familiar, or you may choose to focus on an allocated business as an alternative. An information pack will be provided on the background of the allocated business (posted under the Assignment Support Category). If you opt for a company of your own choice you will need to conduct suitable background research to identify the organisations current market situation. You should choose a business or an industry where there is evidence of disruption or innovative development.

You will be provided with information via the canvas portal and online sessions to help you to conduct a situational analysis of the organisation and to establish its current level of marketing competency. From this base, you will be required to compile a plan to improve the digital marketing capability of the business and to strengthen its digital and social media marketing communications activities in selected markets. 

Tasks:

1. You should select an organisation to work on (either your own choice OR the allocated business) by week two of the semester. The organisation should be selected on the basis of its innovative potential. This should be emailed to the module leader.

2. Undertake a thorough Situational Analysis to identify key market/competitive issues, innovative capacity, and the current positioning strategies of the selected Organisation.

3. Apply the SOSTAC framework to assess the current strategies and plans that are adopted and implemented by the selected Organisation.

4. Select (and justify your choice) a Marketing Diagnostic/Audit Tool to assess the current level of marketing competency and competency gaps of the selected Organisation.

5. Apply the Marketing Diagnostic/Audit Tool to your selected Organisation and report on any capability issues, resource requirements, and (innovative) strengths which will affect marketing performance. The leadership style that prevails and either restrics or promotes innovation, should also be critically examined.

6. Create a recommended plan to close competency gaps and to strengthen marketing competitiveness and marketing communications (especially digital marcomms/social media) in key market sectors. You should make recommendations regarding innovative potential (including changes to leadership style if appropriate).

Module Outcomes

1. Demonstrate knowledge and critical understanding of innovation applications in contemporary marketing strategies for acquiring and retaining customers.

2. Assess the factors that facilitate innovation in organisations and understand how innovation and disruption influence organisational growth
and capability development.

3. Evaluate critical success factors in marketing and recommend approaches for developing marketing capability Formulate appropriate plans for implementing innovative marketing within an organisation and given market context.