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MKT600 – MARKETING

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MKT600 – MARKETING

MKT600 – MARKETING

Subject Code – MKT600
Subject Name – Marketing
University Name – Torrens University, Australia

Marketing can be defined as an activity, set of institutions, and process for developing, conveying, delivering, and exchanging value-added offerings for customers, clients, people, partners, and society as a whole.

What is Marketing Mix?

The marketing mix is a collection of marketing tools and methods used to advertise and sell a product or service. It’s all about deciding to sell a product in the right place, at the right price, and at the right time. Following that, the product will be offered in accordance with the marketing and promotional strategy.

4P’s of Marketing Mix

Product
Product is the goods or services produced by the firm to sell in the market.
Price
Price refers to the value customer pays in exchange for the product or services offered by a company.
Promotion
Promotion refers to the process of promoting a product or service among the target customers to drive sales and increase company revenue.
Place
Place refers to the geographical location where the company sells its products and provides its services to the customers.

Torrens University, Australia

Torrens University is a leading international university that extended its campuses in Sydney, Adelaide, Melbourne, Brisbane, Blue Mountains, and china. The university offers more than 300+ courses in Designing, Business, Hospitality, Technology, and several others.

ASSESSMENT DETAILS

Learning Outcomes assessed-

Apply suitable research processes to acquire, retain, and apply data to develop customer insights; critically analyze fundamental marketing ideas and principles;
Evaluate customer needs critically in order to create value for customers by utilizing the organization’s resources in the most efficient manner possible;
Evaluate the impact of marketing mix strategies on the stakeholders.
Reflect on the ethical issues associated with organizations’ marketing practices.

Tasks 1 Situation Analysis
Objectives:
To develop an understanding and appreciation of the influences of micro and macro
environmental actors and forces that affect an organization’s ability to serve the needs of
target market;
To develop the critical analytical ability to gather and analyze relevant data to facilitate decision making;
To develop foresight to predict industry trends and tailor the organization’s practices to respond to the changing situation.
Develop a Marketing Environmental Analysis.
Instructions
1. Discuss the value propositions, core brand values, and buyer behavior of your chosen
organization;
2. Analyze the micro-environment (the company, suppliers, intermediaries, relevant public,
customers and competitors);
3. Analyze the macro-environment, that is, demographic, economic, natural, technological,
political and cultural (DENTPC) forces to demonstrate their impacts on your chosen
the organization’s strategies/capabilities to serve the target market.
4. List the strengths, weaknesses, opportunities, and threats (SWOT) as well as suggest appropriate strategies by incorporating the TOWS matrix to draw from strengths to capture opportunities, overcome weaknesses, and defend from threats.

Task 2 Marketing Plan
Objectives:
To enhance a clear understanding of the importance of marketing in modern business practices;
To develop a succinct understanding of marketing theories and their application in devising marketing strategies;
To critically analyze all relevant factors affecting the exchange process;
To enable the development of insightful marketing strategies for a business.

This assessment requires a student to act as a consultant to help an organization develop a winning marketing strategy that intends to introduce a new product or expand its business/markets.

Instructions

Develop a marketing plan – The aspects that you should include are:
a. Identify objectives and issues as well as marketing logic to create customer value;
b. Segmentation, targeting, and positioning as well as marketing mix strategies (i.e.,4ps/7ps);
c. Action programs – how marketing strategies will be turned into specific actions that answer What will be done? When will be done? Who will do it? and How much will it cost (budget )? and controls.

Task 3 Presentation on Sustainable Marketing
Objectives:
To enhance a clear understanding of the importance of contemporary issues surrounding sustainability and their implications in marketing practices in the modern era;
To provide an overview of sustainable marketing theory and its applications to
marketing strategies;
To develop an appreciation of the importance of sustainable marketing practices;
To critically analyze relevant stakeholders and factors associated with and their
role in ethical marketing practices of an organization.

Instructions

This assessment requires students to demonstrate an understanding of contemporary issues of sustainable marketing (e.g. hunger, poverty, food security, etc.), as there is a strong call for marketing organizations to practice responsible marketing. Based on your research on this topic, you should present sustainable marketing practices of your organization that include:
1. The issues of socially responsible marketing (ethical consideration);
2. The issues of environmentally responsible marketing.

Both F2F and online students should prepare a 5-10 minutes PowerPoint presentation of their chosen organizations’ strategies and practices in accordance with the broader issues of sustainability.

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