Complete the assignment:
Overview
How a product or service (which you can choose) can deliver 'value' to customers through the 4Ps of marketing (product, place, price and promotion). This is an introductory assignment. We do not expect youto know the intricate details of each of the 4Ps yet as these are considered later in the course.
This assignment can make use of a product or service from Australia or from another country- however; you are much more likely to have greater access to information if you choose a company that operates in your city/country That is, if you are studying in Sydney chose a company that operates in Sydney, or if you are studying in Hong Kong, chose a Hong Kong company.
What we wish you to do is to discuss how it, the product or service, can 'deliver value' to customers.
Describe the advertisement and how the advertisement helps to promote Toyota, it could be in regard to the wording, colours, design and so on. The second promotional aspect might be perhaps a radio advertisement...so be quite specific. Try to discuss how each aspect of the product or service 'delivers value', that is, helps to market the product or service.
- Define and explain the concept of value and value proposition as they relate to marketing' For this section you will need to source your information from marketing textbooks, marketing industry related newspapers/magazines, and marketing journals. You will need to use a minimum of three references.
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- Pick any product-a brand or car etc but be specific, don't just select 'Toyota, but pick a particular product. The product can be from Hong Kong oi abroad. you could pick a service, but again be specific, (ie perhaps star Ferry in Hong Kong).
- Describe the product or service in two paragraphs or so. This is just a basic introduction.
- Describe, in your own words (ie, do not just use information off a website etc), how you feel the product or service might deliver value to customers as follows:
The product or service-how does it deliver value to customers as the customer perceives? Aspects could be design, features, range of features of a product or service, brand, image reputation, etc. lt is expected in this section that you provide at least four areas where value-is delivered.
The price of the product or service-how does this deliver value to customers (perhaps it is cheap, or even expensive which can give customers a sense that the product or service is high quality, has status and so on).
The place of the product or service (the location in which customers can access the product or service)' Perhaps the service is located in a particular place which can help its image and status ie-a Kmart store in Australia located in a very good shopping centre; or Watsons i-n Hong Kong located in the busiest part of Hong Kong, such as Mongkok. But place can be very specific, too, perhaps a book-perhaps a popular novel, is located in a very smart bookshop (ie Pageone Hong Kong, or a speciality bookshop in Australia)which can improve its status, and brand image);
The promotion of the product or service- the way in which the product or service is promoted). Perhaps the product or service benefits from some very smart advertising or prornotion. perhaps give us an example of an advertisement.
Assessment of overall value delivered. Provide an analysis as to how all the component mix together to deliver value to the consumer.
That is, does the product component hold more importance (features, design, brand)with these reinforced through the marketingcommunication (creative and message), price (premium relative to competitors) and place (high quality retail locations)
This assignment is an introductory one and it is designed to cover some of the key aspects of marketing as contained in the first few chapters of the textbook. lt is an assignment that understands that many of you may not have come from a marketing background. lnde6d, for many of you, this may be your very first course in the MBA so this is an-assignment which heips you to understand some of the basic aspects of marketing and, indeed, of assignment preparation in a western MBA environment. Follow the format given above. Use short, sharp, sentences, as one might use in a business report. Make sure you define terms but use your own words, not those taken directly from the textbook. lf there is a particular line or two you wish to quote from the textbook (which is fine, but do not use this approach too much), make sure you provide a reference for the quote. Make your paragraphs about five lines or so-that is: do not make them too long. Above all, make sure you address the specific requirements as we want you to show that you understand each of the core concepts we have asked you about.
At the back of this document is an Assessment Criteria Sheet (ACS) for the individual assignment-please note that the focus of the assignment HOW VALUE IS DELIVERED by the product (or service) you select via the 4Ps. Hence, it is pertinent that you write something like'the product provides value because it is the most economical on the market' ot 'value is provided because the product is distributed through all major supermarket chains and online'. To help you understand how firms can provide value your lecturer will allocate time in the first or second lecture to the Office Depot case.