Marketing Management
Assignment guidance
Please find below some guidance on reading and models which you can use when answering the questions for this assignment. You should note that the main focus of this assignment is on the testing of your ability to apply models and theories to practical applications. You will be marked therefore, on the application of the model rather than a discussion of the model itself. You are free to choose any suitable model which enables you to undertake the analysis required and provide the outcomes we are looking for in the question.
1. Using suitable models identify the customer perceived value for the customers for a company of your choice [20% of the marks available]
The aim in this part of this assignment is for you to identify and explain what the perceived value is for the customers for your product/division/company. To do this you need to understand the models of consumer value, either in a consumer to consumer or a business to business context, and then apply them to the customers of the business you have chosen.
Additional points given from ARU previously:
In this section of the assessment the students have to use four of the value models discussed in the first lecture (i.e. those from Zeithaml, Woodruff or Holbrook. Sheth has also got a suitable model which can be used here. The key thing that the students must do is to identify what the customers consider value to them for the type of product/service that the student is doing the assignment on. Students should be given marks for applying the model they choose and identifying the customer perceived value. If they only talk about the company they should receive a fail mark. They should receive a pass mark for using the one of the models I have identified above. How well they use it will give them a higher mark.
2. Critically evaluate the existing value proposition for the one (the product/division/company) you have chosen. Compare and contrast the value proposition with that of the leading competitor in your sector.
In the second part of the assignment the students should be analysing the value propositions of the company and its competitor using either the Piercy value model which is found on page 311 of the Piercy textbook or the Barnes, Blake and Pinder value proposition builder on page 31 of their text book. Using one of these models they must evaluate the current value propositions of the two organisations and show how they differ from each other and, importantly to what extent they match the customer perceived value discussed in question 1.
Those using the Piercy textbook, you can refer to figure 8.1 - Customer value strategy and positioning. (I mentioned in class that values, benefits, solution of services, etc must be defined by your customers but these values will change over time hence, u need to adjust these values over time particularly in Q4. Your textbook said: "values must be defined by customers not companies."
3. Benchmark the two value propositions, comparing and contrasting as appropriate, and reaching a justified conclusion(s).
In the above two questions of the assignment you are looking at the value proposition of the product/division/company and comparing it with the leading competitor's value proposition. For both organisations you will need to also identify how much they match the customer value identified in part 1 above. This is a critical evaluation of how good or bad they are.
As noted in the lectures, the value proposition is often just a statement, so you need to evaluate how the organisations have created the value propositions by looking at their value creation process to see if they are making statements which reflect their ability to offer a suitable value proposition to the customer. Thereafter, you are to do your benchmarking of the two value propositions with your comparison and contrasting with your conclusion(s).
4. In light of your analysis of your existing value proposition and what you have learnt in this module produce, a new value proposition that will match the value criteria of your customers.
A new value proposition that will match the value criteria of your customers, and here the student has to produce a new value proposition in light of the analysis undertaken in answer to question 2. Usually this only needs to be a revised mission statement as that is all the company has as a value proposition statement.
Refer to Q4: a new value proposition that will match the value criteria of your customers - you should have identified weaknesses in the existing value proposition of the product/division/company in this part of the assignment. You now have the opportunity to provide me with a new value proposition statement which matches more closely the customer value of the business.
5. Produce a plan to implement the value proposition externally and internally.
In this final part of the assignment you need to provide:
Refer to Q5: a plan to implement the value proposition externally and internally - this should be an outline marketing plan of how the new value proposition will be implemented and communicated to the customers (external) and employees (internal customers).
The plan should be brief with the main points in the script and supported by additional information on appendices.
Additional information from ARU:
In this final part of the assignment the student has to produce a plan for marketing the new value proposition to external customers (using the 4Ps/7Ps) and internally to the employees and other internal customers. They must discuss how they will do the internal marketing in this section. Reference to this can be found in Piercy chapters 11 and 12.
Attachment:- Organizational Behavior.pdf