MKT5000 s2 2016 Marketing Reflection


MKT5000 s2 2016

Marketing Reflection

Explaining the concepts of Value and Exchange for developing a marketing strategy. Description Marks out of Wtg (%) Due date Marketing Reflection 10 10 8 th August 2016

Background

Reflective writing is the evidence of reflective thinking and reflective thinking is part of the critical thinking process where people analyse, evaluate and make judgements from new information and knowledge to ultimately arrive at an informed perspective. The practice of reflective writing will be introduced in this first assessment task. In this assessment you will be asked to prepare information for a business audience about the concepts of the value proposition and exchange. The Task At the heart of every marketing act – large or small – is something that is referred to as an exchange. An exchange occurs when something of value is obtained for something else in return. Thus the buyer receives something that satisfies their needs and the seller receives something that they are satisfied is of equivalent value. For an exchange to occur at least two entities (people or organisations) must be willing to make a trade, and each must have something the other values. Both parties need to agree on the value of the exchange and how it will be carried out. Each party must also be free to accept or reject the other’s terms for the exchange. The concept of value refers to the sum of the tangible and intangible benefits perceived by the market. This is not to be confused with the term value proposition – which is what is communicated to customers about what they can expect to receive with the product or service offering. Therefore whilst the value proposition is what is being promised to the customer, the term value relates to the difference between a customer’s perceptions of the cost versus the anticipated benefits realised. These benefits may encompass not only the direct benefits of reaching a desired goal (whiter teeth), but also the indirect benefits (ease of use). For this assignment you are required to consider the term value. You have been asked to prepare a short commentary (500 – 700 words or equivalent 5 – 10 minute presentation) for a business audience explaining the concepts of value and exchange in such a way that business owners, who may have never had any formal marketing education, could understand the concepts and see how they are the fundamental building blocks of marketing activity and strategy. Your commentary can take any form that would be acceptable to this audience (for example a blog, a game, an article, newsletter item, a wikki, a short video presentation or slide share presentation). In your submission you are to conclude your discussion with at least one example of how a business could now incorporate or use this information to help them develop a marketing plan or to incorporate this approach into their marketing thinking – a sort of marketing in practice section. Submission Instructions All assessments are to be submitted using the link on the study desk for Marketing Reflection Assignment. You can submit this task in any format you choose. The link will be up on Study Desk the week beginning 25th July 2016. If you choose to develop a video presentation then you must also upload a script and/or power point slides with notes to accompany the work. Your work will require references to support your discussion. If you are submitting a presentation, these references need to be evident in the script or presentation notes that you also attach. Please refer to the USQ library site for information about Harvard AGPA referencing style. http://www.usq.edu.au/library/referencing/harvard-agps-referencing-guide If you are unsure how to cite information within the text of an assignment please click on this link for some useful tips. http://www.usq.edu.au/library/referencing/harvard-agps-referencingguide#How_to_cite_references_within_the_text_of_an_assignment If you would like to have some practice or to see some examples of referencing using Harvard AGPS please click on this link for some help. https://usqdirect.usq.edu.au/usq/items/0553afaf-f81c-221a-b286- 5c0c0128e647/1/ Marketing Reflection Marking feedback sheet Explaining the concepts of Value and Exchange for developing a marketing strategy. Below the required standard 0-2 Meets the required standard 2.5-3.9 Exceeds the required standard 4-5 Total mark Content Did the student accurately define what is meant by value and exchange in such a way that a person without university or marketing knowledge could easily understand? Did the student provide sufficient information in their commentary about how you could incorporate this understanding of these concepts into a marketing strategy such that a business person could understand enough to make a decision on how to incorporate into their marketing efforts? /5 Format and Evaluation Did the student present their work; use a communication style; and adopt a language that would be appropriate for the audience nominated? Did the student present their work in a creative and informative manner? Did the student present their information in such a way as that they were able to confidently convince the reader/viewer that they knew what they were talking about including sufficient and appropriate theoretical evidence and support? /5 Final Comment: /10 Total Mark /10

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