I’m trying to learn for my Marketing class and I’m stuck. Can you help?

In the MKTG5001 unit of study we refer to this stage as “Where are we Now?”

In this individual task students are allocated a customer segment (Australian Empty Nesters) and a client company see below allocated groups and client company/brand.

Mitsubishi Motors

https://www.mitsubishi-motors.com.au/ (Links to an external site.)

Your job is to demonstrate a deep understanding of the consumers in your segment; as well as conduct a thorough competitive analysis of the other businesses and brands who seek to fulfil customer needs in your assigned segment and deliver this in a 4 page document.

The consumer and competitive analyses will be critical in helping you to identify new ways for your client to better satisfy consumer needs in your future Task .the outcome of this task 1A is to identify the best opportunities for your client to expand within the selected segment; based on your solid analysis.

You will be allocated Australian Empty Nesters as your target segment and client company (to be announced in tutorials week 3) and deliver the following.

  • An in-depth customer analysis that includes the kinds of understanding addressed in the Empathy Map Tool that you have used thus far.
    • Remember the goal of this exercise is to “understand” our customers as real people with wider lives, hopes, fears, and human needs (customers are not just demographics and numbers).
    • The empathy map is just one tool to help you think through the issues that allow for deeper customer understandings that you will explain in your assignment. You should attach your empathy map as an APPENDIX (Note: appendices are not included in page/word count).
  • Thorough competitor analysis. This is an important step because we want to know how our client’s product offering compare to that of competitors. Such comparison may include (but not limited to) evaluation of product features, service elements, advertising, sales promotions, approaches to distribution, brand awareness, brand imagery and price etc.
  • Preliminary thoughts on opportunities for the client. Think about where there may be a gap between current marketplace offering and customer needs i.e. what could our client do to become more attractive to targeted customers. PLEASE do not default to “cut the price.”, Remember we are working with the “value” side of the Value/Price equation. see Definition of value for refresher.
  • What is value?

    The Cambridge English dictionary defines value as: “The importance or worth of something for someone”. But in an article talking about the elements of value, the marketer Eric Almquist states…

    What customers value in a product or service offering can be hard to pin down. Often an emotional benefit such as reducing anxiety is as important as a functional benefit such as saving time. Our challenge is to determine the best way to add value to our offerings.

    – Almquist. 2020

Remember that this competitive analysis must be viewed through the eyes of your targeted customers. For example, your customer segments will have specific needs and preferences that vary from other customer segments. This means that your targeted customers may emphasise specific product features that are not so important to other segments. Note: then that you need to understand your customers before you can do your competitive analysis.

Administrative Guidelines:
Individual reports will be 4 pages in length in size 12 font, 2 line spacing.

Task 1a Rubric

Task 1A feedback will use the below rubric, with each aspect being graded as 1 -Poor; 2- Fair; 3- Good; 4- Excellent;

Task 1A Consumers and Competitors and Opportunities

Customer Analysis:

  • Empathetic understanding of their wider hopes, fears and concerns (what is important to them)
  • Demonstrates understanding of their daily behaviours and patterns of life. (what do they do)
  • What needs does the product category seek to fulfil in making life better.
  • What influences their purchase decisions for your product category
  • What difficulties do they encounter when buying and using the product

Competitive Analysis:

  • Understanding the scope of competition (i.e. range of alternatives that fulfil the core needs)
  • Identification of the full set of competitors that seek to fulfil the core needs
  • Selection of most appropriate criteria on which to compare each alternative competitor i.e. key criteria that matches that which is important to the target consumers.

Opportunity identification:

  • Identification of a “need” gap i.e. something that can be done to better satisfy customers in a functional and/or emotional way
  • The need gap is based on a solid integration of both the customer and the competitor analysis

Document Aspects:

  • Clarity of expression and readability
  • Referencing is complete and appropriate

STRENGTH OF ARGUMENT AND PERSUASIVNESS i.e. is this realistic

NOTE: the above criteria are NOT simply averaged to arrive at a final mark.

The above criteria should be read in conjunction with assignment brief.

The task 1a written feedback will be released first in the week 5 workshops, separately to the task 1a marks which will be released in week 6.