Reference no: EM132171425

Assingment on Best buy in United states of america

Learning outcomes:

1 Research and evaluate an existing business; define its internal and external environments and identify a strategy to best align the business's internal capabilities with its external opportunities.

2 Research, define and argue a business case to justify a new product.

5 Communicate effectively through structured written argument in a professional report format.

6 Search for, locate and evaluate discipline specific information

Purpose and aims:

This assessment is designed to apply the knowledge and skills developed by the students to evaluating the external and internal environment in which new product is to be realised and defining strategies appropriate to its realisation. The business concept relates to a new product relevant to the company which forms the overarching focus of the learning activities of this section of the subject. In this assignment, the student is expected to analyse the external and internal environments (SWOT), identify a relevant strategy (S-0, W-O etc.), identify and describe a target market, and develop a suitable new product for the company to introduce for this target market.

Description of assessment:

In this assignment, each of you must choose a company from the list of companies provided (see below for a list of companies). You will choose a country (not Australia) that your company operates in and provide relevant background information and analysis on both the company and country, and design a new product for the company to launch in that country.

You will need to provide a market description of the relevant market conditions that your company operates in. This might include variables such as the prevailing economic conditions, demand and supply factors, and a description of the industry etc. for that country. You will need to provide a referenced SWOT analysis for the company in that market, identifying the internal strengths and weaknesses and external opportunities and threats of the company for the chosen market. The goal of a SWOT analysis is to identify the critical factors that may affect your proposed business concept (or new product) and then build on your strengths to reduce your weaknesses, exploit opportunities and avoid potential threats. You are also expected identify and describe using marketing segmenting variables, one target market being served by your company.

Students are required to use 3 types of resources in the marketing plan:

1. Industry reports
2. Company reports
3. Prescribed textbook

APPROACHING THE INDIVIDUAL REPORT- How to start

1st Step:

Select a company and then country- Students may choose from the list provided, alternatively the student can select a company of their choice. This choice must be approved by your lecturer ensuring the selected company has an industry report and a company report ,these reports are available through IBIS world and the corporate websites.

2nd Step:

Conduct a SWOT analysis- Once the company is selected a SWOT must be performed to determine what oppoturinity are available to the firm and what weakness can be converted into strengths, based on the result a product can be recommended if no weaknesses or oppoturinity are found move on to another company.

3rd Step:

Finalising your product- the new product must be a new addition to the company not necessarily to the industry for example a vegetarian burger for McDonalds is not a new product for the company but merely an improvement on an existing product line hence will not be accepted as a viable recommendation.

The new product should be created by analysing what the company doesn't have(opportunities) and what the market demands are -This is the most important part of the assessment, critical thinking is highly recommended.

Activity

Evaluate the external and internal environment in which the business concept (or new product) is to be realised
Define strategies appropriate to its realisation. The business concept
relates to a new product relevant to the case which forms the overarching focus of the learning activities of this section of the subject.
Briefly analyse the external and internal environments (SWOT)
Identify a relevant strength, opportunity
Identify and describe a target market
Develop a suitable new product for the company to introduce for this target market.

Attachment:- Marketing Plan.rar