MKT20031 Marketing and Innovation Assignment Questions and Answers
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MKT20031Marketing and Innovation
Throughout the semester, we have tried to adopt a consumer-oriented approach towards
innovation using the “Jobs to be done” theory, and then expand the idea using the Business Model Canvas as a scaffolding framework. In this assignment, we are going to look at the following:
- Setting a direction, objective and forming marketing team for the innovative offering
- Using the concept of ‘preto-typing’ i.e ‘pretendo-typing’ to gauge the potential success of an innovation prior to launch.
- Using the concept of ATAR and/or AIDA to develop a landing page to launch the innovation (product or service) to the market.
As a group, you will be choosing an innovation business model (BMC) from the previous
assignment. Your group will need to work together and role-play as a Marketing team of
the company/startup/non-profit that will launch the innovation. Your team members are
charged with establishing the company’s direction and objectives as well as to carry out
preto-type test and to create a landing page for the product launch.
Remember, this assignment should be based on the exact same customer segment(s), values and innovation idea from Assignment 1b. Do not make any change to those elements. You will not be graded on the innovation idea and the BMC itself in this Assignment.
Part 1: Report
Task 1. Establish the start-up/project profile, direction, and objective
1.1 Company profile
Making innovation happens often depends on the founder(s) having a clear, concrete objective and making strategic decisions to achieve those objectives. Your first task is to really nail down the entity/organisation that will launch your innovation idea, using the BMC as a platform. You may use a combination of research and creativity to flesh out your entity. This means that if you are a start-up, you will need to create the identity of the company such as its name and where it will be located, as well as information such as how much starting capital your company has acquired to begin the project, or the backstory (e.g maybe your startup is a recent winner on Shark Tank?). If you are an existing company, you will need to position yourself as a newly formed division or team within the
business. You may use your creativity to create a fictional backstory, but remember that good stories often have some basis of truth to them.
The expected output of this section is a clear and compelling picture which informs the reader about the innovation and the organisation that will be implementing it. Remember that we would like you to demonstrate not only the end product, but also provide a rationale/justification about it in a way that showcases your learning.
1.2 Vision statement
Innovators often face the challenge when sharing their vision with others to get them excited and engaged with the new possibilities. Part of this difficulty may be because thefounders themselves are not exactly sure about what they are trying to achieve. In this section, you are expected to convert vague ideas and aspirations of your proposed innovation into concrete and achievable targets, and justify them.
To get started, you should see Bessant & Tidd (2015), pages 496 to 499 and the five ‘checklist’ questions in page 498 to guide you into creating a concrete and compelling ‘story’ that will drive your innovative organisation’s culture and strategy.
In addition to creating and justifying a vision statement, you will also need to create one or more objectives for your company using the SMART principle (specific, measurable, attainable, realistic, and time-bound). Please note that these should be your company’s specific objectives (e.g market share/penetration rate, consumer loyalty, revenue). If your company is a non-profit/governmental institution initiative, you should still word your objectives in terms of concrete goals and returns on investments (e.g x% reduction of smokers, less than y% fatality rate, etc)
Task 2. Marketing team composition
In this section, we want you to remember you are role-playing as a marketing team that is composed of 3 to 5 core members to develop and implement the pretotyping plan and prepare for the marketing launch plan to take your innovation to the market. Your team members may be take on different marketing roles.
2.1 Marketing jobs description
Here, you will need to identify a maximum of five core marketing job titles that your team needs for the innovation. For each marketing job title, you must present its job description and key responsibilities. For instance, what will the person be doing in this role? What is their contribution to the objective? How will they be measured?
Some of these job titles may include but not limit to Product Marketing Manager, Market research analyst, PR officer, Digital marketing coordinator or social media manager, Creative producer or content creator, SEO specialist, etc.
You may look to other companies in your industry, from your own experience, or experiences of people around you who are more familiar with this context for more examples of marketing roles and job description.
2.2 Resume or Character Sheet
After you have established the core marketing roles the team needs, your next task is identify which team member will be taking which job title. Each member should assume one role/title in the marketing team composition. Here, everyone will need to create a ‘character sheet’ or resume of themselves in those roles, highlighting:
- Key skills and qualifications: What hard and soft skills do you possess that makes you suitable for this role?
- Areas of future development: What skills (hard/soft) and/or qualifications do you have potential to do, but may need to learn and develop in the future to be more effective in your role?
You should assume the role that most personally fit with your characteristic. We also strongly encourage you to analyse and use the intangible/soft skills you possess either from your experience or using models (e.g the Belbin team role or the Big Five personality test) in your character sheet.
In the main document of the report, you will only need to provide a short summary of what role each member is taking, and why. The actual character sheets of each members themselves will need to be attached as an appendix to the document, which will not be part of the word count.
Note: All group members must agree on the role divisions and there should be no overlap. You may use your creativity to present your own character sheet (e.g a CV, persona, web page, etc).
Task 3. Planning for “The right it”
“Make sure you are building the right ‘it’ before you build ‘it’ right”
– Alberto Savoia (Google’s 1st Engineering Director)
Your Marketing team is now ready to test your innovation’s concept prior to production/launch. In this task, you will need to present and justify two things — the Market Engagement Hypothesis (MEH) and choosing a ‘pretotype’ strategy to test that MEH.
3.1 Market Engagement Hypothesis (MEH)
In this section, you will need to detail how you have operationalized and translated your organisation’s vision and objective into concrete, testable numbers. You will need to use the “XYZ hypothesis” structure to come up with your MEH (or MEHs, if necessary), and provide a rationale for any assumptions you have made in creating that hypothesis .
3.2 Preto-typing strategy
Flowing from your MEH(s), you will need to present a plan to ‘hypo-zoom’ (i.e market research) which will market-test your idea, and justify that plan.
Second, you will need to outline a ‘preto-typing’ strategy. To do this, you have to make a decision of which particular ‘preto-typing tool’ (or tools) you would like to use, and elaborate on how you are planning to use it. Include things such as location, time, resources needed, images, and other relevant details necessary so that the reader gets a clear and vivid understanding of what you are planning to do. As always, you should also provide a justification as to why you have chosen this particular direction of preto-typing.
Part 2:Infographic poster (not include in words limit)
Task: Create a landing page using a one-page infographic
“The success of marketing a new product (service) largely depends on your ability to choose the right platform to reach out to the target audience and revealing just enough information to stir curiosity and updating your audience on your progress so as to maintain their interest and build hype.”
~~ Infiniti Research Ltd. 2019 ~~
Your company will launch the innovation in 3 months from now. Your marketing team is now tasked to create a one-page infographic that will be used as a landing page to introduce your innovation and prepare for the launch. The landing page should be designed to provide information and knowledge about the innovation and ensure the potential customers are aware of the launch day. Moreover, the design of the landing page should be done in a way to make the audience get interested and want to trial the innovation at launch.
- This task will take a minimum of 3 hours to complete so plan accordingly.
- You are given ‘free rein’ to put anything (i.e., words or images) you deem relevant on the
infographic to tell the audience about your innovation. This is the opportunity for your
team to demonstrate creativity and flare. Some examples of an infographic, landing page,
and product launch poster are provided at the end of this assignment brief as a guide. We
encourage you to use your own design.
- The aims of the landing page are to create Awareness, Interest, Desire to try, and Action about your innovation among the target audience.
- In completing this assessment, you will showcase your team’s ability to deconstruct, interpret and repackage information, as well as apply the concepts of AIDA to create a coherent and engaging landing page that can achieve launch objectives. Your ability to work collaboratively as a team will be reflected in the cohesion of your infographic.
Assignment Structure and Ingredients
Your assignment should be structured using the following headings, and you should always check the rubric to see which areas you will be graded on. Below is the recommended structure of the assignment and what should be included in each section. We encourage you to be creative and you are welcome to insert images, figures, and graphs to support your document.
- Company profile
- Vision statement
- SMART objective statement
- Marketing jobs description
- Marketing team composition
- Market Engagement Hypothesis
- Hypozooming plan
- Pretotyping plan
Landing page (separate pdf file and exclude from words count)
5. Appendices (exclude from words count)
- Character sheets
- Concept drawing of preto-types (optional)
References (excluded from the word count)
- Harvard system of referencing.