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MMK101 Assignment 1 STDP Framework Report


AssessmentAssignment   1: STDP Framework Report
Completed   Individual   ONLY
Weighing15% of   the final grade (marked out of 100) 
Word   limit750 words (+/- 10%); This excludes   the Title page, table of content, content, reference list, tables and   appendices.
Due   dateWeek   5, Sunday, 4th of August, 2019, 5.00 PM 
Where to   submitVia Turnitin   link on Moodle – Softcopy submission 
Late   submission penalty If the   assessment is submitted late without an approved extension from the Unit   Coordinator, a marking penalty of 5% of the available marks will be   deducted each day for up to FIVE working/business days. If the   assessment is submitted more than five days after the due date it will not be   marked and be awarded zero (0%) for the task. 
Word   Limit Penalty A penalty   will be applied if the work submitted has an excessive word count.
Return   DateWeek   8
Pre-requisites
·A1 guide and template access
·A1 draft submission 

Instructions:


Companies: 

A) Fitbit Australia https://www.fitbit.com/au/home

B) Kitkat Australia https://www.kitkat.com.au/

C) Uniqlo Australia https://www.uniqlo.com/au

 

Topic allocationend of Week 1

Where to find: MMK101 Moodle >> Assessments and Submission Links section and/or click here


Your task in the first assignment (A1) is to:

Think of yourself as a marketing consultant for the company that you have been allocated. For the first assignment, all you need to do is to help them to identify:

  • two (2) potential new market segments in Australia and 
  • choose one (1) target market out of these two segments that is best for the company to serve. 

Once the new target market has been chosen, you would need to provide a detailed customer profile of such market as well as develop a new differentiation and positioning strategy for the company to be successful in the new market. 


You must provide:

1) Cover page 

2) Table of Content 

3) Reference list 

Section and Marks Breakdown:


SectionMarksDetails (suggested breakdown of word limit and references are in   brackets)
Workbook 2
Workbook 3
(must submit in-class in week 2 & 3)

*Individual*
10 
Workbook 2 and 3 mirror what’s required in this assignment hence it   is imperative for you to do it in-class, guided by your lecturer. 
  • Workbook 2 will   prepare you for some background analysis of the company that will be useful   for you to justify your points in your A1. 
  • Workbook 3 will   show you step-by-step process of how to do STDP in marketing. 
You need to submit those online   in the respective weeks, and the marks will be out of 10, which will be part   of your A1 marks. 
1
(100 words)
10
Background
Please provide a fully referenced background to this   report that includes:
  • An industry overview (min. 1 reference) 
  • Brief description of (min. 1 reference):
    • the company 
    • the competitors 
    • their current   products 
    • their current   target market  
Hint: Workbook 2, Part 4
2
(300 words)
25
Market Segmentation 
Please provide a fully referenced overview of the   segmentation bases that could be used by the company in segmenting the market   to identify a potential new   market. Please note: 
  • Provide two (2) appropriate new market   segments for the company to be used as potential target market and do   not forget to label them correctly. 
  • Provide a justification of why they   are potential target market 
  • Provide at least two (2) segmentation   variables for each bases
  • Use a segmentation table to present   these information
  • Make sure that your new segments are in consumer   market, NOT business market 
  • The segments MUST be in AUSTRALIA (geographic segmentation base), NOT overseas
Hint: Workbook 3, Step 1
3
(150 words) 
25
Market Targeting and Consumer Profile 
  • From the two (2) new segments identified in Section   2, choose one (1) target market that would be best for the   company and provide a fully referenced justification of why the   company has to choose such target market. Please note:
  • Choose only ONE (1) new target market   and justify why they should be the new target market for the company.
    HINT: Include the three (3) factors to consider when choosing   a target market (Lecture 3)
  • Provide a detailed consumer profile   for the target market that you have chosen using the segmentation variables   that you have discussed in Section 2
More hint: Workbook 3, Step 2
4
(200 words)
25
Differentiation and Positioning 
Considering the target market   that you have selected, discuss how you would differentiate and position the   company in the new target market’s minds (fully referenced).   Please note: 
  • Suggest a new value proposition that   will be relevant to the new target market and justify this 
  • Consider the five   (5) differentiation bases and justify the most   appropriate ones (can be more than one) to discuss
  • Provide a positioning statement 
  • Illustrate where the company should be positioned   against the competitors mentioned in Section 1 on a positioning map
Hint: Workbook 3, Step 3-4
5

(and General Communications)
5
Reference List and General Communications 
Use credible and relevant   references (minimum of 5 different references (at least 2 being academic references i.e.   textbooks and journal articles
·You MAY NOT use:
  • Wikipedia
  • Investopedia
  • Businessdictionary.com 
  • Blogs
  • Marketingteacher.com 
  • and the like
·For websites, you may   consider websites that ends with:
  • .org
  • gov.au 
  • .net 
  • .com (only for company websites)
  • You can also cite news articles 
·Correct and   consistent use of Deakin Harvard Referencing format 
·Professional   business report (avoid 1st person expression i.e. I, we, us
·Free of grammar and   spelling mistakes
·Have checked the   online library resources on Moodle 
  • Delete the template   boxes  [Delete this box before submission]
  • Using the   assignment template provided by the unit chair (below)
  • Using the company   that has been allocated to you


Answer

1. Background

1.1 Industry overview: 

The current apparel market in Australia amounts to US$21,473 million which is expected to grow at a rate of 2.2% CAGR between 2020-2023 (Statista, 2020). 

1.2 Company description: 

In the competitive and growing apparel market of Australia, Uniqlo has established itself as an exceptional and innovative clothing brand for all segments including men, women and kids (Uniqlo, 2020). 

1.3 Competitors description: 

The main competitors of Uniqlo Australia are H&M Australia, Zara Australia andGap Inc (Robertson, 2019). 

1.4 The company’s current strategy:

1.4.1 Current market offerings: 

The main products of the competitors includes fast fashion clothing for men, women and kids.

1.4.2 Current target market in Australia

The current target market for Uniqlo’s competitors is mainly the Y Generation that is men and women between 18-35 years who have higher disposable income and spending power. 

2. Market Segmentation

2.1 Segmentation Table: 

Segmentation  
bases and variables
Segment   1:
Working professionals   with higher disposable income 
Segment   2:
Customers preferring   fast fashion lifestyle 
Demographic: 
Variable 1: age18-35Working professionals  
Variable 2:   Income 
 Between $20000-25000 per annum 

High buying capacity 
Psychographic: 
Variable 1:   Lifestyle 
Love for fast fashion 

Frequent buyers 
Variable 2:   Attitudes 
Likes to buy innovative and exceptional product 

Frequent visitors in   shopping centres.

Table 1: Segmentation Table

(Source: Self Developed)

2.2 Justification of the segments: 

According to Jegethesan, Sneddon and Soutar (2012), customers with high disposable income tend to spend more where underlying factors like brand loyalty, store environment attraction and customer own lifestyle plays a vital role. As far as Australia is concerned, the OECD report shows a net adjusted disposable income per capita at $32759 whereas 73% of people aged between 15-64 have a paid job (OECD Better Life Index, 2020). Interestingly, it is important to note generation Z and millennials (people who fall under 20-40 years age) consists of 40% of Australia’s working population and therefore, they tend to spend highly in their passion and shopping. The projection of the millennial spending is $1.3 trillion within 2020 and is about 30% of the total retail sales (Wilson, 2019). Keeping in mind the stats of the millennial generation, Uniqlo needs to target this millennial generation who comes under the age group of 18-35 based on demographic segmentation. It will help in boosting company sales and gain a competitive advantage. As identified in the previous section, the shopping behaviour regarding spending on passion and personal shopping clearly reflects the millennial generations attitudes and lifestyle choices. Therefore, under psychographic segmentation and based on lifestyle choices and attitude, customers can be segmented. As commented by Cheung and To (2019), lifestyle choices and customer attitudes are one of the main drivers of customer behaviour. In the retail sector, companies always try to make use of these two factors when targeting their customers. It can help the company to improve its sales performance as well as satisfied customers will surely use their Word of Mouth to increase brand awareness. 

3. Target Market

3.1 The Proposed Target Market: 

The company need to follow demographic segmentation and target the customers who are fond of buying fast fashion products and having high power. It is important to note that these customers are also between the age group of either 15-34 who practice their buying behaviour for maintaining their lifestyle.

3.2 Justification of the target market: 

CriteriaDescriptionWhy do you think your company should target the above market? Justify   using the evaluation criteria.References
Segment  
Size & Growth
The company at first need to check the   growth prospects Fast fashion is projected to increase at a   rate of 2.2% CAGR which shows a high growth(Statista,   2020)
Segment   Structural Attractiveness Long term structural attractiveness needs to   be checked Consumer lifestyle choices are influenced by peers. The increased rate   of adoption of fast fashion will at least remain constant if not increased in   the coming years. (Jegethesan, Sneddon & Soutar,   2012)
Company   Objectives & ResourcesThe company   needs to check whether the company is having enough resources to implement   the targeting and whether the company’s long term objectives are met Company’s long term objective of gaining   competitive advantage is fulfilled. Moreover, being an international company,   Uniqlo has the required resources to invest in the targeting strategy devised   (Uniqlo, 2020)

Table 2: Target Market Justification


3.3 Target Market Profile: 


Name: Kiki 


Age: 22


Description:A young working professional looking for cheap and quality products 
Likes: Likes to buy newly designed value for   money clothes 
Buying behaviour: Loves to visit malls and   stores and spend money quality clothes 
Social Media activities: Have Twitter,   Instagram, Facebook and Snapchat profiles and active for more than 10 hours   on social media 


4. Differentiation and Positioning Strategy

In order to develop differentiation and positioning strategy, the first requirement is to understand the competitors as shown below: 

Competitors Competitors   competitive advantage 
H&MThe company   offers designer products as well as customised products to the customers 
Zara Zara with its   strong supply chain makes it possible to fulfil any customer demands 
Gap IncWith its strong   dealership network, the company is able to reach a high number of customers 

Table 3: Competitor analysis:

(Source: Anwar, 2017)

4.1 Proposed Differentiation Bases: 

Bases of differentiationCan your company use this?Why and how?
ProductYInnovative and excellent products 
ServiceYIn-store quality service
PeopleYCustomer-friendly

ImageYGood brand image as an international company   

Table 4: Bias of Differentiation

(Source: Uniqlo, 2020)

4.2 Proposed Value Proposition: 

Figure 1: Proposed value proposition 

(Source: Self-developed)

Uniqlo is an international brand and therefore, the company will provide higher benefits with the same price that the customers used to pay for products from competitors like H&M, Zara and Gap Inc. 

4.3 Positioning Statement: 

The positioning statement will be: 

"To the young fashionable buyers, our brand is unique and excellent that provides value for money product".


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