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Product Code:- Marketing-PH60


Task One - 500 word essay (20%) Assignment Answer Process

Step 1 Introduction

Step 2 The relative Importance of Marketing Innovation and competitive advantage

Outline of the Task one

 Format Candidates are required to use essay format and an answer is approximately 500 words. The introduction should not be lengthy. The ideas must be clear and free from ambiguity. Include only relevant information according to the requirement. List of references/bibliography This is a compulsory section of the answer. Providing a list of references/bibliography of the sources referred to at the end of the answer is required. Candidates are further advised to identify previously conducted research in the areas that is focused on. I.e. ‘market innovation’ and ‘strategic competitive advantage’. References are not included in the word count.

Detailed Guidelines

Overview of the 500 word essay The Marketing Design and Innovation assignment had been designed to test each student’s knowledge on emerging market innovation strategies in the modern business context. For this section, the student is expected to discuss the extent to which marketing innovation is important in developing and protecting a company’s strategic competitive advantage. Thus, it is essential to justify the student’s view using a range of supporting evidence. The following areas must be covered under this section 1.0 Introduction 2.0 The relative Importance of marketing innovation and competitive advantage 3.0 List of references

1.0 Introduction In the introduction, the candidate is expected to define both marketing innovation and strategic competitive advantage respectively. In doing so, the student is advised to incorporate relevant theoretical references where appropriate and cite sources in line with the Harvard Referencing style. For example marketing innovation is generally defined as the implementation of new marketing strategies or concepts that differ significantly from previous ones and have not been used before (Rogers, 1998). It must represent a significant change in the design or packaging of a product, in its positioning, as well as in its promotion and price strategies (Baregheh, Rowley and Sambrook, 2009). Innovation is defined as ‘Companies achieve competitive advantage through acts of innovation. They approach innovation in its broadest sense, including both new technologies and new ways of doing things.’ -Michael Porter (1990) The Competitive Advantage of Nations. Macmillan, London. Innovation is a new idea, product or process. To be called an innovation, an idea must be applicable at a reasonable cost and must satisfy a particular need. Innovation involves deliberate application of information, imagination and initiative in deriving superior or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. For example, the recent launch of Samsung Galaxy Note 7, it was introduced to the market with a relatively lower price than the Galaxy Note 6 (i.e. 900 USD) and has included many innovative features such as an internal storage of 64GB that also comes with a 4GB RAM and a speedier processor powered by 3500mAh non removable battery, etc. “A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices” (Barney, 1991). For instance, Apple iPhone products have a competitive advantage over the other SMART phone manufacturers due to their highly innovative product ranges. Annually Apple introduce new products to the market, e.g. in 2016,iPhone 7 and iPad mini 5. The candidate is expected to identify the concept of marketing innovation and competitive advantage in this section. It is advisable to use one or two definitions and describe the concept in your own words. It is important to provide real world examples as well.

 2.0 The relative importance of marketing innovation and competitive advantage After briefly introducing the two concepts, marketing innovation and strategic competitive advantage, candidates are required to emphasisethe extent to which marketing innovation is important to developing and protecting a company’s strategic competitive advantage. From the competitive environment, products within the same market from each provider are quite similar and difficult for customers to realise the difference. Innovation capability is the key that creates competitive advantage by perceiving or discovering the new or better way to compete in an industry, and launch into the market (Porter, 1990). The candidate should identify the importance of each concept and provide comparisons to highlight the relative importance. The arguments should be evaluated critically. The candidate should refer to theoretical frameworks/models and references to address this section, e.g. Generic Strategies, the 4Ps of innovation space

 The 4Ps of innovation space Furthermore, it is advisable to include many contextual facts and examples to the answer and thereby provide a sound justification as required. For instance, Apple is an innovative company which is different to other multinational technology companies. Apple products are created with a unique, fashionable style which causesa company’s brand image. Apple’s research and development department designed based on customer needs. Apple products have been manufactured from invention; all redesigned by including innovative technology. Apple got a competitive advantage from its innovation and sustained · Product innovation- Changes in the things (product/service) which an organisation offers e.g. a new design of car, a new insurance package for accident-prone babies and a new home entertainment system would be examples for product innovation · Process innovation- Changes in the ways in which they are created and delivered e.g. change in the manufacturing methods and equipment used to produce the car or the home entertainment system would be examples of process innovation · Position innovation- Changes in the context in which the product and services are introduced. e.g. an old established product in the UK is Lucozade- originally developed in 1927 as a glucose based drink to help children and invalids in convalescence. These associations with sickness were abandoned by the brand owners, they launched the product as a health drink aimed at the growing fitness market where it is now presented as a performance enhancing aid to healthy exercise. · Paradigm innovation- changes in the underlying mental models which frame what the organisation does, e.g. repositioning of drinks like coffee and fruit juice as premium designer products. it by creating new product innovation continuously such as iPhone, iPhone3G, iPhone3GS and iPad. When Apple launches a new product, consumers are excited about the new innovation, which createsa buzz in the market. Apple gains customer loyalty by its unique style of effective product innovation. This reflects that innovation can be a competitive advantage for the company (Geissel, 2007). Important: When a question requires you to critically evaluate, it means you are required to discuss both the pros and cons of the given subject. Here, you are required to discuss both benefits and drawbacks. It is recommended that the following key sections are covered separately. - Discuss views and opinions about different author’s pertaining to the positive impact of marketing innovation on strategic competitive advantage. - Discuss arguments for and against for the above stated views.

 4.0 List of references/bibliography This is compulsory as the requirement is to provide a 500 word essay on the extent to which marketing innovation is important in developing and protecting a company’s strategic competitive advantage. Thus, it is essential to justify the student’s view using a range of supporting evidence. It is better if the student can provide a reference list he/she referred to when addressing the answer, e.g. books, articles, past findings, online resources, etc. It should be properly cited using Harvard Referencing guidelines. The researcher is required to refer to previous works on the focused subject area and the resources shall be substantiated by references made to relevant authorities and publications. The identity of the authors and publications should be clearly shownhonouring the rights of the latter. It protects the researcher from accusations that holdthem responsible for others' thoughts for which they are not responsible.

Download Questions

In the era of changing times, there is an immediate need of marketing innovation for a business to stand out and compete with its run-of-mill competitors.Marketing innovation requires significant changes in product placement, positioning, packaging and pricing(Baregheh, Rowley and Sambrook, 2009).

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