Scenario: In assignment 2, as a marketing consultant, you have provided a situational analysis of your chosen company. In that assessment, you developed a great understanding of the current Australian marketplace for travel-related products and identified potential weaknesses/threats that need to be addressed and opportunities to capitalise on for your brand in this industry.
For this assignment, you are tasked to design a new product (or service) or upgrade to an existing product (or service) for your chosen brand/company. It can be either one of these 3 categories: 1) new-to-world products 2) Improvement/revisions of existing products (Revision to existing product’s formula, design, packaging, product line extension, brand extension). 3) Service Innovation (completely new service or product-service hybrids) . You are required to identify which of these 3 categories your new product idea is grouped under. You will demonstrate a strong understanding of all the marketing principles that we have engaged with over the course of the unit, and you will then produce a well-researched justification for your new product innovation.
Step 1: Select from the following two companies (note: it is strongly encouraged that you used the same brand as assignment 2, but it is up to you!)
Adventure World: is Western Australia’s only hybrid Theme Park/Water Park. Adventure World is conveniently located adjacent to stunning Bibra Lake, which is 25 minutes’ drive from City of Perth and 10 minutes’s drive from the port City of Fremantle. It is well connected by public transport from these Western Australian arrival points and tourist hubs.
Step 2: Once you have chosen your company, you will then proceed to do desk research and acquire both industry and academic sources to develop your new product for one of the two companies chosen above. This is an extension of assignment 2, the PESTELE and SWOT analysis of your company that you have done should help you form the rationale for your new product proposal (it should make sense why you are proposing this particular new product idea). (Hint: Your new product idea should be aligned with your company’s mission and vision, based on the strength(s) of your company, address weaknesses and threats, and capitalise on potential opportunities to help improve your brand. It should address a gap in the market (or an underserved market).
Please use a combination of these sources to support your discussion (not an exhaustive list):
Academic sources (e.g., journal articles, conference papers, case studies and textbooks)
Industry/government databases and reports (e.g., IBISWorld, Australian Bureau of Statistics (ABS), company’s official websites,
Media (news articles (7/9 news, ABC news, Australian Financial Review, Guardian, Wallstreet journals etc.). Social media sources on brand/product reviews/ ratings are also acceptable. However, do not overuse it as these sources are often based on “personal opinions” rather than “expert opinions”.
Step 3: You will then proceed to put together a comprehensive and well-researched business plan for submission.
Important Information:
The word limit is 2500 words so you should manage your word count appropriately.
You will need to reference all facts and support your arguments with justifications from credible sources, such as journal articles, industry publications and academic textbooks.
The required format is 12-point font in either Arial or Times New Roman with 1.5 line spacing.
please refer to the attached document for the assignment 2 referals.
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