Topic 18 is based on the review of the various aspects of the marketing strategy of a company and the manner in which these marketing strategies impact on the business operations of the company in a selected time period.
Strategy is defined as a long-term plan to achieve a planned objective. In this perspective, a marketing strategy is a marketing plan brought in place to achieve a set marketing objective. For example, a marketing objective is a goal to become a market leader by delighting customers. The strategic plan is to set detailed planning in place that will involve appropriate marketing research and based on this, a marketing mix for the delighting of customers is developed. Every company needs to set clear marketing objectives as the main path to the achievement of the organizational goals is dependent on this strategy.
While researching this topic, the student will have to critically assess the marketing strategy the selected company has chosen in order to promote its products or services. The marketing strategies can vary from one industry to the other, and even more in various businesses. The marketing strategies enable a marketing company to market the products and services to the public. These create targeted campaigns that bring the message of the product to the targeted consumers. But, these also can cause potential issues in a certain situations. The students that choose this topic will have to make a correlation between the general marketing strategies of the selected company with the overall operations, and will need to discuss the effectiveness of the marketing strategy of the selected company in achieving the general short-term and long-term goals and objectives set by the company.
Key features / requirements
- Appropriate explanation of the general concept of a Marketing Strategy in a general (literary review) and specific manner to the selected company
- A comprehensible and thorough analysis of the various marketing strategies applicable to the selected company.
- Assessing the impact of the proposed marketing strategy on the overall growth of the business in a short and long time period.
- Assessing the perceived benefits (if possible) by the company based on an accepted marketing strategy.
- Providing a quantitative and a qualitative analysis (if possible) to properly support these aspects.
- Maintaining a proper balance in explaining and analyzing the different aspects of the marketing strategy and the impact it has on the general business performance of the company.
Key Success Factors
- The adequate implementation of the set goals and objectives that were made at the beginning of the RAP in the appropriate sections of the RAP.
- Giving adequate answers to the research questions that were set at the beginning of the RAP in the appropriate sections of the RAP.
- Using the appropriate methodology for research to get adequate results about the selected goals and objectives that were decided at the beginning of the RAP.
- Maintaining a logical flow of the discussion by having in mind all the requirements of the topic.
- Give logical conclusions on the done work at the end of the Research Report by also having in mind all the requirements of the topic.
Major benefits for choosing this topic
- The student will be able to implement the theoretical knowledge in practical situations.
- The different techniques learned here can help the student in their professional life.
Major possible limitations faced by student under this topic
- The student may not be welcomed by the management of the selected company and he/she may not be provided with the necessary information (due to confidentiality issues or unavailability of authorized personnel)
- The student may not be able to acquire appropriate data from online or other secondary sources (due to unavailability of inappropriate research approach) or bring good ideas to improve the project.
- The student may face confusion from the possible variation between the information gotten from the primary (verbal of documented) and secondary sources (via research work).
Suitable organisation under this topic
To develop a good quality RAP, the student will need to choose a company for which they have access to the management and such management is willing to provide the necessary information that is required by the student for completion of this topic. The selection of the most appropriate company is of basic importance as the student needs to have knowledge and understand the operations of the company and the entire sector in which the selected company is operating. Upon this knowledge, the student can then crosslink the different aspects of the general operations of the selected company with the requirements of the topic, as this is essential in obtaining good grades on their RAP.
The student will need to evaluate these aspects in the choice of a company for their RAP:
- The personal interest of the student to the general business of the selected company;
- Availability of primary sources of information (not necessarily essential, varies per the chosen approach by the student);
- Availability of reliable secondary sources of information;
- Knowing the whole operation of the selected company, specifically related to the marketing portion (very important in topic 18);
- Knowledge on the sector in which the selected company operates;
- Available concerned officials from the selected company (not necessarily essential, varies per the chosen approach by the student); and
- General idea of the requirements of the selected topic in the beginning of the RAP and their proper application in the selected company.
Suggested approach for this topic
The student needs to carefully plan their work from the beginning, so all necessary tasks can be completed in a proper manner. The first thing that the student needs to do is understand the general requirements of the topic and then analytically evaluate all the aspects of the requirements by setting a detailed work strategy. The only way of completing all the requirements is the proper assessment and detailed planning at the beginning of the preparation of the RAP.
The first thing is to prepare a table of contents under this topic (topic 18) that will contain a logical flow of the tasks that need to be followed by the student. The content table will enable the student to stay on track on the work from the beginning, and the student can estimate the necessary time for every step in the preparation of the RAP.
After completing the table of contents of the RAP under topic 18, the student needs to start working in a logical method by gathering the necessary information. The student has to logically and analytically evaluate the gathered information by advising with its Project Mentor. The feedback and proper guidance from the Project Mentor in all the aspects of the RAP is of great importance for the completion of the RAP.
Of course, there is not a uniquely established approach for creating the RAP under topic 18, and the wide level approach described here is only the beginning. It needs to be followed by the student’s perception and by the detailed plans that were made in the beginning of the preparation of the RAP under topic18 in accordance to the available information on the selected company. No matter the approach the student will choose to follow, the adequate guidance from the Project Mentor along every part of the process has major influence in preparing a quality RAP and getting good grades.
Availability of Information
The student will need to complete the RAP on the information given by the management of the selected company (primary sources of information) and the information gathered via reliable secondary sources. The access to primary sources of information is not of essential importance to topic 18 and it varies by the general approach of the student. Should the student choose to use information from primary sources, they should also ensure that the management of the selected company is willing to provide such information and this is not bound by a confidentiality clause.
The student needs to make a proper evaluation before making the final decision for a topic for their RAP, as according to the requirements of this topic; it can be completed if the student has sufficient information on the selected company. If the student has doubts or is facing issues in acquiring the necessary information, then he/she should seriously consider the choice of this topic, as this will have a major impact on the evaluation of the RAP and the final grades.
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