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BHO1171 Macro Environmental Analysis

TITLE

Diagnostic Assessment – Macro Environmental Analysis.

This assessment accounts for the following proportion of marks for this unit

10 %

LEARNING OUTCOMES BEING ASSESSED

1. Analyse how the key elements of the marketing mix contribute to an organisation's marketing strategy;

2. Compare alternative theories of consumer behaviour and contrast how they influence marketing activities;

3. Determine the practical implications of core marketing theory including marketing empirical generalisations, the Double Jeopardy and Duplication of Purchase laws;

4. Investigate marketing problems in business situations using marketing research and marketing metrics, and effectively report results to a broader audience;

5. Formulate basic marketing strategies that can be implemented to address marketing problems

SUBMISSION INSTRUCTIONS:

You must electronically submit your paper into the Turnitin assignment submission box within the BHO1171 VU Collaborate shell. Submissions must be in MS Word format.

Please note that paper copies will not be accepted. In case of the Turnitin or VU Collaborate system being down, please email the assignment to your lecturer or local unit co-ordinator as a record of on time submission. Assignments will be marked using Grademark, within VU Collaborate. You will need to log into VU Collaborate to read feedback and obtain your mark once marking is complete.

In the eventuality that you fail this assessment you might be given the opportunity to re-submit. Resubmissions will only be considered if you have visited the Learning Hub for support on your resubmission.

Failure to meet assessment deadline(s)

Where special consideration is not applicable, a 10% (ten percentage point) deduction for each 24 hour period after the due date is to be deducted, unless agreed upon with the unit coordinator prior to the due date.

SUBMISSION DEADLINE:

23:59 hours on Thursday of week 1 (for block teaching)/ 23:59 hours on Friday after session 3 (for semester teaching).

DETAILED DESCRIPTION OF ASSESSMENT

This assessment links directly with assessments 3A and 3B. Figure 13.1 from Sharp (2017) is presented below, which outlines the marketing planning process. Your task will be to complete:

Step 1: The Market Environment (but not Organisation Situation Analysis) as Assessment 1
Step 2: The Target Market Analysis and Market Segmentation as Assessment 3a
Step 3: The Marketing Objectives and Strategy Formulation as Assessment 3b

In other words, you will be writing an overall marketing plan for a product or service, in stages that are interconnected. The product you will need to write a marketing plan for will be outlined in the VU Collaborate space. Generally the product will be a new product that is seeking funding through a crowdfunding website such as www.indiegogo.com .

Your task in this particular assessment is to write a simple macro environmental analysis as part of an overall marketing plan. It should be approximately 500 words in length around 2 A4 pages. You may use tables to present the different elements of a macro environmental analysis.

You may wish to refer to Chapter 13 of Sharp (2013) for more detailed information on marketing planning, in particular Table 13.1 suggests a structure for a marketing plan.

In addition, specifically relating to the Macro Environmental Analysis for this assessment, you may wish to refer to page 214 onwards of Sharp (2013).

The point of a diagnostic assessment is to give students an early assessment with feedback to identify students who are at risk of not achieving a pass in the unit. This assessment will allow your lecturer to work with you and provide early feedback that you can take on board for later assignments. If necessary you may be referred to the Learning Hub centre on your campus for further help.

Expert's Answer

According to a report by Mordor Intelligence (2019), people are becoming increasingly conscious about their fitness thereby creating a significant demand for fitness equipment. Another report by Allied Market Research (2020-2027), the global fitness equipment industry is expected to grow at a CAGR (Compound Annual Growth Rate) of 3.5% to have a value of $15.2 billion. Monkii 360, a resistance training equipment can be considered to be a part of home workout segment, a growing segment for fitness equipment. The growth is driven by people having less time to go to gyms and the time flexibility provided by the home gym. Since the consumers as well the businesses operate in an environment (and not in vacuum), there can be several factors that impact the decision-making so there is a need to understand the marketing environment in which the product has to be marketed (CIPD, 2020). Based on the framework by CIPD (2020), a PESTLE (Political, Economic, Social, Technological, Environmental, and Legal) analysis is used to explain the marketing environment for the product as below. The PESTLE analysis is conducted based on insights from various sources (Kestenbaum (2019), Market Watch (2019); Mordor Intelligence (2019); and Allied Market Research (2020)).