Viability of Launching a “New” Invention/Idea

 

Assignment Topics: CHOOSE ONE

 

Viability of Launching a “New” Invention/Idea

 

In a first year Marketing tutorial class, a group of 200 students devised over 700 new product ideas within an hour. As expected, some of these ideas were totally wild and totally impossible, while others held great appeal for commercial viability. The students involved formed a company called “Amazing Ideas” in the hopes of launching at least one of their “new” inventions/ideas (“new” may mean totally new to the market, or new to the company). The “best” of these new inventions were deemed to hold considerable appeal to a potential market: these include:

 

  1. 1.     Healthy Food for Children

Australia is fast becoming an obese Nation. In order to prevent this, a range of food developed for children that is healthy, nutritious and tasty is going to be developed. This food will encourage children of today to eat well, thus preventing the demand for medical and hospital services of the future

 

 

A. Provide a report for your client, Amazing Ideas, which analyses the current industry and market situation, and the viability of launching one of these products Australia (note: students should select to do their assignment on one product idea only!). Students are to presume that the technology is readily available for any product idea and to develop a preliminary plan of how your client could go ahead and launch such an idea.

 

 

Helpful Hints for the Assignment

 

Imagine that you have been commissioned by this “client” to conduct an initial analysis in the Australian market . On the basis of your recommendations, the company will investigate further regarding the launch of their new good/service. Accordingly, you will need to implement the Marketing Management Process by providing an industry overview, analyse the current market opportunities and to identify a segment of the market that you recommend the company targets first.  You then need to recommend a positioning strategy, followed by the 4P’s.

 

Please note that only the salient aspects, meaning only those that are relevant to your good/service, need to be presented in your report. For example, it would be pointless to discuss, at length, an aspect of the environment that does not really affect the activities of your client’s company or industry.

 

At first glance this report might seem quite challenging; however, once you make a start, gain information from library sources and attend the lectures and tutorials, things will become much clearer for you.  Lecture activities are designed to specifically help you with each section of your assignment, and so class attendance is critical in this unit. The sections in the ‘Major Assignment Marking Guide’ (see Appendix at the end of this unit outline) serve as a guide to you as to the sections that are expected in a report of this nature.

 

In order to complete this assignment, you will need to research information from online databases.

 

 

 

 

 

Referencing in Business Assignments

 

Students are expected to read beyond the textbook for this assignment.  References should comprise at least two textbooks, four academic journal articles and two industry references.

Students who complete the minimum requirements should expect to receive the minimum pass mark for that section. Students must cite the references used throughout the body of the report while also providing a complete reference list at the end of the report.  Students are advised to follow the Harvard referencing format.

 

Students who do not use any references throughout the body of the report will receive an automatic ZERO for the whole piece of assessment, because a lack of referencing falls into the realm of “plagiarism”. Therefore, please note that it is necessary, but insufficient to only include a reference list at the end of your report. There should be a minimum of 10 references and citations in the report. Any less, there will be penalties.

 

Formatting of the assignment should follow the style used in this unit outline. Ensure you use numbered headings, and that your font is 12, Times New Roman, with 1.5 line spacing.

 

All assessments are required to be submitted on time. Work that is submitted late, which does not comply with extension requirements, will be subject to a late penalty of 10% of the available mark per day that it is late. If students submit an assignment past the deadline, it will be deemed one day late. The due date is Week 12 in your class.