MKT20031 Marketing and Innovation Online Tutoring

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Course Code: MKT20031

Course Name: Marketing and Innovation

Marketing and Innovation Assessment

In this assignment, you will be given two frameworks and you must complete the tasks below:

Create a complete business model canvas of your proposed innovation
Provide answers to four questions that businesses have to be aware of when launching their offering to the market

Online Tutoring Details

Task 1. Creating a complete business model canvas

The Business Model Canvas (BMC) by Osterwalder & Pigneur provides a template of nine dimensions that is aimed at equipping new ventures before they are launched. You must complete all nine elements by integrating/using concepts of services marketing provided from the Lovelock, Patterson, and Wirtz (2014) textbook. The outputs of this task will be two parts, a one-page “canvas” highlighting the summary of your elements, and a section that elaborates each element.

The one-page canvas does not count as the word count. We recommend you present this as an image, pasted into your document, or submitted as a separate document.

Added 28/04/20: The elaboration of the elements section is where you try to explain, justify, and convince the reader that your business model is solid. Imagine that the reader is a potential investor, so you need to “show-off” and demonstrate that each element of your design has been carefully researched using best-practice theory and examples. For instance, you might draw on Lovelock et al’s Flower of Service and the recent successes of company X to justify why you chose to partner with institution Y.

Task 2. Answer four “gaps” questions

The Gaps Theory highlights six potential pitfalls that may lead to unsatisfied customers.

The framework was originally developed for services marketing but can be used for products as well since in today’s world, almost all market offering has some service elements to it. In this assignment, you must answer four questions relating to your business model, based on the Gaps Theory.

Explain how your BMC elements:

Ensures that management and staff know what customers expect (Avoiding Gap 1).
Ensures that delivery standards are accurately translating what the managers believe that customers expect (Avoiding Gap 2).
Ensures that the ‘ground staff’ can perform to the expected delivery standards

(Avoiding Gap 3).

Ensures that there is a balance between what is promised to the consumer and the level of performance that is delivered (Avoiding Gap 4).

See Figure 2 for a summary of the Gap Model. We strongly recommend you read Lovelock, Patterson, and Wirtz (2014) chapter 12 (p.349-350) to get a better understanding of the Gaps theory.

These four questions should be presented after the BMC in the assignment, but when you are working on it, you should create these questions already in mind. In other words, these questions should drive your BMC elements creation.

After this section, you need to have a conclusion section where you discuss how your innovation has evolved from your first assignment to its current form. What has changed? What has not? Why?

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MKT20031 Marketing and Innovation

The course MKT20031 Marketing and Innovation is currently emerging and most demanding due to digitization in business. It focuses on the process of service/product development that starts from idea generation and intends to satisfy customer latent and current needs. It ultimate goal shapes the idea of innovation in order to bring it to market place and creating prototypes to improve customer experience. The concepts revolves around digital technology role in service/product development process starting from crowd idea generation through lead users and online community, linking into various distribution channels such as Netflix or Amazon Go that nurture customer repurchase and loyalty.

The assessment requires composing portfolio report using theories and business model canvas. It helps to build and improve the innovation idea by using frameworks and different tools to refine the idea into concrete form. This unit is useful to augment knowledge on marketing function scope, the role a firms play in innovation process emphasizing on customer experience and customer value creation. It further allows applying understanding of digital technology as well as new service/product development process to formulate tactical, operational and strategic services/product innovative decisions. Besides developing a marketing plan to launch a new service or product, it takes in social and ethical consideration in the process.

Assessment is an important tool to evaluate students grip on subject knowledge. Students often like the notion to incorporate theoretical concepts, but coming up with innovative ideas and practical marketing tools and techniques fear them. It might be because they lack the art to shape their ideas or have less exposure to existing digital technology in this segment. Therefore, they prefer taking Online Tutoring from professional experts. Myassignmenthelp has subject experts on board who have both industry and academic experience to come with precise marketing creativity and innovation assignment solution. They incorporate appropriate subject concepts, frameworks and methodology following academic guidelines. Eliminating every chance that can deteriorate quality of work, our reliable assistance aims to help you achieve your academic goals. So what are waiting for? Place your order now and get top-notch papers in limited time period.