Assessment Task 3 – BUS304 Evidence based strategy creation

ASSESSMENT TASK 3: Growth Stategies- Home Entertainment Retail Industry

Value: 45%

Due Date: Sunday, Week 12

Length: 200-2500 Words (+10% MAX)

Assessment Description

Task: Assignment 3 builds upon the second assignment and focuses on

developing strategies for growth and efficiency. In assignment 2 you

already considered relevant market characteristics and identified key

challenges and opportunities for the industry players.

For assignment 3 you are required to suggest strategies for growth using

organic and inorganic growth models, possible mergers and/or

acquisitions, appropriate retrenchment strategies to achieve efficiency

and some cooperative strategies.

Preparation: In preparation, you should review the detailed assignment instructions

in the Learnline assessment folder. Please don’t stress about the

assignment or attempt to start it before you have been given further

instruction.

As the unit progresses, you will be guided through the assignment, so it

will be important to engage with the assignment-related activities.

You will also be guided as to the reading and resources you should bring

into the assignment.

Presentation: Please keep to the word count and follow the assignment instructions

closely, using the same headings. (Do not include an Executive

Summary).

Please indicate the number of words written in each section, as well as

the total word count at the end.

You may attach appendices to provide context to your assignment, but

please note that appendices do not contribute to the marks.

Please use a recognized journal-style referencing formats such as

Harvard or APA. Be sure to consult the assignment rubric and detailed

instructions in the Learnline assessment folder for more details.

Assessment Task 3 – BUS304 Evidence based strategy creation

NB. Please submit a Microsoft Word document and not a pdf.

Assessment criteria: For the purpose of this assignment, you must demonstrate a

clear understanding of the business strategy and planning

process using the concepts and themes covered in the unit

lessons.

SPECIFIC DETAILS: Assignment background and industry context This assignment involves the development of strategies for growth and efficiency. It will improve your appreciation of the various growth and efficiency models. In this assignment, you will perform the same tasks undertaken by strategists at functional (NPD, Market Penetration and Market Development) and corporate levels (Mergers and Acquisitions, Restructuring, and Cooperative strategies) for growth and maintaining the efficiency of a business. More specifically, you will describe the strategic rationale for possible organic and inorganic growth strategies, restructuring approaches, and cooperative moves to expand the business as well as achieve efficiency for an improved bottom line. The challenging home entertainment retail marketing environment has resulted in the recent development of new-generation products, new market segments, and possible restructuring opportunities to achieve a variety of strategic objectives. For Assignment 3 you will focus on proposing some of such initiatives for your target corporate brand. Specific assignment tasks Assignment 3 assumes that JB Hi-Fi Australia is considering expanding its business in some South Asian markets where it is not currently present (this is just an assumption). You will be required to choose ONE of these countries as a potential ‘target market’ and reflect on the following with the help of data:

1. Conduct an assessment of the target market potential 2. Suggest possible growth strategies using models of market penetration, new product

development, and market development 3. Identify potential merger and acquisition opportunities and suggest strategies 4. Identify potential restructuring moves to gain efficiency 5. Suggest possible cooperative strategies

More specifically, your assignment should contain the following headings/sections:

1. Introduction (approx. 250 words) Introduce your assignment content. Describe the importance of growth and retrenchment strategies for business. Identify your target market here (from

Assessment Task 3 – BUS304 Evidence based strategy creation

amongst the South Asian countries). Summarise your assessment in this section and identify assumptions, if any. 2. Assessment of Target Market Potential (400 words) Conduct a target market potential assessment to justify your choice. Week 8 lecture

slides on market penetration and market development provide a framework for

developing market potential assessment.

3. Growth Strategies (approx. 700 words)

A. Organic Growth This section describes how JB Hi-Fi Australia can take advantage of various organic growth strategies, including new product development, market development and market penetration, to expand and establish its business in the targeted market. Please note that more than one approach can be adopted simultaneously to promote various brand divisions in the portfolio. Justify your choice with data or based on literature related to the growth strategies.

B. Inorganic Growth Reflect on the possibility of any merger and acquisition opportunity and explain why such a strategy may come in handy. Demonstrate the benefits and suggest precautionary measures to avoid failure of such strategy. Also, identify target companies for related and/or unrelated mergers/acquisitions. 4. Restructuring Moves (approx. 500 words) Based on the assessment of JB Hi-Fi Australia brand portfolio, identify areas for downsizing and downscoping, and justify how would such a strategy result in improved profitability. BCG matrix analysis can be useful to recognize such opportunities. 5. Cooperative Strategies (approx. 500 words) In order to be successful and to get a kick start in your targeted market, suggest how

and with whom would you develop any strategic alliance or enter into joint ventures.

Reflect on the type of strategic alliance(s) that might be possible and rationalize how

they would benefit JB Hi-Fi Australia in its quick entry and establishment in the new

market. You are free to select from other possible cooperative strategies as well,

such as franchising, network cooperative strategy etc. Justify your choice with the

objectives you intend to achieve with suggested cooperative strategies.

6. Conclusion (approx. 150 words) A brief overview that reiterates the importance of strategic planning and stresses the significance of implementing an effective strategy for business success.

Assessment Task 3 – BUS304 Evidence based strategy creation

Assessment format To successfully complete this assignment, you should prepare a report that:

▪ Is a Microsoft Word document and not a pdf.

• Is well written and properly spell-checked and proof read.

• Follows the assignment instructions closely and uses the same headings.

• Indicates the number of words written in each section, as well as the total word count.

• Uses a recognized business journal style of referencing format such as Harvard or APA.

• Is 2500 words long MAXIMUM (excluding figures, appendices, bibliography – please note that appendices do not contribute to the marks). There is a considerable amount to cover, so it will be important that you write clearly and concisely.

Submission & mark allocation The assignment must be submitted on time via Learnline.

% allocation of marks for this assignment is as follows:

Introduction 5

Assessment of Market Potential 15

Growth Strategies 30

Restructuring Moves 20

Cooperative Strategies 20

Report structure/presentation and effective referencing, citation, and evidence of adequate literature search

10

Total 100

(See Learnline for further details of assessment submission and marking procedures/policy).

Assessment 3 Rubric

Assignment 3: Organic and inorganic growth strategies

  Levels of Achievement

Criteria High Distinction Distinction Credit Pass Fail

Introduction 85.00 to 100.00 %

Excellent, concise introduction, that covers the assignment structure, description of the marketing strategy process, and target market.

75.00 to 84.00 %

Good introduction,that covers the assignment structure, description of the marketing strategy process, and target market.

60.00 to 74.00 %

Reasonable introduction, that covers the assignment structure, and description of the marketing strategy process.

50.00 to 59.00 %

Limited introduction that covers some of the required aspects – the assignment structure. description of the marketing strategy process.

0.00 to 49.00 %

Inadequate – does not cover the required aspects.

Assessment of Market Potential

85.00 to 100.00 %

Excellent explanation of target market potential with data cited from credible sources used to calculate market potential.

75.00 to 84.00 %

Good explanation of target market potential with data from credible sources.

60.00 to 74.00 %

Reasonable explanation of target market potential.

50.00 to 59.00 %

An attempt to calculate target market potential with limited information provided.

0.00 to 49.00 %

Inadequate information on target market potential.

Name

Description

Rubric Detail

Weight 5.00%

Weight 15.00%

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Levels of Achievement

Criteria High Distinction Distinction Credit Pass Fail

Growth Strategies

85.00 to 100.00 %

Excellent description of the market opportunity for organic and inorganic growth. Thorough re�ection on all strategies related to organic and inorganic growth with clearly stated objectives and possible strategies.

75.00 to 84.00 %

Good description of the market opportunity for organic and inorganic growth. Thorough re�ection on all strategies related to organic and inorganic growth with clearly stated objectives.

60.00 to 74.00 %

Reasonable description of the market opportunity for organic and inorganic growth. Thorough re�ection on all strategies related to organic and inorganic growth.

50.00 to 59.00 %

Some relevant description of the market opportunity for organic and inorganic growth.

0.00 to 49.00 %

Minimal relevant description description of the market opportunity for organic and inorganic growth.

Restructuring Moves

85.00 to 100.00 %

Excellent explanation of areas in need of downsizing and down-scoping justi�ed with relevant data and supported with BCG matrix results.

75.00 to 84.00 %

A good attempt to explain the areas in need of downsizing and down-scoping justi�ed with relevant data.

60.00 to 74.00 %

Reasonable attempt at explanation of areas in need of downsizing and down-scoping.

50.00 to 59.00 %

Limited attempt explanation of areas in need of downsizing and down-scoping.

0.00 to 49.00 %

Inadequate attempt at explanation of restructuring moves.

Weight 30.00%

Weight 20.00%

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Levels of Achievement

Criteria High Distinction Distinction Credit Pass Fail

Cooperative Strategies

85.00 to 100.00 %

Excellent description of cooperative strategies including strategic alliances, franchising opportunities and network cooperation with each justi�ed in the light of targeted objectives and cooperating �rms in view.

75.00 to 84.00 %

Good description of cooperative strategies including strategic alliances, franchising opportunities and network cooperation with each justi�ed in the light of targeted objectives.

60.00 to 74.00 %

Reasonable description of cooperative strategies including strategic alliances, franchising opportunities and network cooperation.

50.00 to 59.00 %

Limited description of cooperative strategies.

0.00 to 49.00 %

Inadequate description of cooperative strategies.

Report presentation, structure, format, as well as appropriate resources and referencing

85.00 to 100.00 %

Follows academic rules of writing. Clear and logical structure with appropriate headings and section lengths. Excellent writing style with proper use of grammar and spell

75.00 to 84.00 %

Generally follows academic rules of writing. Clear and logical structure with appropriate headings and section lengths. E�ective writing style with proper use of grammar and spell checked. Appropriate sources

60.00 to 74.00 %

Some e�ort to follow academic rules of writing. Reasonable structure with appropriate headings and section lengths. Reasonable writing style. In the main a proper use of

50.00 to 59.00 %

An attempt to follow academic rules of writing. Appropriate headings – section lengths and content might be improved. Reasonable writing style.

0.00 to 49.00 %

Adherence to academic writing rules has not been demonstrated. Required format has not been followed. Improper referencing style used, text has been pasted in

Weight 20.00%

Weight 10.00%

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Levels of Achievement

Criteria High Distinction Distinction Credit Pass Fail

checked. Appropriate sources are used and all are accurately cited and referenced using a consistent and appropriate format.

are used and most are accurately cited and referenced using a consistent and appropriate format.

grammar and spell checked. Appropriate sources are used and most are cited and referenced using a consistent and appropriate format.

Grammar and spelling might be improved. Additional resources might be used used. Some attempt at citing and referencing. Inconsistent referencing standards.

large slices without relevance and proper recognition.

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CDU Business School

Lesson 09 Strategic considerations – Innovation and NPD

Reading: review chapters 7, 8 and 9

Overview

• Innovation strategy

– Incremental innovation vs radical innovation

– Innovation dimensions and process

• NPD research – Idea generation and understanding need & motivation

– Product concept testing

– Evaluating & improving products

Incremental vs. radical innovation?

(& NPD)

Innovation – why bother? What are they?

Examples of each?

Leader vs. follower innovation strategies

Technological leadership

First-mover advantage may be achieved by:

• Patent protection – where possible

• Secrecy and advances in the product

innovation learning curve

Value chain strategies

The market pioneer may be in a position to:

• Pre-empt sources of supply

• Shape the way the product is distributed

• Establish close relationships or strategic

alliances with distribution partners Take-over

Let the pioneer take all the risks then

acquire the skills, patents, learning curve

Follower

Capitalise on mistakes made by the pioneer

Leapfrog the pioneer by perfecting the

processes:

• lower price due to economies of scale

• a technologically superior product /

superior product quality

• superior product positioning – value

proposition / segmentation

• superior customer service

• Superior marketing

Overview

• Innovation strategy

– Incremental innovation vs radical innovation

– Innovation dimensions and process

• NPD research – Idea generation and understanding need & motivation

– Product concept testing

– Evaluating & improving products

Seven dimensions of NPD best practice

See chapter 9 of the unit text for greater detail

Process, research, metrics

are all closely inter-related

The innovation strategy dimension

• NPD is considered within the context of

the organisation’s mission and vision and

long-term strategic planning processes

• Considered to be an ongoing process

• Focus on maintaining the right balance for

the innovation portfolio

Examples of companies that are

(not) innovative

Company culture

• A focus on fostering innovation

• Innovation a core and

continuous process

• Top-management support

• Cross-company alliances

• Collaborative partnerships and

alliances

Project climate

• Appointment of dedicated,

accountable and empowered

cross-functional teams

• Teams are typically specialists

in R&D, engineering,

manufacturing/production and

marketing

Commercialisation

• Strategy, e.g., Brand extension

• Implementation – three phases:

• Pre-launch

• Launch

• Post launch

Interactionist communication model Where sender and receiver play equal roles it is more likely to result in

developing products that match motives, values & lifestyle

CULTURAL CONTEXT

1 2 Self / Other

Other / Self

Object of communication

Process

• Idea generation and

development

• Concept testing and refining

• Incremental improvement

Process, research, & metrics

NPD research

Combination of traditional and

contemporary research techniques:

• Brainstorming, focus groups,

Delphi, customer visits, conjoint

analysis ethnography, lead user

processes, crowdsourcing and

open innovation

Metrics & performance

• A focus on performance goals:

• Metrics for each stage of the NPD

process:

• Concept generation & testing

• Launch & post-launch performance

monitoring and review

Evaluate brand value and track the brand performance (BHT)

Concept development &

testing

The process dimension

Idea generation

Concept development

& testing Product improvement

The fuzzy-front end of innovation

Idea generation

Concept development

& testing

More advanced innovation themes

Problems &

innovative solutions

Barriers to innovation

diffusion

Unintended negative

consequence of innovation

Increasing

complexity

Overview

• Innovation strategy

– Incremental innovation vs radical innovation

– Innovation dimensions and process

• NPD research – Idea generation and understanding need & motivation

– Product concept testing

– Evaluating & improving products

For the product (which includes service aspects), & packaging elements of the mix it is CRITICAL TO SATISFY

CUSTOMER NEEDS…

Clear competitive advantage can be gained in this regard.

Consequently there are well defined approaches for

understanding MOTIVES, VALUES & LIFESTYLES

Focus groups and ethnographic research are particularly effective in this regard

Physiological Needs (food, water, air, shelter, sex)

Safety and Security Needs (protection, order, stability)

Social Needs (affection, friendship, belonging)

Maslow’s hierarchy of needs

Ego Needs (prestige, status, self-esteem)

Self-

Actualisation (self-fulfillment)

Lower order needs must

be satisfied first.

The least satisfied need

is the most motivating

SEGMENTATION &

POSITIONING

APPLICATIONS –

Many products (&

ads) seek to satisfy

particular needs in

the hierarchy ….

Much research (QUAL) in particular also seeks to identify different orders or levels of need

Types of motivation

• POSITIVE MOTIVATION – driving force towards some object or condition (e.g., a university degree) often referred to as an APPROACH object

• NEGATIVE MOTIVATION – driving force away from some object or condition (e.g., unemployment) thus sometimes referred to as an AVOIDANCE object http://www.youtube.com/watch?v=Iew6JNJcfFM

• The consumption of certain brands or products can also contradict or conflict with other motives / goals…

• Suppliers seek to reduce conflict to increase consumption of their brands.

Research (QUAL in particular) seeks to establish sources of positive & negative

motivation, as well as conflicting motives.

“Just like a Mars, only red”

“Legendary taste half the fat”

How does research establish sources of motivational

conflict?

What are all the reasons people have for eating at McDonald’s

& what are all the reasons

people have for NOT eating at McDonald’s

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