Posted: February 1st, 2024

Critical Evaluation of the Contribution of Current Marketing Management Theory and Practice

Critical Evaluation of the Contribution of Current Marketing Management Theory and Practice

Learning Outcomes Assessed Upon successful completion of this module, students will have demonstrated
Knowledge
K1 – That they understand the merits of particular marketing concepts when applied to selected business situations.
K2 – That they can understand the potential impact of factors in the external environment on the marketing activities of organisations.
K3 – That they have understanding of the major decisions that organisations confront in satisfying market-place needs.
K4 – That they understand market planning in organisations. Skills S1 – How to conduct research using relevant marketing journals and business documentation

Task
Context:
Singapore online grocery market to grow by more than triple in 2020
Market value will jump from $130m to more than $500m.
There is no stopping the growth in the online grocery market in Singapore, as the new study by research firm IGD revealed. By 2020, the market is set to grow more than triple, from $130m to $500m.
According to IGD, online grocery has a 1.2% share of the Singaporean grocery market. The firm forecast online to take a 4% share of Singapore’s grocery market by 2020, with a compound annual growth rate of 39%
IGD Head of Asia Pacific Nick Miles said Singapore is hailing a new era of digital grocery retailing, driven by the entry of RedMart in 2011, Giant and Sheng Siong launching online grocery in 2013 and plenty of smaller start-up businesses also looking to grab a slice of the action.
“Shopper habits are changing rapidly in South East Asia and in a compact city such as Singapore, with its relatively affluent population, big expat community and high penetration of internet and smartphone usage, there are huge opportunities for online grocery to meet these evolving needs. To make the most of this opportunity, retailers and suppliers must work together to ensure they really understand online shoppers and can tailor experiences and products to suit their personal preferences,” Miles said
He furthered that retailers will be aiming to make delivery options as convenient as possible, whether through shorter timespan delivery slots or greater choice of click and collect points throughout the region.
“Our UK data shows that 80% of shoppers cite convenience as their number-one reason for shopping online, and we would anticipate Singaporean shoppers to have a very similar mindset when heading online for their groceries,” he mentioned.
More so, online grocery retailers in the region are expected to encourage shopper loyalty through personalised offers and products, plus subscription models and delivery saver passes.
On top of that, shoppers in the region are increasingly connected via mobile, so ensuring a seamless shopping experience no matter what device they are using will be critical. Coupled with an increased focus on using innovations such as voice-activated technology, virtual reality and robotics, we predict huge opportunities for those retailers and suppliers who really invest in making the online grocery channel work for them in Singapore,” he concluded.
Source: https://sbr.com.sg/retail/in-focus/singapore-online-grocery-market-grow-moretriple-in-2020
This assignment is divided into three elements. You will need to achieve an overall mark of 40% in order to successfully complete this module. Please ensure you submit your assignment in Report Format.
Part 1. Using appropriate knowledge of business and marketing philosophies and concepts, critically evaluate the strengths of the organisation’s approach in delivering value with respect to your chosen brand. (30%)
Part 2. Research and evaluate the dynamics and trends within the marketing environment identifying the key factors that could positively or negatively affect the performance of your chosen brand. (30%)
Part 3. As the newly appointed marketing manager responsible for this brand make recommendations to increase profitability, market share, and the sustainability of your brand. Your suggestions must be underpinned with relevant theory and real-life/academic case studies. (40%)
Your arguments, findings and recommendations should be supported by theories, facts and figures published within academic books, journal articles, recognised business magazines and market intelligence reports.
Assessment Guidance
Part 1. Students are expected to critically evaluate marketing management with application to their chosen organisation / brand. In doing so, students will consider the adoption of business and marketing philosophies and concepts; these may include, however are not limited to; market orientation, social marketing, holistic marketing, marketing mix approaches, relationship marketing, performance marketing and internal marketing.
Part 2. Students should apply relevant frameworks to critically evaluate the external environment. Students must demonstrate that they have undertaken research using a wide range of relevant and current sources which must be referenced. In this section students will be expected to synthesise the market intelligence from their research, demonstrating the ability to evaluate what is relevant and significant for the organisation
Part 3. From the evaluation undertaken in Part 2 students will identify key opportunities / areas for improvement, to increase profitability, market share and the sustainability of the chosen brand. These will form the basis of recommendations. With reference to the marketing management process, students will make recommendations on Segmentation Targeting and Positioning (STP) strategy, brand building, shaping the market offering, implementation and marketing metrics. It is expected that recommendations will be underpinned with relevant theory and organisational case studies.

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