Write a report to Airbnb’s Marketing Manager.
Airbnb’s Marketing Manager has contracted you to write a report to compare and contrast marketing strategies for new and growth markets relevant to the organisation. You would like to impress the Marketing Manager by also making suggestions around marketing strategies for later stages in the product life cycle for hostile (mature) and declining markets. You can use case samples from the industry to support your suggestions. Discuss the nature and scope of marketing strategy as well as the key principles of marketing strategy development in the introduction to your report.
You are required to draw on essential literature and theory about strategy development, strategy tools and concepts and be able to discuss them intelligently in order to successfully complete this assignment.
Your report should cover:
- Discussion of the nature and scope of marketing strategy, its relationship to corporate strategy and relevance to business success.
- Critical discussion of the key principles of marketing strategy development.
- A comparison of suitable strategies for Airbnb for new and growth markets and what differentiates these from each other.
- Suggestions for suitable strategies for Airbnb for hostile and declining markets.
- References to key concepts in strategy development throughout the report.
Make sure you reference all of your sources using the correct APA referencing conventions.
Make sure you read the Marking Schedule below carefully before embarking on the assignment. It will give you clear idea of what we are looking for in the submission!
You might at times feel isolated and feel the need to run ideas by your fellow students. Make sure you use the Discussion Board to communicate with your peers and exchange resources and ideas. There is a Forum available just for that purpose. Please use it. If you have questions which you want to address to your facilitator, don’t hesitate to contact them. You will find their contact details on the announcement page.
The report of course will have to be your own work but collaboration at the planning stages and sharing of resources is encouraged.
MGT304 Strategic Marketing Management, Level 7, Credits 15, Version 1 © Southern Institute of Technology 2015
Criteria E (0-39) D (40-49) C (50-64) B (65-79) A (80-100)
Nature and scope of marketing strategy
Flawed discussion of scope of marketing strategy. Clear lack of understanding of strategy and its relevance.
No references to theory.
Partial and somewhat flawed discussion. Clearly lacks depth and clout.
Little or no references to relevant contemporary theory.
Reasonable discussion of marketing strategy. Would benefit from more depth and authority.
Some (2-3) references to essential and relevant contemporary theory.
Sound discussion of nature and scope of marketing strategy and its relevance.
More than 3 references to essential and relevant contemporary theory.
Excellent discussion of nature and scope of marketing strategy and its relevance.
Inspired adaptation / evaluation of relevant contemporary theory. More than 5 references to theory.
Key principles of strategy development
SBU, PLC mentioned but showing lack of understanding
Key principles additional to SBU and PLC introduced, but little or flawed discussion
Key principles and models additional to SBU and PLC successfully introduced and critically discussed. Discussion lacks depth
Sound discussion of key principles and models additional to SBU and PLC.
Excellent, in-depth discussion of key principles and models additional to SBU and PLC.
Compare strategy for new and growth markets
Clear evidence of lack of understanding, fails to identify strategy for new and growth markets.
No referencing to contemporary theory.
Fails to identify strategy for either new or growth markets, comparison is flawed.
Little or no referencing to contemporary theory.
Identifies strategies correctly and good understanding of strategies for different market situations. Comparison could be more pronounced by portraying differences in more detail. Good referencing to contemporary theory.
Comprehensive comparison of relevant strategies with good referencing to essential contemporary theory.
Exceptional, insightful and comprehensive comparison highly relevant to Airbnb’s situation. Excellent adaptation / evaluation of relevant contemporary theory.
Suggest strategies for hostile and declining markets
Clear evidence of lack of understanding, fails to identify strategies for hostile and declining markets.
No referencing to theory.
Fails to identify strategy for either hostile or declining markets.
Little or no referencing to contemporary theory.
Identifies strategies correctly and demonstrates good understanding of strategies for different market situations. Would benefit from more detail or relevance. Good referencing to contemporary theory.
Sound suggestions for relevant strategies with good referencing of contemporary theory.
Exceptional, insightful and comprehensive suggestions highly relevant to Airbnb’s situation. Excellent adaptation / evaluation of relevant contemporary theory.
Poorly organised and difficult to read. Does not flow logically from one part to another. The argument is not clear.
Generally well organised although the flow of the argument is not always logical. Argument is clear and mostly sound.
Coherently organised and logical formation of sound argument.
Exceptionally well structured. Logic is easy to follow. Arguments are sound and convincing.
No consideration for presentation.
Little evidence of clear writing or structure, very difficult to follow.
Some evidence of clear or structured writing.
Mostly clear writing that shows acceptable organisation and structure.
Clear writing mainly to the point. Mostly well organised and structured writing.
Clear, concise and well-structured writing throughout.
All arguments are sound and convincing
MGT304 Strategic Marketing Management, Level 7, Credits 15, Version 1 © Southern Institute of Technology 2015
Argument very unsound or weak.
Numerous spelling and/or grammatical errors that have a significant impact on readability.
Argument weak or unconvincing.
Some grammatical and/or spelling errors that impact noticeably on readability.
Argument is generally clear.
Few issues around grammar and/or spelling, some of which have a minor impact on readability.
Most arguments are sound and convincing.
Good spelling and grammar with only minor oversights that do not impact on readability.
Excellent spelling and grammar, correct in all aspects.
No scholarly sources, no evidence of research or not relevant for the task.
Very limited understanding.
The research has not been linked to the main text.
Less than 3 scholarly sources or sources are not relevant for the task.
Little evidence of meaningful integration of the research with the main text.
3-4 scholarly sources. Some sources lack relevance or authority but are still appropriate for the task.
The research could be incorporated with the main text more consistently.
5-6 scholarly sources. Sources are mostly wellchosen, authoritative and appropriate for the task.
The research is integrated with the main text.
Update To: Weedie's Management Team Subject: Product Life Cycle Management Information and Recommendations Presentation Each item, process and much provider has an actual existence cycle that Weedie's and their acquiring administrator needs to get it. This comprehension of the item life cycle extraordinarily assists with stock arranging and appropriately adjusted provider determination and the executives while all the while tending to and decreasing danger over the inventory network (Mahapatra et al., 2006). Weedie's chiefs need to make sourcing and supply the board techniques in all phases of their item's life spins from item advancement through to decrease or even withdrawal (Aitken et al., 2003). Dynamic support in life cycle arranging, the executives and basic leadership gives a knowledge into the exhibition of all territories of the organization. It is basic for Weedie's to guarantee their inventory network procedures are lithe and completely incorporated with their item's life cycles (Christopher et al., 2006). Each item has a characteristic and restricted life or item life spin through which it is required to pass. Item life cycles can shift in span from months to years yet are consistently in steady movement. Life cycles can be extensively shorter with an innovation driven, prevailing fashion, pattern or regular customer item. The six standard stages in an item's life cycle are advancement, the early on stage, the development arrange, the development organize, the decrease stage and withdrawal. Showcasing, money related, assembling, acquiring and human asset prerequisites of an item will differ contingent upon the present phase of it's life cycle. Each stage is particularly unique and frequently warrant modified worth chains (Golder and Tellis, 2004). Each phase of the item life cycle presents various difficulties, issues and openings. Accordingly, Weedie's acquiring supervisor needs to make obtaining and supply techniques that mirror the one of a kind needs of each stage. Development Stage An item is in the development phase of it's life cycle when it is has advanced past the development organize yet has not yet arrived at the decay arrange. During the development arrange the item has entrenched itself in the market and has arrived at the stature of it's ubiquity. Deals keep on developing, in the end pinnacle and after that unavoidably delayed down. As the item enters the development stage creation backs off to reflect decreased client request because of market immersion and expanded challenge. Thusly, the obtaining amounts are lower making amount driven upward value weight (Wernerfelt, 1985). Materials might be increasingly hard to obtain as providers experience their own item life cycle difficulties and those of their lower level providers (Christopher et al., 2006). Provider agreements might be helped through from the development arrange into the development organize yet providers may not benefit from the working edges they once did. Buying supervisors should attempt to keep up solid provider connections during the development stage to guarantee provider intrigue doesn't disperse because of changing business conditions and to guarantee high assistance levels are kept up (Mahapatra et al., 2006). Difficulties of the development organize: Deals Volumes Peak – because of the consistent increment in deals during the development arrange, the market begins to wind up immersed so there are currently less clients. Most by far of buyers who might purchase the item have just acquired it. Accordingly, deals development starts to back off as the item has just arrived at moderately broad acknowledgment in the commercial center. Piece of the overall industry Reduces – there is presently a huge volume of organizations all going after an offer in the market. In the development organize there is the most significant levels of rivalry and it turns out to be progressively trying for organizations to keep up their piece of the overall industry (Agarwal, 1997). Rehash business and rehash buys supplant new client purchasing (Catry and Chevalier, 1974). Benefits Decline – during the development phase of the item life cycle the market all in all makes the most benefit in any case, singular organizations begin to encounter a decrease in their benefits. Benefits must be shared among all the contending firms in the market and with deals topping during this stage any organizations that lost piece of the overall industry and experience a fall in deals will encounter an ensuing tumble off in benefits (Catry and Chevalier, 1974). This loss of benefits can be aggravated by the falling costs that are frequently observed when the sheer volume of contenders drives some of them to contend on cost so as to pull in more clients (Wernerfelt, 1985). Advantages of the development arrange: Decrease in Costs – during the development stage expanded generation volumes cause economies of scale which lead to cost decreases. In the development phase of the item life cycle improvement underway can prompt increasingly proficient intends to make high volumes of a specific item prompting a further fall in expenses. Separation – despite the fact that the market may arrive at immersion during the development stage organizations may be equipped for developing their piece of the pie and their benefits by different methods (Catry and Chevalier, 1974). Using developments in showcasing and advancement and by offering increasingly various item highlights organizations can really accomplish a more prominent piece of the overall industry through brand and highlight separation (Cohen and Whang, 1997). Activities that the buying chief of Weedie's should take during the development stage include: Improving explicit highlights so as to exchange the item. Lessening costs to fight off challenge. Escalating appropriation, publicizing and limited time endeavors. Separating the item with the expectation that new clients will begin to purchase the item. Finding another focused on market. Development is the longest enduring stage in the item life cycle and can be exceptionally trying for an acquiring administrator to oversee. During the initial two phases of the item life cycle Weedie's built up a market, developed offers of their items to accomplish as enormous a portion of the market as they could and moved toward becoming business sector pioneers. Nonetheless, during development the essential concentration for Weedie's ought to keep up their piece of the pie even with various difficulties. With deals arriving at their pinnacle and the market getting to be soaked it tends to be tricky for Weedie's to attempt to keep up their benefits given the extreme and propelled rivalry present who will have started to dissolve the Weedie's position and piece of the overall industry (Agarwal, 1997). Therefore, Weedie's should look for new developments and highlights to render their items progressively appealing to their purchaser in order to keep up their piece of the overall industry and stay away from item decrease. In spite of best endeavors, decrease sought after for some product offerings is inescapable because of rivalry, showcase immersion, new advances and changes in purchaser patterns. Non-Traditional Life Cycles Inclining items are those which are amazingly mainstream for an extremely brief timeframe. Weedie's can make or lose a lot of cash on patterns. In the event that the organization can sell the greater part of its stock and leave the market for these items before it arrives at it's pinnacle Weedie's will make an enormous benefit. Be that as it may, when a pattern closes it closes rapidly and Weedie's may get captured with a lot of item stock that nobody needs to buy. Occasional items are those which are well known during a specific season. Weedie's needs to keep a satisfactory stock of this sort of stock to fulfill regular need yet should sell through the majority of this stock before the season closes. On the off chance that Weedie's holds an excess of stock this will be left over toward the finish of the period with the solid probability that a significant number of the items will be out of style or support when the season begins again one year from now. Withdrawal Cautious thought ought to be utilized by the buying chief before choosing to pull back an item from the market regardless of whether this item is demonstrating to never again be beneficial. When a ultimate conclusion to pull back the item is made all deals will stop. It is essential that all partners including makers and providers are set up for this occasion. Despite the fact that not mandatory, if item withdrawal proceeds it would be instructed from a client care point regarding perspective to caution existing clients that Weedie's are proposing to stop chosen product offerings. This will permit shoppers a chance to put in conclusive requests and buy the last accessible stock while still conceivable. During the withdrawal phase of the item life cycle cost the board is totally essential for both the buying administrator and the Weedie's organization itself. An inside and out and well-considered arrangement will be expected to limit expenses acquired from pulling back items from the market and to guarantee the organization is in a proactive instead of a responsive position. It might be a choice to create and present another, improved item which can exploit the current framework and set up courses to showcase. Withdrawal of an item may give Weedie's the chance to naturally pare down the quantity of providers it oversees inside it's store network prompting decreased hazard and lower costs. In the event that Weedie's so wish new providers can be looked for with improved innovation and better terms. End When applying the item life cycle bend Weedie's must recollect that it is capricious, regularly changing and eventually, just a model. While recognize that items have a restricted lifetime and welcome the various phases of the item life cycle this streamlined model ought not be the sole wellspring of data which directs business technique and item withdrawal choices (Day, 1981). Despite the fact that it is a valuable, substantial and intelligent administration device for forward arranging and planning inside the business, the p>GET ANSWER