Business, Strategy, Operations and Enterprise (BSOE) H7 Module Handbook S2 - LBU

Assessment Details : Coursework 

Introduction

The portfolio assessment for the Market Focus module is designed to evaluate your understanding and application of Entrepreneurial Marketing Planning (EMP) within the context of a rapidly changing and uncertain business environment. This assessment encourages you to merge theoretical knowledge with practical skills to produce innovative, effectual marketing strategies that align with contemporary entrepreneurial practices.

The portfolio comprises four individual tasks that aim to provide a progressive, hands-on experience. Each task will assess key dimensions of entrepreneurial marketing, from the identification of target markets and product-market fit to the design of lean marketing strategies on limited budgets. The tasks collectively encourage students to apply the entrepreneurial effectuation principles taught in the module and foster reflective learning for personal and professional development.

Module Aims 

1. Develop a Deep Understanding of Entrepreneurial Marketing Dimensions – To critically evaluate both theoretical and practical facets of marketing in relation to entrepreneurial contexts.
2. Foster Mastery in Effectuation Principles for Product Development & Market Positioning – To provide students with a rigorous framework to apply principles of effectuation in the creation of new products or in safeguarding existing market standings.
3. Highlight the Strategic Role of Entrepreneurial Marketing in Resource and Brand Building – To engage students in a critical analysis of how entrepreneurial marketing can be harnessed to develop key resources, cultivate strong brand identities, and maintain a competitive edge sustainably.
4. Cultivate Essential Skills for Entrepreneurial Success – To guide students in building a comprehensive skill portfolio encompassing analytical, communication, and leadership capabilities suitable for presentation to prospective investors, partners, and clients.

Module Learning Outcomes

At the end of the course, if you fulfil all the requirements set forth in the module handbook, you will be able to:

1. LO1 Critically analyse both theoretical and practical dimensions of marketing and how they apply to entrepreneurs, including the importance and compelling challenges of the entrepreneurial “creative” customer.
2. LO2 Critically examine and apply principles of effectuation in the development of new products or in protecting existing market positions, including critical appraisal of the significance of alliances, partnerships and social networks.
3. LO3 Critically assess the role of entrepreneurial marketing in building key resources, strong brands and competitive advantage on a sustainable basis.
4. LO4 Construct a portfolio of skills including analytical, communication and leadership skills to place before potential investors, partners and customers, as well as a strong self-awareness of their own strengths and weaknesses.

Module Learning Activities 

In relation to the specific areas, a range of learning activities will take place. 
The Business Environment: Circular and sharing economy, green economy, shift from ego to eco-system economies, triple bottom line sustainability, Scenario planning in an uncertain environment.
Effectual Marketing: Understanding customer value, developing a positioning statement, understanding lead customers, anticipating competitor actions, network products, creating customer buy-in, NPD vs Customer development.
Market Analysis: Analysing target market, marketing research process and concepts, research design formulation, questionnaire design and sampling.
Marketing Planning Practicum: One-page marketing and sales plan, marketing instruments, creating awareness with a limited budget, obtaining market presence, setting price.

Task 1: Start-up Audit

Description:

For this task, you are required to conduct a marketing audit of a start-up (less than 2-3 years old or pre-trade). Through this audit, you will assess the company’s current positioning, target market, and overall marketing strategy and attempt to improve it. You should incorporate theoretical knowledge from Entrepreneurial Marketing (e.g., effectuation principles) and tools discussed in seminars. You will assume the role of a consultant for this activity.

Objectives:

1. Target Market Identification: Clearly define the lead customer segment and suggest a beachhead market for the start-up.
2. Positioning: Formulate a positioning statement for the start-up’s product or service.
3. Marketing Tactics: Analyse what they are doing and recommend entrepreneurial marketing strategies and channels to build brand awareness and gain market traction, while considering a budget cap of £2000 per month.
4. Shoestring Budgeting: Create a cost-effective marketing plan suitable for a start-up with limited resources.

Deliverable:

A word format document detailing the marketing audit, customer identification, and proposed marketing strategies. The word format document should include a shoestring budget plan for marketing activities.

Task 2: Design a Product-Market Fit Offer

Description:

In this task, you will design a product-market fit offer for a new product or service that requires marketing input. You are encouraged to select a product or service from a start-up you own, work for, or aspire to create. This report will focus on evaluating product attributes and benefits, understanding the customer, and identifying how the product will address specific market needs through a use-case scenario.

Objectives:

1. Product Attributes and Benefits Creation: Evaluate the key attributes of the product and how these attributes translate into tangible benefits for the customer.
2. Customer Analysis: Identify the target customer segment, considering demographics, behaviour, and engagement patterns.
3. Value Proposition: Define the product’s value proposition and explain how it addresses customer needs.
4. Lifecycle Use Case: Present a real-world use case that demonstrates how the product will be adopted and used in the market, focusing on the customer journey and long-term engagement.
5. Brand Narrative: Develop a compelling brand narrative that connects the product to the customer and differentiates it in the market.

Deliverable:

A word document format report that outlines your product-market fit strategy, supported by theoretical frameworks such as effectuation and value proposition analysis.

Task 3: One-Page Entrepreneurial Marketing Plan

Description:

You are tasked with developing a concise, one-page marketing plan for the same start-up from task 2. The plan should be aligned with the customer development process and include clear, actionable marketing strategies tailored to each stage of the customer journey. The marketing plan should incorporate a limited budget of £2000 per month.

Objectives:

1.    Customer Development Process: Outline how the marketing strategy evolves across different stages of customer development.
2.    Marketing Channels: Identify and justify the choice of marketing channels (both paid and unpaid) for promoting the product or service.
3.    Budget Allocation: Demonstrate how you will allocate the marketing budget effectively.
4.    Visualisation: Create a visual representation (e.g., a flyer or social media campaign) showcasing the product’s features and benefits.

Deliverable:

A one-page entrepreneurial marketing plan accompanied by a visual asset (flyer or social media mock-up) to highlight the chosen marketing tactics.

Task 4: Self-Reflective Writing (plus tasks 1, 2 and 3)

Description:

This final task requires you to reflect on the learning experiences and skills developed throughout the semester. Reflect on how the module has influenced your understanding of marketing, branding, and entrepreneurship. Additionally, prepare a personal development plan that outlines your strategies for continuing to grow your entrepreneurial marketing skills and networks in preparation for your final Live Commercial Project (LCP).

Objectives:

1.    Learning Reflection: Critically reflect on how the module challenged your views on marketing and entrepreneurship.
2.    Application of Learning: Describe how you will apply your learning to your own business venture or future projects.
3.    Development Plan: Develop a personal action plan that addresses the skills, knowledge, and networks you need to enhance before embarking on your LCP.

Deliverable:

A self-reflective piece accompanied by a 1-page personal development plan, to be included in the appendix also in word document format.

Assessment Criteria:

1.  Application of Practical and Theoretical Principles (40%): Demonstrate a solid understanding of entrepreneurial marketing concepts, particularly effectual thinking. The ability to critically analyse real-world start-ups and apply theory effectively is key.
2. Research and Analysis (40%): Depth and quality of research, using both primary and secondary sources. Ensure the use of credible, relevant information to justify your marketing decisions.
3. Writing and Presentation (20%): Clarity and professionalism in writing, visual presentation, and correct referencing are critical for a high-quality submission. All sources must be cited correctly using Harvard referencing.