MNM3709 Assignment 3 (DETAILED ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED

MNM3709 Assignment 3 (DETAILED ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED Answers, guidelines, workings and references .................... QUESTION 1.1 (1 point) Explain, using examples, which demographic segmentation variables For a Kid uses to segment their target market (100 words maximum). QUESTION 1.2 (1 point) Which option describes the process you followed to answer the essay question? a. I typed the question into Google and found a website with a similar answer. I copied the answer. b. I did not study the theory before I answered the question. I searched for the information as I answered either in the study guide or in prescribed books. c. I relied on an AI tool to help me answer the question. d. I studied the theory in my Strategic Marketing prescribed book and made notes on how I understood the concept of demographic segmentation. Question 1.3 (1 point) Which option describes how you used theory in your answer? a. I did not use any theory on demographic segmentation in my answer, as I needed to give practical examples only. b. I used the theory I studied to identify the demographic variables in the For a Kid case study which I used to formulate my answer. c. As part of my answer, I wrote down what demographic segmentation is from the prescribed book or a website. d. I used the case study on For a Kid to get the necessary theory in order to answer the question on demographic segmentation. Question 1.4 (1 point) Which option describes how you structured your examples or practical application in your answer? a. As I read the case study, I highlighted demographic segmentation variables, I combined this with the theory I learnt and provided detailed examples from the For a Kid case study. d. I provided a one or two-word example from the 4aKid case study in the line of “parents” or “females” or “young parents” etc. c. I provided an example for the variables that I could remember or found in the prescribed material or that are my own examples not relating to the 4aKid case study. d. I provided a general discussion on the 4akid case study but did not link a specific example to the specific variable. e. I did not provide any examples. Question 1.5 (1 point) How did you approach references in your answer? a. I compiled a list of all the websites and books I used at the end of my assignment. b. I decided not to include any references because I crafted the answers myself without relying on external sources. c. I followed the guidelines outlined in the CEMS Harvard Referencing Guide, which provided instructions on both in-text citations and compiling a reference list. d. Citations and a reference list are the same thing. I don’t need to provide both. MNM3709/104/1/2024 7 Question 1.6(1 point) How did you compile your answer, considering plagiarism? a. I directly copied sections from various sources without providing citations and references. b. I paraphrased information from different sources in my own words and included citations. c. I “borrowed” an answer that was already available on a website. d. I changed the text by finding synonyms for words. Now use the skills you just learnt in answering the rest of the questions in this assessment and Assessment 4. QUESTION 2 Using what you have learnt in question 1, read the Yuppiechef Premium Kitchen Tools case study in Business Cases: From South African Companies (Niewenhuizen 2020:221-224). You have been appointed to assist the business in utilising the competitive advantage using the sources of sustainable competitive advantage. Discuss how you would use any five (5) sources to obtain a competitive advantage for Yuppiechef Premium Kitchen Tools. Marks will be allocated only for practical examples, and no marks will be provided for theoretical explanations. Provide one (1) practical example for each. Two (2) marks will be allocated per each practical answer. (10) QUESTION 3 Using what you have learnt in question 1, Yuppiechef moved from clicks to bricks by opening brickand- mortar stores. Conduct research on Yuppiechef and its physical retail stores. Critically analyse Yuppichef’s physical retail stores' position according to the product life cycle stages.  Explain in which stage Yuppiechef’s brick-and-mortar store strategy finds itself currently with supporting evidence. One (1) mark will be allocated.  Also, explain why the Yuppiechef brick-and-mortar-store strategy is not in the other three life cycle stages with evidence. One (1) mark will be allocated per reason. (3 marks).  Then recommend three strategies that Yuppiechef can use in the life cycle stage they currently are in with their brick-and-mortar stores to increase the value to customers and in turn increase turnover. Two (2) marks will be allocated per strategy. (6 marks) Marks will be allocated for practical examples, and no marks will be provided for theoretical explanations. (10) QUESTION 4 Using what you have learnt in question 1. Pioneer strategy A pioneer is a company that enters the market first. It is the first entrant before any other competitors. The pioneer strategy offers a company several advantages. Read the H case study in Business Cases: From South African Companies (Niewenhuizen 2020:110-112). And provide practical examples of the following advantages of being a pioneer in the market:  The first choice of market segments and positions  The pioneer defines the rule of the game (6) MNM3709/104/1/2024 8  High switching costs for early adopters Marks will be allocated only for practical examples, and no marks will be provided for theoretical explanations. Provide one (1) practical example for each. Two (2) marks will be allocated per each practical answer.