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BAS121 A Fundamentals of Marketing Assignment Sample

Assignment Brief

The assignment is served as two purposes:

• To assess students’ knowledge about contemporary issue of marketing

• To diagnostic test of the students’ writing and referencing skills. 15% of your course grade is allocated to this assessment.

TASK

• Write a short essay [word limit: 700 words (±10%) (excluding reference list] based on the following topic:

Essay topic:

Metaverse is the virtual reality and mixed reality worlds accessed through a browser or headset, which allows people to have real-time interactions and experiences across distances.

Many companies have hopped on board the metaverse bandwagon also envision some sort of new digital economy, in which users can create, buy, and sell goods.

However, this is more difficult than it seems. Discuss, with specific examples:

a) The impact on marketing activities of the metaverse
b) How the metaverse can help create and capture customer value
c) What are the social concerns about the metaverse?

INSTRUCTIONS

• The response should be professionally written

You are required to respond to the statement above and write the responses in an essay format. The points of this assessment are to test your knowledge on contemporary marketing issues as well as to provide students with an at-risk assessment.

As the assessment asks for the opinion, the arguments need to be supported with reliable sources of information. It is expected that the students will cite at least 4 references. Please be sure to include relevant theory to support your answer, including academic journal articles accessed via Google Scholar, EBSCO Host etc., as well as industry reports (IBIS World, McKinsey, Deloitte). You must use Harvard referencing in both the written report and the presentation. Please refrain from using internet sources like essay.com. marketing.com, seminar slides, dictionaries, about.com. In addition, at UBSS copying from a source without proper acknowledgement is severely penalised as leaving paragraphs and sentences without a citation. Quality and insights are more important than quantity – you can only do this if you read and understand the articles

• You should strive to write in as clear a manner as possible, using well- constructed paragraphs, and avoiding bullet points, incomplete sentences, or overly formal or informal language.

• Format: Arial 12pt or Times New Roman 12pt, double space

• Provide a list of references (Harvard Style)

• Upload your document to the appropriate assignment link on Moodle

• Name your file using the following convention: BAS121 Student ID FirstName.docx

Solution

Introduction

Metaverse refers to a cluster of all the virtual space that is established with the help of blockchain applications. The purpose of this study is to demonstrate the impact of the Metaverse and its importance in creating value for consumers. It will also discuss the social treatment of Metaverse in the current time.

Metaverse has brought a plethora of opportunities for business establishments to reach a huge mass of customers in such a manner that leads to a symbiotic relationship between consumers and brands (Dwivedi et al., 2022). Metaverse has a positive impact on companies as it has helped companies with immersive marketing practices. For best assignment help It has aided entrepreneurs in establishing many manifold chances to converse with the base of consumers more engagingly. It also aided marketers to experience virtual reality by traditionally browsing over the internet. Through Metaverse, brand establishments can be able to interact with its consumers along with showing them the goods and commodities. As an instance, Asos is one of the online apparel companies in the UK that is using Metaverse for showing the pictures and videos of its products to consumers to fascinate them so that the company can be able to achieve a huge market share in the long run (Yang et al., 2022). It is worth saying that utilisation of Metaverse helps in the engagement of experiences of consumers and due to this ground the company is quite hopeful regarding advantages in the global market.

Metaverse also helps companies in elevating their market position by enhancing sundry marketing action plans. One of the biggest advantages that Metaverse brings is the pertaining of the manufacturing aligning with facts that leads to the growth of the company (Xi et al., 2022).

Asos has a partnership with Metaverse which is based on the grounds that Metaverse supported games will show the logo of Asos so that the reputation of the brand intensifies. Metaverse has promotional opportunities to the organisations through which the companies can be able to reach a large number of consumers and as a result, the brand value of these firms is going to magnify (Bowler, 2022). It is one of the vital marketing tactics that the companies are using for manufacturing unique NFT, advertisements using virtual display and other events conducted digitally (Kim, 2021). Marketing through Metaverse is different from two-dimensional marketing practices as Metaverse helps consumers to find the most suitable product in the virtual arena. Metaverse provides such an opportunity to the organisations that it can reach a large number of consumers within a short span of time.


Figure 1: Metaverse Hype cycle
Source: (Bar-Zeev, 2022)

Hence, it is a significant reason that the companies are able to reach customer values and its level of sales increases that leads to profit maximisation. Starbucks has also entered the arena of Metaverse and it is offering its loyal consumers limited NFTs through which they can be able to unlock more reward points (Fantozzi, 2022). This has helped the company to gain competitive advantage and the values of consumers as well. Apart from the positive impacts of Metaverse it also poses huge threats to companies in manifold ways. Some of the social concerns are as follows

Metaverse is considered to be the future version of the internet and the usage of augmented technology gives rise to the threats of privacy policies. It uses some technology that is used to track human activities. For instance, VR-headsets have this technology that tracks the activities of humans and hence poses a great challenge to the privacy concerns (Park and Kim, 2022). Metaverse has an adverse impact on the health of people as they experience an amazingly immersive world that is pure virtual that at times makes people depressed and anxious. Metaverse has made people addicted towards gaming and it has become one of the biggest challenges for the kids as well (Nica et al., 2022). Hence, getting hooked with the usage of Metaverse poses huge threats for the health of kids and it gives greater problems for the future career of people. It is significant that for the usage of augmented reality access to the internet is quite important. However, internet connectivity for people is quite expensive and as a result it is not accessed by many people (Park and Kim, 2022). Taking an example of VR handsets needs high-tech connectivity which is not possible for a section of the population.

Conclusion

It is inferred from the study that the advantages, social concerns and impact of Metaverse in bringing value to the company is discussed here.

Reference List

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