1 | P a g e BUS104 Introduction to Marketing Marketing Plan Activity 1 Think of an organisation that you would like to be the focus of a marketing plan that you will prepare during this semester....

Marketing plan report


1 | P a g e BUS104 Introduction to Marketing Marketing Plan Activity 1 Think of an organisation that you would like to be the focus of a marketing plan that you will prepare during this semester. Collect some background information on this organisation and its product (goods and services). Name of the company : ______________________________________________________________ Product/Services : ___________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ 2 | P a g e BUS104 Introduction to Marketing Marketing Plan Activity 2 Conduct preliminary research (situational analysis) on your chosen company, please use this figure as guidelines: Company Analysis Market Analysis Environment Analysis Competitive Analysis Use the SWOT Analysis framework to synthesise the information you have compiled in the situational analysis Internal : Strength & Weakness External : Opportunity & Threat 3 | P a g e BUS104 Introduction to Marketing Marketing Plan Activity 3 Market research is an essential basis for marketing decision making. For the organisation you have chosen for your marketing plan (as described in Marketing Plan Activity 1), your SWOT analysis (as discussed in Marketing Plan Activity 1) may have identified market research information needs to be obtained. Clearly, define your research problem/s and prepare a simple market research brief with the following structure: Market Research Brief 1. Background 2. Business and research objective 3. Research Target Market 4. Reporting requirements 5. Timing 6. 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__________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ 5 | P a g e BUS104 Introduction to Marketing Marketing Plan Activity 4 Based on your situational analysis, SWOT analysis and any market research you have done in the previous weeks (for your client), outline the buying behaviour of the potential customers of your client’s product: 1. What are the major groups/socio-cultural factors that may influence the buying behaviour of potential customers 2. What is the major individual – personal & psychological – factors that may influence the buying behaviour of potential customers 3. The level of involvement a potential customer may have with your product 4. The stages of the decision-making process of the potential customer, including how much time and effort may be spent at each stage. 6 | P a g e BUS104 Introduction to Marketing Marketing Plan Activity 5 Think of an organisation that you would like to be the focus of a marketing plan that you will prepare during this semester. Identify the potential target market or markets, be as specific as possible, outline the following for each target market that you identify: a. Demographic characteristics b. Geographic characteristics c. Psychographic characteristics d. Behavioural characteristics Finally, analyse the need for each target market segment by explaining the following: a. Current (and potential future) needs of each target market segment b. How your chosen organisation’s current product offerings meet these needs (or will be able to positioned to meet these need) c. How competing product offerings currently meet these needs (or will likely be positioned in the future to meet these needs) 7 | P a g e BUS104 Introduction to Marketing Marketing Plan Activity 6 Think of an organisation that you would like to be the focus of a marketing plan that you will prepare during this semester. 1. What is the product? 2. What are its main features? 3. Why would the target market want to buy this product compared to the competition 4. Outline and evaluate potential product strategies that will likely meet the needs of the target market. If you have chosen a services organisation for your marketing plan: 1. Analyse the services about the additional 3Ps of the services marketing mix 2. Outline potential marketing strategies to achieve sustainable competitive advantages in each of these three areas 8 | P a g e BUS104 Introduction to Marketing Marketing Plan Activity 7 Pricing For your marketing plan, consider the following four pricing issues in relation to your chosen product/services: 1. Is the industry predominantly characterised by price competition or other forms of competitions ? 2. Is your product demand elastic or inelastic? If elastic, construct a demand curve for it at varying price, based on realistic sales estimates. 3. Outline what would be the main internal and external influences on your pricing decision. 4. Explain how you would determine prices based on the four main objectives for setting prices. For each objective, provide examples of specific issues that would need to be considered in making pricing decisions for your product. Distribution : Think about the distribution issue that will help you to efficiently move your product (or services) through the marketing channel to be placed in the hands of your customers. 1. What is the best distribution strategy? 2. What are the main intermediaries? 3. What is the best retailer for your target market? 4. Outline the distribution strategies for your chosen product/services 9 | P a g e 9 | P a g e BUS104 Introduction to Marketing Marketing Plan Activity 8 For your marketing plan, think about the promotion (marketing communication) issues that will help you to effectively communicate a message about your product to the marketplace and particularly potential customers. 1. Who is the best source of the message that will gain customers’ attention? 2. What is the best message/creative strategy? 3. What are the main media to use? 4. Who is the target audience for the advertisement? 5. Outline the promotion strategies you have decided will meet the needs of your target market.