Segmentation, Targeting and Positioning (STP) and Strategic Direction for Target Australia
Assignment Name: Segmentation, Targeting and Positioning (STP) and Strategic Direction You are required to select a category of product in Target Australia. It was about taking a look at the category and reporting on that, not the retailer specifically against other retailers. Format and Length: Presentation format - no word limit Details: In the second assessment task, you are required to individually continue to build your understanding of the market and start the process of planning the long term direction for the brand, including the selection and profiling of the target markets. Further, you are required to evaluate the position of all significant brands in the market, and determine the most appropriate strategies that will provide a competitive advantage. To complete this stage of the marketing plan, you will undertake secondary and some primary research determined by you to be required. It is expected that the source of secondary research will be from relevant industry and publicly available websites, as well as from within RMIT library databases. Where primary research is undertaken, no more than 20 completed surveys are required, or 10 in-depth interviews. The research instruments, transcripts and results should be included in the appendix. No word limit. All work must be professionally presented (either as a report or in a presentation format), submitted as a PDF. The work must be referenced throughout and contain a reference list. Correct application and use of an appendix are expected – for example, all detail supporting statements must be shown in the appendix and correctly signposted within the body of the report or presentation. Assessment criteria The assessment requires you to: · Build upon the analysis and knowledge gained from Assessment task 1 · Segment the consumer market · Apply target market selection and identify and profile two target markets - developing a customer journey map and customer persona for each target market · Apply analysis and critical thinking to set growth objectives and solve brand issues · Develop the necessary marketing strategy using a variety of carefully selected marketing tools · Apply critical analysis and critical thinking skills, develop the work to a professional management standard including visual presentation, structure and use of language. MKTG1100 Marketing Management Assessment 2 – Segmentation, Consumer profiling and Strategic Direction MKTG1100 Marketing Management Assessment 2 Instructions and Rubric Page 1 of 10 Course code and name: MKTG1100 Marketing Management Assessment name: Situation Analysis Weight: 40% (40 marks) Assessment type: Individual assessment Assignment due (no later than): 11.59pm Sunday 26 Apr 2020 Length and format: Report or presentation format - no word limit Feedback mode: As this is an individual task, students will be provided with progressive verbal feedback during the scheduled class where many of the assessment tasks will occur. The group will receive written feedback in the form of a rubric with the result of the submission. Learning Objectives Assessed: This assignment assesses Learning Objectives 1, 2, 3, 4, 5 Assessment Details: In the second assessment task, you are required to individually continue to build your understanding of the market and start the process of planning the long-term direction for the brand, including the selection and profiling of the target markets. Further, you are required to evaluate the position of all significant brands in the market and determine the most appropriate strategies that will provide a competitive advantage. It is important that you link your approach to your knowledge gained from Assessment 1, paying close attention to the TOWS. To complete this stage of the marketing plan, you will undertake secondary and some primary research determined by you to be required. It is expected that the source of secondary research will be from relevant industry and publicly available websites, as well as from within RMIT library databases. Where primary research is undertaken, no more than 20 completed surveys are required, or 10 in-depth interviews. The research instruments, transcripts and results should be included in the appendix. No word limit. All work must be professionally presented (either as a report or in a presentation format), submitted as a PDF. The work must be referenced throughout and contain a reference list. Correct application and use of an appendix are expected – for example, all detail supporting statements must be shown in the appendix and correctly signposted within the body of the report or presentation. MKTG1100 Marketing Management Assessment 2 – Segmentation, Consumer profiling and Strategic Direction MKTG1100 Marketing Management Assessment 2 Instructions and Rubric Page 2 of 10 Assessment criteria The assessment requires you to: • Build upon the analysis and knowledge gained from Assessment task 1 • Segment the consumer market • Apply target market selection and identify and profile two target markets - developing a customer journey map and customer persona for each target market • Apply analysis and critical thinking to set growth objectives and solve brand issues • Develop the necessary marketing strategy using a variety of carefully selected marketing tools • Apply critical analysis and critical thinking skills, develop the work to a professional management standard including visual presentation, structure and use of language. How to succeed in this assessment As with Assessment 1, the gathering of information, as well as the analysis required to synthesise, interrogate and report on insightful findings takes time. You are recommended to commence this work immediately after completing your Assessment 1 as this work requires primary and secondary research. The best approach to increasing your success for this assessment is to carefully link your ideas and insights gained through Assessment 1 to this assessment. Although you will link to your understanding and knowledge gained from Assessment 1, is not reliant on you receiving the feedback from assessment 1 as these are discrete tasks. The knowledge you gain from this task, may add or even adjust your thinking and insights from the first assessment. Don’t be alarmed – this often happens. Specifically, for success in developing your segmentation matrix, applying the criteria of segmentation in the development of the 6 groups will be required. Keep in mind you will be focused at this point across the entire category – meaning you may identify segments that your competitor pursues as well as segments they do not. Applying the theory of how to select target markets, you will select the primary and secondary target markets for your brand. This means you should carefully review your segmentation findings and select the two groups that are most attracted to your brand (or could be attracted if you were develop a new offering!). You should then create a consumer persona and consumer journey for your primary and secondary target markets. This will require some primary and secondary research. For positioning, you will need to consider from both the perceptual and customer perceived value perspectives. The perceptual map should be focused on the perceived benefits (meeting needs or motivations) the consumer displays in buying into the category or segment. The perceived value will look at the price and quality. This area will have a direct relationship with the potential strategies you may evaluate and ultimately pursue. From this, you will develop the strategic direction by applying several marketing models to determine the right combination of strategy to deliver on the objectives you determine necessary to achieve sustainable competitive advantage. The information applied in this assessment will form the basis for your individual marketing plan - Assessment 3. Over the following pages you will find the layout of the assessment, along with some ‘tips’ (italics) to start you off in determining would should be included in each section. You do not need to limit yourself to what is listed. An excellent assessment will identify all relevant key models that should be applied to provide a complete understanding and commercially achievable plan. MKTG1100 Marketing Management Assessment 2 – Segmentation, Consumer profiling and Strategic Direction MKTG1100 Marketing Management Assessment 2 Instructions and Rubric Page 3 of 10 Components of the assessment Below is an outline report or presentation you will prepare: Title page Tip: This should contain the heading of the assessment task, course code and title, due date, lecturer’s name, student names and ID numbers. The report or presentation format should be styled applying the branding of your brand in focus. Table of Contents Tip: This should be automatically generated if developing in Microsoft word or Adobe InDesign. If applying Powerpoint, create hyperlinks to the pages – do this last so that you do not need to continually adjust page numbering and hyperlinks. Executive Summary Tip: Always write your executive summary last. As per Assessment 1, a good executive summary will discuss briefly the issues being addressed, discuss what analysis has been undertaken, the key findings, conclusion and recommendations. It should not be more than 1 page. If you are unsure how to write an executive summary, here is a useful link: https://unilearning.uow.edu.au/report/4bi1.html Section 1: Segmentation and brand strategy 1.1 Consumer Segmentation Construct a segmentation model and show no less than 6 consumer segments for the category. The model must show your ability to understand the theory of segmentation (meeting all five criteria of segmentation). Whilst the segmentation will largely be founded on information sourced from secondary data, there may be a need to conduct some primary research. All primary research should be contained in the appendix. Tip: Refer to the handout on Canvas for layout of the segmentation table. 1.2 Target markets After identifying the 6 consumer segments, applying the theory of selecting target markets, select two segments that will represent the primary and secondary target market for your brand. Develop one persona and consumer journey map for each segment (primary and secondary) you identified. 1.2.1 Primary target market 1.2.2 Secondary target market Tip: Refer to the materials on Canvas on how to apply the theory of selecting a target market, developing a persona and creating a customer journey map. Section 2: Positioning and brand strategy 2.1 Perceptual map (positioning) Construct a positioning map based on the customer needs for the category. The map should contain ALL direct competitors, along with significant indirect competitors that will be relevant to your strategy or who potentially could