Guide to Assessment Task 2 BUMKT XXXXXXXXXXSem 2, 2017 1 Guide to Assessment Task 2: Marketing Strategy This task is a continuation of Assessment Task 1 and represents the outcome of your Situation...

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Guide to Assessment Task 2 BUMKT 1501 Sem 2, 2017 1 Guide to Assessment Task 2: Marketing Strategy This task is a continuation of Assessment Task 1 and represents the outcome of your Situation Analysis. The two linked tasks examine your organisation’s current situation and subsequently lead to the creation of a marketing plan. Your Task The purpose of this assignment is for you to demonstrate your understanding of marketing theory and its application in practice. This assignment requires you to integrate marketing theory and company activity to demonstrate an understanding of key marketing concepts. You and your partner will select a brand with a high market profile and a strong web presence. Your choice of brand must be approved by your lecturer/tutor. You must then design a new consumer product for your brand (new to the brand, not necessarily new to the world). Once you have determined your new product, you will then create a detailed marketing strategy following the structure below. Keep in mind that your Marketing Plan is a blueprint for your client (or your own company) to follow as they implement your directions. You need to be confident and specific in the expression of your directions (avoid words like ‘could,’ ‘should’ and ‘may’. They weaken your marketing plan). You are doing two things here: firstly, you are analysing the current environment as you look for opportunities you can leverage for your brand, and threats you will need to mitigate as you consider your new product and its introduction to the marketplace. The second aspect is development of a detailed plan for the implementation/introduction of a new product into the marketplace. Each requires sound thinking and thorough analysis of the current situation. All of your thinking should result from a solid platform of marketing theory, so be sure to refer to your text as you move through the various sections of your plan. Be sure to remain in touch Marketing Strategy % of overall assessment 30% Word count (approx.) 3500-4000 (2 students) Learning outcomes addressed K3,K4 S1,S2,S3,S4 A1,A2 Due date Monday Wk 10 5pm Every business needs a current marketing plan that represents an organised, strategic way of approaching the market for the plan period: typically 12 months https://www.google.com.au/imgres?imgurl=http://img.gauraw.com/wp-content/uploads/2012/05/MarketingPlan.png&imgrefurl=http://www.gauraw.com/category/business/marketing/&docid=e8Bt_Qih7pbxCM&tbnid=bVYHeABcv4bU9M:&w=550&h=370&bih=951&biw=1074&ved=0ahUKEwjaq7yBzrDMAhXBnIMKHS1FB5cQMwg-KBgwGA&iact=mrc&uact=8 Guide to Assessment Task 2 BUMKT 1501 Sem 2, 2017 2 with your lecturer to confirm you are staying on track with your plan. The more conversations you have with your writing partner and your lecturer during this creative process the better. Structure of your Marketing Strategy This is quite extensive, but there are two of you addressing this task. Be sure to split up the tasks evenly and make sure that both of you are equally comfortable with the others’ input. Table of Contents Executive Summary 1. Introduction 2. Industry background 3. Marketing Environment 3.1 Macroenvironment Culture Demographics etc. 3.2 Immediate (Micro) environment Company/Brand background Product overview Core competencies Corporate partners Competitors 4. Segmentation, Targeting & Positioning 4.1 Segmentation 4.2 Targeting 4.3 Positioning 5. Marketing Mix 7.1 Product 7.2 Price 7.3 Place 7.4 Promotion 6. Conclusion Reference List Appendices Guide to Assessment Task 2 BUMKT 1501 Sem 2, 2017 3 Assessment criteria Group Marketing Plan (2 students) Student Names: 1) 2) Content Approx Word count Mark Executive summary • The Executive Summary should address what is in this analysis • It should contain all the relevant information in the paper to allow executives to make decisions • Include all the specific and detailed information you can possibly fit on one page that will help the executive make preliminary decisions • Look at your main headings and make sure they are all represented in the ES N/A Table of Contents • Do not use a template; construct this manually • Includes all the main headings and sub-headings of the marketing plan • Includes page numbers for each entry • Space the information over the page to make the best use of white space • Entries before the Introduction are shown in Roman Numerals • Entries after the Introduction are shown in Arabic numerals • Don’t forget to list figures and tables • Introduction is always Point 1, Page 1 N/A Marks for front matter /100 1. Introduction • Introduction of your company/brand • Introduction of the plan and why you are constructing it 100 Marks for Introduction /100 2. Industry background • Generally describe the industry your brand is in (you’ll need to do some research to ascertain the growth/decline, strength/weakness) 100 Marks for Industry background /100 Guide to Assessment Task 2 BUMKT 1501 Sem 2, 2017 4 3. Marketing Environment 3.1 Macroenvironment Culture Demographics Social Technology Economic Political/Legal • This information must be current or it cannot be relevant to your situation • Look for the latest information and trends • At least three forces must be discussed in detail 3.2 Immediate (Micro) environment Company/Brand background • This may include: brand history, market share, countries where the brand is sold or other relevant information Corporate partners (suppliers, transport companies etc) Competitors • Include an overview of the current product mix • Describe the core competencies of your company • Identify the corporate partners for your company • Identify the three major competitors for your brand 900 600 Marks for Marketing Environment /100 4. Segmentation, Targeting & Positioning 4.1 Segmentation 4.2 Targeting 4.3 Positioning • Explain the segmentation process using theory • Identify and describe two potential segments by using the 5 segmentation variables • Describe a target for your new product in full using 5 segmentation variables (use a table for this section) • Describe the position you plan for your new product to hold in your consumers’ minds • Draw a perceptual map that includes the most important dimensions for your target • Include the three main competitors identified above 750 Marks for STP /100 See textbook chapter 4 See textbook chapter 6 Guide to Assessment Task 2 BUMKT 1501 Sem 2, 2017 5 5. Marketing Mix 7.1 Product 7.2 Price 7.3 Place 7.4 Promotion Product • Describe your new product including the three levels (complexity): o Core customer value o Brand name, quality level, brand name, features, packaging, o Associated services: this is the level that can give you the best competitive advantages. Be creative here • Identify and justify the classification of your new product Price • Discuss your pricing objectives • Select and justify your pricing strategy • Discuss your planned pricing tactics Place • Identify and justify your channel strategy • Identify and justify your retail strategy Promotion • Select and justify your promotional tools for your promotion mix • Identify and justify the advertising objective(s) you plan to use • Describe and justify the budget method to be used for the campaign 1150 Marks for Marketing Mix /100 6. Conclusion Bring your plan to a thoughtful and confident conclusion • relate the conclusions to the implementation of the new product • limit the conclusion to the current situation; do not introduce new material • be objective: avoid exaggerating 100 Marks for Conclusion /100 Referencing In-text: • Make sure you use all authors’ names at first citation. After that you can use et