Subject Code & Title :- MKTG1025 Marketing Principles
Weighting :- 40%
Assessment type :- Report
Word limit :- 2500 words (+/-10%) Word count does not include title page executive Summary situation analysis tables illustrations reference list or appendix.
MKTG1025 Marketing Principles Assignment
Overview :-
The marketing plan is an individual assessment in which you will apply the market segments you developed in assessment 2 to develop strategies and action plan to achieve brand objectives.
These strategies and action plan revolve around the marketing mix (4P’s). You will also specify a control program to monitor performance of your proposed action plan and develop a communication program that includes devloping a communication campaign involving several media types and actual visuals.
Assessment criteria
This assessment will measure your ability to:
• Design a marketing strategy and tactical plan for a brand using the marketing mix (4Ps) frame work
• Develop a visual demonstration of the communication section of the plan
• Devise an action plan (schedule) for marketing initiatives
• Develop metrics to monitor and evaluate marketing initiatives
Course learning outcomes :-
This assessment is relevant to the following course learning outcomes:
CLO1 Examine the underlying philosophy of the marketing concept its role as a business function and its relationship with other business functions.
CLO2 Identify and analyse the impact of key trends in the external and internal environments on marketing-related activities of organisations.
CLO3 Analyse the marketing process and determine how various elements of the marketing mix work together to put the right product in the right place in a professional context.
CLO4 Develop effective marketing strategies to achieve organisational objectives.
Assessment details :-
This second phase of the marketing planning process addresses the strategy and tactical activities utilising the marketing mix (4Ps) your brand will under take.
Follow the sections below to complete your marketing plan. Suggested word count in brackets for each section:
Executive Summary
This is a one-page summary of the key highlights of your report. Remember your audience – your manager.
1.Business analysis
This part refers to your group assessment 2 Business Analysis which you completed in week 6. Copy the information and up date this assessment based on the tutor’s comments and include it under this section Section 1 of Assessment 3.
Follow the same headings and subheadings as per Assessment 2. Refer below :
1.1 Company Introduction
1.1.1 Company introduction and mission
1.1.2 Brand contribution
1.2 Competitive Market Analysis
1.2.1 Market Size Industry and category Segment and sub segment
1.3 Environmental Analysis
1.3.1 Macro Factors
1.3.2 Micro Factors
1.4 Segmentation matrix
1.5 Positioning
1.5.1 Positioning map
1.5.2 Positioning statement
1.6 SWOT
Put your Appendix from Assessment 2 and any updated work in the appendix section of Assessment 3. Do not include the executive summary of Assessment 2, and you will be writing an executive summary applicable to Assessment 3.
Include all sections of your group assessment – making adjustments where you believe to be necessary.
You should copy the segmentation table and high light your consumer segment Like all other areas of the business analysis you are allowed to edit your consumer segment if you feel you could improve on the information provided.
Regarding the positioning statement the group likely developed a generic one or one targeting a group that is not about your consumer segment. Therefore when editing the business analysis section this is your opportunity to ensure you write your positioning statement for YOUR target market.
IMPORTANT: It will not be marked again or included in the word count.
Why are you asked to include this?
You are asked to include this section here because:
a) You will be using the analysis in this section to inform your current strategy
b) It will add to the portfolio of work you completed at RMIT and can be used to showcase your work to prospective employers
c) It allows you to adjust anything you felt you disagreed with when working in the group.
d) It provides you with the opportunity to sharpen your thinking now that you have received the feedback from your tutor.
CHECK POINT
Before moving to the next section, check you have:
• carefully reviewed the feedback from the tutor and updated the work
• improved your consumer segment in the segmentation table
• included a positioning statement that is written explicitly for your consumer segment.
• you adjusted everything to ensure your perspective of the market is expressed providing you with a strong foundation for the following sections of the report
2.Target Market (consumer profile)
From the Segmentation matrix from Assessment 2 build a consumer persona for the segment you developed. The consumer profile will be considered your primary target market for this assessment.
Note: this is an individual assessment, and you can not work on the same segment selected by another group member.
Remember when identifying a primary target market a marketer will consider many questions about the behaviours and interactions of the consumer segment target market – the information will be reflected in the consumer persona. For example:
• What is the problem the category solves for the consumer segment?
• How do they engage with the product category (market segment) day-to-day?
• How do they use the type of product (market subsegment)?
• What other similar or complementary brands do they purchase?
• What are their purchase behaviours toward the type of product?
• Where do they get their information about the category products and brands for example who and what influences them?
The construction of your typical consumer persona will closely align with your consumer segment with in your segmentation table. Indeed the persona should bring the consumer you listed in your segmentation table column to life.
Construct a persona using the critical information supplied in the learning materials.
CHECK POINT
Before moving to the next section, check you have:
• Linked the persona directly to the consumer segment in your segmentation matrix
• Incorporated the category into the persona
• Information is authentic – you have included information that can be validated
3.Brand Objectives
These are specific objectives for the brand you are working on Objectives should be SMART Specific measur able achievable realistic and time frame specific).
Each objective should be a short sentence, not a paragraph form.
You must develop two objectives. Follow the sentencing formula available in the learning materials.
You are writing your plan for the next calendar year (January to December), therefore make the objectives to be measured by the end of December next year.
CHECKPOINT
Before moving to the next section, check you have:
• Constructed two SMART objectives
• Constructed your objectives based on the formula provided in the learning materials
4. Marketing strategy and tactical plan
This section is the essential part of the marketing plan Here you should attempt to answer the question How will we get there?
In this section you must illustrate marketing strategies by using the 4P framework how you plan to achieve your objectives by combining the following marketing mix elements?
• Product
• Price
• Place
• Promotion
In discussing the 4 P’s strategies consider which aspect of the 4Ps have changed the most or will have the most influence in achieving your objectives and allocate the time accordingly. For instance if you use the product’s current distribution network to distribute a line extension of the current brand more space needs to be allocated to the discussion on Product instead of Place.
All activities strategies tactics and decisions must be authentic. Use visuals to support and add value to this section.
You can take pictures from retailers websites out door and indoor displays store layouts etc You can also take screenshots of online advertisement campaigns etc. Any screenshots and photos must be referenced.
Analyse what is working well or not working well and provide analysis or application of various marketing mix models to under pin your position find evidence to support your reasons.
For instance you could look at reviews comments on Face book comments or other social media and commentary on commercial media to justify your opinions.
• In this section you make recommendations for each of the brand’s 4 P’s for the next year based on the
identified issues and your revised objectives.
• Recommendations should be specific and should include details about what you will implement. For
example where you recommend a new price, what should be the price range? If it’s new packaging illustrate with a drawing. If it is a new TV advertisement you can provide some ideas on advertising appeals or the creative concept. How ever you will be elaborating it under the section’ Communication Program below.
4.1. Product
The product component of the strategy needs to be outlined here.
This will be informed by
• your SWOT analysis
• desired positioning
• how the product offers value to your chosen target market
• links back to the persona you developed
A discussion on branding could also be included if you want in this section.
To inform your product strategy you will need to draw upon the learning materials and include the following marketing frameworks (models):
• total product concept analysis
• product life cycle
• product mix (line extensions, product line filling, line stretching)
This section will also require you to illustrate the current product line for the brand and any new intended lines or products. It is essential to show where any changes will be situated in the product offering.
As this section is large, you can use subheadings.
CHECKPOINT
Before moving to the next section, check you have:
• Utilised the appropriate frameworks for product (see above), including using visuals in the application of the model
• Illustrated the current offering.
• Where you are developing new lines or products, you show where this direction will fit in the current offering.
4.2. Price
Consider here the pricing strategies you are pursuing and the pricing method/s you will apply to determine the price of your proposed brand. Where you suggest a price change briefly discuss the anticipated competitor’s reaction.
There are many aspects of the marketing mix that can help inform your pricing decisions including:
• The stated or future ideal position of your brand
• Market share objectives
• Sales objectives
• Intended distribution strategy
Pricing approaches you must incorporate in this section include:
• Appropriately selecting the most applicable pricing strategies, such as customer value-based cost-based or competition-based.
• New product pricing strategies and product mix pricing, such as product line pricing and price adjustment strategies
• Pricing across the marketing channel
It is essential to be clear on your pricing strategies and justify why you select the strategy(ies) to apply.
To assist we recommend you include a visual representation of your price compared with the market.
CHECKPOINT
Before moving to the next section, check you have:
• Utilised the appropriate frameworks for pricing, including using visuals of current pricing
• selected the appropriate pricing strategy and clearly articulated why this was applicable along with how you intend to utilise the strategy
4.3. Distribution (Place)
Place or distribution is another aspect of the marketing strategy that should be included. You must explain how the brand and its product(s) will be available to your chosen target market where and when they want it. There are two aspects to be considered here the physical movement of goods or logistics and the inter mediaries used. We want you in this section to discuss both aspects.
Movement of goods:
Consider the market structure and how your brand and products will reach the target audience. Justify the levels of the marketing channel that will be utilised and why. Incorporate a diagram showing the levels applied.
Intermediaries:
Discuss the types of intermediaries your brand currently distributes its products and make recommendations for improvement. Remember to go back to your pricing section and product section to ensure this discussion aligns.
CHECKPOINT
Before moving to the next section, check you have:
• Utilised the appropriate frame works for distribution including using visuals in the application of the model
• Illustrated the current offering and made appropriate recommendations
• Aligned your discussion and supported your pricing and product strategies and tactics.
4.4 Promotion
You need to pay particular attention to this aspect of the 4P’s as it will inform the ad design outlined in the communication program below.
Here you will consider the promotion mix tools advertising PR sales promotion personal selling direct marketing and digital marketing that you propose for your brand. You will also suggest other creative communication options such as viral marketing internet influencers and sponsorships discussed in the topics on Promotion in this course.
The critical aspect of this section is to develop an integrated campaign utilising three (3) promotional mix tools. Before selecting your tools read below on the requirements of the communication program.
Use subheadings for each promotional mix tool.
CHECK POINT
Before moving to the communication program, check you have:
• Selected three promotional mix tools
• Connected the tools as an integrated campaign
• Articulated the media vehicles, you will be utilising within each promotional tool
• Justified why each promotional mix tool and media vehicle was selected as the most appropriate
4.4.1. Communication Program
Once you have identified the application of the promotional mix tools. You must now design the advertising copy for two of the media types as per below:
• an ad on any social media of your choice (such as Facebook)
• an ad in any traditional media advertising tool, such as magazine, TV, outdoor etc
You must decide on the advertising campaign’s purpose. For example to promote the forth coming launch of a new range of products within the brand re-position relaunch of your brand in the Australian market etc.
You can use external images from free image sites such as pixabay.com Adobe Photoshop In Design or Illustrator or any other free design software to design your ad (such as Canva).
Note: The ad must be presented differently based on the media used for instance If you are doing a TV ad, you will have to use a storyboard, if you are designing a radio advertisement you will use a script if designing for outdoor, you need a poster etc.
You may also refer to articles on the internet on best practices for designing an ad for a particular media and demonstrate how you have used these principles in your design.
In your design, you must:
• Develop appropriate images and copy that will appeal to the target segment their needs and the advertising strategy you recommended in your plan.
• Support the brand positioning you have determined refer to back to positioning and positioning statement and any brand development you have incorporated in the product section.
You must be clear about:
• What is the message that is being communicated?
• Who will be communicating the message?
• What media will be used?
• What response you want from the target audience? and
• What advertising appeal will work best?
CHECK POINT
Before moving to the next section, check you have:
• Created visuals that will be appealing to your target market
• Articulated a clear advertising strategy (message, appeal and media)
• Listed the action desired by the target market after being exposed to the communication
• Discussed what advertising appeal will work best
Action program (Schedule)
How will the marketing plan be put into practice must be explained, including specific steps and milestones.
Include a detailed implementation program identifying what will be done who is responsible marketing budgets and deadlines for a one year plan.
Summarise the information in the form of a GANTT chart and show the workflow and what should happen when.
A simple example is below however refer to the learning materials for more detail:
6.Monitoring and Control
Defines how you will monitor your progress, including benchmarks/metrics evaluation procedures and budgets to achieve your targets. The plan should outline the specific metrics such as ROI or market share that will evaluate its success. These metrics can also inform both the refinement of the current plan if necessary and the development of any future plans.
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