Part A: Developing a Marketing Plan (100 marks)
Length: 10 to 15 pages, using 10- to 12-point font, 1.5-line spacing, plus exhibits and appendices.
Your submission will be assessed on the following criteria:
- Comprehensiveness of the plan
- Depth of analysis and strategic insight
- Extent of the rationale provided for recommendations that are made, including use of course marketing concepts and terms (included as part of question 8) (5 marks)
It is highly recommended you write a draft of your plan and then edit it to make it more succinct. Also be sure to properly cite the sources used in your marketing plan.
Choose an organization and a product in that organization you would like to analyze from a marketing perspective and develop a marketing plan for. This may be the same organization that you focused on earlier in the course or a different organization, but not one for which you currently work.
Contact your tutor by email and briefly explain why you have chosen this organization, the product market on which you want to focus, and what information sources are available on which to base your analysis. Your tutor needs to approve these choices so that a) multiple learners are not working on the same organization and product-market, and b) the tutor is comfortable that you will be able to successfully complete this assignment.
- Current Situation:
- Chose one product market of this organization.
- Conduct a SWOT analysis of the organization in this strategic context, considering both the internal and external environments.
- The external environment of your SWOT analysis will include:
- a macro environment trend analysis
- consumer (general)
- industry analysis
- competitor analysis
- In addition, be sure to assess its current strategy as part of your internal environment assessment.
- Identify what you believe are the six most important facts or observations in the SWOT analysis
- Explain why you think these six are particularly important to understand from a strategic perspective.
. Include the SWOT analysis as an appendix in your marketing plan, but
- Be sure to include your SWOT analysis summary (the six most important considerations) in the body of the plan, as indicated in the marketing plan outline below. (10 marks)
- Target Market Segment: (20 marks)
- Segment the target market (5 marks)
- Provide a rationale for why your target market segmentation approach is reasonable or appropriate (from a marketing perspective) given your market and organization.
. From a marketing perspective, your rationale to justify your approach should include several factors.
- Develop comprehensive profiles of three viable target market segments. (10 marks)
- Evaluate and select one of these three segments as your primary target market and explain why you have chosen this segment (from a marketing perspective) over the other two segments. (5 marks)
- Marketing Objectives: (5 marks)
- Identify or develop at least three marketing objectives (see page 506 of your textbook for an outline to use) to be achieved by your marketing plan for your chosen segment.
- Product Positioning: (10 marks)
- Make recommendations for how your focal product should be positioned in this market and for the target market segments. (5 marks)
- Explain what allows this company to defend this positioning and/or what competencies need to be developed, enhanced, or maintained to support this positioning.
- Illustrate the intended positioning with two positioning maps. Be sure to include your main competitors in the positioning maps.
- What is your overall marketing strategy (strategic thrust) for competing in this segment (see the module introduction)? Describe your USP or what you will do to create superior value for your chosen customers.
- Marketing Mix: (20 marks)
- Develop a comprehensive set of marketing mix (4Ps) decisions for this product market, providing a rationale for your recommendations based on your analysis and marketing concepts. Your rationale should include statements that indicate why you think your approach is appropriate for achieving your objectives. In developing your marketing mix decisions, give consideration to the following:
. Product: Objectives, product concept (core, actual, augmented), product line strategy, service strategy, brand name and branding strategy, packaging and labelling (if not already discussed under product concept) (5 marks)
- Pricing: Objectives, policy, price points and tactics, and terms and conditions (5 marks)
- Distribution: Objectives, channel strategy (arrangements, directness, intensity, novelty, margins and incentives), channel management, and sales force structure (if applicable). Be sure to include CRM if you are dealing with a retail distribution situation. (5 marks)
- Communication: Audiences, objectives, approach, key messages and tactics, communications mix and tactics, budget and allocation, implementation evaluation. Be sure to review Table 14.2 on page 506 for additional decision items. (5 marks)
- Implementation Plan: (10 marks)
- Provide recommendations for how your marketing plan should be implemented.
The recommendations should include a discussion of each of the following items:
- Action items
- Implementation schedule (what will be done, by whom, when, with what resources)
- Evaluation and control (how you will determine if your marketing strategy is working or not)
- Implementation tactics (how you will lessen or address weaknesses and threats identified in your SWOT analysis)
- Contingency plans (what will you do if your plan does not perform as expected)
- Research plan (what information is needed before the strategy and decisions can be implemented and a brief explanation of how you would get that information, and/or what information is needed in a marketing information system)
- Financial Projections and Implications of Your Plan: (10 marks)
- Discuss the financial implications of your marketing plan.
. This will include:
. a projected (pro-forma) income statement for at least two years that indicates detailed marketing expenses (5 marks)
- A projected (pro-forma) break-even analysis (5 marks)
- Note:you may not have access to the information needed to do this correctly. Where necessary, make assumptions, label them as assumptions, and demonstrate that you know how to do the financial analysis.
- Overall Recommendation—Go-No-Go Decision (15 marks)
- Make an overall recommendation of whether your marketing strategy should be implemented and how it provides value to your customer. (5 marks)
- Support this overall recommendation using your SWOT analysis. A stronger rationale will acknowledge both sides of the argument and explain why the advantages outweigh the disadvantages, or vice versa. (5 marks)
- Provide detailed marketing rationale for your overall recommendations that you make, including use of course marketing concepts and terms. (5 marks)
Marketing Plan Outline
Table of Contents
Executive Summary (half-page maximum)
- Identify the key marketing decision(s) that need(s) to be made or issue(s) that need to be addressed.
- Identify your target market and summarize the rationale for your choice.
- Summarize your positioning and marketing-mix recommendations and summarize your rationale for each.
- Summarize your overall recommendation and the expected outcome of implementing your strategic plan.
- External Environment Analysis
- Internal Environment Analysis
SWOT Analysis Summary (please put your detailed SWOT analysis in the appendix)
Target Market Segmentation
- Target Market Segmentation Scheme and Justification of Same
- Comprehensive Profiles of Target Market Segments (please put detailed segment profiles in an appendix)
- Primary Target Market Segment and Rationale for Choice
- Segmentation Target Market Summary
- Product Positioning
- Defensive of Product Positioning
- Positioning Maps
- Competitive Strategy (strategic thrust service)
Marketing Mix Decisions
- Product Objectives and Decisions
- Pricing Objectives and Decisions
- Distribution Objectives and Decisions
- Communication Objectives and Decisions
- Implementation Schedule
- Evaluation and Control
- Sensitivity Analysis
- Implementation Tactics
- Contingency Plans
- Needed Research
Financial Plan and Implications
- Projected (Pro-Forma) Income Statements (put detailed income statements in an appendix)
- Project (Pro-Forma) Break-Even Analysis (put detailed break-even analysis in an appendix)
Overall Recommendation for Management with rationale; Go-No Go Decision
- Detailed SWOT analysis
- Detailed target market profiles
- Pro-Forma financial statements and break-even analysis
- Other supporting materials
Please limit your submission to 10 pages, using 10- to 12-point font size, 1.5-line spacing, plus exhibits and appendices. Your submission will be assessed on the following criteria:
- Comprehensiveness of the plan
- Depth of analysis and strategic insight
- Extent of the rationale provided for recommendations that are made, including use of course marketing concepts and terms (5 marks)