Marketing Plan

O​‌‍‍‍‌‍‍‌‌‍‌‍‍‌‌‌‍‍‍‍​bjectives: • To enhance a clear understanding of the importance of marketing in modern business practices; • To develop a succinct understanding about marketing theories and their application in devising marketing strategies; • To critically analyse all relevant factors affecting the exchange process; • To enable developing insightful marketing strategies for a business. How the assessment fits into the subject/course: Marketing in the 21st century has evolved profoundly where developing winning marketing strategies has been integral to businesses of all types to achieve its strategic objectives. This assessment provides students with the opportunity to apply the knowledge and insights developed in the marketing subject to develop effective marketing strategies for a business, a product, or a brand. Students are required to develop a complete marketing plan for the Business Case given on the Blackboard. The emphasis within this assessment should be placed on expanding various steps as recommended in the marketing plan template while the current marketing situation and threats and opportunities analysis to be briefly discussed by summarising the discussion from the assessment 1. Linkages between Assessments 1 and 2: This assessment builds on the assessment 1 therefore you will be working on the same Business Case given on the Blackboard for Assessment 1. In assessment 1 you have addressed two (i.e., current marketing situation and threats and opportunity analysis) out of the eight steps of a marketing plan. In this assessment you are required to develop a complete marketing plan for the Business case given on Blackboard. Instructions: This assessment task builds on the Situation Analysis that you undertook in Assessment 1. This assessment task requires you to expand the remaining steps of the marketing plan to: • Articulate your learning about marketing theories, concepts and principles covered in the course to demonstrate your level of understanding of them to develop a marketing plan; • Articulate the link between marketing theories and practices; • Demonstrate an acceptable level of research skills to reveal the insights; • Apply appropriate business report writing skills; • Demonstrate a logical flow and cohesiveness in the analysis and discussion. • Use the appropriate in text citation and a reference list in the end of your written work. You should provide at least 15 high quality marketing references to show quality of research. STRICTLY adhere to the APA style in referencing. Please see more information on referencing here: https://library.torrens.edu.au/academicskills/apa/tool Scenario: This assessment requires you to act like a consultant to help an organisation develop a winning marketing strategy that intends to introduce a new product or expand its business/markets. Tasks: This assessment builds on the previous assessment, Situation Analysis of your chosen organisation that you undertook in the assessment one. Therefore, you need to revisit your assessment 1 and the feedback from your facilitator. Address the concerns, if there is any, indicated for your attention while summarising the discussion from the a​‌‍‍‍‌‍‍‌‌‍‌‍‍‌‌‌‍‍‍‍​ssessment 1 for the current market situation and the opportunities and threats sections for your marketing plan (i.e., assessment 2). Then, develop a complete marketing plan for this assessment: 1. Develop a marketing plan – The aspects that you should include are: a. Identify objectives and issues as well as marketing logic to create customer value; b. Segmentation, targeting and positioning as well as marketing mix strategies (i.e.,4ps/7ps); c. Action programmes – how marketing strategies will be turned into specific actions that answer What will be done? When will be done? Who will do it? and How much will it cost (budget)? and controls. To start with this assessment – 2. Outline the following steps: a. Clearly define the value proposition of your chosen organisation, product, or the brand; b. Critically evaluate the overall situation of the organisation (should be summarised from the assessment 1) and suggest appropriate marketing mix strategies: c. Product – define the product attributes/features to reflect your value propositions You are advised to review the threes levels that are accompanied with a product and discuss product line and mix strategies; d. Pricing – describe the pricing strategy (cost-based, value-based and competition) that you would recommend to the senior management of the organisation and justify your choice; e. Distribution – outline the distribution strategies, you should discuss a specific distribution strategy (s) – intensive, selective, and exclusive. You also need to discuss channel strategies (i.e., direct and/or indirect, channel levels – single vs. multiple); f. Promotion – critically evaluate the promotion strategies you would recommend (i.e., pull vs. push). You also need to discuss promotional mix strategies (i.e., advertising, salesmanship, sale promotion, publicity, and public relations) as well as media strategies. Please beware that your marketing strategies should be aligned with the key issues and objectives and/or value proposition, the organisation’s mission, and vision. g. Action programmes – explain how marketing strategies will be turned into specific action programmes. h. Budget – provide a supporting marketing budget which is essentially a projected profit and loss statement. i. Control – outline the controls that will be used to monitor the progress. Submission Instructions: Submit your assignment via the Assessment two link in the main navigation menu in the Blackboard in MKT600/MKTG6002. Your Learning Facilitator will announce the specific due day, date, and time for the submission. Please review the TUA overdue policy described in page 5, that applies a 10% deduction/day up to five days and then 0, through the link copied below: https://laureateaus.sharepoint.com/sites/MyTorrens/Shared%20Documents/Forms/Policies_Filter.asp x?id=%2Fsites%2FMyTorrens%2FShared%20Documents%2FPolicies%2Fassessment%20policy%20for% 20he%20coursework%20and%20elicos%5Fpl%5Ftua%5Fac%2Epdf&parent=%2Fsites%2FMyTorrens%2 FShared%20Documents%2FPolicies&p=true&originalPath=aHR0cHM6Ly9sYXVyZWF0ZWF1cy5zaGFyZX BvaW50LmNvbS86Yjovcy9NeVRvcnJlbnMvRWFLY2xTM28tUHBOa25uX2ZQV2Z6c2NCRzJFSVI0OXJ0amx jYlF​‌‍‍‍‌‍‍‌‌‍‌‍‍‌‌‌‍‍‍‍​5bGZDYjl0dz9ydGltZT1pWEF5NDdrLTJVZw