Learning Outcomes Addressed
a) Describe the marketing concept b) Outline and apply the elements of the marketing process. c) Identify and explain the macro and micro environmental factors impacting the marketing of a business or industry. d) Demonstrate an ability to incorporate new trends to solve marketing problems and apply communication skills.
You have been working as a marketing assistant for Talented Gen & Co. - a small marketing agency located in Sydney. Last week, Mary Blue - your marketing manager - has offered you a position as junior marketing associate, and to be successful, you need to develop a comprehensive marketing plan for a client of your choice. Generally, Talented Gen & Co. assists small and medium size businesses in Australia with different marketing strategies; therefore, you should consider firms that follow the same scope. For instance, you could create a marketing plan for a new packaging, a flavour of a product, a feature that could be incorporated into an existing product, promotional strategies for existing products/services, an additional service that could be offered to increase value and/or increase competitive advantage, and so forth. During the trimester, you are required to prepare a detailed marketing plan, which will be divided into 4 stages as follows:
Instructions- Stage 1
In Stage 1 of your marketing plan, the focus is on identifying and explaining the macro and micro environmental factors that could influence the business or the industry from a marketing point-of-view. You should also be able to identify new trends as part of the situational analysis, in order to propose marketing solutions to potential issues that may affect the client.
At this point, Stage 1, the marketing plan report must include: a) Cover page including: i. Company’s name ii. Student Identifier (name and number) iii. Subject code and name b) Table of contents c) A brief company background; outline the selected product/service that you are proposing new strategies for, as well as a brief description of the marketing variable. d) A situation analysis that includes:
A SWOT analysis including at least 03 (three) strengths, 03 (three) weaknesses, 03 (three) opportunities and 03 (three) threats. ii. A PEST analysis by identifying and explaining at least 05 (five) external factors that may impact (positively and/or negatively) the business and/or industry, as well as trends that may influence both marketers’ and customers’ decisions, including political & legal, economic, sociocultural and technological factors. iii. A Competitive Analysis of 02 (two) competitor product/services, including why or what makes them competitors to the product/service under review. Discussion in this section should also cover whether or not the competitors are considered superior to the product/service under review. e) Reference list using APA 6th ed. style.
COMPANY NAME: DIETHNES
SUBJECT CODE: MKT101A - MARKETING FUNDAMENTALS
Diethness is a long-standing basement restaurant that specialises in authentic Greek food. The restaurant was established in the year 1952. The restaurant has the good reputation in Sydney for offering unique food with perfection (Diethnes, 2018). The restaurant has recently planned for the introduction of some traditional Greek dessert items for which the brand needs to develop a marketing plan. The new dessert items that would be launched are Bougatsa, Diples and Halva.
Table 1: SWOT analysis of Diethnes
(Source: Siethnes, 2018)
Table 2: PEST Analysis of Diethnes
(Source: Larder, Lyons & Woolcock, 2014; Heritage, 2018; Prajogo, 2016; Ho, 2014)
Liu& Tyagi (2017) commented that competitive analysis helps in the evaluation of the competitors and its impact on the performance of the business. Diethnes is planning to launch some dessert items that would help to create a competitive advantage in the market. There are several competitors in the market, but the two significant competitive products are discussed in this section.
Chocolate Crackle in Automata restaurant is one of the important competitors of Diethnes. This is one of the important dishes in Australia that is well known for its taste. Furthermore, the service of this restaurant attracts customers from different part of the city. This competitor is superior to the new dishes as the new dishes are less famous in Australia. Since Chocolate Crackle is an Australian desert, and hence it is quite well-known to the customers(Griffiths, 2018). This is a one of the advantages of the competitor's product as Diethnes’s new items need to be launched and need to be preferred by the customers.
Another important competitor of Diethnes is the Pavlova Bennelong. This is desert which is in the shape of a cake but is meringue which is topped with cream and fresh fruits. This is the well-known food item that is again preferred by the Australian customers (Griffiths, 2018). This product would create significant competition in the market as it is superior as compared to the new product in the market.