The marketing plan is to be presented as a complete document including: The situational analysis, Marketing objectives, strategies and implementation plans. The final submission will comprise one Executive Summary, one introduction and one conclusion that covers the entire marketing plan (including material from all components).
Finalise (as far as possible) an actionable, realistic, marketing plan for the enterprise or organisation you selected in Assessment 1. In formulating your complete marketing plan provide the following:
1. An executive summary which highlights the key features (main findings and recommendations) of the report (NB: not an introduction). Highlight the major issues or findings linked to any recommendations to ensure both the problems and opportunities at the core of the plan are addressed.
Structural components such as: A Table of Contents, Table of Figures & Tables, Reference List, Appendices (where appropriate) referenced according to APA referencing requirements (See the APA Guide provided in Moodle).
2. An introduction which provides the aim and structure of the complete plan.
3. Your corrected situation analysis (assessment 2 incorporating feedback)
4. A product (or brand or company) lifecycle analysis (PLC).
5. A BCG matrix showing product position relative to competition. While the BCG matrix is usually for SBU portfolio analysis, in this case conduct an analysis of your company product(s) or brand(s).
6. An Ansoff analysis
7. A set of at least 3 principal marketing objectives (based on your strategic analysis of the enterprise’s position from the outcomes of the PLC, the BCG and the Ansoff analysis and considering the enterprise’s corporate mission and objectives (where these have been identified).
8. Develop a brand positioning strategy. Discuss whether you will develop a brand identity for an individual product or product portfolio or whether you will use family umbrella branding strategy.
9. Develop a brand positioning map.
10. Develop a minimum of 4 strategies based on your objectives. Each strategy should identify a target market segment and a customised marketing mix for that segment.
11. Develop a framework of marketing metrics for your strategies – determine how you will measure success of your strategies and control the outcomes to ensure you reach your objectives.
12. A conclusion
13. Reference List
14. Any appendices.
This unit involves students directly in the writing of detailed, integrated marketing plans and the evaluation of plans. There is also a focus on the actual implementation of the
Executive Summary
Critically analyzing all the key factors associated with the business operations of Straight Six Burger in Assessment II, this specific report will mainly emphasize on development of a marketing plan for the chosen organization. The entire report will mainly analyze and evaluate a structured and complete plan along with a corrected situational analysis. Moreover, the marketing plan will also focus in development of the company’s lifecycle analysis followed by a BCG Matrix, Ansoff Matrix and brand positioning map that would enable in elaborating three major marketing objectives and necessary strategies that needs to be implemented. The corrected situational analysis provided an in-depth overview about the macro-environmental factors in reference to straight six, the BCG and Ansoff Matrix indicates the growth and market share in regards to straight six and lastly the strategies and customer segmentation provided in-depth evaluation regarding the measures that the organization can consider for enhancing the business operations.
Introduction
Analyzing and evaluating the market scenario by implementing both internal environment analysis and external environment analysis in assessment II, it can be stated that the Straight Six has become one of the most significant and reputed burger joints in Australia. For enhancing the reputation and revenue of the organization it is quite essential for Straight Six to implement some necessary things that would help the organization in strengthening the weak areas. Assessing all the key factors it can be evaluated that the aim of this report to further analyze the business operations and market scenario by focusing on developing an effective marketing plan.
The entire marketing plan depicted in the report will emphasize on correcting the situational analysis provided in assessment II, followed by providing an in-depth overview about company’s life cycle, a BCG Matrix that will analyze the products of the company, an ansoff analysis which will elaborate in understanding the risks of distinctive options by which profits can be increased and new customers can be reached. Moreover, the report would also provide a set of key marketing objectives and strategies along with brand positioning map and strategy.
Situation Analysis
For formulation of the effective marketing plan, the SWOT analysis and the PESTN analysis is used.
Strengths | Weakness |
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Opportunities | Threats |
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Factors | Analysis |
Political |
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Economical |
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Social |
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Technological |
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Natural Environment |
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Company Lifecycle Analysis
The following table highlights a clear overview of the organization’s lifecycle analysis. Considering the quality services and products provided by Straight Six, the product lifecycle can analyzed in an effective manner by using the BCG Matrix. The BCG Matrix will provide an in-depth evaluation about the products provided by Straight Six.
BCG Matrix
Ansoff Matrix Analysis
Marketing Objectives
Evaluating the Organization Life Cycle, Product Life Cycle via BCG Matrix and the Ansoff Matrix, it can be easily assessed the core mission and objectives that needs to be considered by the burger joint Straight Six. Assessing the strategic analysis that defines the position of the enterprise, key marketing objectives can be evaluated that can be quite effective for the organization.
Brand Positioning Strategy and Positioning Map
Analyzing the business scenario of Straight Six and the major focus on establishing the organization in the Australian market along with other global markets, it is important for the management take prolific measures in positioning Straight Six as a low priced organization offering quality products and services via the help of quality promotion (Lotenberg, Schechter & Strand, 2011). This specific strategy is quite beneficial in the fast food sector and therefore attracts huge number of consumers because of the quality products and services offered at low prices. Moreover emphasizing on quality discounts and offers by providing rebates to the consumers can also provide added advantage for Strategic Six to position itself in the market.
On the other hand, considering the objective of attracting new consumers in getting higher sales volume Straight Six must implement the Umbrella branding also termed as the family branding. Considering the fact that Straight Six has wide range of products and the key objective is to attain goodwill under the single brand name this concept can be quite effective in selling the related products under the brand name of Straight Six (Gandy, 2012). This significant strategy can enhance the products marketability as it follows the psychological concept that any specific product that carried the same brand name i.e. Straight Six is produced using the same quality standards. Thus, as per the scenario of Straight Six the brand has immense product lines but trust on the specific brand will leverage the attributes of all the product lines.
Target Market and Development of Strategies
Considering the fact that Straight Six is new to the market and operating its business in the initial stages it is therefore important to analyze the target market. As evaluated in the marketing mix, the prices of the Straight Six burgers are quite cheap which makes them quite affordable for the lower and middle class people therefore; the organization must use the mass marketing strategy. This will specifically help in ignoring the differences among the market segmentation and target the entire market with different offers. This aspect will help in emphasizing on what is common rather than focusing on what is dissimilar. Considering the target market by evaluating the marketing mix the organization can effectively implement the below mentioned key strategies for effective business operations.
Critically analyzing each target segment for each of the aforementioned strategy, following are the major aspects that has been assessed in framing the customized marketing mix.
Marketing Metrics Framework for Evaluating the Effectiveness of the Strategies
For evaluating the effectiveness of the strategies, Straight Six can constantly monitor the business operations in its stores. The management can analyze the business operations and can take correct measures in case any modifications are required. On the other hand, Straight Six can also collect the feedback of the consumers via providing them comment cards. This will help the management to know about the reviews of the consumers and what are the improvements that need to being implemented for sustaining long term relationships with the consumers. Another significant method is the time management system for evaluating the waiting time of the consumers for getting the service and payments. The organization can evaluate the consumer waiting time and take adequate measures if it needs improvement.
Conclusion
Properly analyzing and evaluating all the factors from assessment I, the following report provides in-depth review about the major things that must be done for the betterment of the business operations of Straight Six. The key evaluation of all aspects can be considered by the management which will help in implementing correct measures and enhance the operations of Straight Six as well as increase the market share by building a firm position in the market.
Appendices
Strengths | Weakness |
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Opportunities | Threats |
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Factors | Analysis |
Political |
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Economical |
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Social |
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Technological |
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Natural Environment |
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Country | Revenue | Revenue Growth | Trading Profit | Trading Profit Growth | Marketing Position | Loyalty Scheme Members |
Australia | 1.5m AUD | + 0.8% | Not Applicable | Not Applicable | Not Applicable | 11,000 |