MKTG6002/MKT600: Marketing Plan: Marketing Assessment 2 Answer
ASSESSMENT 2 BRIEF
Subject Code and Title MKTG6002/MKT600 Marketing Assessment
Assessment 2: Marketing Plan
Length 3000 words (+/- 10% excluding cover page, reference etc).
Learning Outcomes: This assessment addresses the following subject learning outcomes: a) Critically evaluate underpinning marketing theories and principles and appropriate research process to collect, store and use of data to generate customer insights; b) Critically evaluate customer needs to create value for customers by deploying the resources of the organisation in best possible ways; c) Critically evaluate the impact of an organisation’s marketing mix strategies on its stakeholders.
Objectives: • 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 in order 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 their chosen organisation's product or the brand which they worked in the Assessment 1. 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 is the continuation of the assessment 1. In assessment 1 students addressed two (i.e. current marketing situation and threats and opportunity analysis) out of the eight steps of a marketing plan. In this assessment students are required to develop a complete marketing plan for an organisation's product or a brand of their choice. Since the assessment 1 and 2 are interrelated so students in any situation are not advised to change their organisation that they chose in the assessment one.
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 so far 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; • Use the appropriate in text citation nd a reference list in 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: http://library.laureate.net.au/research_skills/referencing
Scenario: This assessment requires you to act like a consultant to help an organisation develop a winning marketing strategy that wants to introduce a new product or expand its business/markets
Tasks: This part of the assessment is a follow-up to the Situation Analysis that you provided in assessment one. Therefore, you need to revisit assessment 1 and the feedback from your facilitator. Then, develop a complete marketing plan for this assessment to:
- 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; 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 this task.
2. Outline the followings: a. Define clearly the value proposition of your chosen business, product or the brand; b. Critically evaluate the business's situation (provide a summary of SWOT/TOWS analysis 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 accompained with a product and discuss product line and mix strategies; d. Pricing – describe the pricing strategy (cost-based, value-based and competition) that you recommend to the senior management of the organisation and justify your choice; e. f. Distribution – outline the distribution strategies, you should discuss a specific distribution strategy (s) - intesive, selective and exclusive. You also need to discuss channel strategies (i.e., direct and/or indirect, channel levels - single vs. multiple); Promotion – outline 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 value proposition as well as the organisation's mission, vision and objectives.