Develop a Strategic marketing plan for a good or services

Develop a Strategic marketing plan for a good or services of your choice.Answer each one of the dots points in the marketing plan structure showing what decision you have made for the development of a successful marketing strategy for your choosen goods or sevices.

MM316 Assignment 2 Tips
Value: 65% of assessment
Word Length: 4,000 words +/- 10%
Due Date: Tuesday 25th September, 2012?
Assignment Question:
Using the outline of how a ‘New Product Marketing Plan’ is developed on pages 27-29 of your prescribed text, develop a Marketing Plan for a good or service of your choice. Answer each one of the dots points in the marketing plan structure showing what decisions you have made for the development of a successful marketing strategy for your chosen good or service. The knowledge required for this assignment is contained in all of the theories and concepts we have covered in the unit so far Chapters 1-13 of your prescribed text.
You can use an existing or hypothetical good or service as your example and show how the use of a specific strategy could enhance the marketing your chosen example. Obviously some theories and concepts will be more relevant to certain goods or services than others. You must choose which ones are more relevant and explain why they are more relevant. You must apply the concepts and theories you use in your discussion and not just describe them. You may not be able to cover more than one of the different marketing strategies discussed in the unit in your assignment but that’s OK.
You must use correct referencing in your assignment to pass the assignment. Use of more references may attract higher marks. Marks will be deducted for incorrect referencing and poor presentation (ie., spelling and grammar). If there is no referencing in your assignment it will be deemed to be plagiarism and the plagiarism policy will be enforced. You will receive a higher mark for applying a critical analysis to your discussion.
Please refer to the marking template below for the way in which the marks will be distributed. Also refer to the grading system outlined in this unit guide for how grades are given for the assignment.
Measure Max Mark Your mark
Care in question interpretation 10%
Understanding of key concepts 30%
Analytical/critical thinking 20%
Application of examples to concepts 30%
Logical flow and presentation 10%
Total

 

 
MM316: Assignment 2 – Marketing Plan

A common approach many instructors take in designing a course in marketing management is to focus the course around an application-oriented project, often done by small teams of student. Such a project allows students to actually apply what they learn, it adds a considerable amount of fun to the course and it gives students some tangible output they can show prospective employers when they enter the job market. Perhaps the most common such marketing management project is the development of a marketing plan, either for a real company with real goods or services, or for something entrepreneurial or hypothetical that the students themselves conceive.
From a student’s perspective, such a project prepares marketing graduates to ‘hit the ground running’ when they enter the job market, and it helps students who take non-marketing jobs better understand and appreciate marketing perspectives. When used in conjunction with decision-oriented cases, such an approach gives students two laps around the track for each element of the course: once when the course material in a given chapter is applied to a case, and a second time when it is applied to the course project.
‘But we’re only at Chapter 1!’ you might say. ‘How do I go about doing what’s necessary so that, by the end of the course, I can deliver a competently prepared marketing plan?’ or some similar assignment.
We briefly discussed the contents of a typical marketing plan for an existing product or product line. Here, we look at marketing plans for new products, where there are some extra challenges due to the lack of any history and the need to make lots of decisions from square one.
Thus, what follows is a more detailed set of guidelines for what each section of a good marketing plan entails. As you’ll see, much of what you’ll find here appliesto marketing plans for existing businesses or product lines as well. You might think of this material as a road map for the project work you’ll do in the course, if your course involves preparing a marketing plan or something similar. The fact that this outline looks slightly, but not fundamentally, different from the one in Exhibit 1.10 should be a clue to you that there’s no single ‘right answer’ to how a marketing plan should be assembled. Given the setting in which your project is to be carried out, we suggest you develop your own outline that best serves your context.
As you proceed through the book, you’ll find at the end of every chapter an exercise that identifies how the chapter’s learning contributes to the development of your marketing plan. If you do these exercises as you go along, you’ll find that much of the work your marketing plan entails will get done as a result.
Outline: New Product Marketing Plan
1. Executive Summary
Summarise the product idea, its target market and the results you forecast (sales, gross margin and profit contribution) in no more than two pages.
2. The Product (Good or Service) or Business Idea
Identify the mission and SMART objectives (specific, measurable, attainable, relevant to your mission and time-bound) of the business.
Briefly describe the product or service and its target market.
State your value proposition or a positioning statement that outlines the benefits your product, service or business will provide to the target customer, in order to differentiate your offering from currently available ones.
3. Market Analysis
Indicate who constitutes your overall market and the segment you will initially target (defined according to one or more of the following kinds of factors: demographic, geographic and/or behavioural variables).
For this market overall, and for your target segment, do the following.
-Indicate their size and current and anticipated growth rate (measured if possible, in units, dollars and number of potential customers).
-Identify any unmet or poorly served needs that your new product or service will address.
-Identify relevant trends in any of the six-macro trend categories that support or detract from the demand for your new product or service.
Identify wants and needs your product serves. What benefits will you offer, and what product features will deliver them?
4. Competitor Assessment
Define the industry in which you will compete.
Assess the industry’s five competitive forces.
Identify its critical success factors.
What direct and indirect competitors currently satisfy the needs of your proposed targets?
What competitive advantages and disadvantages will specific competitors have? Will you have?
What competitive responses to your entry are likely?
5. Marketing Strategy
What are your marketing objectives (SMART)?
What is your overall marketing strategy?
How will your offering be positioned?
Product decisions: features, augmented product, brand
Pricing decisions: pricing strategy, pricing specifics
Distribution decisions: channel structure, push or pull strategy
Promotional strategy: integrated marketing communications objectives and plan, copy platform, media plan, trade and consumer promotion plan, personal selling plan, public relations plan
6. Forecast and Budget
Provide one or more spreadsheets that detail your sales and gross margin forecast and marketing budget and the activities that will comprise it for 3-5 years, monthly for the first year. Indicate, by category of activity, all planned marketing spending for the execution of your marketing strategy, broken down into as many of the following categories as apply.
-Advertising (creative and media expense)
-Direct marketing (direct mail and/or telemarketing expense)
-Internet marketing (website, banners, etc.)
-Consumer promotion (discounts, samples, coupons, rebates, contests, etc.)
-Trade promotion (allowances/discounts to your distribution channels)
-Sales force expenses (salary and fringes, sales materials, commissions, travel)
-Public relations (non-paid media)
-Customer service (inbound order taking, customer support, etc.)
-Other (sponsorships, events, etc.)
Indicate, using appropriate measures, the level of effectiveness and efficiency you expect from each activity (reach, frequency, CPM, response rate, number of sales calls per week, close rate, duration of sales cycle, etc.). Provide appropriate evidence in a discussion that supports your contention that your planned marketing budget is sufficient to drive the sales you forecast.
7. Implementation and Control Plan
Provide an organisational chart for marketing people and functions.
Provide templates of strategic and/or operational control ‘dashboards’ for key marketing management functions.
8. Contingency Plan
Identify what is likely to change or go wrong, and what should be done if and when it does.
.
Assignment Question
Using the outline of how a ‘New Product Marketing Plan’ is developed on pages 27-29 of your prescribed text, develop a ‘Strategic Marketing Plan’ for a good or service of your choice. Answer each one of the dots points in the marketing plan structure showing what decisions you have made for the development of a successful marketing strategy for your chosen good or service. The knowledge required for this assignment is contained in all of the theories and concepts we have covered in the unit so far Chapters 1-13 of your prescribed text.
You can use an existing or hypothetical good or service as your example and show how the use of a specific strategy could enhance the marketing your chosen example. Obviously some theories and concepts will be more relevant to certain goods or services than others. You must choose which ones are more relevant and explain why they are more relevant. You must apply the concepts and theories you use in your discussion and not just describe them. You may not be able to cover more than one of the different marketing strategies discussed in the unit in your assignment but that’s OK.
You must use correct referencing in your assignment to pass the assignment. Use of more references may attract higher marks. Marks will be deducted for incorrect referencing and poor presentation (ie., spelling and grammar). If there is no referencing in your assignment it will be deemed to be plagiarism and the plagiarism policy will be enforced. You will receive a higher mark for applying a critical analysis to your discussion.
Please refer to the marking template below for the way in which the marks will be distributed. Also refer to the grading system outlined in this unit guide for how grades are given for the assignment.
Measure Max Mark Your mark
Care in question interpretation 10%
Understanding of key concepts 30%
Analytical/critical thinking 20%
Application of examples to concepts 30%
Logical flow and presentation 10%
Total

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