MKTG1100 Marketing Management
Assessment 2 – Marketing Plan
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Task Overview
Weight:
40% (40 marks)
Group Assessment:
Individual
Assignment due (no later than):
Week 11, Sunday by 11:59 pm 7 October 2018
Length:
maximum 3,000 words (excluding Title page, Table of Contents, Reference list, and Appendix)
Feedback mode:
Students will be provided with progressive individual verbal feedback during the scheduled class where many of the assessment tasks will occur. There will be brief written feedback in the form of a rubric with the result of the submission.
Learning Objectives (as per the course guide)
1, 2, 3, and 5
1. Evaluate and synthesise information of customer needs and expectations from various sources and experiences
2. Compare and contrast the market segmentation and positioning strategy from both theorist and practitioner perspectives to critically appreciate the benefits
3. Use marketing mix tools to analyse marketing situation and position products for maximum competitive advantage in the marketplace
5. Develop multiple management skills including critical thinking, working in a group environment, oral and written presentation skills to be successful in marketing management positions.
It is critical that you remember that the assessment is targeted towards senior management and therefore should not be verbose.
Submission file type: Microsoft Word, ppt or pdf
In this assessment, working from the materials you developed in Assessment 1, you will be required to individually construct a one-year marketing plan, that will provide growth for your brand within the Australian market. The assessment requires you to undertake consumer segmentation, targeting and positioning; determine appropriate marketing objectives, develop appropriate brand strategies and corresponding marketing tactics that will deliver the set objectives.
MKTG1100 Marketing Management
Assessment 2 – Marketing Plan
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The plan must show your ability to develop an integrated marketing plan that will be relevant to the target consumer, realistic and meet the brand objectives and projections you create. The work must demonstrate multiple management skills at the postgraduate level in the areas of business acumen, such as applying correct writing, presentation and referencing skills, as well at the selection of appropriate models for application in the assessment task. You must demonstrate your ability to synthesise information obtained from multiple sources, and apply critical thinking to arrive at a well-supported integrated plan for the brand.
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Assessment 2 – Marketing Plan
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Contents of the plan
Below is an outline of the sections that must be included in the report:
Title page
Executive summary
Table of contents
1. Segmentation and branding strategy
1.1. Consumer segmentation
1.2. Primary and secondary target market
- Consumer journey
- Customer persona
2. Positioning and brand strategy
2.1. Positioning / perceptual map
2.2. Brand strategy
3. Objectives
3.1. Marketing objectives
4. Marketing Program
4.1. Product, Price and Distribution
4.2. Integrated marketing communication plan
5. Scheduling, forecasting and control
5.1. Marketing schedule and budget
5.2. Forecasting
5.3. Marketing metrics and control
Reference list
Appendix
Components of the plan in more detail
Details for each section are list below to assist you in understanding what is contained in each of the sections above.
Title page
This should be designed to look professional (not a template from Word), contain the brand name, Student names, student numbers, date due, date submitted, course code, class day and time and Lecturer’s name.
Executive Summary
This should be written last. It should contain a short summary of the main points and insights discovered through the analysis. It should contain the most likely strategies to pursue based on the findings and insights. It is not a recommendation, just a summary for the senior management group to understand in one page what is most significant and may impact the business.
Table of Contents
This should be automatically generated in word. Use of leader dots between the heading the and the page number is strongly recommended. All page numbers should right align.
MKTG1100 Marketing Management
Assessment 2 – Marketing Plan
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For example:
Heading ……………………………………………………………………………………………………………………………………. 1
Sub heading …………………………………………………………………………………………………………………………….. 2
Sub heading …………………………………………………………………………………………………………………………….. 3
Remember that the title page has no page numbering, the student declaration to the end of the Table of Contents should be roman numeral (i, ii, iii etc). The start of section 1 should be commence with 1
Section 1: Segmentation and brand strategy
1.1 Consumer Segmentation Construct a segmentation model and show no less than 6 consumer segments for the category. The model must show your ability to understand the theory of segmentation (meeting all five criteria of segmentation). Whilst the segmentation will largely be founded on information sourced from secondary data, there may be a need to conduct some primary research. All primary research should be contained in the appendix. Refer to the handout on Canvas for layout.
1.2 Primary and secondary target market
After identifying the 6 consumer segments, select two segments that will represent the primary and secondary target market. Develop a persona and consumer journey map for each segments (primary and secondary target market). Refer to the materials on Canvas
Section 2: Positioning and brand strategy
2.1 Positioning / perceptual map
Construct a positioning map that show the points of parity and points of difference for your brand in the category. Some reminders/tips:
a) Do not apply price or quality on the map. Price and quality are part of a marketers choice for overall positioning against competitors to check the value your brand or product provides, it is not positioning from a motivational or needs perspective.
b) Ensure your choice of variables are linked to the segmentation work
c) Make sure you include the 6 consumer segments as well as all brands in the category on the map.
2.2 Brand strategy
This section requires to you to develop a clear strategy, applying appropriate marketing theories discussed earlier in the semester. It is only a paragraph or two, but it is critical to your tactical plan. The strategy you select must be appropriate to the situation of your brand in the market.
Examples of marketing theories you could apply here are (this is not an exhaustive list):
Growth or declining market strategies (leader, challenger, follower, strategies)
Portfolio Analysis (BCG model)
Growth share matrix (Ansoff model)
Competitive intensity (Porters 5 Forces)
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Generic Strategies (Porters)
The number of models you apply will be determined by your analysis undertaken and the vision you have for your brand. As mentioned, it is a brief section from a writing perspective, but it is important that you appropriate select the models to apply in order to create a strong foundation for building your competitive advantage in the market. Note: the strategy you develop will need to be delivered upon in the other sections of the plan.
Section 3: Objectives
3.1 Marketing Objectives Based on the analysis in Assessment 1, determine two appropriate objectives to achieve growth over the 12 month period (1 January 2019 to 31 December 2019). Only select metrics that you are able to show the data in the appendix. Consider value, volume or market share (as this was available to you in the first assessment). Refer to the handout on Canvas.
Section 4: Marketing program (note: bulk of the document)
4.1 Product development, pricing and distribution plan This is a significant area of your plan. It should address not only any new product being proposed, but also consider how this links with the existing range and the overall strategy you proposed earlier. Examples for focus are:
Product: Through the work completed in Assessment 1, construct a plan for product mix management. Use various activities that have been undertaken throughout the course to evaluate the gaps in the market, or product improvement opportunities etc that are in line with the strategies identified in Section 1 Brand strategy. Consider the analysis already undertaken using models such as your product features matrix, Ansoff matrix, BCG portfolio matrix, etc.
Distribution: Consider how the product mix will be managed through the marketing channels (distribution) to avoid or minimise channel conflict. Consider whether you need to split the range between distribution channels and members.
Pricing: Using a pricing architecture model, determine the appropriate pricing strategy for the product mix, and detail information that relates to promotional pricing (EDLP, high-low strategies).
4.2 Integrated marketing communication plan
This section will be a very large part of your overall plan. Develop an appropriate integrated marketing communication plan that addresses a minimum of two communication areas from the following:
• Advertising (traditional and digital)
• Public relations, events and sponsorship
• Promotion (consumer promotion)
• Price Promotion (sales promotion using price)
The IMC plan must achieve increased customer acquisition and retention, specific marketing channel activities.
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Note: this part must be VERY detailed. Information contained in the plan must be sufficient that an agency or another marketer/employee can pick the plan up and know exactly why the activities was selected, what needs to be done and when it needs to be done.
Section 5: Scheduling, forecasting and control
5.1 Marketing Schedule & Budget Illustrate each activity discussed in section 7 above, within this schedule. The schedule must show the cost of each activity and the timing of when it is planned to take place. The best way to construct this is inside Microsoft Excel. The schedule will be broken down by activity (row), by month (column), as well as show total costs and the costs for the year (at the end of the row).
All assessments will have a maximum budget of $6m for the year for the communication plan (this amount excludes all agency and production costs). Refer to the handout on Canvas.
5.2 Forecasting
Show how the planned activities will contribute to the gap between the current reported sales and the sales required if the objectives are to be achieved. This should be as a spreadsheet and is very detailed. Refer to the handout in Canvas.
Some tips:
Start with the forecast from the last year of information you have (refer to your situation analysis)
Break the annual amount down into months by estimating the fluctuation in demand due to seasonality ie winter market offerings (chocolate) will sell more between April and September than summer products (beverages) where sales increase between October and March. This amount can be assumed.
5.3 Marketing Metrics and contingency
In a table, list all activities that are in the marketing schedule and identify the metrics that will be used to monitor the success of the activities. Make a brief recommendation on what action you may take if the activity is not achieving its desired outcome at that check-in period. This should be quantified and linked to the marketing schedule, forecast and the objectives. Refer to the handout on Canvas.
Section: Support materials
Reference list
Construct a reference list, not a bibliography.
Appendix
All data applied in the analysis of the report should be included in the appendix.
For example, the historical market share, sales and volume data should be included here, along with your workings to obtain the trends and assumptions you discuss in the body. It is important that you demonstrate your abilities to operate at a senior level applying critical thinking and synthesis.
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If the data and your workings are not included here, your marks will be significantly impacted as you are required to demonstrate your ability to synthesise information from a variety of sources; and construct analysis that will lead to developing a competitive advantage.
Some additional notes to help:
• The report must be of professional standard to senior management. This means that it is not acceptable for grammatical errors, typos, punctuation, or formatting. The ideas expressed must be logical, articulated well and demonstrate critical thinking. All statements founded on research must be referenced. Failure in any of these areas will impact the final grade of your submission.
• Utilise the appendix. Place the constructed analysis and workings in the appendix and use a graphical representation of the findings in the body of the report.
• A marketing plan is an interconnected document. No single section should exist without impact or consideration on another section - take a close look to ensure your work is well connected.
• This is an applied assessment and requires some ‘head space’ to be creative and energetic with your brand.
• If discussing your ideas with your team member from Assessment 1. Plagiarism is easy to ‘trip up’ on, even when unintentional. Remember, this is an individual report and all work should be your own. Ensure team members do not have the same ideas and execution.
• Ensure you get out and go around at advertising, promotions and other activities – not just in the category your brand is within, but also other categories. Sometimes great ideas are those that are adapted from another category. Checking what is going on in the market takes time and you can not find it only on the internet.
• Talk again to consumers of the brand to understand what makes them buy product, and what type of marketing messages turn them off from purchasing (or is simply unbelievable). This will help with ensuring the plan in realistic.
• The assessment will require you to apply critical thinking and analysis. It is possible that all information will not be publicly available. Therefore, you are permitted to make logical and judgment-based decisions to complete the assessment. Assumptions are permitted, however where assumptions were made, this should be clearly stated by way of comments at the bottom of the workings in the appendix or stated within the body of the work.
• It is expected that as part of the self-directed learning, students will seek out additional resources as required to further support their individual building of knowledge.
Useful library databases
When constructing this report, it is expected that students should access the databases and journals within RMIT library database, along with some credible internet sites (such as brand owner websites, industry associations etc). Students should also consider eBooks that have been provided as additional readings each week, or within the course website under additional resources.
Some useful databases for marketing can be located at: http://rmit.libguides.com/marketing
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Grading
Grading is based on a holistic approach to the assessment and sections are equally weighted. All grading in this course is rounded to the nearest decimal. Grading is based on the Rubric supplied within Canvas.
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