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;
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.
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.
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;
• Analyse the link between marketing theories and practices;
• Demonstrate an acceptable level of research skills to reveal the insights;
• Apply appropriate business report writing skills;
• Demonstrate a logical flow and cohesiveness in the analysis and discussion.
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:
1. 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;
b.Targeting and positioning as well as marketing strategies (i.e., 4ps/7ps);
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.
2. Outline the following marketing mix variables:
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 (e.g., break-even, mark up) that you would recommend to the senior management of the organisation and justify your choice;
e. Distribution – outline the distribution strategies you would recommend (i.e., intesive, selective and exclusive). You also need to discuss channel strategies (i.e., direct and/or indirect, channel levels - single vs. multiple);
f. 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 value proposition as well as the organisation's mission, vision and objectives.