List the organisation’s overall objectives or its mission statement.
List the marketing objectives that are intended to help achieve the organisation’s overall objectives.
Ensure the marketing objectives are:
Target market
Based on your target market (which you may refer here based on your situation analysis you now develop a Marketing mix strategy)- It is important that you match your marketing mix to the needs of your target market
Marketing mix strategy
Product
Detail the product strategy and how it will offer value to the target market. Include a discussion of branding. Refer to the ‘total product concept’- p. 223 of your text
• Positioning
o Directly against competitor?
o In a different market
o Check out p 193 of your text book
• Do you develop a different marketing mix for each segment- that you have identified in the situation analysis or do you combine segments ( use your profile market segments- p 202) as the basis
• Product differentiation is important ( (p235)
• What type of product ( p 224 -225)
• Business to business product (p.226)
• How important is the product adoption process for your product ( p.231-234)
• Branding ( p. 238-243)
• Service
• Packaging (244 -245 )
• product life cycle considerations (p.228)
Price
Detail the pricing objectives (e.g. cash flow, positioning and market share) and the pricing method(s) used to determine prices. Competitors’ pricing should also be discussed.
Consider:
• basis for setting prices (268, 270- 274
• Major price points- and those of your competitors (281- 283)
• If have intermediaries then check out: ( p. 287-288)
• Price management and Discounts and incentives ( P 290 -291)
• Which elements of table 8.3 on p. 296 are relevant to you?
In the budge section as part of the price section (see below) you will provide breakeven point ( no cashflow and profit and loss will be required) How many items do you need to sell per day, week, month to cover you fixed costs (e.g. rent, wages for example)
Where do you get rent figures? Commercial properties on All homes.com-
Will give you an idea of the costs ( in many cases priced per sqm per year )
Budget
Detail the budgetary requirements of the marketing plan and demonstrate how the plan can be implemented with the available resources.
Identify the major:
• variable costs ( ingredients, components)
• fixed cost (rent, wages, advertising etc)
Identify a breakeven point- how many items do you need to sell to break even?
The breakeven point may not be able to calculated in all circumstance- if that is the case provide as much data as possible , sourced from MINT, annual reports or press reports ( for example you might find the development costs for a particular product reported in the press).
You need to provide an estimate of how many of your product you intend to sell and justify this based on your target market and competitor analysis.
You also need to provide a schedule and costing for your promotional activities
Distribution (place)
Detail the distribution strategy that will ensure the organisation’s products are available to customers where and when they want them. The discussion should address the use of marketing intermediaries if appropriate to the organisation’s distribution strategy and the location of your business if that is important. If appropriate also look at sourcing
Check out p 357- 361 – will your product ( depending on type eg. Convenience may have been identified
Implementation
Explain how the marketing plan will be put into practice, including specific steps and milestones as well as control mechanisms to ensure the implementation is in accordance with the plan.
• Time line
• When what will be done and who is responsible
Evaluation – is part of any marketing plan- but not part of this assignment- so I have listed it here- but you don’t do it.
Detail the marketing metrics (e.g. return on investment, customer satisfaction) that will be used to evaluate the success of the marketing plan and inform further revision and refinement of the plan.
Conclusion/Future recommendations
Outline a brief summary/conclusion of the report and include recommendations for approval and/or action (for example, that the marketing plan be accepted by senior management for implementation, in order to exploit market opportunities for growth.
References
You need to reference all your sources – you may use footnotes or Harvard, but all references that you have used need to be listed here – be specific, do not use www.abs.gov.au but refer to the report that you have used and when you have accessed it.
Appendix:
1. Meeting notes – attach at least 3
2. Evaluation sheet of own effort and Evaluation of team members
3. Other