- Task
Select a brand of your choice and evaluate the current marketing strategy, i.e. where are they now and how is it performing with reference to Key Performance Indicators (KPIs) in comparison to the objectives set. Clearly identify the key marketing issues faced by the brand. Develop a strategic marketing plan for this brand for the next two years that will set this brand apart from competition and grow top-line, bottom-line, and market share while delivering superior consumer value compared to competition. Remember, you also need to address the key marketing issues identified above as part of your marketing plan. Students are expected to submit a fully-fledged marketing plan including objectives, strategies; Segmenting, targeting, and positioning, implementation details with time frames, budget required, and expected results (Key performance indicators based on marketing objectives). The students are required to submit volume and value forecasts, profitability and market share forecasts, together with projected financial statements along with assumptions to justify their plan.
Marks will be strictly awarded on the basis of the practicality of the marketing plan and its potential to deliver expected results, i.e. the marketing objectives set out in the plan.
Note: Students are required to carefully the review the tutorial provided “Elements of a good marketing plan.”
Assessment criteria
Critically demonstration of relevant knowledge/understanding of the current position of the brand This section includes a good understanding of the market (Category that the brand competes, market size (volume and value), growth, consumer behavior and competitor analysis, and pricing, profitability, and value propositions and market shares of competitors, and your brand. Also its present positioning compared to competition).
Critical construction of the PESTL & SWOT analysis and identification of workable opportunities.
Quantification of opportunities via setting marking objectives.
Strategy development and critical justification. This part includes segmenting, targeting and positioning (STP) Critically demonstrate how you propose your chosen brand take advantage of unmet consumer needs or satisfy consumer needs better than existing competitors.
Development of an execution plan and marketing budget.
Identification of KPIs and suggested plan for performance management.
