Students will prepare a full length marketing plan for a branded product/service of their choice.
The brand has to be of an existing company and can be operating either on a local or global scale.
The plan will be divided into 4 phases:
Phase I: Brand Diagnosis
Phase II: Marketing Strategy
Phase III: Marketing Plan
Phase IV: Marketing Metrics
a) Phase I: Brand Diagnosis Students will conduct an in-depth analysis of the industry in which their brand competes by applying frameworks and other tools and concepts learned in the course. The objective of this process is to understand the current situation of the brand versus competitors and unveil opportunities. This phase may involve some field work such as visiting retail stores and conducting interviews with consumers. Potential questions you may want to ask during this phase are:
1. Who is the brand’s target consumer?
2. Is the brand growing or losing market share?
3. What is the competition doing? 4. Is the brand’s Marketing Mix (4 P’s/ 7P’s) consistent with the brand’s positioning?
5. What are some of the strengths & weaknesses (SWOT Analysis) of the brand?
6. What are some of the opportunities & threats (SWOT) for the brand? http://www.kpipartners.com/consulting/
b) Phase II: Marketing Strategy Once students have concluded their diagnosis, they will use the results of their analysis to come up with a Marketing Strategy. This Strategy will be the blueprint for success. It will summarise what the students will want to achieve with their brand. A good idea is to read the section on “Three levels of Strategy: Similar Components but different issues” on page 8 of the prescribed text book “Marketing Strategy – A Decision-Focused Approach”. Potential questions you may want to ask during this phase are:
1. Does the brand need to be repositioned?
2. Does the brand need to seize a different target group?
3. What resources will the brand require to achieve objectives?
4. Where do you want the brand to be in the short/mid/long-term? http://artslinkqld.com.au/marketingplans
c) Phase III: Marketing Plan The Marketing Plan will demonstrate how students will achieve their Marketing Strategy. This is a very creative part of the project in which the group will have a chance to come full circle and create great solutions for their brands. Special focus will have to be paid to the Marketing Mix (4P’s / 7P’s) in this phase. Potential questions you may want to ask during this phase are:
1. What can be done in terms of promotion?
2. What can be done in terms of product/service features?
3. What can be done in terms of pricing?
4. What can be done in terms of distribution (place)?
5. What can be done in terms of physical evidence (services)?
6. What can be done in terms of people (services)?
7. What can be done in terms of processes (services)? http://mashable.com/2012/07/27/marketing-metrics/
d) Phase III: Marketing Metrics Every marketing plan must have objectives that are quantifiable. Whether a plan is focused in increasing market share, brand awareness or sales, for example, it should contain a list of metrics to be implemented as soon as the plan is executed. Doing so, will help the organisation track and measure each aspect of brand performance vs. the competition and internal objectives. Examples of Marketing Metrics:
1. Market Share (%),
2. Sales Volume (units),
3. Brand Awareness (%),
4. Profitability ($),
5. Customer Satisfaction (%) etc… http://doups3.hubpages.com/hub/KPI-Reporting
II) Report Structure Students will hand in their Marketing Plan in a report format, with the following headings:
1. Executive Summary
3. Brand Diagnosis o The brand (Product/Service) o Industry Analysis (include any frameworks that you applied) eg: Porter’s 5 Forces, SWOT, BCG Matrix etc… o Competitor Assessment
4. Marketing Strategy o What you want to achieve with the brand
5. Marketing Plan o Brand initiatives
6. Marketing Metrics o Include list of metrics (justify reasons why)