Reference no: EM132593201

BSBMKG609 Develop a marketing plan - Gen Institute

Assessment 1

Question 1 Briefly describe, in 30-40 words each, the marketing opportunity options in the table below and provide one example of each.

Marketing Strategy
Market Penetration
Joint- ventures and cooperative businesses
Franchising
New product development
Takeover/ acquiring a business
Starting a new business

Question 2 Briefly describe the 4 Ps of the marketing mix. Your response should be no longer than 150 words in total.

Question 3 Briefly describe the following strategies for gaining competitive advantage in a market and provide one example of each. Respond in no more than 50 words each.
Strategy
Cost leadership strategy
Differentiation strategy
Focus/ niche market strategy

Read the scenario below and answer Q4 based on your understanding of this scenario.

A renowned French brand of cosmetics, Jolie, which is also sold in Europe, USA and Canada, has a global cult following fuelled by its popularity on social media. However, it is not sold in Australia.

Despite its affordable price for European and North American consumers, unfavourable exchange rates between Australian Dollar and Euro, and prohibitive shipping prices mean that Jolie may find it difficult to bring their products to Australia. Australian consumers may find these products too expensive.

Question 4 If Jolie were to enter the Australian market, identify and briefly describe two pricing
strategies that might be most effective for selling their existing product range in a new market.

Read the scenario below and answer Q5 - Q9 based on your understanding of this scenario.

Jolie has experienced success with their new products in Australia. Coast, a well- established Australian cosmetic brand, has decided to introduce a similar product range at a lower price point, to target consumer segments that shop at more affordable retail outlets such as Kmart, Target, and Priceline. Moreover, rather than just Sydney and Melbourne, Coast will distribute their products all over Australia.

Question 5 Identify and describe two pricing strategies that might be most effective for introducing Coast's new products in their existing markets.

Question 6 Describe how Coast can use the 4Ps to be able to afford to offer products of a similar quality to Jolie's products, but at a lower price. Provide one point for each of the 4Ps. Respond in no more than 100 words in total.

Question 7 Briefly describe, in no more than 100 words, the legal and ethical constraints that affect Coast's 4Ps. You must identify at least two types of legislations, codes of practice or ethical constraints for each of the 4Ps.

Question 8 Identify five (5) methods Coast can use to ensure that the 4Ps of their marketing strategy are achievable and feasible.

Question 9 Identify three metrics Coast can use to measure the success of their strategy.

Assessment 2 - Project 1 - Develop marketing strategy and plan

Instructions for Students

• This is the second of the three assessment tasks you must complete satisfactorily to be deemed competent in this unit
• This assessment is made up of three (3) tasks.
o Part A - Evaluate marketing opportunity options
o Part B - Develop a marketing strategy
o Part C - Draft marketing plan

• Read the scenarios given and complete the tasks that follow.
• You must attempt all criteria to the required standard (e.g. fulfil assessment criteria mentioned in the performance checklist) to be deemed satisfactory in this task.
• You must complete this task by following all given instructions, for the trainer/assessor to assess competency in this assessment task.
• Clearly label your work with name, unit code and unit title to all the documents and sheets that are attached to your submission.
• Review other resources, related to the task you are going to perform.
• Seek clarification regarding the assessment required to be done, if you do not understand the task.
• Ask for reasonable time from Assessor for preparation of Assessment.
• Seek information on additional reading material and reference for completion of the assessments.
• Submit this document along with your assessment work.

Part A

Scenario
You are the Marketing Manager of Pesto's, a popular Italian restaurant in Brisbane. Recently, the company updated its menus and décor as part of a strategic overhaul to improve lagging sales.

The key strategy employed was a product development strategy in which a new plant-based menu was designed to meet the demands of the market. This strategy was a success and had a positive impact on sales, customer satisfaction and staff satisfaction.

Pesto's then hired a designer to update the décor and fittings in the restaurant, in time for summer 2020. The new space is trendy and has a minimalist Mediterranean theme, inspired by the Italian Riviera. The new décor has been described as very "Instagram-able".

Encouraged by the performance of the plant-based menus, Rose Rossi, the CEO of Pesto's, wants to investigate further marketing and business opportunities in plant-based dining, which is a rapidly increasing trend.
The primary objective of pursuing new marketing objectives is to enhance sales. The following are the marketing opportunities available to Pesto's:
1. Greater market penetration
2. Product development by way of new plant-based menus or products within the Pesto's brand
3. Market development through targeting different markets for Pesto's brand, or through starting another business unit
4. Market or product diversification through acquiring another business or a franchise

The CEO has asked you to review the organisation and explore some marketing opportunities that will help Pesto's achieve its strategic goals.

Part A: Evaluate marketing opportunity options

Prepare a report for the CEO and the Director of Finance and Operations of Pesto's, in which you evaluate marketing opportunity options, and describe a marketing strategy.
In your report you must include the information specified below. Prior to completing this task, you must read:
• the scenario above
• the readings provided in Appendix A
• Pesto's Business Plan 2020 (Appendix B)

You must ensure that your report:
• uses a formal report format with suitable headings
• demonstrates a logical flow of information
• is written in language suitable for a report to senior management, using correct grammar, spelling and punctuation

At the end of the report, you must create a References List that contains all the research sources you have used to prepare your plan, organised in APA referencing style. Where specified, you must also use in text citations in APA style.

Your report must cover the following sections, organised into suitable headings:

a. Based on your reading and research:
i. Summarise the strategic direction and organisational objectives for 2021.
ii. Summarise the current size, capabilities and resources of the organisation.
iii. Identify the marketing objectives of Pesto's
iv. Identify how the weaknesses in the current capabilities and resources of Pesto's, can affect their ability to achieve their marketing objectives.

b. Evaluate, and briefly describe, the risks and returns of each of the four marketing opportunity options being considered by the CEO, in the scenario.

c. Make a recommendation for two opportunities to pursue that have the lowest risks and highest potential for return.

Part B: Develop a marketing strategy

Following the report, you have been asked to conduct your own research on a suitable marketing strategy that meets the goals and objectives of Pesto's.

Based on the two opportunities you have selected, you must prepare a marketing strategy by following the steps given below:

a. Research and outline a marketing strategy that meets the marketing objectives and brief and identify your research sources in your response using APA style in text citations.

b. Identify how the strategy leverages current organisational resources and capabilities

c. Describe how the strategy you have proposed aligns with the strategic direction and goals of Pesto's

d. Discuss why the strategy could be feasible

e. Describe how the strategy increases organisational resources or expertise to bridge the gaps between current capabilities and marketing objectives

Part C: Draft marketing plan

Your recommendations for marketing opportunities and your marketing strategy overview have been approved by the senior management of Pesto's.

Now, you must develop a draft of a new marketing plan for Pesto's, using the marketing opportunities and strategy that have been approved.

The marketing plan must be implemented starting November 2020, in time to capture the boost in sales during summer.

Prior to undertaking this task, you must carefully read:
• The case study scenario above
• Appendix A: Readings
• Appendix B: Pesto's Business Plan 2020
• Appendix C: Marketing Plan Template
• Appendix D: Guide to Marketing Plan Template

You must also conduct your own further research on business markets, opportunities, strategies and tactics.

At the end of the report, you must create a References List that contains all the research sources you have used to prepare your plan, organised in APA referencing style. Where specified, you must also use in text citations in APA style.

You must create your marketing plan using the template provided in the assessment templates.

Refer to Appendix B: Pesto's Business Plan 2020 for business information, and Appendix D: Guide to Marketing Plan Template, for instructions on how to complete the marketing plan template.

You must ensure that your plan:
• demonstrates a logical flow of information
• is written in language suitable for senior management as well as other key stakeholders, using correct grammar, spelling and punctuation

Your marketing plan must include the following:
a. An overview of Pesto's business structure, products/services, and background of the project
b. SWOT analysis of the organisation in the context of the marketing strategy
c. An outline of Pesto's marketing goals and objectives
d. A description of the market, including:
i. customer segments, needs and attitudes, and buying habits
ii. anticipated demand and market trends
iii. customer management needs

iv. 5 competitors with a strong social media presence and what you can learn from them
e. PESTLE
f. Sales targets for 1 year
g. 4Ps of your marketing strategy, including:
i. Descriptions of the 4Ps
ii. 1-2 relevant marketing tactics for each of the 4Ps
iii. Expected business improvement
iv. Types of costs involved in planning and implementing activity
v. Resources and staff required to implement your strategy

h. A review schedule to assess performance of campaign, including:
i. frequency of review
ii. at least 1 success metric for each tactic
iii. personnel responsible
iv. 2 actions to be taken if strategy does not meet performance requirements

i. A campaign budget breakdown detailing:
i. channels
ii. costs/ expenses for all channels and media (total cost of the plan, including all channels and media, must be within budget - you must conduct your own research to identify these costs)
iii. timelines (must meet timeframes specified in scenario)

j. Two legal and two ethical requirements that the marketing plan and activities must meet

Assessment 3 - Project 2 - Present and finalise marketing plan

Instructions for Students

• This is the third of the three assessment tasks you must complete satisfactorily to be deemed competent in this unit
• This assessment is made up of two (2) tasks.
o Part A - Role play: Present marketing plan for feedback and approval
o Part B- Revise and disseminate marketing plan

• Read the scenarios given and complete the tasks that follow.
• You must attempt all criteria to the required standard (e.g. fulfil assessment criteria mentioned in the performance checklist) to be deemed satisfactory in this task.
• You must complete this task by following all given instructions, for the trainer/assessor to assess competency in this assessment task.
• Clearly label your work with name, unit code and unit title to all the documents and sheets that are attached to your submission.
• Review the role play observation checklist so that you are familiar with the behaviours that you are expected to perform during the observation.
• Review other resources, related to the task you are going to perform.
• Seek clarification regarding the assessment required to be done, if you do not understand the task.
• Ask for reasonable time from Assessor for preparation of Assessment.
• Seek information on additional reading material and reference for completion of the assessments.

Scenario

In Assessment 2, you have prepared a marketing strategy and plan. You now have to present your marketing plan to the key stakeholders, i.e. the CEO of Pesto's, the Director of Finance and Operations, chef and restaurant manager for their approval.

In this task, you will present the marketing plan to the stakeholders to:
• explain the rationale and the key details of the plan
• invite their feedback and any suggestions for changes
• seek their input on the timeframe for disseminating the plan
• obtain the CEO's approval to implement the plan.

Part A: Role Play - Present marketing plan for feedback and approval

Prepare a PowerPoint presentation with no more than 5-6 slides, of your marketing plan, for the stakeholders. You must ensure that the text on your slides is brief and to the point.

Your presentation must cover:
a. the marketing strategy and tactics
b. rationale (alignment with brief and with organisation's objectives)
c. marketing budget allocation
d. monitoring mechanisms, schedule and contingency measures
e. schedule of activities with persons responsible, costing, timelines

You must also include appropriate visuals such as:
f. mock-ups/ images
g. examples from competitors or other sources
h. graphs or charts if required

Then, make you presentation to the stakeholders of Pesto's. You will have 15 minutes for the presentation, including questions to and from the CEO at the end.

At the end of the presentation, ask the panel for:
• feedback on the plan
• timeframe for revising the plan
• timeframe to disseminate the plan

At the end of the presentation, the CEO will give you inputs and feedback, as well as further information or adjustments required for approval and dissemination of your plan.

This is a role play activity. Your assessor will play the part of the CEO, and your classmates will be the other stakeholders.
When receiving feedback, you must:
• listen carefully
• stay open and avoid becoming defensive
• ask for explanations, examples, clarification
• give your own suggestions that relate to the feedback to see how they are received
• show your appreciation of the feedback given
• make notes of all feedback provided

Part B: Revise and disseminate marketing plan

Based on your meeting with the CEO and stakeholders in Part 2, complete the following tasks in the assessment template.

a. Revise the marketing plan based on the feedback you have received during the meeting with the CEO and stakeholders.

The revisions should include:
• any spelling/ grammar and formatting rectification required
• adjustments and changes suggested by the CEO (including adding date of dissemination to stakeholders in the Marketing Activity Schedule)

Your revised plan must be submitted to the CEO (uploaded to Moodle) on the day specified by the CEO in your meeting in Part 2.

b. Prepare a brief covering email, which you will send to all relevant stakeholders disseminating the marketing plan ahead of the monthly staff meeting. You must assume that you have attached the marketing plan to the email.

You must select and use appropriate formats and language used to communicate formally on email with stakeholders, such as:
• Subject line
• Greeting
• Clear content in body
• Brief on the marketing plan that you are distributing as an attachment
• Correct grammar and punctuation
• Call to action
• Formal closing

Attachment:- Develop a marketing plan.rar