Describe the pricing strategy that you recommend

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Reference no: EM132185739 , Length: word count:3000

Marketing Assignment 2 - Proposal Marketing Plan

Learning Outcomes - This assessment addresses the following subject learning outcomes:

a) Identify and evaluate key theories and principles of practical marketing strategies.

b) Critically evaluate client needs with regard to the creation of value for the organisation.

c) Critically evaluate the impact of the application of the marketing mix to the target market.

Objectives:

To enhance a clear understanding of the importance of marketing in modern business and to and provide a grasp of effective contemporary marketing practices;
To provide a theoretical overview of marketing theory and practical application of innovative marketing strategies;
To critically analyse all relevant factors affecting the exchange process;
To establish an insightful marketing strategy.

How the assessment fits into the subject/course:

Marketing in the 21st Century has drastically evolved and is a critical component of business administration. The design of marketing plans is integral to business organisation and the assessment for this subject aims to provide students with the opportunity to apply the knowledge of developing effective marketing strategies. This assessment requires the students to analyse market trends before developing a marketing strategy. There is a short scenario for students to address the assessment tasks.

Assessment 1 requires students to create a case study and review marketing plans. Specifically, assessment 1 requires students to establish the context through analysing market trends. Assessment 2 requires students to devise a marketing plan of products or services offered by their own organisation and to consider how the marketing plan will add value to their organisation.

Instructions: This assessment task builds on the Marketing Environmental Analysis you performed in Assessment 1. This assessment task requires you to devise a Marketing Strategy Report to:

Demonstrate your learning about marketing concepts and principles covered so far and allow you to demonstrate your level of understanding of them.
Analyse the link between marketing practice and marketing theory
Demonstrate research skills to reveal the insights
Apply appropriate business report writing skills
Use the appropriate citation of references and a reference list in your written work. It is essential that you use the appropriate APA style for citing and referencing research.
Practice aligning strategies to your market analysis.

Scenario: Choose any small business wanting to either expand through a new product development or a new market entry either locally or internationally.

Tasks: This part of the assessment is a follow-up to the Marketing Environmental Analysis you provided in assessment 1. Therefore, you need to revisit assessment 1 and the feedback from your facilitator. Then, devise a marketing strategy report for this assessment to:

1. Create a marketing strategy - The aspects of marketing strategy that you should include are:

a. Your recommended target market (including market segmentation).

b. How the new business should be positioned - give an overview of positioning theory (and other relevant theories) and then explain one or more positioning approaches that you think this business should follow. Draw a positioning map to start this task.

2. Outline the following marketing mix variables:

a. Ideas for the products and services that could be offered and how they can be offered.

b. Explain the different levels of product and how you think the business should apply them.

c. Pricing - Describe the pricing strategy that you recommend and justify your choice.

d. Distribution - Outline the distribution strategies you would recommend.

For example, where would you locate outlets? Would you own retail outlets or offer franchise options?

e. Promotion - Outline the promotion strategies you would recommend (most relevant advertising strategies).

f. Extended marketing mix - Outline the other 3 marketing mix elements (if found relevant).

Reference no: EM132185739

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Reviews

len2185739

12/4/2018 10:19:36 PM

Length Up to 3000 words. Assessment 1 requires students to create a case study and review marketing plans. Specifically, assessment 1 requires students to establish the context through analysing market trends. Assessment 2 requires students to devise a marketing plan of products or services offered by their own organisation and to consider how the marketing plan will add value to their organisation.

len2185739

12/4/2018 10:19:30 PM

This assessment task requires you to devise a Marketing Strategy Report to: Demonstrate your learning about marketing concepts and principles covered so far and allow you to demonstrate your level of understanding of them. Analyse the link between marketing practice and marketing theory. Demonstrate research skills to reveal the insights. Apply appropriate business report writing skills. Use the appropriate citation of references and a reference list in your written work. It is essential that you use the appropriate APA style for citing and referencing research.

len2185739

12/4/2018 10:19:25 PM

Submission Instructions: Submit your assessment via the Assessment link in the main navigation menu in MKT600 by the end of Module 6. Systematically and critically discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials and extended reading. Information is taken from 30+ sources with a high level of interpretation/evaluation to develop a comprehensive critical analysis or synthesis. Identifies gaps in knowledge. Exhibits intellectual independence, rigor, good judgement and adaptability. Report structure/format was highly professional, original and consistent with Industry practices/standards.

len2185739

12/4/2018 10:19:18 PM

All Marketing Strategy Report components were clearly and correctly identified. The report was expertly organised and orderly from beginning to end. Developed specific ideas/recommendations in depth with strong and appropriate supporting examples, data, and/or experiences. A well-constructed Reference List provided and in-report Citations of sources provided and a wide variety of sources accessed in research meeting APA guidelines for referencing. Critically evaluates and justifies the selection of target market demonstrating excellent understanding of the theories from the subject. Description of three or more market segments provided. Target market has been substantiated comprehensively. A sophisticated value proposition differentiating the business from the competitors. Comprehensive justification of the positioning strategy reflecting the links to the entire analysis. The strategy for competitive advantage is sensible and well argued.

len2185739

12/4/2018 10:19:13 PM

Highly sophisticated and creative analysis of new with existing knowledge in evaluating the application of marketing mix to the target market. Presents and succinctly discusses concise, sensible & interesting strategy ideas that have a solid foundation in the market analysis. Marketing mix variables reflect core marketing strategies to form one intact strategy. Consistently demonstrates a systematic and critical understanding of context and purpose of the assignment and/or the specific client's need. Provides expert recommendations that reflect sophisticated analysis, original thinking and creativity.

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