Reference no: EM133063044

MMK101 Marketing Fundamentals - Deakin Business School

Learning Outcome 1: Evaluate marketing concepts and critique their application within real-world scenarios.

Learning Outcome 2: Evaluate market information to develop segmentation, targeting and positioning strategies within culturally diverse environments.

Learning Outcome 3: Demonstrate critical judgement to evaluate marketing strategies in different environments and contexts.

Learning Outcome 4: Demonstrate the ability to source, interpret and share information in a digital world.

Assignment Background: Purpose and Objectives

The Management of Yogi Tea are proposing to re-enter the Australian market. You have been approached as a paid marketing consultant to develop a Marketing plan to determine whether this is a viable venture.

The assumed audience for the marketing plan is the management board of Yogi Tea's company in the United States, therefore it is expected that your marketing plan is written and presented in a professional manner.

Choose one product within the Yogi Tea's product range (as you identified in assignment 2) to become the main focus for assignment 3

Assignment Objectives

1. Use the Yogi Tea's product identified in assignment 2 which you believe is best suited to the Australian market and aligns with your chosen target market and positioning strategy.

2. Develop distribution channel(s) and a pricing strategy (with justification) to drive initial trial of the Yogi Tea's product.

3. Grow brand awareness and recognition for the Yogi Tea's product in the Australian market.

4. Develop strategies (with justification) that will increase your chosen target market's interaction with the brand and create better awareness and understanding of two UN sustainable development goals.

Assignment Specifics - Marketing Plan

Assignment 3 follows on from Assignment 2. Based on the target market and positioning strategy you have identified and recommended in Assignment 2, your task is to propose a detailed marketing mix program (4Ps - product, price, placement, and promotion) that will assist Yogi Tea's Management in making a more informed decision as to whether to enter the Australian marketplace with their Yogi Tea's brand. In developing the marketing mix program, you need to address the key objectives as stated above.

Using the template provided, prepare a report for the management board of Yogi Tea. In your report, include the sections below. Note the word count included in the brackets are a suggestion only. Definitions and direct quotations are not required in assignment 3. Images and relevant tables and graphs are recommended to be used throughout the discussion.

Background
In the table provided in the assignment 3 template, summarise your target market, positioning strategy and positioning statement developed from Assessment 2. If you do not include this information in a table as required, the content will form part of your Assessment word count. You may adjust your consumer profile, target market and positioning statement based on any feedback you received from assignment 2.

Marketing Mix Strategies (approximately 1300 words)

Guidelines for developing your marketing mix strategies:

- state the strategies and provide supporting evidence (justification) for its choice using e.g., research, industry reports, statistics, and relevant marketing theories and concepts;
- clearly state how the strategy(s) will be implemented;
- recommend suitable marketing metrics that will measure the effectiveness of your marketing strategies for each of the 4Ps (product, price, placement and promotion); and
- at least two sustainable development goals must be included in any of the marketing mix strategies. You must justify why the specific SDGs were chosen.
- Ensure you meet the marketing plan objectives outlined on page 5.

Product Strategy (approximately 225 words)
Using the product from Yogi Tea's product range (as identified in assignment 2) develop a product strategy that meets the needs of your proposed target market and aligns with your positioning strategy (developed in assignment 2). You must provide supporting evidence throughout the discussion.

Pricing Strategy ( approximately 200 words)
Recommend a pricing strategy that aligns with the proposed positioning strategy and your target market's expectations.

Distribution and Logistics (placement) Strategy ( approximately 225 words)
Recommend a multi-channel distribution and logistics strategy that aligns with your target market's need(s) and chosen positioning strategy. You must include a diagram of your chosen multi-channel distribution network.

Integrated Marketing Communication (IMC) Strategy (550 words)
Recommend at least three (3) promotion tools from the marketing communication mix that aligns with your target market's media habits and meets the company's objectives.

Marketing Metrics (approximately 100 words)
Recommend marketing metric(s) (marketing analytics) that measures the effectiveness of all your strategies.

6. Conclusion and Implications (approximately 200 words)
Summarise the key findings from both assignments. What is your recommendation to Yogi Tea - Should they enter the Australian market? Why?

Standard of communication in plan (10 marks -5 marks for presentation and 5 marks for research)
- Business report format
- Appropriate use of digital resources - skills that you will have developed from completion of the compulsory Essential Digital Literacy task
- Concise, clear and professional business language
- Use of credible and relevant sources (minimum of five different sources, with at least two of these being peer reviewed sources e.g., journal articles)
- You must justify your choice of strategies using secondary sources e.g., books, magazines, journal articles, webpages etc. Websites allowing individual contributions should not be used e.g., Wikipedia, marketing.com

Attachment:- Marketing Fundamentals.rar