Reference no: EM133806692

Marketing Principles

Assessment - Marketing Plan

Report
The Marketing Plan - Part B Report is an individual assessment in which you will use the analysis conducted in your Group Assessment 2 (Marketing Plan - Part A) to develop segments, strategies and an action plan to achieve brand objectives by launching a brand extension for your allocated brand in Australia.

Learning outcome 1: Examine the underlying philosophy of the marketing concept, its role as a business function and its relationship with other business functions.
Learning outcome 2: Identify and analyse the impact of key trends in the external and internal environments on the marketing-related activities of organisations.
Learning outcome 3: Analyse the marketing process and determine how various elements of the marketing mix work together to put the right product in the right place in a professional context.
Learning outcome 4: Develop effective marketing strategies to achieve organisational objectives.

Assessment topic

Your task is to propose a brand extension for Arkadia Tea, leveraging its current brand strengths to introduce a a new tea beverage. The brand extension must be non-alcoholic.
This could include products such as ready-to-drink teas, flavoured waters, or wellness beverages amongst other possibilities. Your marketing plan should focus on how to successfully position and market this new brand extension within the competitive landscape of Australian supermarkets.
Further, your plan must:
• Achieve the nominated marketing objectives within the planning period (January to December next year)
• Improve the perception of the brand within the target market
• Induce purchase of the product after being exposed to the advertising and promotional campaign

Detailed Assessment
This second phase of the marketing planning process addresses the strategy and tactical activities that utilize the marketing mix (4Ps). Follow the sections below to complete your Assessment 3 -Marketing Plan Part B.
All the necessary materials, sources and information to complete this assignment are provided through your tutorial, Canvas, recommended texts, and lecture recordings.

Target Market and Positioning
Target market (consumer persona)
A consumer persona is a detailed, semi-fictional representation of your ideal customer based on your market research from Assessment 2. It goes beyond basic demographics to include psychographics, and includes behaviours, goals, and frustrations regarding the proposed brand extension.
The customer persona helps in understanding your target audience better and allows for more targeted and effective marketing strategies.

Positioning map
This tool helps you visually compare your product or brand against competitors in the marketplace, focusing on attributes or factors that motivate consumers to choose among various options available . .
By charting your offering alongside competitors, you can uncover market gaps or opportunities for your product to stand out and resonate more deeply with potential customers. It offers a clear view of where your product fits within the competitive landscape, highlighting key attributes that influence consumer choices. This insight enables you to identify market gaps, discover areas where your product can distinguish itself , and guide decision-making for line and brand extensions.

Positioning statement
A positioning statement is a concise, strategic statement that articulates how your brand meets a specific consumer need in a unique way that competitors do not. It serves as:
A foundational element for brand and promotional strategies
A clear expression of your brand's unique value proposition
A guide for aligning marketing efforts with your brand's distinctive offerings
A tool for internal alignment and external communication

Product
In this section, you will develop a product strategy that aligns with your proposed brand extension entering the new product category.. You will also cover the following three important product frameworks that support your brand extension.
Product life cycle (PLC) and product strategies
The product life cycle is a concept that describes the stages a brand or product goes through , from its introduction to its eventual decline in the market.
Understanding the product life cycle helps marketers tailor their strategies for the 4 Ps (Product, Price, Place, Promotion) at each stage to maximise the product's success.

Product mix
A product mix, also known as a product assortment or portfolio, encompasses the entire set of products and product lines offered by a company. It is characterised by four key dimensions: width, length, depth, and consistency.
An effective product mix can:
significantly enhance the success of a brand extension strategy
can attract new customers
increase revenue through cross-selling and up-selling or reach new consumer segments.
strengthen the overall brand image, increase brand recognition, and solidify market presence.
often result in cost savings in marketing by leveraging existing brand equity, utilising established distribution channels, and reducing the need for entirely new branding efforts.
improve customer loyalty by offering a broader range of solutions
revitalise stagnant brands, attract new and returning customers, and breathe new life into the overall brand.
By carefully considering their product mix in brand extension strategies, companies can maximise these benefits while minimising potential risks such as brand dilution or customer confusion.

Total product concept
The Total Product Concept (also referred to as Levels of Product) involves viewing a product as more than just its basic features, considering it as a complete package of benefits and experiences for the customer.
This concept typically breaks down a product into three levels:
Core Product: represents the fundamental benefit that customers are really purchasing
Actual Product: includes the tangible, physical product with its features, design, quality, brand name, and packaging etc; and
Augmented Product: encompasses additional consumer services and benefits, such as warranties, after- sale service, delivery, installation etc.
The Total Product Concept is crucial because it helps companies differentiate their offerings from competitors by considering all aspects of the customer experience. It encourages marketers to think beyond the physical product and focus on the entire bundle of benefits that the target market receives.
By applying the Total Product Concept, companies can create more comprehensive and competitive offerings that better meet customer needs and expectations at every level of the product experience.

Price
Pricing strategies
Understanding the factors that drive pricing decisions is crucial to establishing an effective pricing strategy for your brand extension. These factors ensure that the chosen strategy not only supports the brand extension but also aligns with broader marketing and business objectives.
Product Life Cycle Stage: The pricing strategy must reflect the product's current stage in its life cycle - whether it is in the introduction, growth, maturity, or decline phase. Each stage presents different challenges and opportunities for pricing, influen cing consumer demand and competitive dynamics.
Classification / Type of Goods: The nature of the product-whether it is a convenience, shopping, or exclusive good-plays a significant role in determining consumer price sensitivity. This classification guides the selection of pricing strategies that reson ate with consumer expectations and purchasing behaviours.
Positioning within the Product Mix: The new product's role within the existing portfolio must be evaluated, particularly in relation to other products in the mix. Understanding the product's positioning, including its relationship with complementary and substitute products, is essential for ensuring coherence within the overall product strategy.
Given these considerations, the objective is to develop a pricing strategy that not only supports the specific goals of the brand extension but also enhances the brand's competitive advantage in the marketplace.

Promotional pricing
Promotional pricing is a dynamic strategy that temporarily reduces the price of a product or service to attract customers and boost sales. This approach creates a sense of urgency and value, encouraging consumers to make purchases they might otherwise delay or not undertake. Promotional pricing can drive customer acquisition, increase revenue, and improve short-term cash flow when implemented effectively. However, balancing these short-term gains with long-term brand perception and profitability is crucial . Need Immediate Assignment Help? Click Here to Get Assistance!

Distribution (Place)
Distribution strategies
Distribution strategies are crucial plans that define how a company delivers its products or services to end consumers. They are important for several key reasons:
An effective distribution strategy ensures products are easily accessible to consumers, promoting sales and customer loyalty.
It helps companies expand their geographic reach and tap into new markets.
A well-designed strategy can reduce logistical costs and optimise inventory management.
By aligning with customer preferences and behaviours, distribution strategies can improve the overall customer experience.
A strong distribution strategy enhances a company's competitive position in the market.
The choice of strategy depends on factors such as the product type, target audience, and company resources. A well-executed distribution strategy can increase sales, improve brand awareness, and improve overall business performance.

Promotion
This section must present a thorough and well-crafted advertising and consumer promotional strategy for the brand
extension.
You are required to provide a plan that outlines the detailed information and justifies each proposed advertising and promotional activity, along with the corresponding spend and metrics (market share, etc).
In addition, you will need to develop advertising strategies that are informed by the product life cycle. This will involve defining the advertising objectives, message strategy and execution themes.
Your budget for the calendar year is $1 million for media and sales promotional purposes. Approximate costs for various media types can be found on Canvas on the assessment overview page.
Note: You do not have to account for auxiliary fees and charges such as agency, booking, and media production
fees.

Provide a reference list of the publication details so your reader can locate the source if necessary. This includes material taken from Internet sites

If you do not acknowledge the sources of your material, you may be accused of plagiarism because you have passed off the work and ideas of another person without appropriate referencing, as if they were your own.