MARKETING PLAN

NEED TO DEVELOP MARKETING PLAN. 

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Assessment Resource Summary
Unit Details	BSBMKG609 Develop a marketing plan
Assessment Type	This is a summative assessment, this assessment needs adequate practice prior to undertaking this assessment.
Assessment Methods
Project and PPT	Assessment 2

Task 2 – Project Work and Presentation

Submission Details

The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor.

Submit this document with any required evidence attached. See instructions below for details.

Assessment description

This assessment his divided in four (4) sections. This assessment requires you to devise a marketing strategy, plan marketing tactics, prepare the marketing plan and present and adjust the marketing plan.

Procedure

Section 1

:

Devise a marketing strategy

Write a report that outlines the marketing strategies required for a marketing plan. You may use the case study scenario in Annex VII to complete the tasks.

1. Evaluate the options for marketing opportunities.

a. Provide a summary

of

the organisation’s business structure and products/services it provides.

b. Address the organisational objectives.

c.

Evaluate the risks and returns in the selection process.

2. Identify the organisation’s strengths and opportunities in line with its current capabilities and resources.

a. Complete a SWOT analysis.

b. Complete a gap analysis.

c. Identify at least two possible alliances, and weigh up the advantages and disadvantages.

3. Develop feasible marketing strategies for the product/service.

a. Identify the strategies for pricing, placement and promotional channels.

b. Describe a marketing mix, such as the people, processes and physical evidence.

c. Identify the target market segmentation.

d. Recommend marketing strategies and explain how they align with the organisation’s strategic direction.

4. Develop a marketing performance review strategy. The strategy must be able to:

a. Measure the organisation’s marketing performance using marketing metrics such as numbers of clicks, conversion rates and return on investment (ROI).

b. Review organisational performance, such as by using progress reports.

Section 2: Plan marketing tactics

5. Write a report that details a tactical plan for implementing each of the marketing strategies you recommended.

a. Develop a coordination and monitoring mechanism for scheduled activities, such as a work schedule or project management application. This includes:

· Detailing a budget for implementing the marketing strategy

· Identifying the people responsible for tasks, including internal and external stakeholders such as suppliers and specialists.

b. Explain how the strategies are achievable in line with the organisation’s objectives, capabilities and budget.

c. Explain how the tactics meet legal and ethical requirements.

d. Identify ways to review the ongoing performance against the objectives and budget, and adjusted if required. Section 3: Prepare the marketing plan

6. Develop a marketing plan.

a. Meet organisational and marketing objectives.

b. Incorporate marketing approaches and a strategic marketing mix.

c. Ensure there is a rationale for objectives and information that supports the choice of strategies.

Section 4: Present and adjust the marketing plan

7. Present the marketing plan in the required format and time frame using appropriate language and nonverbal techniques. The format could be:

· written report

· slideshow presentation

· spreadsheet

· combination of methods.

8. Make adjustments to the marketing plan in response to feedback from key stakeholders. Feedback may be obtained through:

· evaluation forms

· listening and questioning via face-to-face interviews ● group feedback sessions ● online surveys.

9. Disseminate the plan to key stakeholders for implementation in the required time frame. This may be via:

· email

· team meetings

· project management applications.

Specifications

You must submit:

1. Report on marketing strategies (Task 1 – 4)

2. Tactical plan (Task 5)

3. Marketing plan (Task 6)

4. Marketing scorecard (Task 6)

5. Evidence of marketing plan presentation (Task 7)

6. Feedback from key stakeholders (Task 7)

7. Adjusted marketing plan (Task 8)

8. Evidence of distribution of updated plan to key stakeholders (Task 9)

Annexure 1

Marketing plan evaluation form

Presenter: ……………………………………………….

Date: ………………………………………………………

Participants
⬜ Colleague/peer
⬜ Other (specify)…………………

To what extent did the marketing plan give clear information in relation to the following?

Yes

Somewhat

No

Comments

1. The marketing challenge

2. The market research that has been conducted

3. Customer analysis and perceptions

4. Competitor analysis

5. Alliances and collaborators

6. Summary of SWOT analysis

7. Market segmentation

8. Alternative marketing strategies

9. Recommended marketing strategy

10. Description of the four Ps – product, pricing, positioning and promotion

11. Short- and long-term projections

12. Rationale for marketing strategies

13. Evaluation and monitoring strategies

Additional comments

…………………………………………………………….……………………………………………

………………….…………………………………………………………….…………………………

……………………..…………….…………………………………………………………….………

…………………………………….…….…

Annexure 2

Marketing budget template

Marketing budget

Title:

Objective and target outcome:

Customer segment:

Task

Cost

Approval signature

Production budget:

1

2

3

4

5

6

Promotion budget:

1

2

3

4

5

6

Annexure 3

Marketing scorecard template

Marketing scorecard

Identify the expected outcomes from the marketing strategy.

Marketing objective

description

Activity/go

al

Target time

frame/deadline

Key performance

indicators

Marketing objective 1:

Marketing objective 2:

Marketing objective 3:

Annexure 4

Sample marketing plan outline

This is a sample of the type of information that may be included in a marketing plan. Students may use this document to help them complete Assessment Task B. Marketing plan outline

1. Marketing plan statement

Overview of the marketing plan’s general goals.

2. The challenge

A brief description of the product that is to be marketed and the associated product goals, such as predicted sales forecasts, sales figures and strategic goals.

3. Market research

Company analysis, featuring:

· goals

· focus

· culture

· strengths

· weaknesses

· market share.

4. Customer analysis and perceptions Analysis of the target market, including:

· number

· type

· value drivers

· decision process

· concentration of customer base

5. Competitor analysis Market position, including:

· strengths
· weaknesses

· market share

6. Alliances and collaborators

Outline of subsidiaries, joint ventures, possible distributors, etc. SWOT analysis

A SWOT analysis of the business environment can be undertaken by considering factors such as:

· the company’s internal attributes – these can be classed as strengths and weaknesses

· the external environment will usually present opportunities and threats.

7. Market segmentation

Present a description of the market segmentation that addresses the following:

· description

· sales percentages

· customer wants and needs

· how the customer will use the product

· product support requirements  how to reach the customers  price sensitivity.

8. Alternative marketing strategies

The alternatives that will be considered before reaching the recommended strategy. These may include:

· product discontinuance

· product re-branding or re-positioning, e.g. as a premium product.

9. Recommended marketing strategy

Explanation of why a strategy was made redundant or rejected and why a strategy was selected, which will include the marketing mix decisions, and the four Ps (product, price, place and promotion).

10. Product

Any product decisions need to consider the actual product advantages and how they will be used to leverage the product. The product decisions must include:

· the name of the product (brand name)

· quality

· scope of the product line

· product warranty (if applicable)

· product packaging.

11. Pricing

Explanation of the pricing structure or strategy for the product, expected volume and the decisions around pricing variables, including:

· list price

· discounts

· bundling

· payment terms and financing options  leasing options.

12. Distribution/positioning

Where the product will be placed, such as:

· distribution channels that might include direct, retail, intermediates and distributors  criteria for distributor evaluation

· distributor margins

· distribution locations

· logistics such as warehousing, transportation and order fulfilment processes.

13. Promotion

Analysis of how much advertising is needed and which media should be used that takes into consideration:

· public relations

· promotional programs

· promotional budget to ensure break-even point  expected results of the promotion.

14. Short- and long-term projections

Outline of expected short-term and long-term results. This includes an explanation of any specific actions that will need to be undertaken to achieve this, and forecasts of revenues and expenses.

15. Rationale for strategies

Summary of research and analysis that provides a rationale for the strategies chosen.

16. Evaluation and monitoring strategies

Outline of the methods used to evaluate and monitor the chosen marketing strategies once they are implemented.

17. Supporting documents

Supporting documents may include:

· marketing scorecard

· marketing budget

· work schedule

· data and metrics

· performance review strategies.

Annexure 5

SWOT analysis template

Strengths

Weaknesses

Opportunities

Threats

Annexure 6

Work schedule template

Promotion tactic:

Task details

Deadline

Cost allocation

Responsible owner

1

2

3

4

5

6

Promotion Tactic:

1

2

3

4

5

6

Promotion Tactic:

1

2

3

4

5

6

Annexure 7

Sample scenario
Houzit Case Study

Houzit is a chain of homewares stores in Brisbane that specialise in bathroom fittings, bedroom fittings, mirrors and decorative items. They currently have 15 stores spread across the greater Brisbane area, with all stores being managed and coordinated from their head office in Milton.

You have recently been appointed as the marketing manager and must now review the organisation and devise marketing strategies that will move Houzit towards its strategic goals.

The CEO has also asked you to consider some marketing opportunities that may assist Houzit in reaching its goals, and provide him with a brief summary evaluating two alternatives, including the benefits and risks associated with each option, and making a recommendation for the opportunity most likely to produce results.

You have gleaned the following information about Houzit:

· Houzit is close to entering its fifth year of operation; offers a wide range of homeware items on easy-to-manage payment terms and supplies a three-year guarantee on every item sold.

· The typical target customers have the following characteristics:

○ sophisticated people who are houseproud

○ shoppers who will drive to an easy-to-access store

○ customers who require payment plans to spread their commitment over an extended period

○ renovators and new home builders

○ 20–50 years old.

· Houzit recognises the following trends and focuses its efforts on them.

○ Quality – Preference for high-quality items is increasing as customers are learning to appreciate differences in quality.

1 Unique items – Customers want homewares that stand out from mass-produced, low-quality items.

○ Selection – People are demanding a larger selection of choices, and are no longer accepting a limited selection of homewares.

· The typical Houzit store has the following characteristics.

1 Location – A commercial, suburban neighbourhood, or urban retail district.

○ Design – Bright and functional.

○ Size – 1,000–1,500 m2.

○ Employees – 15–20 full time, plus several casuals

○ Types of transactions – 60% cash, 40% on long-term repayment plan.

· Sales break-ups between the existing Brisbane stores reveal sales of:

1 30% bathroom fittings

○ 35% bedroom furnishings

○ 20% mirrors and decorative items

○ 15% lighting fixtures (recent addition).

· A new customer’s first purchase is generally of mirrors and decorative items, and this gives us the opportunity to sign them up to our loyalty program.

In a brief discussion with the CEO, you asked about the changes taking place in legislation that could impact on Houzit’s operation. The CEO explained:

‘There is a big push by governments on the issue of sustainability. This focuses mostly on environmental issues of waste management and energy conservation. Houzit stores have been deliberately designed in the past to be bright and comfortable places to shop. This means a significant cost in electricity usage to run the lights and the air conditioners. With the new regulations, we are going to have to find ways to still provide customers with what they want without the high electricity usage.’

Strategic plan (extract)

Vision

Houzit will be a national retail brand, catering to the needs of home makers with a range of unique, high-quality homewares made accessible to all through our easy-to-manage payment plan.

Mission

By

2020

, Houzit will have a significant retail presence in homewares in every Australian capital city, starting with 15 stores in the greater Brisbane area and growing to 100 Australia-wide.

Objectives

1. Increase sales from $15 million per year to $20 million per year in the next three years.

2. Increase our loyalty customers list from 10,000 to 15,000.

Establish brand recognition in Brisbane so that at least 1 in 3 people recognise our brand in a random survey taken in 18 months.

SWOT Analysis Strengths:

· Excellent staff who are highly skilled and knowledgeable about homewares.

· Great retail space that is bright, functional and efficient for a commercial urban district.

· High customer loyalty among repeat customers.

· Assortment of offerings that exceed competitors’ offerings in quality, range and accessibility.

Weaknesses:

· A limited marketing budget to develop brand awareness due to the lack of critical mass and store cover.

· The struggle to continually fund the growing long-term repayment plans taken out by our customers.

Opportunities:

· A growing market in a high growth area with a significant percentage of the target market still not aware of Houzit’s offer.

· Increasing sales opportunities outside of our target area – greater Brisbane.

Threats:

· Competition from local independent retailers can drive down prices, as owner-operators have lower overhead costs than our staff-run stores.

· Competition from national chains moving into the Brisbane market.

A slump in the economy reducing customers’ disposable income spent on homewares.

Assessment

R

esources

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BSBMKG609 Develop a marketing plan

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Page

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V 4.0

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May

2020

, Approved: QAC, Next

Review: December 2020

International College of Tasmania Pty Ltd trading as: TasCollege

RTO Code: 45352 | CRICOS Code: 03683K

Assessment

task 2.

In assessment task 2, you must submit following tasks in order to achieve competency in this unit with valid, sufficient, authentic and current responses: –

· Report on marketing strategies (Task 1 – 4)

· Tactical plan (Task 5)

· Marketing plan (Task 6)

· Marketing scorecard (Task 6)

· Evidence of marketing plan presentation (Task 7)

· Feedback from key stakeholders (Task 7)

· Adjusted marketing plan (Task 8)

· Evidence of distribution of updated plan to key stakeholders (Task 9)

Report on Marketing strategies

Section 1. Devise a Marketing strategy

Executive summary:

Introduction:

1. Evaluating the options for marketing opportunities

· Summary of the organisation’s business structure and products/services it provides

In this section please discuss following points:

1. The type and size of the business

2. Types of product and/or services the organisation provides

· Addressing the organisational objectives

1. Reviewing the corporate objectives for profit and shareholder returns

2. Reading business strategy documents that outline the competitive advantage for a product or service

3. Reviewing existing marketing strategy objectives for customer acquisition, customer satisfaction and retention information

4. Increase sales from $15 million per year to $20 million per year in the next three years.

5. Increase our loyalty customers list from 10,000 to 15,000.

6. Establish brand recognition in Brisbane so that at least 1 in 3 people recognise our brand in a random survey taken in 18 months.

· Evaluating the risks and returns in the selection process

1. Researching options for market penetration and product development 2. Evaluating the risks of non-adherence to legislation or codes of practice, such as failing to comply with the consumer protection law i. Sustainability ii. Consumer protection law iii. Privacy act

2. Identifying the organisation’s strengths and opportunities in line with its capabilities and resources

· Completing a SWOT analysis

Strengths:

Weaknesses:

Opportunities:

Threats:

· Completing a gap analysis

1. Identifying a knowledge gap such as lack of marketing knowledge or expertise in metrics

· Identifying at least two possible alliances, and weighing up the advantages and disadvantages

1. Outline of subsidiaries, joint ventures, possible distributors

2. Identifying advantages of alliances for filling knowledge gaps or speed of developing new products

3. Identifying disadvantages of alliances, such as trust issues between businesses or risk of failure in one of the alliance businesses impacting others

By 2020, Houzit will have a significant retail presence in homewares in every Australian capital city, starting with 15 stores in the greater Brisbane area and growing to 100 Australia-wide.

3. Developing feasible marketing strategies for the product/service.

· Identifying the strategies for pricing, placement and promotional channels

1. Describing the product, such as its features and how they will benefit customers

2. Outlining a pricing strategy, such as value-based pricing, competition-based pricing or performance-based pricing

3. Identifying opportunities for product placement, such as online and in store, and other channels

4. Identifying strategies for promotion, such as advertising online, via email, flyers, social media, etc.

· Describing a marketing mix

1. Details of the marketing team, such as the professional approach when interacting with customers or clients

2. Describing the steps involved in creating and executing the buying/selling process, such as implementing good customer service

3. Describing how a product is best presented to the customer, including use of packaging and the brand logo

· Identifying the target market segmentation

1. Measuring the size, purchasing power and characteristics of the target group

2. Determining whether the segments can be effectively reached and served

3. Determining whether the segments are conceptually distinguishable and respond differently to a different marketing mix

4. Identifying a program for attracting and serving the segments

· Recommending marketing strategies and explaining how they align with the organisation’s strategic direction

1. Explaining how the strategies align with the organisation’s strengths

2. Communicating the level of risk of the marketing strategies

3. Justifying how it will align with the budget and is likely to generate a financial reward for the organisation

4. Developing a marketing performance review strategy

· Measuring the organisation’s marketing performance using marketing metrics

1. Using metrics to measure website visits and online purchases and determining conversion rates based on this Calculating return on investment (ROI) of a marketing strategy

· Reviewing organisational performance

1. Requiring regular progress reports from internal staff, external suppliers and specialists

2. Comparing the current marketing campaign with past performance and looking for improvements

5. Plan Marketing Tactics

· Developing coordination and monitoring mechanisms for scheduled activities

1. Populating a work schedule or using a project management application

2. Identifying the necessary tasks to implement the strategies

3. Completing a budget document for implementing the marketing strategy

4. Indicating the time line required to complete the tasks

5. Identifying the people responsible and accountable for tasks, such as suppliers and specialists

6. Coordinating people in other departments and from external agencies

· Explaining how the tactics are achievable in line with the organisation’s objectives, capabilities and budget

1. Reviewing the work schedule and costing

2. Obtaining a sign off on costs by the client or marketing manager

· Explaining how the tactics meet legal and ethical requirements

1. Following organisational policies and procedures on legal and ethical requirements

2. Avoiding using customers as ‘talent’ for promotions or selling customers’ personal details

3. Selecting images of both genders and a variety of racial diversity

4. Adhering to legislation in relation to telemarketing, spam, privacy, anti-discrimination, intellectual property and industry codes of practice for advertising

· Identifying ways to review the ongoing performance against the objectives and budget, and adjusting if required

1. Reviewing data from various media channels using analytics on website clicks, conversion rates, etc.

2. Asking other departments for data to review and analyse such as IT, customer service, sales, etc.

6. Prepare a marketing plan

· Meeting organisational and marketing objectives

1. Providing measurable outcomes on KPIs such as a scorecard or marketing budget

2. Identifying predicted sales and expenditure and return on investment (ROI)

· Incorporating marketing approaches and a strategic marketing mix

1. Describing how the marketing mix offers the customer a unique value proposition

2. Describing the product, pricing strategies, product placement and strategies for promotion

· Containing a rationale for objectives and information that supports the choice of strategies and tactics

1. Describing the function of the marketing activity, and how strategies promote brand awareness and recognition

2. Describing celebrity endorsements or how the strategy will entertain the audience

3. Estimating the trends in the market, including key industry developments, new technology and/or new products

4. Undertaking informal research on the wants and needs of the target audience

7. Present and adjust the marketing plan

1. PPT slides

· Overview of the organization

· Research that you have undertaken to implement marketing strategies

(a) Competitors analysis

(b) Porter 5 forces

· SWOT analysis

· Present budget

· Stakeholders analysis

8. Adjusted Marketing Plan

· Obtaining feedback from all parts of the organisation, such as finance, manufacturing and customer service

· Allowing time for stakeholders to consider the plan and to analyse resources in the organisation

· Analysing and implementing feedback from stakeholders into the marketing strategy

9. Evidence of distribution of updated plan to key stakeholders.

· Email with attached marketing plan.