MARKETING PLAN

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

Additional comments

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Annexure 2

Marketing budget template

Marketing budget

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

Annexure 6

Work schedule template

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

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BSBMKG609 Develop a marketing plan

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, Approved: QAC, Next

Review: December 2020

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