Strategic Marketing
Brucele
StrategicMarketingAdviceonSummativeAssignment-2023-24.pptxStrategic Marketing
Guidance on the Summative Assessment
Requirement: A written report on the design of a marketing strategy and implementation plan for a new or improved product or a service of your choice underpinned by academic and professional literature. The proposed product must be marketed by an existing, well-known company.
Key Tips
Take advice from your seminar tutor about your choice of market. Ideally choose one where there is good quality market information available to you.
Base your work on a market that you can get Mintel/ WARC report(s) on.
Make sure you use relevant marketing concepts and theories to guide your analysis and recommendations
Guidance for the Summative Assessment
Product/Service Description
A brief description of the new or improved product or service (can use photographs to illustrate) for the consumer market
What is the additional value that the new product will be offering to potential customers that existing products don’t offer?
Outline Market Analysis
Include an analysis of the market:
Key market trends (e.g. how big the market is, which bits of it are growing – use Mintel/WARC data or similar)
Who are the key competitors and how are they positioned? (which firms make which brands)
Summarise the current customer attitudes/behaviours in this market (use consumer behaviour theory - e.g. in your market do customers engage in habitual purchasing – buying the same brand every time, or variety seeking behaviour – buying from a repertoire of brands etc. )
Identify the main issues / opportunities you think are relevant (e.g. are there new developments, is the technology of the product changing, is consumers’ behaviour changing).
Segmentation, Targeting and Positioning
What base(s) of segmentation you have used and why, how big are the segments – use theory: behavioural, geo-demographic, psychographic
Summarise the profile and persona of your target market
Include a statement that identifies why your target market should buy your improved product or service– i.e. what benefits it now offers and what problems it solves?
How is the new product/ service going to be positioned in the market
Your Recommended Marketing Mix
Product (include branding of the product and how it fits in with existing branding strategy of the organisation)
Pricing Strategy
Promotional Strategy including Digital Media
Channel or Distribution Strategy
Additional 3Ps – People, Process and Physical Evidence
Use theory! E.g. on pricing mention whether you plan to use, say, a premium pricing strategy
Implementation
This Section should discuss
Issues relating to co-ordination with other departments
Internal Marketing
Resource and capabilities required to implement chosen marketing strategy
Presentation
Ensure that your report is well structured and easy to follow.
Good idea to use lots of charts (e.g. on market information), photographs, diagrams – to make your report interesting.
Cite your sources in the body of the text using the Harvard format –and include a list of all sources used at the end.
