Great Deal! Get Instant $10 FREE in Account on First Order + 10% Cashback on Every Order Order Now

BASIC MARKETING PLAN– OUTLINE AND EXPLANATION I. SITUATION ANALYSIS [approx. 250 words] This section provides general information about the marketing environment including the company, its goals and...

1 answer below »
BASIC MARKETING PLAN– OUTLINE AND EXPLANATION I. SITUATION ANALYSIS [approx. 250 words] This section provides general information about the marketing environment including the company, its goals and resources. SWOT and CDSTEP analyses are appropriate for this section. Given the tight word limit, I suggest you put the SWOT and CDSTEP in the appendices and refer to the most relevant factors in this section. Direction can be found in chapter 4 of the text, and your tutorial.II. MARKETING GOAL [approx. 15 words]From the Ansoff matrix on page 272 of your text, state your chosen method of growing your product/brand [penetration, market development or product development]. Then describe your realistic marketing goal. Marketing goals should have two things – a focus (either monetary or non-monetary) and benchmarks (by how much and by when). Monetary goals can be net income, margins, return on investment, retail sales (and others) while non-monetary goals can be sales volume, market share (and others).III. MARKETING STRATEGY[approx. 450 words] At a basic level, marketing strategy is identifying the target market, and defining the value proposition. You can find additional resources and frameworks in chapter 6 of the text. Target Customers Describe two or three market segments, and then identify one segment you will target. Develop a profile of your target segment. Value Proposition The value proposition is addressing the question “why will your target customers want to buy this product?” You should also construct a positioning statement that brings together the target customers and value proposition into one statement. You may want to include a positioning map in your analysis.IV. MARKETING TACTICS [approx. 800 words]These are the marketing mix elements that you should tailor to suit your target customers, your company resources and your competition. Product – You can suggest product development or branding changes. Describe the current brand identity. You should consult chapters 8-10 of your text. Price - Briefly discuss the 5Cs; decide on whether you will use cost, competitor or value based pricing and justify your decision. Are there any other pricing models that might be suitable? Will you offer any incentives? Chapter 11 of the text and your tutorial should help. Distribution - Distribution captures the channel through which the product is delivered to customers. Briefly describe the current marketing channels (supply chain) for your chosen product, describe its distribution intensity and offer an alternate/complementary method of distribution. Justify your recommendation. Chapter 12 of the text will be helpful. Promotion – Using the “Objective-and-Task” method, describe how you would spend AUD $50,000 for promotions to help reach your previously stated marketing goal. Describe the IMC tool(s) you will use, how the money will be spent, and what you expect to achieve. Promotion decisions should be realistic and suggestions can be found in chapter 13 of the text.V. REFERENCES [not included in word count]As a rough guideline, you should reference between 10 and 20 reputable sources in your assignment. You must cite and reference all your sources of information in APA format. Help can be found at http://www.citewrite.qut.edu.au/VI. APPENDICES [2 pages maximum, and not included in word count] In your two pages of appendices you can include any supporting documentation you think is necessary to help the reader understand your marketing plan. It could be: a section of an industry report; some graphs or charts; a mock-up for a print/online ad you have generated for your chosen product (or a storyboard for a TV/video ad); a media alert for the product’s introduction or anything else.
Answered Same Day Apr 19, 2020

Solution

Soumi answered on Apr 25 2020
146 Votes
Running Head: BASIC MARKETING PLAN        1
BASIC MARKETING PLAN         2
BASIC MARKETING PLAN
Table of Contents
I. Situational Analysis    3
SWOT Analysis    3
CDSTEP Analysis for Sta
ucks    3
II. Marketing Goal    4
III. Marketing strategy    4
Target customers    4
Value proposition    5
IV. Marketing Tactics    5
Product    5
Price    6
Distribution    6
Promotion    6
References    8
Appendix: SWOT Analysis of Sta
ucks    9
I. Situational Analysis
The mission statement of Sta
ucks is “To inspire and nurture the human spirit- one person, one cup and one neighbourhood at a time” (Sta
ucks, 2018).
According to the opinion of Snell, Lemley, Snell and Yemen (2017), the goals of Sta
ucks are ethical sourcing, community involvement and environment stewardship. The resource and capabilities of Sta
ucks include high employee retention rate, reputation, equipment, customer service and main product line.
SWOT Analysis
As mentioned by Bohari, Hin and Fuad (2017), SWOT Analysis is tool for analysing the internal and external environment of a business. The strengths, weaknesses, opportunities and threats of Sta
ucks has been mentioned in the table below:
    Strengths
    · Efficient global supply chain
· Diversification of business
· Established
and image
    Weaknesses
    · High price
· Imitable products
· Standardised products
    Opportunities
    · Product mix diversification
· Expansion in Africa, Middle East and Asia
· Alliances or partnerships with other coffee giants.
    Threats
    · Imitation
· High completion sellers who sell coffee at low cost
· Independent movement of coffeehouse
Table 1: SWOT Analysis
(Source: As per company scenario and Geereddy, 2013)
(Refer to Appendix for more details)
CDSTEP Analysis for Sta
ucks
According to Moutinho and Phillips (2018), the CDSTEP analysis stands for the culture, demographics, social, technological, economic and political factors that affect the functionality of the organisation. The CDSTEP Analysis for Sta
ucks is as follows:
    Culture
    Growing culture of coffee
Desire among youth to consume coffee at standard coffee outlets
    Demographics
    Increase in youth population in developing countries
Improvement in education index
Increased spending by youth on coffee and other health products
    Social
    Increase in health consciousness
Shift of mass from low income to middle class
    Technology
    Transfer of technology to coffee farmers
Increase in availability of cheap coffee machines for personal use
    Economic
    Decrease in unemployment rate
Growth of developing countries at a robust rate
    Political/ Legal
    Government support towards improvement of Infrastructure
Improvement in global trade relations
Limitation on imports in developing countries
Table 2: CDSTEP Analysis for Sta
ucks
(Source: As per company scenario and Geereddy, 2013)
II. Marketing Goal
The marketing goal of Sta
ucks is to build a long lasting relationship with the customers by commitment and trust with the stakeholders.
III. Marketing strategy
Target customers
Sta
ucks targets u
an customers with income slab middle and above u
an. The main target segment of Sta
ucks are the people in the age group of 25-44 (Muzellec & O’Raghallaigh, 2018). This segment generates 49% of the total revenue. The other segment are the customers in the age group of 18-24. These customers account for 40% of the total sale. Sta
ucks does not operate in the lower income group segment as it provides niche products as well as experience to its customers.
However, in developing countries there is a large market for low cost products. Since majority of the population in the developing countries falls in the middle and lower income group. Therefore, middle and lower income group should also be targeted....
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here