You are required to prepare ONE SUBMISSION consisting of TWO parts. There should be 2,500 words. The two parts are all described below. This assignment provides an opportunity to demonstrate your achievement of the module learning outcomes.
The formative tasks which are outlined in the Module Guide are essential to the completion of your summative assignment.
Describe and apply suitably a range of fundamental theories and concepts in marketing
Explain the key relationship between the internal and external environments in the formulation of effective marketing strategies
Using appropriate data and information, identify marketing objectives and related strategies of a chosen organisation
Identify the key ethical challenges of marketing decision-making in today’s business environment.
Overview
The assignment should be submitted as a single Microsoft Word document in the Assignment Template which contains the cover page and assignment structure. Make sure to proofread your work before submission to avoid spelling or grammar mistakes. Ensure that referencing is done while accessing online resources, including eBooks, images, and credible secondary data sources for all the parts.
Assignment Task
You are required to write a two-part 2,500-word marketing plan, based on a choice of your organisation. You will select either:
- A new product to launch in the existing market.
OR
- Launching an existing product in the new international market
Assignment Structure
Part 1 (2000 words | Mark 80%| LO1, LO2, LO3, LO4)
Marketing Plan for the chosen business new or existing product
- Provide a brief introduction of the organisation, including its history, core products/services, and market positioning. Explain why the product/service was chosen (new product or existing product in a new market).
- Analyse the external environment (political, economic, social, technological, environmental, and legal). Discuss how these factors create opportunities or threats for the product/service launch.
- Analyse the organisation’s internal strengths and weaknesses in relation to the opportunities and threats identified in the PESTEL analysis.
- Identify the target market using segmentation criteria (demographic, geographic, psychographic, behavioural). Develop a positioning statement for the product/service (new or existing) and explain how the product/service will differentiate from competitors and meets the target market needs and desires.
- Explain the product, its life cycle, and its price and place strategy and identify the most effective communication channels for your chosen business product/service to promote it.
- Analyse the market competitiveness using Porter’s five forces and set marketing plan objects using SMART.
- Explain the importance of 5V’s of big data for your product/service launch.
- Highlight the importance of principle of marketing ethics in your marketing plan.
Part 2 (500 words | Mark 20% | LO3, LO4)
Strategic Recommendations
- Based on your analysis in Part 1, develop strategic recommendations for market expansion, product adaptation, and specific promotional strategies.
- Present steps for marketing plan implementation and recommend key performance indicators (KPIs) to monitor the success of marketing plan.
- Present your recommendations in a concise report, ensuring that your suggestions are practical, actionable, and well-supported by the market analysis.
