Strategy and Plan
1. Assess the marketing philosophy of Commercial Bank of Ethiopia. Which of the philosophies discussed, do you think, is adopted by the bank. Substantiate your arguments with clear evidences. What should the company do to appeal to the customer?
2. Identify and briefly describe four trends in the macro/market environment that will have recently had an influence on the selected industry.
a) Briefly explain the trend
b) Describe the impact of the trend on the industry
c) Highlight the implication that the trend has on the marketers in the chosen industry.
3. Assume you are producing and selling Ethiopian cultural clothes. Customers complain the lack of creativity and quality in your product.
a) Explain you segment, target the market and position the product.
b) Develop the marketing mix strategies (include product, pricing, place, and promotion strategy
Marketing Plan
Objectives:
• To enhance a clear understanding of the importance of marketing in modern business practices; To develop a succinct understanding about marketing theories and their application in devising marketing strategies;
• To critically analyze all relevant factors affecting the exchange process;
• To enable developing insightful marketing strategies for a business. How the assessment fits into the subject/course: Marketing in the 21st century has evolved profoundly where developing winning marketing strategies has been integral to businesses of all types in order to achieve its strategic objectives.
This assessment provides students with the opportunity to apply the knowledge and insights developed in the marketing subject to develop effective marketing strategies for a business, a product or a brand. Students are required to develop a complete marketing plan for their chosen organization’s product or the brand which they worked in the Assessment 1. The emphasis within this assessment should be placed on expanding various steps as recommended in the marketing plan template while the current marketing situation and threats and opportunities analysis to be briefly discussed by summarizing the discussion from the assessment 1.
Linkages between Assessments 1 and 2: This assessment is the continuation of the assessment 1 therefore you should continue to work on the same organization. In assessment 1 you have addressed two (i.e. current marketing situation and threats and opportunity analysis) out of the eight steps of a marketing plan. In this assessment you are required to develop a complete marketing plan for an organization’s product or a brand of their choice. Since the assessment 1 and 2 are interrelated so students in any situation are not advised to change their organization that they chose in the assessment 1.
Instructions:
This assessment task builds on the Situation Analysis that you undertook in Assessment 1. This assessment task requires you to expand the remaining steps of the marketing plan to:
• Articulate your learning about marketing theories, concepts and principles covered in the course to demonstrate your level of understanding of them to develop a marketing plan;
• Articulate the link between marketing theories and practices;
• Demonstrate an acceptable level of research skills to reveal the insights;
• Apply appropriate business report writing skills;
• Use the appropriate in text citation and a reference list in your written work. You should provide at least 15 high quality marketing references to show quality of research. STRICTLY adhere to the APA style in referencing. Please see more information on referencing here: https://library.torrens.edu.au/learn-more/referencing
• Demonstrate a logical flow and cohesiveness in the analysis and discussion. Scenario: This assessment requires you to act like a consultant to help an organization develop a winning marketing strategy that intends to introduce a new product or expand its business/markets. Tasks:
This assessment is the continuation of your previous assessment of the Situation Analysis of your chosen organization that you undertook in the assessment one. Therefore, you need to revisit your assessment 1 and the feedback from your facilitator. Then, develop a complete marketing plan for this assessment to:
1. Develop a marketing plan – The aspects that you should include are: a. Identify objectives and issues as well as marketing logic to create customer value; c. Action programmes - how marketing strategies will be turned into specific actions that answer What will be done? When will be done? Who will do it? and How much will it cost (budget )? and controls
To start with this assessment –
2. Outline the following steps:
a. Define clearly the value proposition of your chosen organization, product or the brand;
b. Critically evaluate the overall situation of the organization (should be summarized from the assessment 1) and suggest appropriate marketing mix strategies:
c. Product - define the product attributes/features to reflect your value propositions You are advised to review the threes levels that are accompanied with a product and discuss product line and mix strategies;
d. Pricing – describe the pricing strategy (cost-based, value-based and competition) that you e. would recommend to the senior management of the organization and justify your choice; Distribution – outline the distribution strategies, you should discuss a specific distribution strategy (s) - intensive, selective and exclusive.
You also need to discuss channel strategies (i.e., direct and/or indirect, channel levels - single vs. multiple); Promotion – critically evaluate the promotion strategies you would recommend (i.e., pull vs. push). You also need to discuss promotional mix strategies (i.e., advertising, salesmanship, sale promotion, publicity and public relations) as well as media strategies. Please beware that your marketing strategies should be aligned with the key issues and objectives and/or value proposition, the organization’s mission and vision.
- Critically appraise key marketing activities and the contribution of the marketing department to the organisation.
- Anticipate and critically evaluate future developments in the field of marketing especially through technology.
Task description
You are required to undertake a critical analysis of a contemporary issue in marketing management.
You should produce a VLOG or narrated presentation to discuss your findings. Note: Your presentation should last for 10 minutes (+/-10% = 11-13 minutes) and use no more than 8 PowerPoint slides (or equivalent).
You should include real-world examples/evidence to support your analysis throughout.
Task 1: Identify a relevant contemporary issue in Marketing Management
You should introduce, define and explain the issue you are analyzing (1-2 slides). You should be clear why this is an issue for Marketing Management specifically.
Issues could include:
- The use of Corporate Social Responsibility (CSR) in promotional material;
- Developments in social media and its use as a marketing platform;
- Ethical business;
- The development of technology and/or artificial intelligence (AI);
- Ethics in marketing
- Price vs. quality;
- Functionality vs. symbolism;
- Changes in consumer buying behavior;
– or an issue of your own identification.
Task 2: Provide an analysis of the challenges faced as a result of your chosen issue
You should identify the challenges faced a result of your chosen contemporary issue (2-3 slides).
These challenges can be specific to a chosen organization or marketers/organizations in general. Should you choose a specific organization, this does not have to the same organization chosen for Assessment 1.
You should be clear as to why these challenges are a result of your chosen issue specifically.
Task 3: Critically evaluate ways your chosen organization, or marketers/organizations in general, need to react, develop and change in order to meet the challenges presented by your chosen issue
You should ensure you make clear links to the challenges discussed in Task 2
(2-3 slides).
Note: You should provide a conclusion to your presentation/VLOG (1 slide or equivalent).
Assessment Task 1 – Project Brief Presentation
Students are required to develop and present a 5-minute pitch on the enterprise or organization they have partnered with. Select an enterprise or organization for which you can readily access marketing information and submit a project brief. The project brief aims to ensure that you have an appropriate enterprise or organization selected and have gained permission both from your lecturer and from the enterprise or organization to continue work.
Your final grade for this assessment comprises your demonstration of both your oral and written communication skills through a PowerPoint presentation. Be professional and creative!
Your project brief will need to address the following criteria:
- A title slide – your name, the enterprise or organization name. If you are including any logos ensure to reference these appropriately. Give your project a title!
- An introduction slide – provide a brief overview of your enterprise or organization, the aims of the project brief presentation and the structure of the presentation.
- A Company Background slide – this can include a brief historical background of the enterprise or organization, mission statement, corporate objectives (where these are available), brand identity, and an overview of the types of products/services the enterprise or organization carries.
- The Pitch slide(s) – here you will discuss your proposed marketing plan for the enterprise or organization. Indicate whether you are developing a marketing plan for the enterprise or organization as a whole business (e.g. a marketing plan for the Rockhampton Zoo) or only a part of the enterprise or organization such as a particular product or service (e.g. a marketing plan for the coffee shop within the Rockhampton zoo), or a plan to address an acknowledged business issue (e.g. a plan to implement and market a new exhibit and enclosure extensions at the Rockhampton Zoo to increase tourist traffic and rebuild the zoo’s image after a natural disaster). Include an outline of the key sections of the marketing plan focusing on what your client should expect to receive in terms of the principle data gathering requirements and the outcomes they can expect.
- A conclusion slide – this is your sales hook for the enterprise or organization. Provide 3 key benefits that the enterprise or organization will expect to gain from having a tailored marketing plan specific to their needs.
- Include (attach) the signed (original) letter from senior management or signed declaration as required.
- A Reference List slide – minimum of 10 references must be included in your slides but you don’t need to say these in your presentation or voice-over. A reference list must be included as your last slide referenced according to APA referencing requirements (See the APA Guide provided in Moodle).
Instructions
- This is an individual assessment (no groups).
- Presentation will be in PowerPoint format with recorded voice-over addressing the 7 criteria listed above.
- Recorded voice-over should be no longer than 5 minutes in duration.
- A written script should be visible for each slide in the add notes section on PowerPoint.
- Submit your PowerPoint presentation through the unit Moodle site.