ASSESSMENT #2: MARKETING PLAN

MARKETING PLAN GUIDELINES DUE: Monday 6th May 2013, by 5.00pm (Week 11)

Purpose:

Based on the Situation Analysis provided, the purpose of the marketing plan is to reposition one of the following three childrens cereals:

1. Coco Pops

2. Cheerios

3. Frosties

NOTE: 1. There is an example marketing plan located under the Assessment folder/tab. Also note, that the example marketing plan is NOT based on your topic and does include some additional sections which you are NOT required to complete. The following section details the sub-headings (those highlighted in purple boxes) to be used throughout your marketing plan. 2. The plan is to be based in Australia and NOT international. 3. The plan is to go for a duration of 12 months. EXECUTIVE SUMMARY (also refer to text p. 524)

1 page only place before the table of contents Provides a summary of the total plan NOT included in the word count Written AFTER the plan is completed

TABLE OF CONTENTS One page; outlines the content sections of the plan. Students should display page numbers to sub-headings identified in the Table of Contents.

INTRODUCTION AND SITUATION ANALYSIS (also refer to text pages 524-529)

The introduction should give a brief background to the product or company, past strategies (if known) and should basically set the scene for the companys current situation.

Situation Analysis The situation analysis should include those internal and external factors which impact upon the company. To assist students in the preparation of their marketing plan, the external analysis is provided to them (refer to the tab on Learning@Griffith titled Assessment and click on Situation Analysis). Students should embed the external analysis into their marketing plans (i.e. cut and paste into their plan). Note: students will not be graded on the external analysis section however they must include it as it does set the foundations of the cereal industry and will provide justification for the strategy they choose. The external analysis is not included in the word count. Although the external analysis is provided to students, we do expect students to complete both an internal analysis and SWOT analysis for their marketing plan. Both the internal analysis and SWOT will be graded. For example: Internal Current data on brand performance of the cereal chosen (e.g. Sales, earnings, market share etc) Positioning (positioning maps can be used) Promotional strategies and communication themes currently incorporated Distribution currently used

A SWOT analysis should be used to assist in the preparation of this section and to assess the companys situation. It represents the outcome of the situation analysis. Any assumptions made should be clearly stated. Thorough research will lead to the identification of the SWOT. Note the internal (i.e., strengths and weaknesses) and external (i.e., opportunities and threats) factors identified should indicate opportunities or problems that can be capitalised on and that you will address with this plan.

GOALS AND OBJECTIVES (also refer to text pages 529 and Guidelines)

Objectives should be stated in terms of what the firm should aim to achieve. They should be consistent with organisational goals, including business-unit and corporate strategies. Financial and marketing objectives should be realistic, achievable, measurable (quantitatively), and include a time frame. It is recommended that students choose to complete ONLY 2-3 objectives (marketing, communication and/or sales) as this marketing plan is for a duration of 12 months and it is unlikely that you would be able to achieve more than 2-3 within this timeframe. TARGET MARKET(S) AND SEGMENTATION (also refer to text page 530 and Guidelines)

The product, whether a good or service, should be seen as a potential need-satisfying item from the consumers perspective. The main benefit is to be identified. The segment of the population most likely to value this benefit must be hypothesised. Then use research to describe the segment(s) at which the marketing plan is aimed. Provide estimates of market size (where possible) and foreseeable competition.

Segmentation Guidelines The purpose of this outline is to clearly identify the process of segmenting a market. An example of the process of how to segment a market is available under the Assessment folder on L@G. Note that this is just an example and how you would proceed will depend on the product/brand chosen.

Requirements of effective segmentation: Measurability, Accessibility Sustainability, Actionability.

The introduction and situation analysis is a snapshot of how it is. In this section you start to make recommendations for how it should be.

MARKETING MIX STRATEGY (also refer to text pages 530-532) Note: The example marketing plan in the textbook is very limiting and not specific enough for this section. Identify and analyse several possible strategic choices or options. Areas to consider include strategies for:

Product:

What is the product? Include features, design, style etc. How will it be positioned? How many product lines? Warranties Physical goods or services (in the plan it will be physical goods)? Perishability

Note: Students should embed a 2D example illustration of their product. This may be hand-drawn or utilizing features/programs from your computer. Place: How will the product be distributed (direct or indirect)? Direct: producer deals directly with consumer Indirect: producer uses intermediaries to distribute product Who will be the intermediaries and who will manage them? What type of channel network will be used? Any why?

Price:

What price should be set?

Determined by market, product quality, product position Pricing approach and strategy Consider demand elasticity of the product

Promotion:

What type of communication/promotion activity should be used? Communication themes Push vs. pull strategy? Personal selling, advertising and publicity, sales promotion, guerrilla marketing, viral etc Consider what stage the product is in the product life cycle

The marketing mix should be designed with the target market in mind and should achieve the objectives set. It must elaborate and reinforce the positioning or desired image specified.

EVALUATION AND CONTROL (also refer to text page 533 and Objectives Guidelines; bullet point 2, second page) Note: The example marketing plan in the textbook is very limiting and not specific enough for this section. Explain how the company will track the results of the marketing plan relative to achieving the objectives at different times throughout the 12-month campaign. What kinds of information do they need to tracke.g., sales, awareness, profitsand when should they measure these things? Who will be responsible for doing this? Students may also want to include some marketing metrics they would use to measure the effectiveness of their plan. Refer to Chapter 13 and 14 of Elliott, Rundle-Thiele and Waller, 2012.

IMPLEMENTATION/ ACTION PLAN/ SCHEDULE (also refer to text page 533 and Guidelines) Describe, very specifically, who will be responsible for implementing all of the tactics and when the tactics should be implemented. A spreadsheet is strongly recommended to present this information (this is often referred to as a Gantt Chart). There is an example Gantt chart located under the assessment tab on L@G. Ranging from the product name or brand to its price, place of distribution, packaging option and design. Consider what will be done, when, and by who. You may need to recommend hiring additional help, external resources, to assist with implementation. Timeline for implementation (see p. 486+ and p. 511 for a simple example) Must relate to objectives, strategies, target market etc.

THE WHOLE MARKETING PLAN MUST HAVE A LOGICAL FLOW

CONCLUSIONS AND RECOMMENDATIONS (also refer to text page 534). A brief conclusion should be provided to wrap up the plan. recommendations, perhaps for the medium to long-term. You may also like to include any further

REFERENCE LIST A number of resources are available on the subject web site to assist you with referencing. You may use any style you like. A minimum of 10 references overall, of which, 2 must be journal articles . Web reference sources are acceptable. Please Note: DO NOT INCLUDE APPENDICES AND OTHER ATTACHMENTS For this reason, all diagrams, illustrations, tables etc. should be embedded throughout the plan.

STYLE FACTORS: The plan should be approx. 2,500 words (+/- 10%). This does not include the executive summary, table of contents or situation analysis (external). Figures and tables should be used where appropriate, and are not included in the word count, nor are quotes and references. NO APPENDICES should be attached to the report. A reference list should be included after the main content of the plan. You must use the American Psychological Association (APA) referencing style. Approx. word count per section (this is a general estimate only, it will depend on the marketing strategies chosen): Introduction Internal analysis and SWOT Segmentation/ Target Market/ Positioning Objectives Marketing Strategies Evaluation and control Implementation/Action Plans Conclusion/ Future recommendations TOTAL 100-150 words 500 words 500 words 50-100 words 800 words 200 words 200 words (+ table) 150-200 words 2 500 words approximately

NOTE: The assignment is due on Week 11, Monday 6th May, 2013 by 5.00pm.

Submission of Marketing Plan Assignments will be submitted online via SafeAsign under the Assessment folder. Please make sure that you submit via the FINAL submission point not the draft submission point(s).

Please make sure that you clearly label your marketing plan. You need to include a front cover page which includes your title of the plan (e.g., name of phone), your full name, your Griffith student number, your tutors name, due date. Further details will be made available to students during the unit.