02 May DESCRIBE YOUR PRODUCT/SERVICE INCLUDING ITS KEY FEATURES AND BENEFITS.
What is the brand name of your new product / service?
•What is the new product that will generate revenue for which you will prepare a marketing plan and strategy
during this subject? Give the product a name and describe its features and benefits. Look up ‘brand
extension in Kotler et al. (2013) and describe whether your product is considered a line or a category
extension.
• Identify your products/brands strengths and weaknesses (first part of a SWOT analysis).
•Discuss what information will be required to prepare your marketing plan including consumer, competitor
and market information.
Week 4 Current marketing situation – understanding the market
Building on from the work you completed in Session 1, this session looks at the marketplace you will be
competing in.
Situation analysis
With reference to Appendix 1 of Kotler et al. (2013, p. 627) and the contents of a marketing plan (Kotler et
al. 2013, p. 79), write a one-paragraph summary of the current situation. Write this after completing the
following sections of the situation analysis:
• Review the macro-environment and list two (2) major trends in each area that will need to be
considered, and explain how they will influence your marketing plan (i.e. from a political, legal,
environmental, technological, social and economic perspective). In other words, undertake a
Pestle analysis.
• Review your micro-environment and in particular undertake a Porters Five Forces analysis.
• Review the size of the market you are going to compete in and forecast demand and market share.
• Undertake a SWOT analysis whereby you will summarise the internal strengths and weaknesses, and
the external threats and opportunities (Kotler et al. 2013, pp. 77–8).
• Identify your consumer research requirements.
• Describe at least three (3) factors that will determine your success.
Week 5 Marketing opportunity – connecting with the customer
Building on from the work you completed in the previous sessions, this session looks at connecting with the
customer. With reference to Appendix 1 of Kotler et al. (2013, p. 627) and the contents of a marketing plan
(Kotler et al. 2013, p. 79), this sessions tasks may include:
• Describe the segment(s) of the market you will compete in and what your target(s) are.
• What geographical region(s) will you compete in (e.g. local area, state, national, regional or global)?
(See Kotler et al. 2013, p. 248.)
• What demographic profile(s) will your target customers have (e.g. age, gender, family size, income,
occupation, education)? (See Kotler et al. 2013, p. 249.)
• What psychographic profiles will your target customers have (e.g. beliefs, attitudes, and cultural
backgrounds)? (See Kotler et al. 2013, p. 251.)
• Are there any behavioural traits for the target market (e.g. habitual buyers in this category, light-users,
once-a- year buyers, impulse)? (See Kotler et al. 2013, p. 251.)
• Is it a business-to business target market? Why? Classify the business in terms of geographical area;
what derived demand will drive the market; nature of the buying transaction (tender); and quantity types
(one or many).
• Explain the rationale behind why these are the optimal target market segments, for example:
• growing segment/new segment just emerging
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• large segment
• will it provide large return on investment/large sales revenue?
• competitive gap in this area
• changing consumer habits have opened up new market.
•Explain what market targeting strategy you will use, and why. (See Kotler et al. 2013, p.258.)?
Undifferentiated/differentiated or concentrated/niche?
• What are your overall objectives? (See Kotler et al.2013, p.633.)
• Explain your core marketing strategy to achieve these objectives. (See Kotler et al.2013, p.79 & p.633.)
Week 6 Developing strong brands
Building on from the work you completed in previous weeks, this session looks at developing strong
brands. With reference to Appendix 1 in Kotler et al. (2013, p. 627) and the contents of a marketing plan
(Kotler et al. 2013, p. 79), consider the following areas in relation to your product.
The product
• Describe your product/service including its key features and benefits.
• Describe your augmented product/service. (See Kotler et al. 2013, p.278.)
• Identify the classification of your product/service. (See Kotler et al.2013, p.279.)
• Work through and explain any relevant product attributes. (See Kotler et al.2013, p. 284.)
•
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