Target market for portable chargers

Strategic Marketing Plan

1) Word count no limit but should not be less than 1000 words

2) References: Chicago format

2) Search for Journal articles (2010 and above) Should not contain 2010 and below(refer to slide 13 for the references from those category)

3) Use "Strategic Marketing Group Assignment" Word doc to do point number 3 Market Analysis, Overall Market, Target Market Segmentation, Size & Growth Rate & Unmet Needs of Target Market(include those highlighted) ( Those under the name Evon only)

4) Refer to "BUS350 - TMA 2019 UILG" printed Page 12 - 14 on the guide read carefully what is required

5) Refer to the slides read carefully as well especially Slide 9 & 10 those word in red is a must to have

6) Follow the marking guide in "BUS350 - TMA 2019 UILG" and the slides

7) Have clear referencing and clear in-text citation(not in number kind)

8) There is a sample group assignment for you to reference

9) Take note of the language use

10) Urkund Score cannot exceed 10%

Group Project: Strategic Marketing Plan (20%)

4 per group, please form your group today

A written Strategic Marketing Plan. Each group member is expected to make an equal contribution to the project.

Carry out thorough research which will find a market niche for a product (or service). Research will include an analysis of competitors, the target market and external macro environmental factors. Strategic objectives will be developed which link to a marketing position and value proposition. The task is as follows:

Situation: Your group is working as the Marketing Department for a company producing either goods or services.

The Task: Your responsibility is to produce a Strategic Marketing Plan for a nominated product and present this as a business document.

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Group Project: Strategic Marketing Plan (20%)

Timing: The Strategic Marketing Plan is to be undertaken within 12 months.

Budget: You are required to nominate realistic budgets for each item of the recommended marketing strategy. All budgeted expenditure needs to be cost effective, justified and relevant. The budget items will vary depending on the product and the recommended strategy and anticipated sales.

The Product: Your group can select a product (either a good or service) and confirm the selection with your Lecturer. The product can be for a business which already exists or you can develop an entirely new product. If using a product which already exists, none of the existing marketing strategy is to be used in your project.

Limitations: The project should be kept within a realistic budget and be directed to a clearly defined target market (of your choice).

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Group Project: Strategic Marketing Plan (20%)

Creativity: The sky’s the limit. You are at liberty to develop brands, logos, packaging, product ranges, service strategies, sales launches, pricing strategy, distribution networks, mass media strategy and communication, social media strategy and communication and creative concepts.

Research: To do a good Strategic Marketing Plan, you need to carry out appropriate research. You are to allocate a research budget within the 12 month development period however, as a student group; you will need to conduct research to assess the validity of your proposed plan. You will need to carry out your own research for your product as well as using existing data where available in order to come up with reliable data and valid solutions for the strategic focus. Evidence of your research should be presented in the report.

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Group Project: Strategic Marketing Plan (20%)

Assumptions. You can make any reasonable assumptions regarding the size of the business, its operations, financial backing, production facilities and existing products.

Written presentation: Your Strategic Marketing Plan needs to be; clearly written, well structured, up to date, well researched, commercially viable and market focused. It should be presented as a professional business document.

Format: as detailed on pages 25 - 27 of the text (Walker et. al. 2015). Marking will follow the sections as detailed in the marking guide. It is to be presented as a formal business report. (2 samples provided in the shared drive, but please refer to the unit guide for latest requirements)

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Group Project: Strategic Marketing Plan (20%)

Length: Minimum 10 typed pages (excluding the submission cover sheets and the report cover page) plus appendices and other references. 12 point type, single line spacing, 2.5cm border all round. Exceeding 10 typed pages will not be penalized, however, the report should be concise.

Important Note: The Strategic Marketing Plan should not include any material developed or written for any previous units or projects studied at Murdoch University or elsewhere. The project must be original work and backed with appropriate theory and concepts. Any assumptions made throughout the plan must be clearly justified with proper references.

Refer to the following for referencing: http://our.murdoch.edu.au/Student-life/Study-successfully/Referencing-and-citing/

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Group Project: Strategic Marketing Plan (20%)

Group Activity Records (example on the unit website under Help) should be completed for each group meeting and signed copies attached to the final submission of the group project

Prior to the submission date, the report is to be submitted to Urkund as a means for the group to check the acceptable level of acknowledgement of other author’s work. Similarity should be under 4%

The submission should include the report with appendices, Group Activity Records and a Group Assignment Submission cover sheet. Not hard copy is needed.

Submission during the lecture session 5

A penalty of 10% per day will be applied for late submissions.

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Objective/Criteria Total Marks Allocated
Executive Summary – summarises content including the report findings in a meaningfully and succinct manner .5
The product or business idea – identifies the mission and clearly emphasises appropriate points of SMART objectives, viable value proposition or positioning statement provided – should be clearly outlined, articulate and demonstrating thorough understanding 3
Market analysis –well researched identification of the target market, identify the size and potential of the market, identify the unmet needs of the target market, macro trend categories, wants and needs the product serves – should be well defined, analysed and explained 6
Competitor assessment – well researched assessment of the competitive environment including the industry’s five competitive forces, critical success factors, direct and indirect competitors and impact of your market entry 2
Marketing strategy – statement of the overall marketing strategy, thorough discussion of the marketing mix elements and how these will be tailored to your marketing objectives and the service organization 5
Marketing expenditure budget – provide a spread sheet of the recommended marketing expenditure budget and activities for 1 year – should show good managerial judgement and accurate cost estimates not guesses 1
Implementation and control plan – provide a 12 month timeline (Gantt chart) for marketing functions from the implementation of the plan – should be realistically planned and task orientated .5
Contingency plan – identify possible problems and action to be taken if problems arise .5
Overall report presentation – correct formatting, appropriate appendices for supplementary graphics and tables and correct referencing. Urkund report provided .5
Quality of writing - clarity in writing, concise, avoiding grammatical and spelling errors .5
Group activity records – copies of all group activity records attached which reflect group meetings and activities .5
Total Marks 20%
Group Project - Strategic Marketing Plan marking guide

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Each group member must comply with the following requirements:

Each group must maintain Group Activity Records (available on Forms of www.tiny.cc/BUS350 ) of group meetings, which includes each member’s contributions to the report. During the first group meeting, each member should negotiate her/his contributions to the report, and the delivery date for those specific agreed contributions. The progress of each group member towards completing his/her agreed activities for completing the report will be noted in the Group Activity Records and during subsequent group meetings.

If any group member fails to attend a scheduled group meeting, or fails to supply her/his specified contribution without an adequate explanation (such as a medical certificate), the other members of the group may exclude that individual from the group. The excluded student will then complete the report alone. The group must notify the excluded individual, and the Lecturer in writing, including the evidence to support that exclusion, within two days of taking that action. An email to the individual, and copied to the Lecturer, will be deemed to be sufficient notice for exclusion from the group.

Refer to unit guide for details

Group Assignment - Conflict Resolution

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Group Project - Strategic Marketing Plan marking guide (Jack Ng)

Objective/Criteria Marks
1 Executive Summary – summarises content including the report findings in a meaningfully and succinct manner 0.5
2 The product or business idea – identifies the mission and clearly emphasises appropriate points of SMART (Specific, Measurable, Achievable, Realistic and Time scaled) objectives, viable value proposition or positioning statement provided – should be clearly outlined, articulate and demonstrating thorough understanding 3
3 Market analysis – identify the overall market, the target market (demographic, geographic, behavioural variables), identify the size and growth rate (overall market and target market) , identify the unmet needs of the target market, Macro Trend analysis (Pg 90, any of the 6 macro trend categories), wants and needs and benefits your product serves 6
4 Competitor assessment – Define the industry, Assessment of the competitive environment: the industry’s five competitive forces, critical success factors, direct and indirect competitors (and their strengths and weaknesses) and competitive responses of your market entry 2
Group Project - Strategic Marketing Plan marking guide

Objective/Criteria Marks
5 Marketing strategy – statement of the overall marketing strategy, thorough discussion of the marketing mix (4Ps) elements and how these will be tailored to your marketing objectives 5
6 Marketing expenditure budget – provide a spread sheet of the recommended marketing expenditure budget and activities for 1 year – should show good managerial judgement and accurate cost estimates not guesses 1
7 Implementation and control plan – provide a 12 month timeline (Gantt chart) for marketing functions from the implementation of the plan – should be realistically planned and task orientated 0.5
8 Contingency plan – identify possible problems and action to be taken if problems arise 0.5
9 Overall report presentation – correct formatting, appropriate appendices for supplementary graphics and tables and correct referencing. Urkund report provided. 0.5
10 Quality of writing - clarity in writing, concise, avoiding grammatical and spelling errors 0.5
11 Group activity records – copies of all group activity records attached which reflect group meetings and activities 0.5
SMART Objective Example

Example: SMART Objectives for Growth

To increase the size of our Brazilian operation from $200,000 in 2017 to $400,000 in 2018.

An objective that follows SMART is more likely to succeed because it is clear (specific) so you know exactly what needs to be achieved. You can tell when it has been achieved (measurable) because you have a way to measure completion. A SMART objective is likely to happen because it is an event that is achievable. Before setting a SMART objective relevant factors such as resources and time were taken into account to ensure that it is realistic. Finally the timescale element provides a deadline which helps people focus on the tasks required to achieve the objective. The timescale element stops people postponing task completion.

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Positioning Statement

Written description of the objectives of a positioning strategy. It states

how the firm defines its business or how a brand distinguishes itself,

how the customers will benefit from its features, and

how these benefits or aspects will be communicated to the intended audience.

Template

For (your target) who wants / needs (reason to buy your product/service), the (your product or service) is a (category) that provides (your key benefit). Unlike (your main competitor), the (your product/service) (your key differentiator).

https://www.udemy.com/blog/positioning-statement-example/

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Academic Marketing Journals

Some sources of Academic Marketing Journals

• Journal of the Academy of Marketing Science

• Journal of Marketing

• Journal of Service Research

• European Journal of Marketing

• International Journal of Service Management

• Journal of Business Research

• Journal of Marketing Research

• Journal of Professional Services Marketing

• Journal of Services Marketing

• Marketing Intelligence and Planning

• Psychology and Marketing

More in the shared drive

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Refer to a sample in shared drive (just as a reference to help you). The samples are Not intended as model answers. Always check the unit guide and LMS for the updated requirements of your assignments. The samples have different requirements as yours.

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