Create a Marketing Plan with an Existing Company (Present in the Singapore Market): Marketing Principles Assignment, TP, Singapore

Assignment:

Create a marketing plan with an existing company (present in the Singapore market) creating a NEW PRODUCT (the product that the company never produced before)

Examples:

Addidas company > new product: Addidas smartwatches (currently Addidas doesn’t have smartwatches in the market)

Sony company> new product: Play Station 6 (PS6 not yet come to the market) Or any other new products

The content:

• Cover Page

1. Introduction & Product Background( 500 words)
2. Micro Analysis ( 500 words)
3. Macro Analysis – PESTLE (500 words)
4. Marketing Strategy (500 words)(STDP)
   • Segmentation, Targeting, Differentiation, Positioning
5. Marketing Mix (500 words)
   • Product, Price, Place Promotion
6. Recommendations (100 words)
7. Conclusion (100 words)

• Reference List ( minimum 12 references, maximum 20 reference sources)

Assignment Part 1

Introduction: Company, Brand, and NEW Product

1. Overview of the chosen company
2. Accurate and up-to-date information about the current operations of the company
3. The new product to be launched
4. Justifications as to why this new product idea is viable

Assignment Part 2

Internal (Micro Analysis): Customer, Competitor, and Company-UNIT 3

1. Define Micro Analysis. State that it comprises of Customers, Competitors, and Company.
2. • Company’s Strength – what value does the company bring to the customer? What do they do well? What is making a difference?
   • Company’s Weakness – what needs improving? What isn’t working? What do our customers dislike?
   • Company’s Opportunities – What should be changed? What should the company start or stop doing?
   • Company’s Threats – What are the threats to the business? Are there any economic, political, or customer trends? Are there any financial threats such as the cost of debt?
3. Who is it’s direct competitors ( IF POSSIBLE: Show the market share with charts and statistics)
4. It’s the competitor’s strength and weaknesses ( just a few points)
5. Existing Customers
   • Who are they? (General Description)
   • Key influences of buyer behaviour (Chapter 2: Cultural, Social, Personal, Psychological)? Only those that apply. (choose 1 or 2 key influences only)
6. Customer’s social and other media feedback on the company is described and analyzed in relation to the company’s strengths and weaknesses.

Assignment Part 3

External (Macro) Analysis- PESTEL 500 words

Macro Analysis

1. Define PESTEL
2. Provide a table discussing the following for a country or region in relation to your new product
   1. Political
   2. Economic
   3. Socio-cultural
   4. Technological
   5. Legal
   6. Eco-environmental

Analysis needs to be detailed and include clear indications as to how the various PESTLE elements will provide opportunities or threats for the new product in your chosen country or region

PESTEL SAMPLE

PESTEL Analysis of Clinique’s new product launch in Singapore

Assignment Part 4

Marketing Strategy & Recommendations for the Future of the product

Marketing Mix

1. Define Marketing Strategy
2. Explain the importance of having a marketing strategy in a marketing plan
3. State that the marketing strategy comprises of segmentation, targeting, differentiation, positioning, which will be explained in the following sections

• Segmentation

1. Define
2. Explain it’s the importance

Suggest how your chosen company has segmented the market (geographic, demographic, psychographic, and/or behavioural segmentation

• Targeting

1. Define
2. Explain the importance
3. From the segments identified in Section 4.1, discuss which segment(s) your chosen company has targeted.
4. Target who to create the product for and satisfy them (Clear picture of the ideal customer should emerge)

• Differentiation

1. Define
2. Explain the importance
3. Discuss how your chosen company has differentiated itself from its competitors (value/competitive advantage)

• Positioning

1. Define
2. Explain it’s the importance
3. Suggest how your chosen company has positioned itself in the market based on the value identified in Section 4.3
4. (its value/competitive advantage)
5. Provide a positioning map and a valid discussion
6. Provide a positioning statement (Your product’s unique selling point)

• Recommendation

1. Recommendation for the future of the product
2. How the product is related to the market?

Assignment Part 5

Marketing Mix

1. Define Marketing Mix
2. Explain the importance of conducting a marketing mix
3. State that the marketing mix comprises of the 4Ps, which will be explained in the following sections

• Product

1. Define product in terms of the marketing mix.
2. Discuss which type of products (convenience, shopping, specialty, or unsought) are sold by your chosen organization.
3. Provide an illustration of the 3 levels of the product (Core customer value, actual product, and augmented product ) and discuss how your organization has manipulated the various levels to suit its target audience.
   • Actual product branding, packaging, labelling, and support services should be clear
   • Possibility of giving a sample of the product?
4. Using an illustration of the product life cycle, discuss which stage your chosen organization’s new products are currently in.

• Place

1. Define place in terms of the marketing mix
2. Discuss which of the channels of distribution (1,2 or 3) is/are used by your chosen organisation. Include a diagram.
3. If your chosen organisation is using indirect/direct distribution, explain at least three advantages of doing so.
4. Explain which of the distribution strategies (intensive, exclusive, selective) is used by your chosen organization. Possible then put in a diagram
5. Any recommendation to use a more effective channel than the current one for your new product in the market?

• Price

1. Define Price in term of the marketing mix
2. Review of Demand and Supply
3. Cost vs. Value-Based Pricing
4. 5 Major Pricing Strategies
5. Internal and external pressures on price
6. Market Skimming and Penetration
7. Price Adjustment Tactics and Ethics

• Promotion

1. Define Promotion in term of the marketing mix
2. Media then and now
3. Push and Pull Strategies
4. 5 Main promotional tools
5. Integrated Marketing Communications
6. Media Types

Assignment part 6: Recommendation (100 words)

Assignment part 7: Conclusion ( 100 words)