Write an Individual Marketing plan Covering a Period of One year: Marketing Coursework, NUS, Singapore

M003 – Assignment 2 Marketing Plan

The assessment will require all students to write an individual marketing plan covering a period of one year. The purpose of a coursework 2 is to clearly exhibit the steps or actions that have been taken to achieve the planned goals. For example, a marketing plan might have a strategy to increase the organization’s market share by ten per cent. The plan would then outline the strategy and steps that need to be achieved in order to reach a ten per cent increase in market share.

Marketing Plan for a local company for a consumer product launched in the Singapore market within the last 2 years.

As the final assignment for this module, you are required to write a Marketing Plan assessing the CURRENT marketing strategies of an existing local company. The marketing plan should address a tangible consumer product [good] launched in the Singapore market within the last 2 years.

You will be evaluating:

S- Situational analysis (assessing the current macro and microenvironment) O- Objectives (TWO SMART objectives). These objectives will derive from the TOWS analysis/company website etc.

S – Strategy (assessing the current strategies & recommend new strategies which relate to the 2 SMART objectives)

T – Tactics (assessing the current & recommend new tactics in relation to the strategies)

A – Action (Please use a Gantt chart to help explain the actions as part of the tactical plans)

C- Control (You can either investigate what the company is currently doing or make suggestions via further reading.)

M003 – Coursework 2 Structure

Executive summary – limit to one page providing complete converge of each section of your plan. The reader should be able to have a basic understanding of all aspects of your plan. The summary assists the reader in understanding your plan.

Contents page – it includes all sections and sub-sections, it should also include the list of figures and tables

Introduction – an intro to the marketing plan

Main body – it should contain the following stages

STAGE 1

Situational analysis – The situation analysis should provide an overview of your organization/market offering (product or service) by addressing internal and external factors impacting the business.

The situation analysis can be organized into three sections:

• Market Analysis
• Competitor Analysis
• Company Analyses

With key models (TOWS, PESTEL, value chain, PLC etc.) and marketing concepts applied.

Tables can be used, but a critical discussion of the most important elements which directly influence the objectives, strategy and implementation must be critically discussed. This can be a paragraph under tables such as PESTEL or TOWS/porters five forces. Problems may result from internal resource limitations, environmental trends, or competitor actions. They may influence the whole industry or just your company. Some may be solvable while others may not be. Opportunities can often result from

environmental trends or a mistake by your competitors. It may be useful to consider where the product is located in the product life cycle.

STP– Helps brings to life who your existing customers are and what their motivations are. Additional concepts such as brand personality, perceptual map, USP can be used to help explain “positioning”.

STAGE 2

Objectives– Your marketing planning framework should focus on the Objective/s of

your strategy. Stage 1 looked at the situation analysis which provided an overview

for your organization, specifically: addressing internal and external factors impacting

your business. Typical objectives include sales, profits, market share, advertising

awareness, etc.

Objectives are outcomes and cannot be directly controlled. For example, to spend four million pounds on advertising is a planned action. Advertising spending can have several measurable outcomes or objectives; aided and unaided recall, change in product positioning, or sales. Be careful not to state-planned actions as objectives.

To help create your objectives, I recommend using measurable and realistic goals to achieve the marketing strategy, focusing on ensuring you make each objective

SMART.

You are required to devise TWO smart objectives, these will derive from either:

existing objectives that may be found on a company’s website

objectives can also derive from the TOWS analysis

Each objective will have its own strategy and implementation/tactic.

STAGE 3

Strategy –  Strategy means how you plan to get there in terms of fulfilling the objectives set.

A marketing strategy is a broad directional statement that describes how marketing objectives will be accomplished. Within our marketing plan, the marketing strategies represent a first overview of various marketing tools and how they will be used to achieve the marketing objectives. While marketing objectives are specific, quantifiable, and measurable, marketing strategies are descriptive

In other words, you are expected to apply marketing strategic frameworks here! Such as Ansoff matrix, brand extension, line extension etc… Remember you will need a:

Strategy for objectives 1 & 2

STAGE 4

Implementation or Tactics – Tactics cover the specific tools of the marketing mix (7p’s) that you plan to use to realize the objectives of your marketing plan. This section of a marketing plan relates to putting the strategy into action (step by step) you would be going into a lot more detail for each tactic.

To help achieve the objectives above, use the 7p’s of the Marketing Mix to focus on the key attributes to be considered by Company X in order to meet your objectives. As stated each objective has its own Strategy. Therefore the implementation section goes into critical explanation and justification of the step by step action of each strategy by using the relevant attributes of the marketing mix.

STAGE 5

Action – focused on how to bring your plan to life, to make actionable measures. The

action section covers what needs to be achieved for each of the tactics listed in the

the previous section of the SOSTAC plans to realize the objectives of your marketing plan.

STAGE 6

Control – The final stage is to lay out how you plan to monitor and measure your performance based on the objectives set at stage 2. The tactics have been considered and your control section is providing you with a series of dashboards tailored for each tactic. Look to set the KPI’s per tactic that ties back into the objectives set and set up a weekly/monthly set of monitoring dashboards to ensure you are on track to meet the objectives set.