BSB 126 – Marketing Plan Assignment Example
Marketing Plan
The launch of a new business venture and the revamping of an existing company are
two critical scenarios where marketing plans should be employed. The marketing plan acts as a vital business tool that assists in the integration of the firm’s activities. Additionally, marketing plans provide a systematic approach when a company wishes to advertise its products or services to the target market. The preparation of this business tool requires a strategic and concise procedure so that all the essential processes are captured. The majority of businesses that have managed to carve a name for themselves within the corporate industry have employed the use of a marketing plan that is implemented in their routine operations. This BSB 126 – Marketing Plan Assignment Example is an essay that provides a detailed marketing plan that aims at promoting the sale of the Biscoff cookie spread as a new product in the Australian market.
Marketing Plan
a) Situation Analysis
The Biscoff European Cookie Spread is the product chosen for the purpose of developing a comprehensive marketing plan for this essay. This product is meant to be enjoyed with bread, either toasted or not. The secret ingredients within this spread is supposed to attract more customers into making their purchase BSB 126 – Marketing Plan Assignment Example. The main location for the sale of this product is Australia and the target market is anticipated to be comprised of people of all age groups. The marketing of this cookie spread is bound to be affected by the immediate marketing environment. Additionally, macro-environmental forces are also directly related to the performance of this product in the Australian market. The macro-environmental forces refer to those factors that affect the performance of a product within the external environment and the business does not have any form of control over them (Saucier, 2014).
As the marketing manager, these factors require to be taken into serious consideration during the process of promoting this cookie spread. The macro-environmental factors include the political, social, economic, technological as well as the legal factors (Defanti, 2014). Simply put, the political atmosphere in Australia can be a huge determinant of whether customers can be in a position to buy the product or not. Likewise, the economic stability of this country enables customers to decide whether to buy the product or not. Australia is one of the countries with a rich economy, hence, the Biscoff European Cookie Spread is bound to enjoy large sales. In addition, this product is not limited to be used by specific people and this means that customers are not limited to a given age or gender. Instead, this cookie spread can be used by anyone who can afford to buy it.
The marketing process of this product is also likely to be affected by the CDSTEP factors that revolve around the cultural, demographic, social, political and economic factors (Adler, 2007). Cultural values of a community such as Australia can dictate the volume of sales that would be made. In this case, most Australians prefer to have their bread with a spread such as the cookie spread on virtually all occasions. Therefore, the combination of these preferences together with the high demographics means that the Biscoff European Cookie Spread will perform excellently in this market.
b) Marketing Goal
The overall aim of this marketing plan is to increase the gross profit margin and the number of sales transactions by ten percent within the first five months of launching the product. Additionally, this marketing process strives to improve customer loyalty by increasing the customer traffic in all retail stores that sell this cookie spread within the first fiscal year BSB 126 – Marketing Plan Assignment Example.
c) Marketing Strategy
The strategy that shall be employed to market the Biscoff European Cookie Spread will involve the identification of the most suitable target market as well as the value of this product. The selection of a target market requires market segmentation to be put into account. This means that the market should be divided into sections based on various factors such as demographics, occupation, age, gender or income bracket (Adler, 2007). In this case, the most suitable segments for this product would be geographical segmentation. The latter is highly suitable because this product is meant to be sold within the geographical location of Australia as a country and continent. At the same time, geographical segmentation is most preferred because it provides no limitation as to who is supposed to buy the cookie spread. This form of segmentation ensures that the product is made available to all the targeted clientele (Komey, 2014).
This geographical segmentation can also be further subdivided in terms of towns or cities. This would ensure that the product is strategically placed and its distribution is also prompt such that customers would never face any shortages. In terms of the value proposition, the customers will be given a benefit of the doubt of the reasons why they should purchase this bread spread. Value proposition shall be included in this marketing process because it serves as a promise that the customer’s needs will be satisfied (Griswold, 2015).
This will be done by explaining to the clients how this cookie spread will solve their eating or feeding problems. BSB 126 – Marketing Plan Assignment Example What’s more, value proposition will deliver the benefits specifically by letting the target customers know why they should buy this product instead of other cookie spreads that are offered by the competing firms. Customers will be assured that this cookie spread is a healthy product that contains the right combination of ingredients to keep their bodies revitalized. The positioning statement to be used to market this cookie spread will be “tasty to the last drop”. The positioning map to be used is as shown below.
Figure 1: Product positioning map of the Biscoff spread.
d) Marketing Tactics
The tactics to be used in marketing of the Biscoff European Cookie Spread will include the essential elements of the marketing mix. The latter refers to a strategic tool that is used by business managers and executives to promote the sales and purchases of a given brand. As the marketing manager, it is my duty to ensure that these elements are tailor made to suit the needs of the target customers in line with the current competition and company resources. The marketing mix is made up of the four Ps of marketing that include the product, place, price and promotion (John and Martin, 2014). The product to be sold in this case is already determined and it is the Biscoff European Cookie Spread. This product is suitable for sale in the current market because it suits the needs of the Australian market when it comes to bread spreads.
However, the product requires a slight improvement when it comes to branding and packaging. One of the changes to be made on this cookie spread is the change of the brand name. The name “Biscoff Yummy Spread” will be used instead of the current name of “Lotus Speculoos”. The new name is supposed to sell the brand as well as the name of the company. At the same time, the packaging will also be changed such that the product appears more attractive when it is on the shelves.
Figure 2: Appearance of the “Biscoff Yummy Spread”.
The price of the cookie spread shall be set after putting into consideration the 5Cs of pricing. This includes the costs, channel of distribution, the competition, compatibility as well as the customers (Tomcik, 2015). The channels of distributing the product determine the cost of the spread because if more channels are used, then the price increases (Tomcik, 2015) BSB 126 – Marketing Plan Assignment Example. Likewise, the competition from companies offering similar products an affect the final cost of the product. However, the needs of the customers should be placed first because if a high or exorbitant price is placed on this cookie spread, then the customers will not be able to buy it. (Tomcik, 2015).
Therefore, the price will be made affordable so that everyone an purchase the product at will. At the same time, a discount will be placed on the consumers who purchase more than three jars of Bisocff spread.
The promotion of the Biscoff cookie spread across the Australian market will be done through the use of integrated marketing communication or IMC. The latter makes use of advertising platforms that are meant to ensure many people are made aware that a given product exists in the market. In this case, online advertising will be the most preferred method that shall be incorporated into the promotion strategies. Online platforms such as social media attracts a large number of people since virtually everyone is logged onto them (Tomcik, 2015). What’s more, online advertising is much cheaper and convenient compared to other forms of print advertising. In fact, the AUD50, 000 set aside for the promotion of this brand shall be enough. Therefore, the promotion approaches will focus on ensuring the internet is used as the main means of advertising the cookie spread.
The final element in the marketing mix is the distribution process that deals with the methods that shall be used to ensure that the product gets to the consumers in time (Komey, 2014). The distribution and supply chain channels that shall be used in this marketing plan will follow the manufacturer, to the company and finally to the consumer. This supply chain will avoid middlemen and intermediaries because they will make the cost of the product to increase (Griswold, 2015). Conclusively, this marketing plan is anticipated to realize huge sales of the Biscoff European Cookie Spread within the Australian market.
References
Adler, L. (2007). Phasing Research Into The Marketing Plan. Harvard Business Review, 38(3), 113-12
Defanti, M. P. (2014). Using The American Marketing Association Integrated Marketing Plan Competition As A Teaching Tool. Proceedings Of The Marketing Management Association, 214-215
Griswold, N. L. (2015). The Power Of A Plan. Employee Benefit Adviser, 13(5), 20. BSB 126 – Marketing Plan Assignment Example
John, G., & Martin, J. (2014). Effects Of Organizational Structure Of Marketing Planning On Credibility And Utilization Of Plan Output. Journal Of Marketing Research (Jmr), 21(2), 170-183
Komey, C. S. (2014). Marketing Plan To Strategically Promote A Web Based Resource For Healthier Living. Proceedings For The Northeast Region Decision Sciences Institute (Nedsi), 326-339
Saucier, R. (2014). “Shark Tank!” A New Version Of A Marketing Plan Project. Proceedings Of The Marketing Management Association, 133-134
Tomcik, L. (2015). Tying It All Together: Utilizing Market Research To Inform A Marketing Plan And Further Library Branding. Public Services Quarterly, 11(1), 59-65
INSTRUCTIONS
BSB 126 – MARKETING PLAN ASSIGNMENT INSTRUCTIONS
WEEK 10 – SUNDAY SEPTEMBER 27TH, 11.59pm SEMESTER 2, 2015
YOUR INDIVIDUAL TASK
You are to choose one product from the list below, research the industry and construct a basic marketing plan for how you would bring this product to market and reach your stated marketing goal. BSB 126 – Marketing Plan Assignment Example See Figure 9.1 (page 272) in your text – The ANSOFF MATRIX for a suggestion about how to enhance this product and your marketing plan. You may consider; Market Penetration, Product Development and Market Development. This is an individual assignment, and therefore you should neither collaborate nor collude with other students – past, present or future.
PRODUCT LIST – SEMESTER 2, 2015
Choose one product from this list as the subject of your marketing plan. Assume the role of marketing manager and your job is to construct a basic marketing plan.
AirBNB Product Extension
As a marketing manager how would you expand the airbnb brand? It already operates around the world so look at a product expansion within the Australian marketplace. What could be a good/feasible product expansion idea?
(https://www.airbnb.com.au/)
Jaffa Chocolate
This product has been launched in New Zealand. How would you launch it into the Australian marketplace? Under the same Cadbury banner? Under the Jaffa banner? Something completely new? What form should the product take?
https://cadbury.co.nz/product/cadbury-dairy-milk-jaffas/
Biscoff European Cookie Spread
Biscoff European Cookie Spread is an irresistible, spreadable treat made from Speculoos Cookies. Enjoy it on toast, with apples, as a secret ingredient in recipes or straight out of the jar! How should this be marketed in Australia? To whom? Where? In what form? How?
http://www.shopbiscoff.com/category/biscoff-spread
MARKETING PLAN CHECKLIST
*** YOU ARE ONLY REQUIRED TO SUBMIT THE ELECTRONIC COPY OF YOUR ASSIGNMENT TO TURNITIN VIA THE BLACKBOARD LINK – YOU ARE NOT REQUIRED TO SUBMIT A HARDCOPY VERSION OF YOUR ASSIGNMENT TO ASSIGNMENT MINDER***
Before starting and subsequently submitting your assignment, you should check-off each item in the checklist below:
Use the assignment template provided on Blackboard, and keep to 1.5 line spacing, 2.5 cm margins and a readable font such as Times or Calibri. BSB 126 – Marketing Plan Assignment Example
The 1500 word limit (±150 words) is for sections I, II, III and IV only, and should be adhered to or penalties will apply.
Sections V and VI are not included in the word count.
Include your total word count (for sections I-IV) on the front page of your submission.
Use the APA referencing system throughout your document.
No table of contents, introduction or conclusion is required.
Wikipedia and other similar sources are not to be used or referenced for this BSB 126 – Marketing Plan Assignment Example.
Do not reference the lecture notes. Use original sources such as books, journal articles or industry reports.
Submit your assignment (electronically) to the TURNITIN link on Blackboard by the due date. Assignments received after the deadline (without an approved extension) will not be marked.
If you submit your assignment well before the due date, you will get the chance to check the TURNITIN text matching report, make any changes you think are necessary and resubmit by the due date. We will mark your last submission (up to the due date).
If you have not completed your assignment by the due date, and do not have an approved extension, then you should submit the work you have completed by the due date and it will be marked against the assessment criteria.
Backup and keep electronic copies of your BSB 126 – Marketing Plan Assignment Example
BASIC MARKETING PLAN – OUTLINE AND EXPLANATION
SITUATION ANALYSIS [approx. 250 words]
This section provides general information about the marketing environment including the company, its goals and resources. A SWOT analysis and CDSTEP profile might be appropriate here. Given the tight word limit, I suggest you only highlight the relevant macro-environmental forces that are most salient to your chosen product. Direction can be found in chapter 4 of the text, and your tutorial.
MARKETING GOAL [approx. 15 words]
Set your own realistic goal. Marketing goals should have two things – a focus (either monetary or non-monetary) and benchmarks (by how much and by when). Monetary goals can be net income, margins, return on investment, retail sales (and others) while non-monetary goals can be sales volume, market share (and others).
III. MARKETING STRATEGY [approx. 450 words]
At its basic level, marketing strategy is identifying the target market, and defining the value proposition. You can find additional resources and frameworks in chapter 6 of the text.
Target Customers
Segment the market and identify one segment you will target. Develop a profile of your target segment.
Value Proposition
The value proposition is addressing the question “why will your target customers want to buy this product?” You should construct a positioning statement, and you may want to include a positioning map in your analysis.
MARKETING TACTICS [approx. 800 words]
These are the marketing mix elements that you should tailor to suit your target customers, your company resources and your competition BSB 126 – Marketing Plan Assignment Example.
Product – While the product is already determined, you can suggest product development or branding changes. You should consult chapters 8-10 of your text.
Price – Briefly discuss the 5Cs; decide on whether you will use cost, competitor or value based pricing and justify your decision. Are there any other pricing models that might be suitable? Will you offer any incentives? Chapter 11 of the text and your tutorial should help.
Distribution – Distribution captures the channel through which the product is delivered to customers. Briefly describe the current marketing channels (supply chain) for your chosen product, describe its distribution intensity and offer an alternate/complementary method of distribution. Justify your recommendation. Chapter 12 of the text will be helpful.
Promotion – Using the “Objective-and-Task” method, describe how you would spend AUD50,000 to help reach your marketing goal. Describe the IMC tool(s) you will use, how the money will be spent, and what you expect to achieve. Promotion decisions should be realistic and suggestions can be found in chapter 13 of the text.
REFERENCES [not included in word count]
You should cite and reference all your sources of information in APA format. Help can be found at http://www.citewrite.qut.edu.au/
APPENDICES [2 pages maximum, and not included in word count]
In your 2 pages of appendices you can include any supporting documentation you think is necessary to help the reader understand your marketing plan. It could be: a section of an industry report; some graphs or charts; a mock-up for a print/online ad you have generated for your chosen product (or a storyboard for a TV/video ad); a media alert for the product’s introduction or anything else BSB 126 – Marketing Plan Assignment Example.
