MKT10007 Fundamentals of Marketing

Task:

Section 1 - Target Segment

Select ONE segment to be your Target Segment of your recommended Marketing Mix strategy. The Target Segment (which therefore becomes your “target market”) will be one of the segments on your Segmentation Table from Assignment 3. Base your decision on the Segment Attractiveness Table from Assignment 3. 

Insert here your Group’s Segment Attractiveness Table from Assignment 3.  Add as an Appendix your Group’s Segmentation Table from Assignment 3. 

You will select ONE segment to be your Target Segment. 

You will justify your selection of Target Segment by using the data from your Segment Attractiveness Table and providing a clear, relevant and insightful explanation of why your selected Target segment is the best opportunity to grow sales 

Section 2 – Brand Positioning 

You will recommend a Brand Positioning for your Brand and Sub-Brand. Explain why this will appeal to your Target market and why this Brand Positioning provides a Point-of-Difference (also known as a Unique Selling Proposition) for your Brand and Sub-Brand, compared with the competitors. Draw two Positioning Maps. 

Section 3 - the Marketing Mix – the 4Ps

Recommend a Marketing Mix (the 4Ps) which will effectively implement and communicate your Brand Positioning: - 

PLC and the Diffusion of Innovation

Identify the stage your product is in on the Product Life Cycle (PLC). 

Then, based on the stage your product is in on the Product Life Cycle, you will identify the consumers you will be targeting in terms of the Diffusion of Innovations. 

Type of Consumer product

Then you will classify your product according to Type of Consumer Product.  

Recommend a Marketing Mix

You have now set your strategic direction by deciding on your Brand Positioning, PLC, Diffusion and Type of Consumer Product. Next step is to recommend a Marketing Mix (the 4Ps) and explain how this Mix will implement and communicate your Brand Positioning to your Target Segment in a way that will effectively promote sales. 

Product; Recommend a product design using the “three levels” conceptualization, and explain why this product design will effectively implement and communicate your Brand Positioning.

Place; Recommend a “P” for Place that is appropriate for the type of product and the level of distribution intensity your Marketing Mix requires. Recommend one or more Channel structures. Briefly describe how you think your product should be displayed in that Place (pharmacy, electronics retailer, whatever) and how you want it supported by the retailer. Explain why this will effectively implement and communicate your Brand Positioning. 

Promotion;  You will recommend an Integrated Marketing Communications (IMC) campaign which will communicate a clear, consistent, unified and compelling message to the Target segment customers. 

What will the message be? 

Include at least three different promotional tools and briefly describe each one. For example, describe a TV commercial, a Sales Promotion and a Billboard. (If you would like to, you can include hand-drawn or photo-shopped storyboards, posters etc. to effectively communicate your ideas. (Pictures not included in word count.))

Explain why you have chosen these particular tools.

Explain why this will effectively implement and communicate your Brand Positioning.

Price; Recommend a Price and classify your pricing strategy as Price Skimming, Penetration or Status Quo. Explain why this will effectively implement and communicate your Brand Positioning. Include a Price Comparison table showing the Price for your Brand and Sub-Brand compared with competitors. 

Summary Table of your Marketing Mix – brief summary (Tables not included in Word Count.)

Mix Current – what the Brand and Sub-Brand is doing now.

Your Recommendation Why is your Recommendation better? Explain how your Recommendation will more-effectively support and communicate your Brand Positioning. 

Product

Place

Promotion

Price

Section 4 – Conclusion, ethics and social responsibility 

In concluding you will: -

Summarise how your recommended Marketing Mix will implement and communicate your Brand Positioning to your Target Segment.  

Show how your Marketing Mix is internally-consistent. For example, if the Brand Positioning is that of a prestige product show how each of your Ps is consistent with a Prestige positioning. 

Explain how these recommendations are both are ethical and socially responsible.

Explain how your plan will be implemented in a way that complies with the concepts of Corporate Social Responsibility. 

Include a Compliance Program that will ensure that actions by the company will be monitored to ensure they are both ethical and socially responsible. 

Show how performance will be measured using Triple Bottom Line Reporting.