MKT600 Marketing- Data to Generate Customer Insights

MKT600 Marketing- Data to Generate Customer Insights

Task

This assessment addresses the following subject learning outcomes:

a) Critically evaluate underpinning marketing theories and principles and appropriate research process to collect, store and use of data to generate customer insights;
b) Critically evaluate customer needs to create value for customers by deploying the resources of the organisation in best possible ways;
c) Critically evaluate the impact of an organisation’s marketing mix strategies on its stakeholders.

Objectives:

To enhance a clear understanding of the importance of marketing in modern business practices;
  • To develop a succinct understanding about marketing theories and their application in devising marketing strategies;
  • To critically analyse all relevant factors affecting the exchange process;
  • To enable developing insightful marketing strategies for a business.

Scenario:

This assessment requires you to act like a consultant to help an organisation develop a winning marketing strategy that intends to introduce a new product or expand its business/markets.

Question

This assessment builds on the previous assessment, Situation Analysis of your chosen organisation that you undertook in the assessment one. Therefore, you need to revisit your assessment 1 and the feedback from your facilitator. Address the concerns, if there is any, indicated for your attention while summarising the discussion from the assessment 1 for the
current market situation and the opportunities and threats sections for your marketing plan (i.e., assessment 2). Then, develop a complete marketing plan for this assessment:
1. Develop a marketing plan – The aspects that you should include are:
a. Identify objectives and issues as well as marketing logic to create customer value;
b. Segmentation, targeting and positioning as well as marketing mix strategies (i.e.,4ps/7ps);
c. Action programmes – how marketing strategies will be turned into specific actions that answer What will be done? When will be done? Who will do it? and How much will it
cost (budget)? and controls.

2. Outline the following steps:

a. Define clearly the value proposition of your chosen organisation, product or the brand;
b. Critically evaluate the overall situation of the organisation (should be summarised from the assessment 1) and suggest appropriate marketing mix strategies:
c. Product – define the product attributes/features to reflect your value propositionsYou are advised to review the threes levels that are accompanied with a product and discuss product line and mix strategies;
d. Pricing – describe the pricing strategy (cost-based, value-based and competition) that you would recommend to the senior management of the organisation and justify your choice;
e. Distribution – outline the distribution strategies, you should discuss a specific distribution strategy (s) – intensive, selective and exclusive. You also need to discuss channel strategies
(i.e., direct and/or indirect, channel levels – single vs. multiple);
f. Promotion – critically evaluate the promotion strategies you would recommend (i.e., pull vs. push). You also need to discuss promotional mix strategies (i.e., advertising, salesmanship, sale promotion, publicity and public relations) as well as media strategies.
 
Please beware that your marketing strategies should be aligned with the key issues and objectives and/or value proposition, the organisation’s mission and vision.
g. Action programmes – explain how marketing strategies will be turned into specific action programmes.
h. Budget – provide a supporting marketing budget which is essentially a projected profit and loss statement.
i. Control – outline the controls that will be used to monitor the progress.
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