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Marketing Principles and Practice
You have just secured a position in the business development section of a small local organisation, the ‘Yummy Cupcake Company’. The business has seen a steady growth in the market for professional and attractive cupcakes but it is hoping to grow further and is looking to develop the marketing strategy to reach out to new markets. As you have studied marketing in your qualification, you have been asked to investigate the principles and practice of marketing to inform the senior management team (SMT) of this business.
You may choose a different business to use as the basis for this assignment. However, it must have similar characteristics to the Yummy Cupcake Company, in that it is small and planning to expand and your role in the organisation is unchanged.
Your manager has outlined a development project she would like you to lead on, which must be presented to the SMT at their next meeting, where strategic management is on the agenda. To complete the project successfully you must demonstrate your ability to:
understand the role of marketing in business
- understand the principles of marketing
- understand the application of the marketing mix in a specific business
- be able to develop a marketing plan for a specific product or service.
Create a briefing document for SMT, which provides a general overview of the role of marketing in business. Your document must be well presented and include:
a definition and explanation of marketing
- an explanation of the contribution of marketing to the achievement of business objectives
- an analysis of the external factors influencing marketing
- an explanation of the role of marketing in a not for profit business
- an explanation of the elements of the marketing process.
Your manager was impressed by your briefing document and received excellent feedback from the members of SMT. As they prepare to expand their business, SMT would like further information on the principles of marketing and how they may affect their plans for growth. They have asked for additional information. You should extend your briefing document to:
explain the different elements of the marketing mix
- explain the methods of segmenting markets
- evaluate the benefits of segmenting markets
- analyse the different methods of researching a market
- explain how current technology impacts on marketing activity.
Assessment Criteria 1.1/1.2/1.3/1.4/1.5/2.1/2.2/2.3/2.4/2.5
The members of SMT were impressed by your level of knowledge and understanding and feel you are capable of leading the review of the businesses’ marketing mix. They have asked you to carry out a comprehensive analysis of how the marketing mix can be applied in practice. They have asked that you carry out some research to investigate how a similar organisation has applied the marketing mix to help them achieve business growth.
Your manager has suggested that your research is best collated as a formal report, to be presented at the next management strategy meeting. Your report should be presented in a suitable formal style, be well presented and of high quality. The formal report should include:
a review of the market segments for the business
- an analysis of how the business positions its products and/or services
- an explanation of how its products are distributed
- an analysis of the use of pricing strategies
- an analysis of the promotional strategy used by the business.
Assessment Criteria 3.1/3.2/3.3/3.4/3.5
SMT found your report very informative and useful. They would now like to proceed in developing a marketing plan that will lead to the successful growth of the ‘Yummy Cupcake Company’. They have asked you to make a presentation to the next management strategy meeting, which will outline the following:
the strategic aims and objectives for the plan
- the target market(s) for marketing activity, with a justification of your choices
- an analysis of the macro and micro environmental factors influencing the marketing planning.
Your presentation should be well prepared and comprehensive. You should use suitable visual aids to help you communicate the key points. You may make notes and prepare supplementary information to help you prepare.
You should also prepare a handout to accompany your presentation, to ensure the SMT is fully informed of your plans for your marketing plan. Your handout should:
propose a marketing mix for the product/ service that you are proposing
- explain how factors relevant to the implementation of the plan have been considered.
Assessment Criteria 4.1/4.2/4.3/4.4/4.5
Guidelines for assessors
The assignments submitted by students must achieve the learning outcomes and meet the standards specified by the assessment criteria for the unit. The suggested evidence listed below is how students can demonstrate that they have met the required standards.
|Activity number||ACs||Suggested evidence|
|1||1.1/1.2/1.3/1.4/1.52.1/2.2/2.3/2.4/2.5||The briefing document should demonstrate learners’ understanding of the role of marketing in business including key definitions and the elements of the marketing process. A range of business objectives should be considered, not just profit. The marketing process should cover all of the indicative content listed in the unit specification, to ensure that learners’ understanding is deep enough for Level 5 work.The marketing mix should cover in detail the main components of the ‘4 Ps’ but also show an awareness of how this can be expanded to consider the ‘7 Ps’. Market research methods should cover primary, secondary, qualitative and qualitative.When exploring the impacts of new technologies, any relevant technologies at the time of completion are appropriate.|
|2||3.1/3.2/3.3/3.4/3.5||The report should be structured in a formal way with clear layout and appropriate presentation.Evidence must be applied to a specific business example. This may be taken from the local area or be based on a well-known case study. When analysing business positions, learners must make reference to appropriate theory, for example the product lifecycle, Boston matrix.|
|3||4.1/4.2/4.3/4.4/4.5||The format of the presentation is flexible but the evidence must demonstrate the learners’ ability to develop a marketing plan for a specific product or service for the Yummy Cupcake Company. Notes and evidence of supplementary research may be included as supporting evidence, along with an Assessor’s observation statement of performance as appropriate.|
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