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MGT5028 Develop Marketing Strategy and Implementation – Assessment Answer
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- Referencing Styles: Harvard
- Words: 11000
- Course Code: MGT5028
- Course Title: marketing strategy and implementation
- University: St Marys University Twickenham
- Country: GB
Writing a marketing and communications plan requires you to put into practice the knowledge and skills in marketing and communications planning and management you will develop during this Module. Therefore, it will assess your ability to translate theory and evidence into a meaningful marketing and communications strategy and Plan.
You will be required to select a Brand and use the tools learnt on the Module to develop a three-year marketing and communications strategy and Plan of the Brand or Company you have selected and the rivalry and the trends in the market. It will also confirm the content of the document, which will include any of the.
- The marketing mix for the first 12 months for the short term;
- Then building on this to develop the activities in the second 12 months for
- The medium term; and
- The outline plans for the third 12 months in the longer term (with notes
- About any updates for the Plan, which may change the longer term
- Marketing mix activities).
The Marketing and Communications Plan will be the ‘Roadmap’ to follow to deliver growth.
Completed last but published upfront, this section of the Marketing and Communications Strategy and Plan summarizes the other sections of the document, confirming the positioning for the business or the Brand and the growth for the next three years.
A mission statement is a short statement of why an organization exists, the overall goal of its operations, the type of product or service it provides, the primary customers or market, and the geographical region of operation (see the company or Brand’s websites).
Company or Brand Values
Company Values are the guide on how the company should run, and they are normally integrated into the Company’s Mission Statement. These Values assist employees in achieving their goals as well as the companies. They are the essence of the company’s identity and summarises the purpose of its existence.
Company Business Objectives
Corporate objectives are those that relate to the business as a whole. The senior management of a business usually sets them, and they provide the focus for setting more detailed objectives for the main functional activities of the business.
Marketing and Communications objectives and goals
Marketing and Communications objectives are long-term goals for marketing campaigns intended to drive up the value of a Brand over time
Marketing and Communications objectives cover the following:
- A goal for the income and profit for each year expected as the return from
- The communications and promotional strategy.
- The goal for market share growth
- A promotional goal to achieve a specific level of product awareness.
These objectives should set out what the business wants to achieve from its marketing activities. These activities need to be consistent with the overall aims and objectives of the business. They also provide an important focus for the marketing team.
This section of the Marketing and Communications Plan describes the consumers and shoppers the business is targeting. It provides details from the Market Research Assignment.
- And customer insight the business has invested in, including Demographic profile (age, gender and income).
- Psychographic profile (the interests of the consumers and shoppers).
- Cultural Profile.
Unique Selling Proposition
So as to ensure differentiation from competition, the company has to have a strong ‘Unique Selling Proposition’ to distinguish its products, services and brands from those of competitors.
This is demonstrated by major brands such as Virgin, Apple. Today it is also seen through carefully crafted customer insight, communicating the Brand values, examples of which include:
- United Airlines – ‘Fly the Friendly Skies’
- Nike – ‘Do it
- Disney – ‘Where magic gets real.’
- British Airways – ‘Made by Britain’
- Walmart – ‘All the ways.’
Pricing and promotions strategy
What must align the pricing and positioning strategy to each other and the goals of the marketing and communications plan?
For example, suppose the company wants its company to be known as the ‘Premier Brand’ in its industry. In that case, it must not have too low a price compared to ‘inferior brands’, or it might dissuade customers from purchasing.
This section of the Plan is important to provide detailed information on the brand positioning goal the business wants to achieve and how the product/service/brand pricing will support it.
The distribution plan should be part of the overall Marketing and Communications Plan, detailing how customers will buy your product/service/brand.
This should detail the volumes and budget per channel and which customers are designated as wholesalers, distributors, preferred suppliers and those that purchase directly from the website.
It is important to detail in the marketing and communication plan periods when there will be special deals. These are planned to deliver growth, from selling to more customers, driving past customers back to you and your client’s brands, and increasing market share.
The generic list that who should consider includes (some of which may be appropriate but not applicable for all):
- Free trials (which is very effective in business to business marketing).
- Money-back guarantees.
- Packages of products and services.
- Discount offers.
Marketing materials and collateral
This Section of the Plan needs to cover the type of marketing materials to use as collateral to promote the business to current and prospective customers. Among others, the materials include:
- The website;
- Print brochures;
- Business cards; and
The Plan also requires a budget for the changes and improvements that need to be made to these materials over three years.
The promotions section of the Marketing and Communications Plan should include all above the line and below the line communications techniques to reach out to both current and potential customers. It should show the priorities to focus on how the methods will deliver growth within budget.
The generic list that which should consider include:
- TV advertisements
- TV sponsorship
- Consumer and trade show marketing – trade show stands and advertising at the show
- Press releases
- Online advertising
- Seminar and event launches
- Newspaper advertising
- Posters/bulletin boards advertising
- Radio advertising
- Word of mouth (can be online or offline)
- Flyers in schools, colleges and universities
- Brochures and leaflets
The new format for Marketing and Communications Plans is to detail a similar digital and online marketing plan.
Strategies for growth are not effective unless they include investment in persuading customers to buy or use the company’s product or service more frequently. The Marketing and Communications Plan needs to provide information on the following, which are focused on customer retention:
- Monthly and quarterly newsletters
- Customer loyalty programmes
- Promotional emails
Online marketing strategy
All companies are adopting new strategies to use online marketing techniques to maximise a cost-effective approach for delivering growth. It is one of the fastest ways to secure new customers, gain a competitive advantage, and collect data, which contributes to understanding customer behavior and customer engagement.
The four components of an online marketing and communications strategy are as follows:
- Strategy for keywords
It is essential to identify what keywords should be used to optimize your clients’ websites.
- Strategy for Search Engine Optimization and marketing