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/market

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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/market


Microsoft Word - MKT600_Assessment2 Revised in Red .docx ASSESSMENT 2 BRIEF Subject Code and Title MKTG6002/MKT600 Marketing Assessment 2 Marketing Plan Individual/Group Individual Length 3000 words (+/- 10% excluding cover page, reference etc). Learning Outcomes 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 marketingmix strategies on its stakeholders. Submission For 12 weeks deliver – due on Sunday at 11:55 pm (AEST/AEDT) by the end of week 10. For 6 weeks (intensive) delivery – due on Sunday at 11: 55 pm (AEST/AEDT) by the end of the week 5. Weighting 50% Total Marks 50 marks 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. How the assessment fits into the subject/course: Marketing in the 21st century has evolved profoundly where developing winning marketing strategies has been integral to businesses of all types to achieve its strategic objectives. This assessment provides students with the opportunity to apply the knowledge and insights developed in the marketing subject to develop effective marketing strategies for a business, a product, or a brand. Students are required to develop a complete marketing plan for the Business Case given on the Blackboard. The emphasis within this assessment should be placed on expanding various steps as recommended in the marketing plan template while the current marketing situation and threats and opportunities analysis to be briefly discussed by summarising the discussion from the assessment 1. MKT600/ MKTG6002 _Assessment2_Marketing Plan Page 1 of 7 Linkages between Assessments 1 and 2: This assessment builds on the assessment 1 therefore you will be working on the same Business Case given on the Blackboard for Assessment 1. In assessment 1 you have addressed two (i.e., current marketing situation and threats and opportunity analysis) out of the eight steps of a marketing plan. In this assessment you are required to develop a complete marketing plan for the Business case given on Blackboard. Instructions: This assessment task builds on the Situation Analysis that you undertook in Assessment 1. This assessment task requires you to expand the remaining steps of the marketing plan to: • Articulate your learning about marketing theories, concepts and principles covered in the course to demonstrate your level of understanding of them to develop a marketing plan; • Articulate the link between marketing theories and practices; • Demonstrate an acceptable level of research skills to reveal the insights; • Apply appropriate business report writing skills; • Demonstrate a logical flow and cohesiveness in the analysis and discussion. • Use the appropriate in text citation and a reference list in the end of your written work. You should provide at least 15 high quality marketing references to show quality of research. STRICTLY adhere to the APA style in referencing. Please see more information on referencing here: https://library.torrens.edu.au/academicskills/apa/tool 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. Tasks: 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. MKT600/MKTG6002_Assessment2_Marketing Plan Page 2 of 7 To start with this assessment - 2. Outline the following steps: a. Clearly define 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 propositions You 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. Submission Instructions: Submit your assignment via the Assessment two link in the main navigation menu in the Blackboard in MKT600/MKTG6002. Your Learning Facilitator will announce the specific due day, date, and time for the submission. Please review the TUA overdue policy described in page 5, that applies a 10% deduction/day up to five days and then 0, through the link copied below: https://laureateaus.sharepoint.com/sites/MyTorrens/Shared%20Documents/Forms/Policies_Filter.asp x?id=%2Fsites%2FMyTorrens%2FShared%20Documents%2FPolicies%2Fassessment%20policy%20for% 20he%20coursework%20and%20elicos%5Fpl%5Ftua%5Fac%2Epdf&parent=%2Fsites%2FMyTorrens%2 FShared%20Documents%2FPolicies&p=true&originalPath=aHR0cHM6Ly9sYXVyZWF0ZWF1cy5zaGFyZX BvaW50LmNvbS86Yjovcy9NeVRvcnJlbnMvRWFLY2xTM28tUHBOa25uX2ZQV2Z6c2NCRzJFSVI0OXJ0amx jYlF5bGZDYjl0dz9ydGltZT1pWEF5NDdrLTJVZw MKT600/MKTG6002 _Assessment2_Marketing Plan Page 3 of 7 Learning Rubric: Assessment 2 Assessment Fail (Unacceptable) Pass Credit Distinction High Distinction (Functional) (Proficient) (Advanced) (Exceptional) Attributes 0-49% 50-64% 65-74% 75 -84% 85-100% Evaluation of information gathered to support the marketing plan 10% Limited understanding of key concepts required to support discussion Confuses logic and emotion. Information taken from reliable sources but without a comprehensive analysis or synthesis. Viewpoints of experts are taken as fact with little questioning. Resembles a recall or summary of key ideas. Often conflates/confuses assertion of personal opinion with information substantiated by evidence from the research/course materials. Analysis and evaluation do not reflect expert judgement, intellectual independence, rigor and adaptability. Supports personal opinion and information substantiated by evidence from the research/course materials. Information is taken from 15+ with a demonstrable capacity to explain and apply relevant concepts. Demonstrate logical flows throughout the discussion. Differentiates between assertion of personal opinion and information substantiated by robust evidence from the Research/course materials sources and extended reading. Information is taken from 20+ sources with a well- demonstrated capacity to explain and apply relevant concepts. Viewpoint of experts are subject to questioning. Analysis and evaluation reflect growing judgement, intellectual independence, rigor and adaptability. Systematically and critically discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials and extended reading. Information is taken from 30+ sources with a high level of interpretation/evaluation to develop a comprehensive critical analysis or synthesis. Identifies gaps in knowledge. Exhibits intellectual independence, rigor, good judgement and adaptability. Report structure/format Report structure/format Report structure/format was Report structure/format Report structure/format Logical and Compelling was not consistent with was professional and professional, original and was very professional, was highly professional, Report Structure Industry original and was adequately consistent with Industry original and consistent with original and consistent with practices/standards consistent with Industry practices/standards Industry Industry 20% Marketing Strategy Report components were not adequately identified. The report was poorly organised. Developed ideas/recommendations with poor examples, data, and/or experiences. Poorly Constructed Reference list and/or not meeting the APA guidelines for referencing practices/standards Some Marketing Strategy Report components were identified. The report was sufficiently well organised. Developed ideas/recommendations with adequate examples, data, and/or experiences. Reference List provided and a variety of sources accessed in research
Answered 2 days AfterSep 11, 2022

Answer To: Scenario: This assessment requires you to act like a consultant to help an organisation develop a...

Ayan answered on Sep 13 2022
26 Votes
WRITTEN ASSIGNMENT        17
WRITTEN ASSIGNMENT
Table of contents
Company analysis    4
Marketing Objectives    5
Cu
ent Challenges    5
Macro Environment Analysis    5
Micro environment analysis    6
SWOT Analysis    7
Marketing Strategy    10
Proposed Strategy    10
Segmentation, Targeting and Positioning    11
Segmentation    11
Target Groups    11
Positioning    12
Tactics    12
Action    13
Control and Evaluation    14
Budget    14
Control    15
Conclusion    16
References    17
Company analysis
An overall corporation called IKEA was established in Sweden in 1943. IKEA is a notable Swedish Superstore that offers a wide selection of reasonably evaluated as well as fashionable home furnishings,
appliances, and other home accessories. One of the biggest furniture retailers on the planet is said to be IKEA. The firm right now has in excess of 9500 goods in its product offering and almost 208000 workers working for everything over the world (Peng, 2022). During the fiscal year 2018-19, it is anticipated that the corporation would create a normal of around 388 billion Euros in retail sales. Around 957 million individuals visited IKEA stores generally speaking in 2018-19, contrasted with 25 billion individuals who visited its web to shop for furniture during the same year. The organization's essential strategic advantage over its rivals in the market is its contemporary structural designs. The firm also places a strong emphasis on eco-accommodating furniture and inside design. To make things affordable for most of the general population, the corporation by and large charges modest prices for the majority of its items. The association's mission statement explains what it truly does and how it does it, while its vision statement outlines the goals it intends to achieve. IKEA wants to make great home furnishings accessible to everybody by offering them to customers across the world at reasonable costs. All the organization's goal is to boost the effectiveness of its resources and to work on the talents of its significant workers to understand its all vision of offering a wide selection of excellent home furnishings at reasonably reasonable rates. The firm works on the set of values it holds to satisfy the two its vision and objective. Togetherness and fervor make up the hierarchical value's primary components. IKEA bases its operations on the possibility that by cooperating, the firm can solve its key business difficulties, consequently its all executives foster passion in their staff by fostering a positive work atmosphere.
Marketing Objectives
The following are the marketing objectives of IKEA –
· To diversify the company's worldwide revenues by entering new rising markets including China, India, and Indonesia during the next 5 years.
· To ensure that its clients' living standards are increased by offering them affordable, high-quality items.
· To expand into new markets in order to boost sales by 10% in the global retail sector.
· To increase client happiness by offering them high-quality products and services that are in line with shifting market demands and fashion trends.
· To maintain lower product pricing than those of its rivals.
Cu
ent Challenges
IKEA is not only one of the biggest furniture stores in the world, but it is also experiencing significant financial downturns in its European markets. As a result, it is searching for new markets to join in order to balance its global sales. Due to Covid-19 and labor shortages, we are having continual difficulties with our supply chains, which have an impact on sourcing, transportation, and raw materials. Furthermore, since additional people invest more energy at home, we are noticing an expansion in client interest. Strategies for vendors all through the world have been hampered by a lack of steel trailers and stopped up ports. Organizations from Hennes and Mauritz Stomach muscle to U.K. have given admonitions about more slow deals development and increasing costs because of the agitation. Asos Plc, a retailer on the web. As per A
ahamsson Ring, Ikea needed to define boundaries and focus on providing the most popular merchandise to manage the issue. Subsequent to encountering its most memorable plunge in the earlier year because of the pandemic shutting down stores, Bury Ikea saw record deals in the latest financial year. The business announced Thursday that income expanded 5.8% to 41.9 billion euros ($48 billion). As purchasers work on their homes, Do-It-Yourself makers have benefitted. Costs have developed because of the new flood in transportation and unrefined substance costs, which the business means to retain as opposed to go through to Ikea clients. Alongside these endeavors, Ikea has likewise leased holders and found substitute rail courses to ship products to its stores.
Macro Environment Analysis
· Political - IKEA is a prosperous organization that operates pretty really in Sweden as well as in different markets (Vergassola, 2019). As the business operations of IKEA vigorously rely upon the tariffs and taxes imposed by the public authority of the country in which it operates, as these straightforwardly affect the import prices of unrefined components from different countries, which affect the organization's profits, the political stability of Sweden increases the benefit as well as efficiency of IKEA.
· Economic - IKEA's operations are straightforwardly affected by the country's financial development. IKEA has business opportunities thanks to the UK market's monetary stability, and it also benefits from the modest and abundant work in agricultural countries like China.
· Social - The diverse demographic characteristics of the nation have an immediate bearing on the strategic choices that IKEA makes. For instance, more seasoned individuals in the populace are less disposed to purchase furniture. Similar to that, low pay groups also will more often than not buy less furnishings-related items.
· Technological - IKEA places a high value on innovation, which has a significant impact on the two its business operations and profits. IKEA makes great use of the most late innovation to understand its objective of increasing efficiency and productivity. Through its powerful web sales platforms, the firm has successfully expanded sales. Moreover, IKEA utilizes social media platforms well to a
ive at clients in distant with item promotions (Wu, 2020).
· Environmental: The association must submit to natural security laws and regulations to be serious and sustainable. IKEA, be that as it may, has consistently experienced harsh criticism for neglecting with comply to natural regulations, neglecting to diminish its ca
on...
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