Develop and implement marketing strategies
- requires the preparation for the complete marketing strategy for your chosen product(s) service(s), project or event:
- Step 1 – Research – include an acknowledgement page and a bibliography page that lists all the references (this should include any websites, textbooks, journals and or other related documents) and all downloaded information in the form of research notes also need to be attached as evidence.
- Step 2 – Develop a marketing strategy – the report should include your developed marketing strategy.
- Step 3 – Prepare a marketing plan – the marketing plan should address all the key criteria as listed in the task.
- Step 4 – Prepare the monitoring and evaluation strategies you will use to monitor the activity(ies) in progress and to measure the outcomes achieved.
- Step 5 – Prepare the implementation strategy including all timelines (when, where, who, what)
- requires a written report detailing the success of your marketing strategy and marketing plans, based on the evaluation you have carried out. This report must be presented to the relevant internal stakeholders in your organisation in Part C so that you can collaboratively identify success of the marketing as well as areas for improvement.
- requires a presentation of your report to the stakeholders identified for the marketing activity. You are required to seek feedback from stakeholders and make adjustments to your marketing plan as or if relevant.
Your trainer or a person to be determined will script the feedback received. This must be attached to this project.
The marking criteria on the final page provide an indication for aspects to be covered during the presentation
Develop and implement marketing strategies
Step 1 – Conduct thorough research to collect and analyse information on:
The internal business environment: (key criteria to be included are as follows):
- Describe the current core activities, customer base, business values and business direction
- Identify and analyse information relating to the effectiveness of current and past marketing efforts
- Review business performance information to identify strengths, weaknesses, opportunities, threats and critical success factors
- Identify and record current capabilities and resources (e.g. the use of technology or e-business to develop and implement marketing strategies) including the need for specialist assistance (e.g. underperforming products and services with reasons for underperformance) and
The external business environment: (key criteria to be included are as follows):
- Identify and analyse information on expected market growth or decline, along with the associated risk factors
- Analyse projected changes in the labour force, population and economic activity that would affect your marketing
- Current comparative market information which may include best practice information, benchmarking and competitor information
- Industry and customer trends, emerging issues and developments which may be: economic, ecological, environmental, government activities, social and cultural, demographic, technological or industrial
- Legal, ethical and sustainability constraints of the market and potential business impacts
- Opportunities presented by new technologies
Step 2 – Develop a marketing strategy
- Detail the specific opportunities for your product, service, project or event based on your internal and external market analysis
- Explore and list new and innovative marketing approaches and techniques that are appropriate to your product, service, project or event
- Outline the marketing channels and distribution networks you will use for your marketing communications and materials
- Explain how you will integrate legal, ethical and sustainability considerations
- Explain how you will consult with key stakeholders in this strategy development process.
Step 3 – Prepare a marketing plan
- In the template provided, outline the methodology used to clearly communicate all priorities, responsibilities, timelines and budgets.
- Explain how you will provide opportunities to colleagues to contribute to this marketing plan.
Step 4 – Prepare the monitoring and evaluation strategies
The Evaluation strategy shall include:
- Evaluation criteria to be used when evaluating the marketing initiatives
- Benchmarks you will use to evaluate success of methods/impacts
- Timeframes for evaluation
- Provisions for adjustment/continuous improvement
- Communication requirements
Step 5 – Prepare the implementation strategy
The implementation strategy shall include:
- A detailed schedule of all required activities. This may include a Gantt chart or other suitable scheduling approaches.
- An overview of monitoring procedures you will use, including the types of reports or data collection mechanisms.
- Communication processes.
Based on your marketing plan from PART A you now need carry out the marketing activities.
Following the marketing activities you must use carry out your evaluation strategy developed in Part A, Step 4 in order to measure the outcomes and impact of the marketing plan and strategy as a whole.
Prepare a report detailing the success of your marketing strategy and marketing plans, based on the evaluation you have carried out. This report must be presented to the relevant internal stakeholders in your organisation in Part C so that you can collaboratively identify success of the marketing as well as areas for improvement.
Your report must detail:
- Why the research was conducted
- How the research was conducted (Internal and External Environment)
- How the information from the research was analysed
- Which key aspects informed the development of your marketing strategy
- An overview of the marketing strategy
- Details and components of the marketing plan including implementation strategies
- The monitoring and evaluation procedures used for the marketing activities
Present your report to the stakeholders identified in the marketing plan, your colleagues, or as instructed by your trainer.
Obtain feedback on the presented details of the plan including clarification of details as these arise.
Responses should be documented by a student or trainer and inform adjustment to the marketing plan as or if relevant. This should be attached to this project.
The key areas for the feedback need to focus on:
- Your ongoing evaluation process, including feedback and analysis from colleagues
- Suggested areas for improvement based on weaknesses that have been identified
- Proposed changes to the marketing strategy (channels, target market, timing, marketing approaches, resourcing, etc.) based on feedback and evaluation