STRATEGIC MARKETING

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Group Assignment When you join a group for the second assignment you will select one of the high involvement products that yourgroup members wrote about in the first assignment. For example, your chosen nominated product may be the LG 55 inch full HD3D TV—the group then needs to develop a marketing strategy for a competing product, e.g. the Hisense 55 inch full HD3D TV. There are major aspects you need to keep in mind, e.g.: 1. It is the competing product(Hisense in this example) that is the focus of the second assignment; 2. Your group is the STRATEGIC MARKETING TEAM of the firm that markets the competing product—Hisense in this example; 3. The proposed strategy is to change the brand preference of the consumer (as representative of the target segment you identified in the individual assignment) from the nominated product (LG) to the competing product (Hisense); and 4. You are reporting to the CEO and the senior management team so the Executive Summary is critical and so is the presentation. Goals and Objectives, and Relevant Strategies The group assignment requires you to develop a marketing strategy that will change the brand preference of a target consumer segment from one product to another. If you have a strategy then you clearly need some goals and objectives which the strategy will strive for. Invariably students do the following: 1. Make no distinction between a goal and an objective; and 2. Provide a list of strategies to achieve their goals/objectives. Doing this for the group assignment will see your marks slashed. For this assignment you MUST adopt the following approach—this is NON-NEGOTIABLE. A goal covers a ‘theme’, e.g. Brand awareness, Growth, Image. How could you measure these? Examples are: 1.Brandawareness—percentage of the target market that is aware of the brand; 2.Growth—annual increase in sales ($); and 3.Image—percentage of the target market that rates the firm in the industry top quartile for customer service. Objectives are measurable and time specific. Hence, for a three year marketing strategy you may have for the Brand awareness goal the following objectives for the end of each year: 1.Year 1—15%; 2.Year 2—30%; and 3.Year3—60%. The following table, in this format, MUST be a part of your report. Table 1: Goals and Objectives (2018-2020) Objectives Goals How Measured Year 1 Year 2 Year 3 Brand awareness Percentage of the target market that is aware of the brand 15% 30% 60% Growth Annual increase in sales ($) 2.5m 4m 7.5m Image Percentage of the target market that rates the firm in the industry top quartile for customer service 10% 25% 50% Instead of then just listing a number of strategies for this assignment you MUST write a strategy on how you are going to achieve: 1.The Brand awareness goal and objectives; 2.The Growth goal and objectives; and 3.The Image goal and objectives. You write these strategies in the same order as the goals are shown in the table. A few points to note: 1.Goals should be in priority order; 2.They should also follow some logic, e.g. if you are launching a new product then Growth would not be the first goal as you need to create awareness first (based on the Awareness Interest Desire Action model)—so priority and logic may not be so simple to decide; 3.How many goals should you have? Three would be a minimum and I think five would be a maximum although you may have more; and 4.As you write the strategies to achieve each goal you may start to see some overlap. What you do to increase sales may also be something that helps build the brand, i.e. you will see the integrative nature of your strategies. This is desirable—it is just not marketing communications that should be integrative but all sub-functions of marketing need to be. Check the Assessment Criteria Sheet at the back of this document for details on how marks are allocated. The group report also has a presentation—again, how marks are allocated are at the end of this document. The overall purpose of the assessment is for you to demonstrate an ‘advanced and integrated understanding of a complex body of knowledge’ (AQF Level 9—Masters http://www.aqf.edu.au/aqf/in-detail/aqf-levels/ . Report Formatting—General Comments Reports are to satisfy the following requirements. •Report format—business (not an essay)—see Report Writing notes on Moodle and resources below. •DO NOT write in the first or second person (I, we, our)—write in third person only. •Proof-read at least three times for spelling, grammatical and logic errors. •Australian English is required. You only use US English when you are quoting an American source. •Font—Any San Serif font, e.g. Arial. •Size—11. •Paragraphs—fully justified. •Paragraph spacing—one space before and after. •Line spacing—1½ lines. •DO NOT number the title page. Have the Executive Summary and the Table of Contents in a separate Word section and number them with lower case Roman numbers. Put the Introduction in another section and use the standard numbering—1, 2 and so on—making sure you start at 1. •All tables and diagrams must be suitably labelled—they do not form part of the word count—check APA 6e Manual for where you put the table/diagram titles. •APA reference style.http://studyskills.federation.edu.au/how-to-reference-apa-citation-style/ Report Overview You will form a group(maximum of four group members)and choose ONE of the nominated products that group members wrote about in Assignment One. The second assignment requires the group to develop a NEW marketing mix strategy for a product that competes against the chosen nominated product. For example, your chosen nominated product may be the LG 55 inch full HD3D TV—the group then needs to develop a marketing strategy for a competing product, e.g. the Hisense 55 inch full HD3D TV. The report will demonstrate how your proposed marketing mix strategy will create and deliver sufficient customer value for the targeted consumer segment to change its preference from the chosen nominated product. DO NOT simply describe the competing products current marketing mix strategy.

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