Developing and implementing Marketing Strategies

1.0 The business

Please provide a brief description of your chosen business. The description should outline the business that you have chosen and how you envision it as a success. The description will provide context for the submission and marking of your marketing plan at the end of term 2 because the other parts of your final business plan are not yet complete.

2.0 Marketing plan

Describe how the Marketing Plan you have developed will enable you to meet your business requirements and objectives. Include a brief outline of the methods you will use

This should be updated as you are completing Section 2

2.1 Market analysis

Complete statistical and market research to help you analyse your market.

Describe the conditions for existing and likely demand in the industry for your products and services based on research data.

A minimum of six (6) sources (at least one for each topic and no older than 12 months) must be included in the analysis.

The data can be based on any of these areas for consideration (but not limited to):

• PESTEL Analysis
• Political conditions
• Economic issues
• Social & Cultural trends
• Technological developments
• Environmental factors (sustainability)
• Legal & ethical considerations / changes
• Recent trends that have emerged in the market affecting your business
• Additional relevant information can be accessed in the IBIS world Industry reports for the relevant sector, Australian Bureau of Statistics, ProfileID and any other sources that may affect your business.

Detail the results of the market research you have performed that are relevant to your business. Explain how the research is relevant to your business.

Based on the research you have conducted, outline favourable and unfavourable market trends that you have identified in the market and explain how these could affect the business.

2.2 Products and Services

Describe the range of Products and Services you are going to produce and sell.

• What are the unique or superior features of your Products and Services?
• What is your point of difference?

Include a sample of your Menu in Appendix D. The sample menu should include a range of prices for menu items to provide an indicative average spend per head.

2.3 SWOT analysis

• List each of your businesses Strengths, Weaknesses, Opportunities & Threats using the table below (minimum 5 for each heading).

Strengths	Weaknesses
Opportunities	Threats

Outline how you plan to address each of the Weaknesses and Threats.

2.4 Competitor analysis

Outline the details of likely competitors to your business (minimum of 3 real competitors within the immediate area of your business).

This must include:

• Name and address of the business
• Trading days & hours
• Type of cuisine
• Style of service
• Any other services offered
• Their strengths and weaknesses (5 strengths and 5 weaknesses for each)

Provide a discussion on direct effects or indirect effects competitors (minimum of two for each) may have on your business. (ie example of how their weaknesses may be used as a positive in  your business or how their strength may impact on your business)

2.5 Proposed Target Market

Define your Primary and two Secondary target customers (3 target markets) and outline their characteristics. You can segment your ideal customers into groups by using any relevant demographic information. This may include sharing the same characteristics such as size and growth potential of your market, gender, location, income levels, family size, trends and attitudes, preferred media channels and any possible likes and dislikes.

Once you have determined your market segments and the relevant needs of each group, you can then tailor your marketing strategies to suit your target customer segments. Outline how your business will satisfy their requirements.

2.6 Marketing Mix and branding strategy overview

Briefly explain the Marketing Mix to be used for the business to satisfy the needs of the target customer group. Consider how you will maintain competiveness? How will the business increase awareness of its brand in the market?

List at least three (3) marketing objectives for each of the 4 P’s of marketing for your business (Product, Price, Promotion and Place). Ensure that your objectives are SMART.

Briefly outline how the objectives will be documented and managed to meet organisational requirements.

2.7 Advertising and promotional strategy

What strategies do you have for promoting and advertising your products/services in the next 12 months? Create at least five (5) strategies and include benefit, estimated costs, and timing information for each. PLEASE DO NOT FORGET these two paragraphs for the marking criteria: In separate paragraphs, briefly describe (1) how you will carry out and monitor your marketing strategies and (2) explain the legal, ethical and sustainability considerations that may impact on your marketing activities.

Planned promotion /advertising type	Expected business improvement	Cost ($)	Target date
[Print media advertising, online advertising, mail-out, giveaway, media release, social media campaign or event.]	[How do you expect it will improve your business success?]	[$]	[Month/Year]
[Print media advertising, online advertising, mail-out, giveaway, media release, social media campaign or event.]	[How do you expect it will improve your business success?]	[$]	[Month/Year]
[Print media advertising, online advertising, mail-out, giveaway, media release, social media campaign or event.]	[How do you expect it will improve your business success?]	[$]	[Month/Year]
[Print media advertising, online advertising, mail-out, giveaway, media release, social media campaign or event.]	[How do you expect it will improve your business success?]	[$]	[Month/Year]
[Print media advertising, online advertising, mail-out, giveaway, media release, social media campaign or event.]	[How do you expect it will improve your business success?]	[$]	[Month/Year]

2.8 Action Plan

Start date	Action description	Responsible	Target date