TASK: Develop a Strategic Marketing Plan
For the requirements of this assignment, you assume the role of a marketing consultant. You have to develop a detailed Strategic Marketing Plan for a company of your choice (PENSION FUND ADMINISTRATOR IN NIGERIA) or the company you currently work for (TRUSTFUND PENSIONS LIMITED NIGERIA). As they need to increase their revenue generation and position their organization within the industry to gain competitive advantage, you have been asked to produce a detailed marketing plan for one-year plan.
In the report you will need to demonstrate an understanding of all the aspects of Strategic marketing planning. You should therefore draw a distinction between strategic and tactical marketing planning, credible SMART corporate and marketing objectives, clear segmentation, targeting and positioning strategies and other global marketing strategies. The revenue projections and recommendation on marketing activities using marketing mix. This can also be used to show the financial implications by way of stating clear revenue projections and costs of individual proposed marketing activities. You are also expected to demonstrate your knowledge of how theory can be utilized in practice i.e. all stages of a marketing plan. The presentation and structure of the strategic marketing plan must have a professional outlook.
The report should cover the following sections: Wordage
1 Executive Summary
Does this provide a good summary of the report and encourage further reading? You need to think about the audience, creativity, and competitive advantage. Find a way to make sure that your marketing plan stands out from the crowd.
This should set the scene for the reader. Clear & succinct, it lays out what is to come, and could make reference to your own research findings. (Do not include the description and information of the organization here. But make sure they are included in the Appendices for tutors). 150 words
3 Strategic Situation Analysis
Quality and relevance of audit (internal & external) Clear headings and only relevant information is needed here. Remember, when you are doing your analysis, you need to discuss this in relation to the organization or business and the target market. There is no point just writing PEST factors. Therefore you need to discuss how they influence the business, their current and potential customers. Porter’s five forces industry analysis need to conduct in order to ascertain the current competitive position of the business. What way the analysis is helping you in this process. Now do the SWOT analysis. 750 words
4 Aims, Objectives and Strategies
Both corporate and marketing objectives and Strategies
These should be listed and clearly identified, and linked to the controls. 500 words
5 Appropriateness of segmentation, targeting and positioning
Who is your target market? You need to explain why? Explain the chosen segmentation criteria with justification. Who are the competitors? What is your organization’s current positioning in relation to the competitors? Is it unique enough to give you competitive advantage? If not, what are you suggesting? Why? You need to show current and future positioning using perceptual maps. What is the communication theme? 600 words
The 4P or 7P framework is a good starting point. What specifically are you going to do in terms of promotion, price, distribution & product? These should be used to achieve the objectives that you have set earlier. Also you need to consider the costs, and time constraints. Here, you need to be creative. You must also think of how to use digital technologies and media, effectively.
All the marketing activities schedule should be included in a Gantt chart with the anticipated costs. 2000 words
Background of the firm
Any research evidence
Total Words 4200