Making a market plan.
Knowing that you are studying for an MBA, your friend has asked you to advise her about writing a marketing plan for a new book shop she wishes to open in London.
She is keen that you specially consider:
– The marketing environment is which the attraction will operate
– A clear strategy for the segmentation, targeting and positioning strategy
– An operational marketing plan.
You should therefore prepare the marketing plan which should be divided into 3 sections:
– 1: Guidelines regarding the analysis of the marketing environment
– 2: A strategic and tactical marketing plan
– 3: Future growth options for the attraction (assuming the initial plans are successful).
Guidelines for undertaking the proposal
– Section 1: The analysis of the marketing environment
This first section you answer the question “where are we?” by undertaking a marketing environment audit. This part of the report should include an explanation of the role of the analysis and give guidelines regarding how the attraction should audit:
– the macro (external) environment
– the micro (internal) environment
– the competition (using Porter’s Five Forces analysis).
Indicative word count 2000 words
– Section 2: The Marketing Plan
The marketing plan should answer the remaining three questions:
– Where do we want to be?
– How will we get there?
– How well did we do?
Where do we want to be? – You should advise on clear, SMART objectives for the new attraction
How well did we do? – There should be two sections:
1. The first section is the strategy and you should (as a minimum) make justified recommendations for the STP strategy so that you have a clear target market which will be receptive to the proposed bookshop.
? You might also include Porter’s generic strategy to show the direction of the attraction.
? You should incorporate academic models into your report and evaluate their effectiveness
2. The second section should explain your advice relating to the tactical marketing plan and how it could be developed in line with the chosen target market.
? You should discuss each of the 7Ps (with the exception of processes) and make justified recommendations.
? Academic theory should again be included wherever possible and evaluated.
How well did we do? – In the final section, you should explain the role of evaluation as well as discussing the control and evaluation techniques and matrices you plan to use, again giving reasons for your choices.
Indicative word count 3000 words / Learning Outcome 2+4
In the report it is important that you include:
• An explanation of and use of marketing theory including processes, marketing models and techniques
• An application of marketing principles to the chosen company
• Reference to reading
• Report presentation
Total word count: 5000 words