• Task 1. You are required to produce a summary and analysis of the current marketing environment for the Joules Group in the UK market. LO1 (20% weighting approx 1200 words).
• Task 2. Identify two new target market segments for Joules in the UK market. This must include justification for the selection of each target market, customer profiling and market positioning versus the competition. LO2 (35% weighting approx 2100 words).
• Task 3. Develop a clearly differentiated marketing mix for each of the target markets identified in Task 2. This must include marketing objectives, strategy and control sections for each marketing mix. All recommendations must be fully justified. LO2, LO3 (45% weighting approx 2700 words)
• This is a 6000 word strategic marketing report, not an essay. It should be formatted as a business report, clearly identifying the three tasks, using headings/sub-headings, diagrams, figures and charts as appropriate.
• Focus on the three tasks but comment on other parts of the marketing plan if it helps support your argument.
• Remember this is not just a business report it is also an academic report, requiring the inclusion of marketing theory, models and references.
• Avoid long descriptive paragraphs unless you are sure the content is adding value to your report, supporting your marketing plan and justifying the decisions you are recommending.
• At masters level, your written English should be of a high standard, literate and grammatically correct.
TASK 1
You are required to produce a summary and analysis of the current marketing environment for Joules in the UK market. (20% weighting approx 1200 words).
Evaluate the external marketing environment:
Use PESTLE, political, economic, social, technological, legal and environmental factors that are likely to impact on the 3-year marketing plan for Joules
Use a SWOT analysis to evaluate the Strengths and Weaknesses of Joules in the context of the UK market, compared to the market opportunities and threats. Include the factors which are likely to have the greatest impact on the marketing plan for Joules and reference your sources wherever possible.
The competitive marketing environment can be analysed within the context of Porter’s 5 Forces, looking at existing competition, new market entrants and potential market substitutes.
TASK 2
Identify two new target market segments for Joules in the UK market. This must include justification for the selection of each target market, customer profiling and market positioning versus the competition. (35% weighting approx 2100 words).
This is your opportunity to identify, analyse, evaluate and recommend with justification TWO new market segments that offer a realistic market potential for Joules
Refer to the topic examining Segmentation, Targeting and Positioning.
Segmentation for Consumer markets based on:
• Demographic factors, life stage, social class, age, gender, ethnicity, education and income
• Geographic factors, location, urban or rural use
• Psychographic factors, traits, lifestyle and values
• Behavioural factors, buyer status, purchase occasion, influences, attitude, brand loyalty
Identify TWO new segments which are large enough to be measureable, profitable and sustainable over time. Justify your recommendation with references
Targeting
Identify and justify the selection of your TWO new target markets.
Market segments are usually prioritised in order of importance and profitability.
Tip; select two completely different market segments such that you don’t confuse the two when developing the marketing mix and promotional campaign.
Positioning
The marketing plan requires a perceptual map or positioning map for each segment to identify the likely competition in each sector or segment.
Competitive strategy is the search for a favourable competitive position in an industry, aiming to establish a profitable and sustainable position against the competition (Hooley, Piercey and Nicoulaud 2012, p.262)
Creating a competitive advantage in the selected area of focus can be achieved through either cost leadership or differentiation. The aim is to differentiate the company’s offer from those of its competitors on the basis of value to the customer at the lowest possible delivered cost (Hooley, Piercey and Nicoulaud 2012, p.290)
Hooley, G., Piercey, N.F. & Nicoulaud, B. 2012, Marketing Strategy & Competitive Positioning, 5th edn, Pearson Education, London.
TASK 3
Develop a clearly differentiated marketing mix for each of the target markets identified in Task 2. This must include marketing objectives, strategy and control sections for each marketing mix. All recommendations must be fully justified. (45% weighting approx 2700 words)
Marketing Mix
The marketing mix is a set of controllable tactical marketing tools that the firm blends to produce the response it wants in the target market (Kotler et al. 2008, p.49).
Increasing marketing accountability also means that marketers must more precisely estimate the effects of marketing investment to justify the choice of marketing mix (Kotler and Keller 2012, p.138).
The original McCarthy 4Ps ‘Marketing Mix’ with Product, Price, Place and Promotion in Kotler and Zoltman (1971) has been expanded to 7 Ps, with the addition of People, Physical Evidence and Process (Wilson and Gilligan, 2012).
The 7P marketing Mix
Although originally developed for services marketing the 7P marketing mix is now widely used for product marketing as well.
Develop each section for each segment x 2
