Marketing Management BARB2013 January 2020
Air BnB Experience Marketing Plan Project (30%)
Marketing Plan Report Due Date: 7 March 2020
Marketing Plan – 20%
This assignment fulfills the following Learning Outcomes:
CO2: Develop key marketing strategies for the market opportunities.;
CO3: Execute a simple integrated marketing programme
MQA Domains: Practical Skills, Communication, Leadership and Group Working Skills and Management and Entrepreneurship
Instruction: Work in groups of 2-4 students on a marketing plan of a product or service based on the agreed theme.
Based on your understanding of value offering, describe the marketing strategies that built-up the value offering and achieved the objective set.
|Target Market (4 marks)
Examples of Target Market statement:
The product will be targeted at three-person households with annual income of more than RM 60,000 in which both adults are likely to work outside the home
Adventurous consumers wanting premium quality products.
Upscale households, with particular emphasis on female buyers.
(Yours) Our target market are ……… who are …… to and loves ……. of its vicinity and look for ……….
|Value proposition (4 marks)
A value proposition is a business or marketing statement that summarizes why a consumer should buy a product or use a service. This statement should convince a potential consumer that one particular product or service will add more value or better solve a problem than other similar offerings. The value proposition must be tied-up to opportunities available.
It is a clear statement that:
•explains how your products and booth solves customers’ problems or improves their situation (relevancy) and in your case how they fascinate you.
•delivers specific benefits (quantified value)
|Objectives (2 marks)
Objectives describe where you intend the product to go in the future. Objectives are usually quantified. Setting objectives involves setting measurable marketing objectives to be achieved for a specific market, a specific product or brand, or an entire marketing program. Marketing Manager must decide on the plan’s objectives that are the financial objectives and marketing objectives.
eg. Financial Objectives
Produce Sales of RM200.
eg. Marketing Objectives
Sell an AirBnB experience before report due date on 7 February 2020.
|Marketing strategies (25 marks)
Market positioning strategy: Positioning statements are used in marketing communications programmes and activities. The positioning statement includes the target audience, product name, category, benefit, and competitive differentiation. Most importantly, positioning statements represent a plea for single-mindedness when it comes to communicating specific marketing messages aimed at very specific audiences. While the value proposition reflects the wider range of primary benefits offered, market positioning points specifically to the most relevant benefit and points of competitive differentiation that are meaningful to a target market. Market positioning relate to benefits and pain reliever & reasons (Value proposition)
Once a value proposition, objectives, and market positioning strategy have been decided, you will need to prepare the marketing mix strategies. The strategy section provides a statement showing how the business achieved its objectives.
Marketing Mix Strategies Among elements to include
Product Product features/menu/games/show; brand name and reasons, packaging of goods (5 marks)
Price Pricing strategies and basis (5 marks)
Promotion Promotion strategy is to create awareness. Promotion materials (Refer to Promotion Action Plan table below)– An A4 poster must be included as part of the promo material for the group which will be used for promotion in the social media (10 marks).
Place Suitability of location
Physical aspect Signage and decor
Process Service process from order taking to delivery of services
|Action Plan (10 Marks)
The next step is to translate broad strategy statements into specific actions and tactics for a year. Each marketing strategy element must now be elaborated to answer what will be done, when, who will do it, where and how it will be done and how much will it cost. Draw a table with time line to show the starting and completion date of all activities and assign responsible individuals to ensure project is completed on time. Please design action programs on a weekly basis for the project.
e.g. Action Programs
February: Advertise in The Sun on 13/4/2020 on introduction of the product. Suraya, promotion manager will handle the project at a budget of RM 10,000.
March: Road shows at 40 primary schools around Kuching to promote products by giving free samples and demonstration of product usage. Lee, senior sales manager will organize the whole operation, which is expected to cost RM 2,000.
Promotion Action Plan Sample:
Budget & Financial Statement (5 marks)
Basic statements that present costs, expenses, revenue and profit expected
Presentation is compulsory for all team members. In total you are expected to present 5 minutes of the marketing plan.