Section 2 consists of the Marketing Plan:-
* SWOT and Competitor Analysis (15 marks)
* Create A new product or service idea for the company (10 marks)
* Future Marketing Strategy (15 marks)
* Financial Forecast including profits, sales and costs (10 marks
* Presentation (10 marks)
Give a summary of section 1 and state what this section entails.(Report Format) Please USE THE SAME SUB HEADINGS AND NUMBER AS STATED BELOW:-
Table of contents
1.0 – INTRODUCTION (Headings Bolded & size 14, underlined & caps)
– For example :- The first section previously submitted highlighting La Cantina’s Pizzeria as well as the analysis off La Cantina’s current situation. State the analysis of the current situation whereby the key elements of La Cantina’s Pizzeria Mission, Financial summary and existing Marketing mix that is the seven P’s was documented.)
Additionally the market analysis was also noted (Whereby both the Micro environment i.e. consisting of the SPICC elements) as well as the MACRO environment (i.e. The PESTLE) were analysed accordingly.
NOTE:- Must have 2 Competitors
This section focuses specifically on the competitor analysis using two (2) of La Cantina’s Pizzeria major competitors mainly (Pizza Hut & Mario’s Pizza)
Very Important in Assignment – A NEW PRODUCT idea needs to be developed inclusive of Marketing Objectives & future strategy for both the Short Term (1) Year and Long Term (3) Years.
Evident also includes details of the Financial Forecast (Profits, Sales, Costs) as well as monitoring and controlled mechanisms.
The use of pertinent academic sources / Models will be integrated throughout discussions in this section of the assignment.
2.0 COMPETITOR ANALYSIS
Quote Armstrong 2006 for eg. Armstrong 2006 Pg 527 to plan effective Marketing Strategies, La Cantina Pizzeria needs to find out all it possibly can about its competitors. La Cantina must constantly compare its marketing strategies, products, prices, channels and promotion with those of close competitors.
2.1 PORTER’S FIVE FORCES
State what you will be doing in this section i.e. Analysis of the key elements of the Porter’s Five Forces, Analysis of the (2) main competitors specifically including the respective competitors marketing mix and SWOT.
* State what is the purpose of Porter’s five forces
* State the purpose of doing this using academic sources.
* Use Diagram – Put in the Key Competitors/ Buyers/ For eg. According to Armstrong or Porter’s Five Forces in Trinidad the fast food Industry is illustrated in the diagram below ( Insert Diagram – Insert Text Box to the key relevant areas on the diagram)
Put in bullet points next to the key salient points next to the following Buyers/Suppliers etc).
Put an analysis of (2) paragraphs after the diagram/Table should be included to discuss the implications of the high / medium or low of the Porter’s Five Forces.
This information will give an indication of the attractiveness of the market forces.
2.2 COMPETITOR 1 – PIZZA HUT
* Name of competitor.
* Describe the details for each one of your competitors Marketing Mix .
* Must do 4 P’s
* List 4 P’s and discuss each along with the competitor
NOTE :- This is to be done for both COMPETITORS
* Do SWOT for both companies
* SWOT should be done in a Table Format listing the key points.
* give (2) Lines of a brief introduction of how long the competitor have been in existence for.
* Under Tables/Diagrams – Explain what it entails in a brief paragragh (The weakness of your competitor will therefore give you an advantage to be better at your strengths).
2.3 COMPETITOR 2 – MARIO’S PIZZA
Do the same as what was done for COMPETITOR 1.
(SWOT / 4 P’s)
3.0 LA CANTINA’S PIZZERIA SWOT
Short Term – (1) Year ( Market Penetration) – This is based on the current situation
Long Term – (3) Years – ( Marketing Mix) – This is also based within the next 2 -3 years whereby this is based on predictions for the company in 3 years time which will be highlighted.
3.1 LA CANTINA PIZZERIA SWOT (Short Term)
This you must highlight that your strengths & opportunities (Strengths & Opport. can be skills/ proper training etc) are much more than your weakness & threats. Give some detail.
3.2 LA CANTINA PIZZERIA SWOT (LONG TERM)
* State predictions for La CANTINA
* First SWOT should shed light for a NEW PRODUCT.
* This SWOT – will highlight Predictions for 3 Years
* Shed light on the opportunities. for eg. in light of the trends – people are moving away from all the junk food and living a more health conscious lifestyle.
State a paragraph in your own words such as this:- In the preparation of this Marketing Plan, significant Data were analysed according to the past,present and likely future trends of La Cantina however few points were overlooked which contained crucial data & must be made mention as it is inter-related to these set of events of trends:-
These include ( (3) Bullet Points)
* Opportunities for this Trend
* Customer satisfied with the present product etc.
4.0 NEW PRODUCT (Do all (4) P’s – Look at the strategies of the 4 P’s )
* Service – Use other elements of the P’s.
* Content – Advertising – Radio/Media & Costing of it.
* Product – Guarantee/ Coupons etc.
4.0 NEW PRODUCT – ( NAME OF NEW PRODUCT)
Put into own words – Eg. In light of the potential opportunities within the market stated within the SWOT.
Give an overview of the New Product being developed.
NOTE:- It is easier to develop a new product than a service.
State what this section states to achieve i.e. Overview of the NEW PRODUCT , Marketing Objectives for Short Term (1) Year & Long Term (3) Years specifically relating to the ANSOFF’S MATRIX (Marketing Penetration)
(1) * What strategy will you be using?
(2) * The Objectives for the NEW PRODUCT!
(3) NEW PRODUCT :-
* Describe New Product
* Life Cycle of the new Product (How / Why this new product is beneficial to the customer)
* Be Creative with design, colour, logo, packaging etc.
4.1 SHORT TERM : MARKETING PENETRATION
Market Penetration – State in a paragraph and create an objective for “Market Penetration” for eg. My objective is to increase usage between existing customers from up to 40 % to 50% etc. as well as to persuade all our potential customers to which from competitors to your product.
* Objectives of Target Market
* Strategy – 4 P’s (Marketing Mix)
4.1.1 SHORT-TERM OBJECTIVES:
* Justify Objectives for Short-Term – NEW PRODUCT & PRODUCT DEVELOPMENT
4.1.2 TARGET MARKET:
Who are the people you are targeting for the short-term objectives stated in 4.1.1
4.1.3 MARKETING MIX FOR SHORT-TERM
Since the focus is Short-Term i.e. (1) Year and the Marketing Strategy is Market Penetration focused on ONLY the P’s from the Marketing Mix that will be crucial to successfully deliver this strategy.
Specific emphasis should be placed on:-
* P – Product
* P – Promotion – Discuss in detail.
4.2 LONG TERM: MARKET PENETRATION
( Note:- Do the same what was done for short term heading for Long term)
However Long Term Objectives should reflect as such within the next (3) years to increase Market Share by 10% in the next (3) Years within the Trinidad Market. With the Introduction of the New (Seafood Pizza) which is rich in organic products for the health conscious or diabetic people.
4.2.1 LONG TERM OBJECTIVES
4.2.2 TARGET MARKET –
Give a clear statement for the profile of the market for the next (3) Years (Males/Females) be specific within a specific Income level, age group etc.
4.2.3 MARKETING MIX FOR LONG TERM –
* Use all (4) P’s from the designing of the new product.
* Put the key elements in a TABLE FORMAT
* Include logo (Design/Picture/Label) Be creative
5.0 FINANCIAL FORECAST (PROFIT,SALES,COST)
* A breakdown for the (3) Years
* Time Schedule or a Ghant Chart
* Firstly say what you’ll be doing in this section.
* 3 X 3 Matrix specifically highlighting (Sales, Cost of Sales & Profits for (3) Years)
* Budget – a breakdown for Year 1 & Year 2, Year 3 & Costs
5.1 FORECASTING (3 X 3)
Example of Table:-
Year 1 Year 2 Year 3
5.2 “BUDGET BREAKDOWN”
A list of Activities – Things from your list of (4) P’s
ACTIVITIES Year 1 Year 2 Year 3 TOTAL FIGURES
(1) Physical Distribution
(2) Sales Promotion – ( Buy one get one free)
Free Sampling/Coupons etc.
(3) Advertising – TV/Radio/Media/Internet/flyers
5.3 TIME SCHEDULE OF ACTIVITIES
(TABLE FORMAT – GHANT CHART Using Microsoft Projects)
ACTIVITIES Year 1 Year 2 Year 3 TOTAL FIGURES
Jan – Dec. 2012 Jan – Dec 2013 Jan -Dec2014
(1) Physical Distribution
* Delivery Drivers
* Cook etc.
(2) Sales Promotion
NOTE: You can use different colours to highlight various things on the ghant chart.
6.0 MONITORING AND CONTROLLED MECHANISMS
(1) Paragraph whereby you state this is in light of doing SWOT.
What initiatives / mechanisms you need to put in place to achieve your financial goal. For eg. in order to ensure that planned activity stated for the “NEW PRODUCT’ – Name of Product is guided towards its set Goal mentioned.
Crucial monitoring & controlled mechanisms are essential for the delivery of its set targets. ( Make sur eto quote Kotler & Armstrong)
* Financial Review (What methods you hav ein a proper control of figure)
* Contingency Plan
* Recommendation of what you plan to deliver with you NEW PRODUCT
(1) Paragraph State that this NEW PRODUCT is going to be successful and beneficial to customers!