HIGHER COLLEGES OF TECHNOLOGY DUBAI WOMEN’S COLLEGE SUBJECT: MODULE NUMBER: BUS 4653 (YEAR 4) Academic Honesty Academic Honesty is a serious issue at the Higher Colleges of Technology. Any student who attempts to gain marks dishonestly during an assessed task is considered to be cheating. Any student who helps another student to gain marks dishonestly during an assessed task is considered to be cheating. The penalty for cheating is permanent dismissal from the Higher Colleges of Technology. الأمانة الأكاديمية إن الأمانة الأكاديمية مسألة مهمة في كليات التقنية العليا. ولهذا تعتبر محاولة أي طالبة الحصول على درجات أكاديمية أثناء الامتحان بشكل غير أمين غشاً. وأية طالبة تساعد طالبة أخرى على الحصول على درجات أكاديمية أثناء الامتحان بشكل غير أمين، يعتبر غشاً أيضا. إن عقوبة الغش هي فصل الطالبة نهائياً من كليات التقنية العليا. Issue date: Section: DUBAI WOMEN’S COLLEGE Due date: 13th April 2017 Safe Assign will be open for submission on the above dates. Assessment Number Outcomes Weightage Due Date Assessment—Submission of Individual Project Assignment All As on HCT Grade book Full Names Id Number: Section Number: Date: Signature: Signature: Signature: Signature: The above is a table that identifies which group you belonged to in your first Task. You have to continue choosing the same country and same product. Instructions to Students: 1. Kindly ensure that you read the assignment topics very carefully and then attempt each task separately. 2. All students have to accept a uniform standard of Times New Roman, Font Size of 12. 3. Grammar check & spell check has to be completed or Marks will be deducted. 4. Information which is being taken from resources and books, journals has to be referenced. Write down the names of each group member very clearly with your Id number. 5. Submission is required in the Safe Assign & a hard copy is also to be submitted separately to your teacher. 6. Rubrics are provided separately by your teacher for each task. 7. Students are permitted to present information using graphs, pictures and tables if they want to. 8. Each attempted task has to be numbered separately 9. Each task has to be explained as per requirements with examples as and when required 10. Each concept learned throughout the semester has to be explained by giving real life examples. The Country Notebook—A Guide for Developing Marketing Plan (INDIVIDUAL) FINAL MARKETING PLAN: WORTH 30% I. Introduction (5 Marks) The MARKET A. Marketing objectives and Market Size (5 Marks) Expected sales & Profit Expectations Estimated industry sales for the planning year Estimated sales for your company for the planning year Market Segmentation, Target Marketing & Product (20 Marks ) Positioning i. Analysis your target market in terms of the customers and their profile. ii. Identify Potential Market Segments and the reasons you consider them potential market segments for your product iii. Detailed Description of Target Market(s) iv. Positioning Statement of your product/service Compare and contrast your product and the competition’s product(s) (10 Marks) You should give me information of at least 2 competitors Competitor’s product(s) a. Brand name b. Features c. Package Competitor’s prices Competitor’s promotion and advertising methods Competitor’s distribution channels The Product 10 Marks 1. Evaluate the product as an innovation as it is perceived by the intended market 2. Major problems and resistances to product acceptance based on the preceding evaluation Do you need to adapt your product to the market? Do you need to adapt your Packing? What are the Marking and labeling regulations What are the Containerization and costs involved? Promotion mix (10 Marks) Prepare a promotional strategy for your company in your country outlining these tools to help you. 1. Advertising a. Objectives b. Media mix c. Message d. Costs 2. Sales promotions a. Objectives b. Coupons c. Premiums d. Costs 3. Personal selling 4. Other promotional methods Distribution: From origin to destination 10 Marks a. Origin port and port selection b. Destination port Outline exactly how you plan to distribute your product in your country. Price determination (10 Marks) Transportation costs, Handling expenses, Customs duties, wholesale and retail mark-ups and discounts, company’s gross margin, retail price. Identify your pricing strategy, penetration or skimming? Pro forma financial statements and budgets 10 MARKS A. Marketing budget 1. Selling expense 2. Advertising/promotion expense 3. Distribution expense 4. Product cost 5. Other costs B. Pro forma annual profit and loss statement (first year and fifth year) Executive summary 5 Marks Sources of information & References 5 Marks Report Format 5 Marks The attached should help you complete your project. Marking Grade: Who are your customers? This includes actual and potential customers. Here provide as much detail as possible about ‘who’ your customers are, use the segmentation variables (demographic, psychographic, geographic, and behavioral) to help describe your target market(s). You can use the information in the tables below to help identify characteristics of the market segment(s) that your business is targeting or you believe could be viable market segments. Identify as many segments as possible! You may need to use the space on the next page. Table 1: Segmentation Variables for Consumer Markets Type of Variable Examples Behavioural Benefits perceived/expected, occasion/rate of usage, user status, loyalty status, attitude towards product and usage, technological orientation, price sensitivity Demographic Age, gender, family status, household size, income, occupation, education, race, nationality, religion, social class Geographic Location by country, region, Emirate, city, neighborhood, distance Psychographic Lifestyle, activities, interest Table 2: Segmentation Variables for Consumer Markets Type of Variable Examples Behavioural Purchasing patterns and process, user status, benefits expected, supplier requirements and evaluation, attitude towards product and usage, technological orientation, loyalty status, order size/frequency Demographic Industry, business size, business age, ownership structure Geographic Location by country, region, Emirate, city, neighborhood, distance Who are your customers? (continued)   What do you know about your potential target market(s)? How big is the market? How much money do they have to spend? Etc…. You should also look at the influences on your potential customers…..cultural, social and personal. This section may involve some secondary research. Segment 1: Segment 2: Segment 3: Segment 4: Why do you think each segment that you have identified is attractive or unattractive for your business to target? [Segment Evaluation] Screen out segments that are extremely unsuitable or unattractive, based on poor fit with the firms resources, goals, mission, and priorities Then evaluate each market segment (not all will be relevant for every business and segment) based on the factors detailed in the table below: Table 3: Assessing Segment Attractiveness Evaluation Category Examples Market Factors How attractive is the market segment? [Size, growth rate, life-cycle stage, predictability, price elasticity, bargaining power of buyers, potential for profitability, ability to influence other groups] Competitive Factors How much competition is there for this market segment? [Intensity of competition, quality, threat of substitution, degree of differentiation] Economic and Technological Factors Barriers to entry and exit, bargaining power of suppliers, technology utilization, investment required, margins Business Environment Factors How much influence will the macro-environment have on your businesses ability to service the segment? [Economic fluctuations, political and legal, social, environmental, technological] – Macro-environment factors can be sourced from the PESTLE analysis Segment 1: Segment 2: Segment 3: Segment 4: Based on the evaluation from the previous page identify the segment or segments that you believe should be targeted by your business What information will you need to find out from a sample of your target market in order to make decisions about product strategy, pricing strategy, promotion strategy and place strategy? What other information will you need to help you improve any other parts of your marketing plan? List the information you require here (it may help to identify why you need this information):   What questions will you ask a sample of your target market in order to find out the information that you identified was needed on the previous page? Brainstorm as many questions as possible – then select the most important ones for your actual questionnaire. Product and Brand Strategy What needs does each of your businesses products satisfy? Use your knowledge of the market and your targeted segment, identify at least one specific customer need that each of your products (good or service) is intended to satisfy. Product Need Can any of the product features be improved to better satisfy the needs that you have identified in the table above? Can extra product features be added to better satisfy the needs identified above? Identify how your improvements will help to create customer value...be as specific as possible. Don’t worry yet whether any improved features are realistic or not….just list ways that you could improve. Improvement 1: Improvement 2: Improvement 3: Analyse whether or not the product improvements that you have identified are feasible or not. Are the features too expensive to include in a competitively priced product? Are the features consistent with the rest of the marketing plan? Are they necessary to compete with competitors products? What supplementary services (if any) would enhance the value of your offering? [Would you offer supplementary services to any customers, to all customers, or to selected segments – Why (what value do they create for the customer?) and how?] Supplementary Service 1: Supplementary Service 2: Supplementary Service 3: Can the packaging be improved? [Can or should you design (or redesign) your packaging to improve your competitive standing or enhance the aesthetic appeal of your product. How would you do this?] [Are there any legal requirements …e.g., labeling requirements for food]   Could you better differentiate your product by modifying the brand? [Is there anything that you could do to make your brand more memorable, distinctive, recognizable and appealing?] [Is it worthwhile to modify the brand? Has too much been invested in the current brand? Will changes to the brand make a difference? If you want to change the brand you will need to identify what is wrong with the current brand]   Pricing Strategy What objectives do you want your pricing strategy to achieve? [Financial, Marketing, Societal – you do not need to have all objectives] Objective 1: Objective 2: Objective 3: What elements contribute to the businesses total price? [What are the total benefits for consumers, what are the intangible benefits (e.g., status) – How much are these benefits worth?] What do you know about the Price Elasticity of Demand for products such as yours? [Can you find any public information about how customers have reacted to changes in price for similar products – secondary research] [How do you think customers would react to a change in price] Do you have an idea about the costs involved in producing your product? Fixed Costs Variable Costs Total Costs What prices do the businesses competitors charge for similar products? Do a little bit of research and identify what prices competitors are charging for similar products. What effect will this information have on your pricing decisions? Should you charge the same price for each customer / situation? [Fixed pricing v Dynamic pricing] Is there a reason to charge different prices for different customers? Should you charge more or less depending on the situation? (e.g., less in summer, more in winter) Pricing Tactics List here any pricing tactics that you believe would help your organisation (e.g., skimming, penetration, quantity discount, bundling ….etc….. Pricing Tactic 1: Pricing Tactic 2: Pricing Tactic 3: Channel Strategy Draw a diagram of the value chain here How does money, information and products flow?   Where does your target market expect to be able to buy your product from? Make a list of all the places that a potential customer would expect to be able to purchase your businesses product (and any new products that you have proposed) – You should also evaluate whether it is feasible for your business to utilize all of the outlets that you identify. You should also consider here whether you should have an intensive, selective or exclusive distribution strategy.   How many channel levels does your business have? How many channel levels do you think it should have? [Should your company use wholesalers, retailers etc….or should they sell direct to the consumer? Why?] [It may help to draw a diagram of the channels used here]