ASSIGNMENT #3-“Marketing Plan” Word Limit It should be approximately 2,000 words. The Task With the help of ASSIGNMENT #3 FORMAT GUIDE that follows on the next page, prepare a Marketing Plan for product or service of your choice offered in the Northern Territory. You MUST integrate all relevant theory from the lecture notes and the Textbook. Also the usage of web-sites, company information, newspaper articles and other applicable sources is highly recommended. A standard Marketing Plan follows the following structure and is explained in more detail on the next page. THE MARKETING PLAN Due Sunday, Week 10 by midnight using Learnline system (on-line submission) I. Introduction  Executive summary III. Situation Analysis  Company’s description  Competitor analysis II. Objectives  Marketing Plan Objectives IV. STP Analysis  Segmentation  Targeting  Positioning VI. Evaluation  Evaluation and Control V. Marketing Strategy  7P’s of Marketing  Implementation Strategy ASSIGNMENT 3: FORMAT GUIDE I. INTRODUCTION A. Executive Summary  Outlines the purpose of your marketing plan  It provides a summary of your key points/recommendations made in each section of the marketing plan (~ 300 words) II. OBJECTIVES B. Marketing Plan Objectives (~ 200 words)  Briefly identify 2-3 objectives of the company’s marketing campaign  What does the company want to achieve, both overall (brief) and with this marketing plan (more detailed). III. SITUATION ANALYSIS C. Company’s Description (~ 100 words)  Description of the company and its current products. Elaborate a bit on your choice of the specific product.  How is the company/product positioned in the Northern Territory /State market?  Company must be aware of its strengths and weaknesses through internal and external analysis and look for market opportunities and threats. D. Competitor Analysis (~ 100 words)  Who are the company’s major competitors?  What threats do they pose to the company/ chosen product? IV. STP ANALYSIS E. Segmentation-Targeting-Positioning (~ 400 words)  The analysis proceeds by assessing the market in which the company functions, the products it currently offers or plans to offer in the future, and the characteristics of current or potential customers.  Segments - Identify a large, homogenous customer base, or several smaller market segments. (~ 200 words)  Target - Which segments should the company target for the chosen product? Justify your choices. Describe each segment's customer characteristics. (~ 100 words)  Positioning – What is the current positioning of your product in your target market. Are you happy with the position? (~ 100 words) V. MARKETING STRATEGY F. 7 Ps of marketing (~ 500 words)  The marketing strategy may be very specific, especially if the plan pertains to, for example, a stable product in a familiar market, or it may be somewhat open to varied possibilities, such as when the company plans to enter a new market with an innovative product.  For your target market, devise a set of strategies to attract and retain them.  Use '7 Ps of marketing'  Identify your tactical marketing mix using the 7 Ps of marketing. If you can choose the right combination of marketing across product, price, promotion, place and people, your marketing strategy is more likely to be a success. G. Implementation Strategy (~ 200 words)  This portion of the marketing plan includes the timing of promotional activities, when monitoring will take place, and how expansions likely will proceed. VI. Evaluation Metrics and Control H. Evaluation Metrics and Control (~ 200 words)  The company must have a means of assessing the marketing plan’s recommendations;  The marketing plan therefore must indicate the methods for undertaking this assessment, whether quantitatively or qualitatively. ADDITIONAL COMMENTS ON Assignment #3:  Use Headings & Sub-Headings, and make sure that you use paragraphs (i.e., one major idea per paragraph)!!! A well-structured essay is essential.  Please pay careful attention to grammar, clarity and punctuation—if I cannot understand what you are trying to say, then you will lose marks. PROOF READ YOUR ESSAY!!  Reference everything!! Every source, every idea not your own must be cited, including Textbooks, Journal Articles, Magazines, and Lecture Notes (Lecturer, lecture number, date). Don’t forget to include a Bibliography!!!!!!!