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In your role as a Trainee Marketing Executive for an airline used in part 1, you have been working hard on preparing the roll out of a premium service for First Class passengers. This new service will be positioned in a distinctive and inviting way that combines luxury, value and comfort.
You now need to develop a compelling and creative marketing plan for the new product. It must clearly articulate a bold marketing strategy and include tactical actions that are clearly aligned to the overall organisational objectives. Your marketing plan also needs to incorporate a media plan as part of the overall marketing campaign.
In producing the marketing plan, you will need to address the following areas:
- How the strategic marketing plan links with the overall organisational mission, corporate strategy and objectives
- Clear and SMART marketing objectives
- Marketing research to support the new product/service launch.
A situational analysis, including:
o Marketing audit, making use of appropriate analytical tools including SWOT, PESTLE and 5C analysis
o Competitor analysis including the market segmentation, targeting and positioning, SWOT and PESTLE
o Comparative analysis such as Boston Matrix analysis
o Articulation of the new product value-proposition in the eyes of the customer
o Development of the marketing strategies applied to the extended marketing mix.
o Setting of an overall marketing budget, including allocation of planned spend and tactical actions.
o Identifying appropriate control and monitoring measures to ensure achievement of objectives including metrics to measure success such as Return on Marketing Investment (ROMI) and Customer Lifetime Value (CLV).
A comprehensive media plan that supports the planned marketing campaign, this will include:
o A media budget
o Recommendations and rationale for selected and integrated multi-media activities within the set budget that meet the marketing objectives
o Appropriate digital, offline and social media channels for communication
o Full justification for a multi-media plan based on quantitative and qualitative criteria
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