MK101 Marketing Plan Report 2 Sample

MK101 Marketing Plan Report 2

Marketing – Report

• This is a group assessment, and each group should consist of no more than 2 students.

• Assessment 2 has two components – Your marketing plan and presenting your marketing plan.

1. Marketing Plan 

This task requires you to show that you are capable of applying the concepts that you studied in class in a real business setting. Assume that you intend to establish a business or you have an established business and plan to market a specific product identified based on your interest. Develop a marketing plan for this product.

Complete the following four tasks and write your marketing plan.

1. Introduction – Your business and the product.

2. Conduct a SWOT analysis – Analyse your business strengths, weaknesses, opportunities, and threats.

3. Conduct a competitor analysis – Identification of unique selling points of your product, analysis of competitors – Their products, prices, Place, and promotion.

4. Develop a marketing strategy/How you plan to market your product – Your product,
price, Place, and promotion strategy.

Marketing Plan Format:

As a guide, use the Marketing Plan Template available through the Australian Government’s

Business website.
https://business.gov.au/planning/business-plans/develop-your-marketing-plan

Solution

Our vision

[Consider what you want your business to accomplish in the long term. What are your ultimate goals? Be passionate, powerful and inspiring.] 

Our hopes, dreams and where we aim to go.

At " Mugs & Magic," business's definitive objective is to make a reality where each taste of espresso gives pleasure and wizardry into individuals' lives. In the coffee industry, business envisions a future where our brand is synonymous with excellence, innovation, and sustainability. Business tries to move and elevate espresso darlings by giving them an unprecedented espresso experience that goes above and beyond. By constantly pushing boundaries, exploring new possibilities, and cultivating a profound appreciation for the art of coffee, business hope to revolutionize the coffee industry.

Our mission 

[Consider the purpose of your business and define what it does for your customers. What do you do, how do you do it and why do you do it?]

Who we are and why we exist.

With business unwavering dedication to sustainability and quality, business hope to become the world's leading provider of exceptional coffee. Authorities want to be the destination of choice for coffee connoisseurs, offering a wide range of one-of-a-kind and ethically sourced coffees from around the world. Business hope to establish a coffee-loving community of individuals who share the commitment to excellence and environmental consciousness. 

Products and services

What we’re selling.

One of the particular contributions is Affocado, a mix of rich, full-bodied espresso joined with the velvety and smooth surface of avocado. Affocado is a one-of-a-kind creation that combines the flavorful aromas of coffee with the velvety goodness of avocado to bring out the best of both worlds. At "Mugs & Magic," buisness are focused on constantly enhancing and growing our item range, offering a different determination of single-beginning espressos, and specialty drinks. Each product must meet our stringent requirements for flavor, sustainability, and quality.

Expected demand

How much of our product/service we expect customers will want to buy over the next year.
Business offer a variety of coffee-related accessories and merchandise in addition to the coffee offerings, enabling the customers to enhance their coffee experience at home or on the go. Business strive to provide everything coffee enthusiasts need to make their ideal cup of magic, including eco-friendly travel mugs and artisanal coffee brewing equipment.

SWOT analysis

Our business strengths, weaknesses, opportunities and threats. 

How we’ll address each weakness and threat

Through social media campaigns, partnerships with influencers, and targeted advertising, business will invest in comprehensive marketing strategies to raise brand awareness.

The Market

Market research

[Attach a copy of your research and findings to this plan. Visit our How to research your market page for more information. Market research can help you to get an understanding of problems customers face and opportunities in the market.]
Research we’ve done to analyse the market.

In order to learn more about the preferences, preferences, and pain points of coffee drinkers, local communities, and potential customers, business carried out online surveys. Business broadly concentrated on the contributions, estimating methodologies, and client criticism of existing espresso providers to distinguish holes and potential open doors on the lookout.

The Problem

[What issues do your potential customers face in the current market? Is there a lack of your service type in a particular suburb? Is the product supplied by other businesses expensive?]

The market problem/s that we aim to solve for customers. 

Clients are many times overpowered by the huge number of espresso brands, mixes, and flavors accessible, making it trying to find the right espresso that lines up with their inclinations.

Our solution

How our business solves the problem – our unique selling point. This is how we’ll succeed in the market.

Business cautiously curates our espresso contributions, zeroing in on a mindfully chosen scope of superior grade, single-beginning and specialty mixes. By reducing the decisions, Business work on the dynamic interaction for clients, guaranteeing they can trust the quality and kinds of our espressos.

Our target market

[Not everyone will want your product or service, so make sure you research the market and have a clear picture of who you’re targeting. This helps focus your marketing efforts and improve your chances of success. Describe your targeted customers for example by gender, age, income, location or education.]

The group of customers that we aim to sell our products or services to. 
The business goal is to pique the interest of coffee connoisseurs who value coffee's art and are looking for exceptional, one-of-a-kind coffee experiences. Business is looking for people who place a high value on sustainability and ethical business practices when making purchases. Products that are good for the environment are important to them, and they are willing to support brands that share their values.

Sales Targets

How much we plan to sell over the next year.

Starting with a monthly goal of 500 units of the base product and gradually increasing as managers build brand recognition and customer loyalty, they want to consistently increase monthly sales. Business want to accomplish a significant expansion in income contrasted with the earlier year, going for the gold of 20% development year over year.

The Competition

The top 3 businesses we’re competing against, what they do well and not so well. What we’ll do differently to succeed in the market.

Goals and Actions

[Try to make your goals SMART:  specific, measurable, achievable, relevant and time-bound. For example, increase online coffee sales by 10% over the next 12 months.]

Goals for Next year

Goals for the next 3 years

Marketing strategy

[Read our marketing page to learn about the 5 ‘P’s’ of marketing – the product, price, place, people and promotion.]

Product or service

Where our products/services fit in the market. What makes them different from our competitors’ products/services.

Price

[Explain your pricing strategy and why you chose it. Does the price cover all costs such as staff, production and operations? Have you added a profit margin? What price will your target market bear? Do your prices account for any seasonal variations in costs?]

How we set the prices for our products/services.

Business direct careful expense investigation to decide the creation and appropriation costs of Affocado.

Place – our sales and distribution channels

[How will you deliver your product or service to customers? Think about your target audience when you decide on distribution channels.]

People – customer management

[How will you maintain good relationships with your customers and keep them coming back? Will you have customer service standards? Check our Customers topic for more information.]

To ensure a positive customer experience, the customer service team ensures prompt and helpful responses to questions and concerns.

People – sales and marketing staff

[List your existing or required sales and marketing staff.]

Promotion and advertising

[Choose channels that suit your target market. For example, social media use varies across different age groups. Learn about choosing the best channels to communicate with your customers.]

The channels we’ll use to promote and advertise to our target customers.

Marketing Review

[Describe how you’ll regularly review the impact of your planned marketing activities. What were the results for the promotional period? What were your sales figures? How many new/repeat customers did you receive? How many visitors to your website?]

The Finances

[Use your financial statements and forecasts to complete this section. For help with start-up costing, balance sheet, profit/loss and cash flow check our financial templates.]

Expected Sales 

[Describe your expected sales figures and any seasonal influences.]

Our expected sales for the next year.

Increase 20% profit within six months

Marketing Budget

[You can base your budget on the example below, use your own budget or ask your accountant for help. Figures include GST.]

Supporting document checklist

Attached documents (where relevant): 

☐ Balance sheet forecast (including assumptions)

☐ Cash flow statement forecast (including any assumptions)

☐ Market research

☐ Profit and loss forecast sheets (including any assumptions)

☐ Staff resume/s

References 

Abuabara, L., Paucar-Caceres, A. and Burrowes-Cromwell, T., 2019. Consumers’ values and behaviour in the Brazilian coffee-in-capsules market: Promoting circular economy. International Journal of Production Research, 57(23), pp.7269-7288.

Ibrahim, B., Aljarah, A. and Sawaftah, D., 2021. Linking social media marketing activities to revisit intention through brand trust and brand loyalty on the coffee shop facebook pages: Exploring sequential mediation mechanism. Sustainability, 13(4), p.2277.

Marsiwi, C.K.K., Syah, T.Y.R., Pusaka, S. and Indradewa, R., 2019. Investment feasibility analysis in financial aspects of startup business in lifestyle combining barbershop and coffee shop over Pt. Jeeva Work Corporation. Journal of Multidisciplinary Academic, 3(4), pp.97-100.

Sedana, G. and Astawa, N.D., 2019. Establishment of inclusive business on coffee production in Bali province: lesson from the coffee development project in Nusa Tenggara Timur province, Indonesia. Asian Journal of Agriculture and rural Development, 9(1), pp.111-122.

Sitorus, N.B., Juliana, J., Maleachi, S., Djakasaputra, A. and Prabowo, G., 2021. Café marketing strategy analysis in the Covid-19 pandemic. International Journal of Social and Management Studies, 2(5), pp.44-53.

Soedarsono, D.K., Mohamad, B., Adamu, A.A. and Pradita, K.A., 2020. Managing Digital Marketing Communication of Coffee Shop Using Instagram. International Journal of Interactive Mobile Technologies, 14(5).

Watini, S., Latifah, H., Rudianto, D. and Santoso, N.A., 2022. Adaptation of Digital Marketing of Coffee MSME Products to Digital Transformation in the Era of the Covid-19 Pandemic. Startupreneur Bisnis Digital (SABDA Journal), 1(1), pp.23-32.

Yanuar, D., Azman, Z., Nurrahmi, F. and Kamara, F., 2021. The Use of Viral Marketing Through Instagram to Increase Brand Awareness. Ultimacomm: Jurnal Ilmu Komunikasi, 13(1).