MNM4805 Assignment 2 (ANSWERS) 2026 - DISTINCTION GUARANTEED

Comprehensively structured MNM4805 Assignment 2 (ANSWERS) 2026 - DISTINCTION GUARANTEED. Prepared to a distinction standard with detailed and well-developed responses.. Market and marketing strategies General details of the overall generic strategies, market and marketing strategies: • Set out the overall generic strategic direction or market and marketing strategy (e.g., growth, differentiation, focus, low cost, harvest). Discuss in detail the overall generic strategy you intend to follow with the company’s strategic marketing plan. Do not simply state that you will follow a differentiation strategy. Identify which differentiation strategy you will follow and explain the basis of this strategy. You can also combine certain market strategies. For example, you may choose to follow a differentiation strategy based on unique features combined with a focus strategy. Make sure that you describe the combination in detail. • Define target market(s) in detail. Use the different bases of segmentation to describe your target markets (demographic, psychographic, behavioural and geographic variables) or link your target market with the various LSMs or other segmentation criteria. • State how the marketing objectives should be achieved. Specify the strategies employed for the product, price, promotion and distribution for each specific target market. Apply the additional Ps (people, physical evidence and processes), where appropriate, for a service business. The marketing strategy is the most important component of the marketing plan and should therefore be your main focus. Develop your strategies in detail. Refer to your Marketing I to III textbooks or any other marketing textbook to determine which topics you should address when developing strategies. Remember to be creative. Do not simply restate the company’s old strategies – develop new and innovative ones. The marketing strategy should follow the objectives that were set. For example, you cannot set a marketing objective to withdraw some of the products and then formulate a strategy to increase the sales of the same products. The objectives and strategies must correspond. It is important to recognise that the marketing objectives, strategies and action plans are the most important components of the marketing plan; therefore, you should focus on them when compiling the marketing plan. Too many students write 12 pages on the situation analysis and then only four pages on the marketing strategy and action plans. Devote a lot more effort to developing DETAILED marketing strategies. Broad and vague strategies are meaningless. Develop your strategies in detail by stating exactly what you will be doing over the next five years. MNM4805/102/0/2026 9 6. The traditional marketing mix strategy for products and the additional three Ps The following elements should be covered in your strategies, at the very least: Product Promotion Place Price Physical good Quality level Accessories Packaging Warranties Product lines Branding Service Promotion blend Salespeople Selection Training Incentives Advertising targets Media types Sales promotion Publicity Direct marketing Public relations Internet and other electronic media Channel type Exposure Intermediaries Outlet location Transportation Storage Managing channels Objectives Flexibility Price levels Terms Differentiation Discounts Allowances The value mix for services comprises product, price, place (distribution), promotion, people, processes and physical evidence. The additional three Ps that should be addressed for service products are as follows: People Physical evidence Process Employees Recruiting Training motivation Customers Education Training Communicating culture and values Aesthetics Sounds Smells Sights Design factors Interior Exterior Social factors Communication factors Flow of activities Standardised Customised Number of steps Complex Simple Level of customer involvement 7. Action programmes • Divide the marketing strategy into action programmes and allocate specific tasks to specific people. Remember, implementing a single strategy often requires more than one action or activity. • Provide the time scheduling. Indicate who does what, when (time frame) and with how much money. Remember that action plans identify short-term activities that need to be carried out. Some of these activities might take a week to perform; others might take a month or three months. Whatever the case, you need to identify the start date and the end date, for example, 1 July 2024 to 31 July 2024. With the action programme, you must use the marketing objectives and strategies you set as guidelines. In other words, for each objective and strategy you have formulated, you must explain who the responsible person would be, what actions should be taken to realise the strategy, when the actions would take place and what it would cost. It is a good idea to do this in table format. See the following example: MNM4805/102/0/2026 10 Objective Strategy Actions Responsibility Time Cost Objective Strategy Action 1 Action 2 Action 3, etc XXX XXX XXX XXX–XXX XXX–XXX XXX–XXX XXX XXX XXX Objective Strategy Action 1 Action 2 Action 3, etc. XXX XXX XXX XXX–XXX XXX–XXX XXX–XXX XXX XXX XXX 8. Marketing budget Provide a forecast statement of income and marketing expenditure for the planning period. The information does not have to be accurate, but at least try to keep it realistic. As long as the marker can see that you know what kinds of income and expenditure relate to the marketing of products, you will be awarded marks. Regarding the budget, it is important to remember the following: If it will cost money to execute your strategies, they should be in the budget. Training costs money, so include it in the budget; competitions cost money, so include them in the budget. Do not forget to identify sales targets. With a bit of effort, you can find out what the actual costs incurred by a company would be. If you log on to the websites of many magazines, newspapers, television channels or any other media, you can access their advertising rates. For example, brochure development costs can be obtained from advertising agencies and from printers. All that is required is a bit of initiative and effort on your part. 9. Control Firstly, it is important to identify what will be controlled. Then you must indicate who will exercise control, and how, when and how often control will be exercised over the marketing plan. Identify the key areas or aspects that need to be controlled and then address each of the questions mentioned previously. It is particularly important that you spend some time and effort on explaining how you will exercise control over the many aspects. Identify the methods and provide some insight into what will be done. MNM4805/102/0/2026 11 Please complete and attach a copy of the Declaration of own work (see Addendum D) to your answer file.