Building upon the work completed in your previous assignment, you are required to suggest either:• an entirely new product that can be introduced to the market;• an alteration to an existing product.Your new or amended product must assist the organisation you have analysed in achieving itsbusiness mission and goals.In doing so, it is expected that you will:1. Clearly identify the business’ vision and mission;2. Clearly understand the current market situation of the or consider opportunities andthreats for the future;3. Determine marketing objectives that will assist the organisation in moving further towardits business vision and mission;4. Develop a high-level marketing plan that provides an outline for the company to follow.Section 1 – Identify Business Vision and Mission (suggested word count: 100 words)To get started, identify what you believe the business mission to be for the company you areworking on. You may get this information from their website, interviews with business leaders,publications and reports, or potentially through personal conversations with business leaders orowners.Section 2 – Conduct a Marketing Audit (suggested word count: 400 words)In chapter 10 you learn how to conduct a Marketing Audit. Based on all the information gatheredand analysed in the first section of your assignment, conduct a marketing audit to understandwhere the business currently sits, and therefore, what it might need to do in order to get closer tofulfilling its mission. When doing so, make sure to use and record the tools and frameworksprovided in your learning materials.If you have chosen your own venture idea to focus on in Assignment 1, consider the followingprompts for this section:1. Where is the business now (at what stage of the new venture development)?2. How did the business get to where it is?3. Where is the business heading (the main focus)?Section 3 – Determine Marketing Objectives (suggested word count:250 words)Based on the marketing audit you have conducted, identify SMART marketing objectives(maximum of 5) utilising the Ansoff Matrix. This will assist your company in moving toward itsvision and mission.In this section, you will need to decide if a new product should be introduced to the market, or if anexisting product can be adjusted to better perform.Page 3 of 10Note: It is not acceptable to state that no improvements can be made – there is always room forimprovement. If you are working on a venture concept, you will need to focus on developing a newproduct.Section 4 – Develop a High-Level Marketing Plan (suggested word count: 1000 words)Create an outline marketing plan that will set out your organisation’s goals and show how you aregoing to achieve them. This should incorporate analysis from the marketing audit and theorganisation’s mission and goal,This should include:• Customer segments to target;• The top competitor in the industry;• Market positions to attract selected target markets;• Details of the marketing mix for the selected product(s) to attract target market;• IMC plan with selected channels and messages.According to the objectives you have set and the results of your audit, your plan may have smallor large changes to the current situation is. Regardless of the outcome, full justifications must beprovided for your plan – i.e. you should ensure that you justify all of your recommendations usingthe information you have gathered about the company and its market.Section 5 – Conclusion (suggested word count: 250 words)This section should summarise the report and focus on providing a set of final recommendationsfor the implementation of the proposed marketing plan. Your conclusion can be structured as arecap of each section (sections 1 to 4), or you can choose to focus on summarising the high-levelmarketing plan.10 references
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