Marketing Management and Digital Communications

 

MRKT20052: Marketing Management and Digital Communications
Term 2, 2019

Assessment 2: Marketing Plan

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Submission date: <>
Word count: <<2500>>


Campus (tick one): MEL ◻  SYD ◻  BNE  ◻   DST ◻    Other (write): ____________



i.	Executive Summary

This report provides the marketing plan of Patch for their new product of Patch bandages. The organization has developed natural bandages made of organic bamboo fiber. The parent company is Nutricare. The organization aims to reduce environmental footprint by making organic patch strips for the wound.
The macro-environment is evaluated through PESTEL analysis and it provides a brief view of the external environment along with the growth opportunity for the product. The competitor analysis shows that Patch is competing with many big brands like Johnsons and Johnsons, Tensoplast, and Nexcare. The SWOT analysis helps to access the internal strength and weakness of the company along with future opportunities and threats for the company.
 	The customer analysis is based on the STP model where segmentation of customers of Patch has been discussed with targeting strategy. The positioning statement for the product projects how the unique features of Patch can attract more customers. The problem statement in the marketing plan highlights some problems which may be faced by the company. Three objectives are set to achieve within one year.
 	The marketing mix strategy includes product strategy, price strategy, place strategy, and promotion strategy. Both direct and indirect distributions are important for product selling to get more profit. Social media and digital media are used for advertising and promotional purpose. 
	The campaign evaluation evaluates each strategy and provides overall control measures for the marketing plan. It also states that a contingency plan is required if the marketing strategies do not work well. 
















Table of Contents
i.	Executive Summary	2
1.0.	Introduction	4
2.0.	Situation analysis	4
2.1.	PESTEL analysis	4
2.2.	Competitor analysis	6
2.3.	SWOT analysis	7
3.0.	Customer Analysis	8
3.1.	Segmentation	8
3.2.	Targeting	9
3.3.	Positioning	9
4.0.	Problem statement	9
5.0.	Objectives	10
6.0.	Marketing mix strategy	12
6.1.	Product strategy	12
6.2.	Price strategy	12
6.3.	Place strategy	12
6.4.	Promotion strategy	13
7.0.	Campaign evaluation	13
8.0.	Budget allocation	14
9.0.	Conclusion	14
10.0.	Reference List	16


















1.0.	Introduction
The parent company of Patch is Nutricare (Patch). The company was founded in the year 2016 by James Dutton. The patch is an incredible natural alternative for wound care. The company expands its business in more than thirty-five countries. The patch is trying to expand their business after launching of the natural wound strips- patch strips. Patch strips are made of bamboo fibers along with coconut oil, aloe vera and activated charcoal. Patch chooses natural ingredients which have benefits to soothe wounds fast. Patch strips are designed in such a way to be the most sensitive and natural wound care alternative in the market (Patch). The product ranges are made for children to adult people. Patch strips are latex-free, paraben-free, thimerosal-free and cruelty-free. The bamboos used in the making of patch strips are certified organic bamboos. Patch strips are hypoallergenic adhesive strips.
2.0.	Situation analysis
Situation analysis mainly assesses the internal and external environment of the business organization along with an idea of strong competitors of an organization.
2.1.	PESTEL ANALYSIS 
PESTEL analysis analyzes political, environmental, social, technological, environmental and legal factors which provide an understanding of the environment. The organization can understand with the help of PESTEL analysis whether their business can get competitive advantages or not (Aithal, 2017). 
Political	•	The political environment of Australia is partially linked with organizational performance.
•	Political influence is significant to the pharmaceutical industry of Australia.
•	The political situation in Australia is stable and it will influence the growth of Patch.
•	The trade policies are beneficial for the growth of the pharmaceutical industry like Patch.
Economical	•	The inflation rate is high in Australia so the product prices are increased. It can affect the business condition of Patch. 
•	The GDP of Australia has improved in the current financial quarter so this condition is beneficial for Patch strips.
•	The disposable income of consumers is increasing so they can buy products easily.
•	The unemployment rate in Australia is not increased since the last quarter so this situation may hamper the product sell rate.
Social	•	Consumer purchasing behavior is changing.
•	Consumers now wish to purchas 


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