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MMK101 Marketing Fundamentals Assignment

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Reference no: EM133044292

MMK101 Marketing Fundamentals - Deakin Business School

Segmentation, Targeting, Differentiation & Positioning Strategy

Learning Outcome 1: Evaluate marketing concepts and critique their application within real-world scenarios.
GLO 1: Discipline-specific knowledge and capabilities
GLO 4: Critical thinking GLO 8: Global citizenship

Learning Outcome 2: Evaluate market information to develop segmentation, targeting and positioning strategies within culturally diverse environments.
GLO 1: Discipline-specific knowledge and capabilities
GLO 4: Critical thinking
GLO 8: Global citizenship

Learning Outcome 3: Demonstrate critical judgement to evaluate marketing strategies in different environments and contexts.
GLO 1: Discipline-specific knowledge and capabilities
GLO 4: Critical thinking
GLO 8: Global citizenship

Learning Outcome 4: Demonstrate the ability to source, interpret and share information in a digital world.
GLO3: Digital Literacy

Assignment Background: Purpose and Objectives

Your task:
The Management of Yogi Tea are proposing to re-enter the Australian market. You have been approached as a paid marketing consultant to develop a Marketing plan to determine whether this is a viable venture.

The assumed audience for the marketing plan is the management board of Yogi Tea's company in the United States, therefore it is expected that your marketing plan is written and presented in a professional manner.

Yogi Tea's story begins in 1969 when Yogi Bhajan, an inspired and inspiring teacher of holistic living, started teaching yoga in the west. He shared the wisdom and knowledge of Ayurveda and healthy living that he had mastered in India with his students while serving them a specially spiced tea, which they affectionately named "Yogi Tea." The recipe contained five traditional Ayurvedic spices: cardamom seed, cinnamon bark, clove bud, ginger root and black pepper.

Throughout the seventies and eighties Yogi Tea was served in yoga centers and vegetarian Golden Temple restaurants. Intrigued by the deliciously complex flavor and inherent benefits of this unique combination of spices, it wasn't long before several of the yogi's students were inspired to brew their own "Yogi Tea."

This grassroots endeavor blossomed into the Yogi Tea Company and before long packages of the rough, dried spices began to appear in natural foods stores. As demand increased, the spices were more finely ground, packaged and sealed into individual tea bags.

Now sold all over the world, YOGI TEA has continued to grow and expand its tea offerings with over 40 unique and delicious tea blends available in Europe.

Assignment Objectives

1. Analyse the Organic tea industry in Australia.

2. Identify a primary target market and develop a consumer persona using relevant segmentation variables for the Yogi Tea brand in the Australian market.

3. Determine Yogi Tea competitive advantage (differentiation) and develop a positioning strategy.

Assignment Specifics: Segmentation, Targeting, Differentiation & Positioning Strategy

Prior to beginning the assignment, you will need to think about which product within the Yogi Tea product range will be best suited to the Australian market.

The three objectives of the marketing plan that are to be completed in Assessment 2 are:

1. Analyse the tea industry in Australia.

2. Identify a primary target market and develop a consumer persona using relevant segmentation variables for the Yogi Tea brand in the Australian market.

3. Determine Yogi Tea competitive advantage (differentiation) and develop a positioning strategy.

Note the word count included in brackets are a suggestion only. Definitions and direct quotations are NOT required in assignment 2. Images, tables, and graphs are recommended to be used throughout the discussion.

To complete this assignment, please use the template provided and follow the instructions below. You should not deviate from the template structure.

1. Background
Company Overview - Provide a brief overview of the company, Yogi Tea, and its product offering. State the product you would like Yogi Tea to introduce to the Australian market i.e., your product choice.
Industry Analysis - The industry in which Yogi Tea will operate is the hot drink industry. Provide an overview (discussion) of the current industry situation and specific trends. Key industry data and the inclusion of images is recommended.

2. Consumer Market Segmentation

Segmentation - In a segmentation table, provide three (3) appropriate consumer market segments for Yogi Tea to consider targeting. You must include all four (4) bases (Demographic, Geographic, Psychographic and Behavioural) and a minimum of two (2) variables within each base (except Geographic where you may include one (1) variable). Key words only should appear in the table e.g., 18-34 year old.

3. Target Market and Consumer Profile - consumer profile not included in the word count)

Target Market - Select ONE consumer market segment from your segmentation table in 2.1 which you believe is the most attractive for Yogi Tea to target. Justify your recommendation of the consumer market segment. In your justification, provide a rationale for your choice of segmentation variables and an approximate target market size, supported with evidence from credible references.

Consumer Profile/Persona - A consumer persona is a semi-fictional customer description of your ideal customer. Based on your findings from sections 2.1 and 3.1 e.g., demographics, psychographs, lifestyle, motivations, and behaviour develop a persona for the ideal consumer. A consumer persona template has been provided.

4. Differentiation and Positioning
Differentiation Strategy - Using the most appropriate of the five bases of differentiation (product, image, service, people, channel), explain and justify how you would differentiate Yogi Tea market offering in the mind of the consumer i.e. what is their point of difference in the marketplace.

Positioning Strategy - Provide a positioning statement for Yogi Tea.
Positioning Map - Depict your positioning strategy using a perceptual/positioning map diagram which demonstrates your brand relative to the competition in the hot drink industry. Provide a brief description on where you have placed Yogi Tea relative to their competitors, and why.

Standard of communication in plan (10 marks -5 marks for presentation and language and 5 marks for research)
- Business report format
- Appropriate use of digital resources - skills that you will have developed from completion of the compulsory Essential Digital Literacy task
- Concise, clear, and professional business language
- Use of credible and relevant sources (minimum of five different sources, with at least two of these being peer reviewed sources e.g., journal articles)
- You must justify your choice of strategies using secondary sources e.g., books, magazines, journal articles, webpages etc. Websites allowing individual contributions should not be used e.g., Wikipedia, marketing

Attachment:- Marketing Fundamentals.rar

Reference no: EM133044292

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