[DEVELOP A MARKETING PLAN FOR A NEW OR EXISTING PRODUCT] THE LION FOUNDATION YOUNG ENTERPRISE SCHEME ASSESSMENT AS 91382 V1 (3.4) DEVELOP A MARKETING PLAN FOR A NEW OR EXISTING PRODUCT 6 Credits, Level 3 Version 1 STUDENT NAME: TEACHER: OVERALL RESULT: ASSESSOR SIGNATURE: STUDENT SIGNATURE: DATE: N/A A M E [DEVELOP A MARKETING PLAN FOR A NEW OR EXISTING PRODUCT] ACHIEVEMENT STANDARD Subject Reference Business Studies 3.4 Title Develop a marketing plan for a new or existing product Level 3 Credits 6 Assessment Subfield Business Operations and Development Domain Business Studies Internal Status Registered Status date 17 November 2011 Planned review date 28 February 2014 Date version published 17 November 2011 This achievement standard involves developing a marketing plan for a new or existing product. ACHIEVEMENT CRITERIA Achievement •• Develop a marketing plan for a new or existing product. Achievement with Merit Achievement with Excellence •• Develop an in-depth marketing plan for a new or existing product. •• Develop a comprehensive marketing plan for a new or existing product. © Young Enterprise Trust 2015 All rights reserved. No part of this resource may be reprinted or reproduced or utilized in any form or by electronic, mechanical, or other means (including photocopying and recording, or in any information storage or retrieval system), without permission in writing from the Young Enterprise Trust unless such is undertaken by the school to which this resource has been issued for the purpose of delivering enterprise or financial literacy education. Disclaimer: The Young Enterprise Trust cannot be responsible for any liability whatsoever (whether arising in contract, tort (including negligence), equity or breach of statutory duty) arising directly or indirectly from any classroom enterprise or any other activity forming part of the Young Enterprise Trust’s programmes and resources. Doc ID: YES-052-1 [2] [DEVELOP A MARKETING PLAN FOR A NEW OR EXISTING PRODUCT] EXPLANATORY NOTES 1. This achievement standard is related to the Teaching and Learning Guide for Business Studies, Ministry of Education, at http:// seniorsecondary.tki.org.nz/; The New Zealand Curriculum, Learning Media, Ministry of Education, 2007; and Te Marautanga o Aotearoa, Ministry of Education, 2008. •• including a Māori business concept(s) where relevant to the marketing plan. Develop a comprehensive marketing plan typically involves evaluating the market situation, creating a thorough marketing strategy and writing a thorough marketing plan through •• integrating business knowledge relevant to the marketing plan Assessment will involve a selection from the business content and concepts related to Business Studies Level 8 Learning Objective One in the Teaching and Learning Guide for Business Studies. •• integrating a Māori business concept(s) where relevant to the marketing plan. 3. Marketing aims refer to mission statement and corporate objectives. 2. Develop a marketing plan typically involves setting marketing aims, explaining the market situation, creating a marketing strategy and writing a marketing plan through 4. The market situation refers to marketing audit, SWOT analysis, marketing assumptions. •• stating business knowledge relevant to the marketing plan 5. Marketing strategy refers to marketing objectives, SMART goals, forecasting, contingency plans. •• stating a Māori business concept(s) where relevant to the marketing plan. 6. Marketing plan refers to marketing budget and detailed action plan for implementation and future monitoring. Develop an in-depth marketing plan typically involves fully explaining the market situation, creating a sound marketing strategy and writing a sound marketing plan through 7. Conditions of Assessment related to this achievement standard can be found at www. tki.org.nz/e/community/ncea/conditionsassessment.php. •• including business knowledge relevant to the marketing plan Replacement Information: This achievement standard replaced unit standard 22857. QUALITY ASSURANCE 1. Providers and Industry Training Organisations must have been granted consent to assess by NZQA before they can register credits from assessment against achievement standards. 2. Organisations with consent to assess and Industry Training Organisations assessing against achievement standards must engage with the moderation system that applies to those achievement standards. Consent and Moderation Requirements (CMR) reference [3] 0233 [DEVELOP A MARKETING PLAN FOR A NEW OR EXISTING PRODUCT] STUDENT INSTRUCTIONS SHEET OVERVIEW You are required to develop a marketing plan for your YES/chosen product or service. Please note you are not limited to your YES product or service. You are required to: 1. Set marketing aims to support your mission statement and company objectives 2. Explain the market situation for your product - this means you must carry out a marketing audit, conduct primary market research, summarise your findings into a SWOT analysis and detail any marketing assumptions (conclusions that you have drawn from your marketing research). 3. Prepare a marketing strategy by setting marketing objectives and SMART goals to reach your marketing aims, prepare a marketing mix (the 4P’s) and a sales forecast. This will also include creating a contingency plan should your sales forecast not be met. 4. [4] Prepare a Marketing Plan by creating a detailed action plan to implement implementation of the marketing strategy, Prepare a marketing budget that links to the costs of the marketing strategy as detailed in your action plan, paying particular attention to promotional acitivity. The action plan should include how you intend to monitor your actual sales against forecast sales to alert you to implement your contingency plan if required. [DEVELOP A MARKETING PLAN FOR A NEW OR EXISTING PRODUCT] Tasks INSTRUCTIONS Throughout the tasks, refer to the “Marketing PowerPoint’ in the Appendix 1 and Marketing strategy in Appendix 2. [ Task 1 ] Marketing Aims •• State your mission statement and your SMART corporate objectives (key business goals) [ Task 2 ] Market situation As a group, complete a marketing audit which evaluates the current market place against your marketing aims. Use a selection of the following tools, as appropriate for your business, to help you complete your market audit: •• Porters Five Forces Model •• ANSOFF grid (only appropariate if an existing business) •• Boston Matrix •• PEEST •• Product Life Circle •• You must also complete a SWOT analysis Summarise and fully explain your findings to detail where you perceive you currently fit into the market place. [5]