MKTG6002 Marketing. Ass 3
Marketing – Report
The assessment task requires you to create a 3000-word strategic marketing plan for either a product or service offered by the company you chose for assessments 1 and 2. You will draw on your situation analysis from assessment 1 and your analysis of segmentation, targeting and positioning (STP) from assessment 2 to complete this assessment.
A marketing plan acts as a strategic roadmap that businesses use to organize, implement, monitor, and control their marketing strategy over a given period. It helps managers to understand the effective use of marketing mix and business strategies to target a specific market. This assessment provides you with the opportunity to apply the knowledge and insights developed in this subject to develop effective marketing strategies for a business product or a service. This assessment is designed to develop your understanding of:
• The importance of marketing in modern business practices;
• Marketing theories and their application in devising marketing strategies;
Factors affecting the exchange process; To enable developing insightful marketing strategies for a business.
Write a strategic marketing plan of up to 3000 words for either a product or service offered by the company you chose for assessments 1 and 2.
1.) Use the company you chose from assessment 1 as the basis for this assessment.
NOTE: If you selected your company using OPTION 1 in assessment 1 any material submitted as part of your assessment, must ensure that it does not breach upon any of the Host Organisation’s rights, including with respect to maintaining confidentiality, and sensitivity over the information shared.
2.) Select a product or service produced by your chosen company. This will be the focus of your strategic marketing plan
3.) Write a strategic marketing plan (up to 3000 words) in the given report structure below.
Your strategic marketing plan needs to include the following:
• A summary of your situation Analysis from assessment 1, including overview of strategies to address weaknesses and maximise opportunities.
• Discussion of marketing mix strategies, business strategies, and competitive advantage from assessment 2, including their implementation.
• An overview of the control measures taken to ensure implemented strategies are effective.
• A Financial evaluation of your strategic plan, i.e., budget.
4.) Please structure your strategic marketing plan as follows:
Brief overview (up to 200 words) of the findings of your strategic marketing plan. It is recommended that you write this part of your strategic marketing analysis last once you have completed the other sections of your strategic marketing plan.
A brief overview (up to 200 words) of your chosen company, including who they are, what they do, and the product or service that is the focus of your strategic marketing plan.
Summarise your findings of your situation analysis from Assessment 1, with specific reference to:
• Environment (PESTLE)
• Key Competitors (and how they compete)
• Identification of Target Market Segment(s)
• SWOT
Business Objectives for chosen product/service
Outline SMART objectives for the marketing of your chosen product/service.
Marketing Strategy Evaluation (from assessment 2)
In depth discussion of the following in relation to your chosen company
• Competitive Advantage and Positioning Evaluation
• Marketing Mix Strategy:
o Product / Service Specification(s)
o Product / Service Competitive Strategy
o Distribution and Logistics
o Pricing Evaluation
o Promotions
Financial Analysis
Provide a 1-year profit & loss summary highlighting revenues ad expenditure associated with the marketing of your chosen product/service.
Plan Implementation and Control
Create a plan outlining how your marketing strategies will be implemented, including.
• Overview of types of promotions, selected media, and scheduling
• Control strategies to achieve SMART objectives.
Briefly summarise the key findings of your strategic marketing plan.
5.) Include a reference list on a separate page and use appropriate in text citations using APA 7th referencing.
6.) You are strongly advised to read the Assessment Rubric which is an evaluation guide with criteria for grading your assessment. This will give you a clear picture of what a successful situational analysis should look like.
It is essential that you use appropriate APA style for citing and referencing research. Please see more information on referencing in the Academic Skills webpage.
The retail industry in Australia and New Zealand is dynamic, with Scentre Group operating in a landscape that is shaped by a number of variables. The corporation has to manage a complicated terrain that includes political influences, economic trends, sociological upheavals, technical breakthroughs, and environmental issues. Focusing on upscale retail locations under the renowned Westfield brand, Scentre Group takes a calculated approach to its market positioning. As per the MBA Assignment Expert, The company's advantages, disadvantages, opportunities, and dangers are highlighted in this situational analysis, which offers a thorough grasp of its competitive environment (ZXhang et al., 2023). The company's dedication to improving tenant occupancy, foot traffic, environmental practises, and customer happiness is emphasised by the SMART goals.
Scentre Group leverages its diversified tenant portfolio to leverage cost leadership, differentiation, and a customer-centric approach through a strong marketing mix strategy. The company's recent performance is highlighted in the financial analysis, and its promotional techniques, media selections, and control mechanisms targeted at reaching SMART targets are described in the plan execution and control section. Scentre Group's strategic objectives equip it for continuing success and adaption to changing market dynamics in this tough retail context.
Situational Analysis
Numerous variables impact the business climate of Scentre Group in Australia and New Zealand.
Political Aspects: The regulatory environment, which includes government stability and tax laws, has a big influence on Scentre Group. Development expenses and shareholder returns may be impacted by modifications to dividend imputation rules and corporation tax rates. The company's capacity to take on new projects is also influenced by choices made by the local government on zoning rules and planning approvals.
Economic Factors: The state of the economy has a direct impact on the success of the Centrre Group. Australia's economy has grown for decades, which has increased disposable income and boosted demand for retail space.
Social Factors: Shopping behaviours are shaped by cultural and social contexts. Fresh food and wellness services are in more demand due to health consciousness, but shorter, more frequent shopping excursions are encouraged by a convenience-driven culture. Scentre Group creates curated local experiences in response to these changes.
Technological Factors: Traditional retail has been affected by the expansion of e-commerce, which has an effect on foot traffic (Ansoff et al., 2023). In response, Scentre Group integrates digital technologies such as click-and-collect lockers; nevertheless, the implementation of these systems is expensive.
Environmental Factors: Concerns about sustainability are growing, and companies are being held to higher standards of morality and environmental responsibility. Scentre Group is under pressure to improve waste management, energy efficiency, and community participation throughout all of its centres in order to answer issues raised by stakeholders.
Legal Factors: Scentre Group's operations are significantly impacted by legislation. Project sites are determined by zoning, planning, and development rules; consumer visiting patterns are affected by changes to trade hours. Adherence to rules pertaining to employment, safety, and the environment is vital.
Prominent retail mall landlords like GPT Group and Vicinity Centres compete directly with Scentre Group. It also faces competition from new niche businesses and cheap department stores that are located outside of traditional shopping centres.
Customers that visit Scentre Group's shopping complexes come from a wide variety of backgrounds. Nonetheless, upper-middle class households with more discretionary incomes make up its target market. Targeting investors and companies, Scentre Group uses segmentation criteria based on demographics and geography (Schneller et al., 2023). The company presents itself and offers proof that it is one of the major real estate developers with first-rate retail spaces and that it is a morally and environmentally conscious business that creates amazing places that promote community enrichment and connection.
Strength:
National Presence: Scentre Group is well-represented in high-end retail establishments all throughout the nation.
Strong brand awareness is advantageous to the organisation, especially with the well-known Westfield name (Dess et al., 2024).
Management expertise: Scentre Group has a wealth of knowledge and skills related to running retail establishments.
Diverse Tenant Portfolio: The variety of tenants in the portfolio increases the attractiveness to customers.
Weakness:
High Operating Costs: Throughout its portfolio of properties, the corporation must contend with high operating and fixed costs.
Debt Levels: Scentre Group is struggling with a lot of debt and rising interest rates as a result.
Exposure to Weak businesses: Being near failing physical businesses creates a vulnerability.
Opportunities:
Expansion of Lifestyle and Entertainment: In order to adapt to changing consumer tastes, the corporation may build additional lifestyle and entertainment districts (Mahoney, 2023).
Technological Integration: New technology may be integrated to improve consumer experiences, like virtual reality.
Capitalization on Urbanisation: By increasing its footprint in major cities, Scentre Group can profit from the current trends in urbanisation.
Threats:
Competition from cheap Stores: Scentre Group's market position is under risk due to growing competition from cheap stores.
Online Retail movement: Conventional brick-and-mortar businesses are facing challenges as a result of the movement in customer preferences towards online retail.
Economic Downturn: By reducing discretionary expenditure, the possibility of an economic downturn presents a threat.
SMART objectives
SMART Goals for the Shopping Centre Service Provided by Scentre Group:
Specific: Within the upcoming fiscal year, raise the overall tenant occupancy rates in the current shopping centres by 5%.
Measurable: Increase foot traffic in all shopping centres by 10% by using focused marketing and promotional efforts.
Achievable: Within the following two years, apply affordable sustainability solutions that comply with environmental criteria to 80% of retail centres.
Relevant: Raise consumer satisfaction levels by fifteen percent by implementing cutting-edge features and services in the malls.
Time Bound: Within the following eighteen months, one major shopping centre will be fully renovated and modernised, with improved overall amenities and aesthetics (Cacal et al., 2023).
Competitive Advantage and Positioning Evaluation
Scentre Group has created a strong competitive edge by providing a varied and attractive portfolio of shopping centres and by having a nationwide presence in high-end retail locations. The company's excellent brand recognition—especially with the recognisable Westfield name—adds even more advantage over competitors. Scentre Group prides itself on being a pioneer in the retail centre management sector because to its extensive expertise and skill set. Its portfolio's diversity of tenants increases customer attractiveness by delivering a one-stop shop for a variety of retail options (Sharma, 2023). There are obstacles in place, too, such as vulnerability to failing brick and mortar stores and high fixed and operating expenses throughout the real estate portfolio.
Despite these obstacles, Scentre Group is well-positioned to manage the changing retail market because to its strategy focus on improving consumer experiences through technology integration, the development of leisure and entertainment districts, and the capitalization of urbanisation trends. Scentre Group may bolster its competitive position in the market by resolving issues and seizing chances.
Product / Service Specification(s)
Retail spaces, property investments, project management, and marketing services are among the goods and services offered by Scentre Group. These services are intended to support companies in their endeavours to prosper in the retail sector, particularly in Australia and New Zealand.
Scentre Group operates and administers retail centres rather than producing tangible goods. The company's main goal is to provide a variety of businesses with retail spaces in these centres (Pelletier et al., 2023). The features and services that Scentre Group provides within its retail centres are the subject of the following standards for its "product":
• Retail Spaces: Scentre Group offers a range of enterprises, from electronics and fashion to food and entertainment, leasable retail spaces.
• Facilities: To improve the entire shopping experience for customers, the firm provides facilities like as seating places, kid-friendly play areas, and rest areas within its retail centres.
• Technology Integration: The Centre Group uses cutting-edge solutions to connect the online and offline shopping experiences, including digital directories, click-and-collect services, and other technologies, to enhance the consumer experience.
• Marketing and Promotion: To draw foot traffic, Scentre Group organises events, offers discounts, and runs loyalty programmes that are advantageous to both customers and tenants.
• Community participation: Through planning events, lending assistance to regional projects, and establishing areas for social interactions inside retail centres, the corporation promotes community participation (Abdul Rahman et al., 2023).
• Environmental Initiatives: In keeping with corporate responsibility objectives, Scentre Group may put into effect sustainability measures including waste management plans, energy-efficient lighting, and other green initiatives.
1. Cost Leadership: By emphasising cost-effectiveness and operational efficiency, Centre Group uses a cost leadership approach in its shopping centres. The organisation wants to make retail space leasing affordable for a wide variety of enterprises by offering cheap lease rates. By providing affordable options to companies looking for retail spaces in desirable locations, Scentre Group is able to draw in a diverse range of tenants and keep a solid market position.
2. Differentiation By providing distinctive and alluring characteristics that set them apart from other retail centres, Scentre Group aims to differentiate its shopping centres. This could feature avant-garde technological integration, creative architectural ideas, and a carefully chosen group of premium tenants.
3. The focus on Costs: Within its shopping centres, Scentre Group targets particular cost-sensitive market groups as part of its cost focus strategy. This can include offering economical lease choices and operational assistance designed specifically for companies that value cost effectiveness.
4. Differentiation Focus: Offerings inside Scentre Group retail centres are customised to match the particular needs and preferences of particular market segments as part of the differentiation focus strategy.
As a shopping centre manager and operator, Scentre Group provides a platform for shops to operate within its centres; it is not directly engaged in the distribution and transportation of items. But maintaining the efficient flow of goods and services within Scentre Group's shopping centres is mostly dependent on distribution and logistics.This is a synopsis:
Delivery Access: The shopping centres owned by Scentre Group are built to give store tenants easy access for deliveries (Saull et al., 2020).The strategic placement of loading docks and service doors aids in the smooth operation of logistics for businesses receiving items.
Storage Facilities: To help shops keep track of their goods, shopping centres frequently provide storage spaces.These areas are made to hold a variety of goods, and the logistics design guarantees a safe and orderly storage setting.
Coordination of the Supply Chain: Partnership with Retailers: Scentre Group works with retailers to maximise the effectiveness of the supply chain.
Technology Integration: To improve logistics, Scentre Group may incorporate technological solutions into its shopping centres.
Logistics of Customer Experience: Parking and Accessibility: Part of the logistical planning includes the arrangement of parking spots and the ease of entry to the retail centre.
Click-and-Collect Services: Scentre Group may provide click-and-collect services, which let consumers place online orders and pick them up at certain locations inside the mall.
Green logistics initiatives: Scentre Group could use eco-friendly logistics techniques in its centres. In order to support company sustainability objectives, this may entail undertaking trash recycling programmes, choosing energy-efficient modes of transportation, and implementing other green logistics techniques.
Despite not being directly involved in conventional product distribution and logistics, Scentre Group is essential in giving its shopping centres' businesses the infrastructure and support systems they need to efficiently manage their supply chains.
1. Lease Pricing Strategy: The retail space's kind, square footage, and placement within the shopping mall are just a few of the variables that the Focus Group considers when determining the appropriate rent price.
2. Competitive Market Analysis: A detailed examination of the competitive environment is part of the price review process (Scentregroup.com, 2019). To make sure its prices are reasonable, Scentre Group evaluates the pricing policies of other shopping centre owners in areas that are comparable.
3. Value-Added Services and facilities: The price structure of Centre Group includes value-added services and facilities. Tenant value propositions are improved when marketing assistance, event planning, and access to busy locations are provided. In addition to the actual space, the cost takes into account the entire suite of perks that help tenants succeed.
4. Flexible Pricing Models: Scentre Group may use flexible pricing models in light of the various demands of merchants. This covers alternatives including revenue-sharing plans, short-term leases for pop-up businesses, and tiered pricing according to the length of the lease.
To improve the appeal of its shopping centres and draw a wide variety of customers, Scentre Group uses a comprehensive marketing plan. Creating memorable experiences for customers and increasing exposure for merchants are the main goals of the promotional campaigns. The following are the main components of Scentre Group's retail centre marketing:
Themed and Seasonal Events:
Throughout the year, Scentre Group hosts themed and seasonal events to infuse life and energy into its retail centres. Festivities, themed weekends, and holiday festivities are a few examples of these activities.
Promotional Campaigns:
The business makes significant investments in marketing initiatives that make use of a range of platforms, such as traditional advertising, social media, and digital. These advertisements showcase new products, sales, and exclusive deals from stores inside malls. The goal of Scentre Group's excellent communication of these themes is to draw in a large audience.
Partnerships & Collaborations: Centre Group works with merchants to develop cooperative marketing initiatives. Cross-promotions, special discounts, or cooperative activities that benefit the shopping centre and its tenants are a few examples of how to do this. These alliances provide a cooperative and profitable retail atmosphere.
Loyalty Programmes and rewards: Scentre Group offers loyalty programmes and rewards as a means of encouraging client loyalty. For returning customers, these programmes could include discounts, prizes, or exclusive access to events (Schooley, 2023). Through fostering consumer loyalty and encouraging recurring business, Scentre Group improves the overall performance of its shopping centres.
Special Sales and Discounts: An essential part of Scentre Group's promotional strategy is the regular sales events, discount promotions, and retailer-only deals.
Scentre Group's profit and loss statement from the prior year indicated significant financial success. The company's $2,457.9 million in total sales was a rise from the $2,280.8 million earned the previous year (Solana, 2020). The primary sources of this revenue were property-related businesses, including property revenue ($2,071.8 million), property development and construction revenue ($328.7 million), and property management revenue ($57.4 million).
From an expenditure standpoint, the company paid $918.9 million in various charges. These costs include the anticipated $13.1 million in COVID-19 credit charges, the $303.1 million in property development and construction costs, the $11.3 million in property management costs, the $86.7 million in general overheads, and the $504.6 million in property expenses, outgoings, and other related expenses.
The financial picture was further enhanced by the substantial contribution of the equity-accounted firms' share of after-tax profits/(loss). These organisations generated $237.5 million in property revenue, while their related expenses came to $62.1 million. For equity-accounted firms, the anticipated credit charge for COVID-19 was $1.2 million, while property revaluations were a noteworthy $171.7 million. In addition, the financial performance included $6.6 million in interest income, $32.1 million in currency loss, $1,357.4 million in financing expenditures, and $47.1 million in capital costs associated with strategic objectives. Property revaluations clearly had a favourable effect, adding $250.9 million to the overall financial condition. Taking everything into account, Scentre Group declared a $346.2 million profit before taxes, with a $24.0 million tax bill.
Overview of types of promotions, selected media, and scheduling
Different Promotion Types:
• Seasonal Discounts & Sales: Using seasonal promotions, Scentre Group offers discounts and exclusive offers throughout popular shopping times including Black Friday, back-to-school, and holiday seasons (Ullah et al., 2021). These sales are meant to draw customers during the busiest times for retailers.
• Themed Activities and Occasions: The firm creates distinctive and engaging environments for guests by hosting themed events and experiences inside its retail centres.
• Programmes for Loyalty: Scentre Group uses loyalty schemes to provide loyal clients discounts.
Chosen Media:
Digital Materials: Scentre Group disseminates information about events, promotions, and deals via digital channels including its official website and mobile applications.
Social Networks: In Scentre Group's media strategy, social media sites like Facebook, Instagram, and Twitter are vital (Pleyers et al., 2020).
Conventional Marketing: To reach a large audience, traditional advertising techniques including print media, radio, and outdoor advertising are used.
According to seasons and events: Promotions are frequently planned to coincide with major retail occasions and seasonal trends
Constant Participation: Scentre Group has a continuous engagement strategy to make sure that there is a steady stream of promotions all year round.
Scentre Group uses strict control techniques in order to meet SMART goals. To track advancement, data analytics, key performance indicators (KPIs), and routine performance evaluations are used. Cost controls preserve operational effectiveness by guaranteeing that financial targets coincide with organisational objectives (May et al., 2019). Constant market research aids in the adaptation of tactics to shifting customer preferences and market conditions. Allocating resources with flexibility guarantees the agility required to achieve changing goals. With the use of an all-encompassing control structure, Scentre Group is able to precisely and strategically aligned navigate obstacles, seize opportunities, and eventually realise its SMART targets.
Scentre Group is positioned for long-term success by its strategic placement in the cutthroat retail industry and its flexible responsiveness to changing consumer, technical, and environmental trends. The SMART goals set out a targeted course for expansion, prioritising modernization, sustainable practises, and tenant satisfaction. A dynamic approach to consumer engagement is reflected in the company's extensive marketing mix, which includes a variety of incentives and media outlets. Its strong financial performance is shown by the financial analysis. With a watchful control approach, Scentre Group is ready to meet obstacles head-on, seize chances, and carry on being a major player in Australia's and New Zealand's constantly changing retail scene.
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