A strategy is a plan of action designed to achieve the goals of the organisation. Marketing strategy considers a portfolio of products and takes into account the anticipated moves of competitors in the market. Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives (quick MBA).

In this assessment task, you will be developing marketing strategies for a chosen product the sells in departmental stores. Marketing strategies are generally built around the concepts of:

• Specific target and/or goals to be achieved within a specified time period
• Target market and market segments for products/services
• Key features, characteristics and benefits of products/services
• Unique selling proposition or unique value proposition

Assume that you are working as Marketing Manager in the company. The company is panning to launch a range of new products in the market and has asked you to develop marketing strategies for one of the major products.

Accordingly, in this assessment task;

1. Conceive a new product or service and determine its features, characteristics and benefits (use product listings and offerings online)
2. Identify and select an appropriate target market
3. Develop marketing objectives
4. Internal Analysis: Conduct a SWOT analysis to analyse company's strengths, weaknesses, opportunities and threats
5. Identify gaps, if any, that exist between marketing objectives and company's capabilities
6. External Analysis: Conduct a PESTLE (or PEST) analysis to analyse company's external macro environment
7. Identify if factors in external environment impact upon company's marketing objectives
8. Devise appropriate marketing strategies that align with company's overall goals and objectives