Consider the Scenario given below and attempt the questions that follow: Your managing director is worried about the impact of coronavirus pandemic on his retail business (The Blue Lagoon Retail). Recently, he read an article, and noted that 57% of executives expect the economy to improve six months from now, with 29% expecting the economy to worsen - the most optimistic outlook since the beginning of the pandemic. The Blue Lagoon Retail is a South African retailer who has been in South Africa for more than 20 years and has customers who have shown a strong degree of loyalty to the brand. However, due to the coronavirus pandemic, the Blue Lagoon Retail lost 20% market share to its competitors. Having been appointed as Marketing Manager of the Blue Lagoon Retail, the managing director has set you an objective of regaining the 20% market share lost to competitors, and to maintain it for the next five years. Your marketing plan should incorporate influences of current environments in South Africa (A research of South African retail industry is encouraged). The marketing plan should include the following six tasks:

Task 1

An assessment of the Blue Lagoon's current marketing situation (The market situation must include market demographics, behaviour factors, market needs, trends in the retail industry and market growth)

An answer guide to Question 1.

The entire question requires the student to first discuss current marketing situationfrom the perspective of Contents of Marketing Plan(whichdescribes the target market and the company's position therein).

Using these as areas of concentration - The market situation must include market demographics, behaviour factors, market needs, trends in the retail industry and market growth

Task 2

Based on the above scenario, you are required to make an evaluation of the Blue Lagoon Retail's SWOT analysis.

An answer guide to Question 2

The entire question requires the student to discuss/evaluateBlue Lagoon's portfolio in the retail business organisation, using SWOT analysis.

Mostly you need to discuss Marketing Strategy with the analysis of the 4P's of Marketing - Product, Price, Promotion, and Place, and key retail marketing elements using STP- Segmenting, Targeting, and Positioning

Task 3

Formulate the marketing objectives for Blue Lagoon Retail.

An answer guide to Question 3.

You are required to formulate marketing objectives - which means that marketing objectives are organisation's marketing defined goals.

Marketing objectives reveals the intentions of the marketing team, provide clear direction for team members to follow, and offer information for executives to review and support. Marketing objectives are a pivotal part of a marketing strategy.

There are various types of marketing objectives, but the four main types areprofitability objective, market share objective, promotional objective, and growth objective.

Task 4

Formulate the marketing strategy (incorporate action programmes and budgets) for Blue Lagoon Retail

An answer guide to Question 4.

The student needs to discuss retail marketing strategy briefly, then discuss it using Blue Lagoon Retail Organisation, using a suitable example to substantiate your answer from the extract.

Marketing Strategy:

A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company's value proposition, key brand messaging, data on target customer demographics, and other high-level elements.

Retail Marketing Strategy:

Retail Marketing is concerned with how prospective customers and current customers, as well as the market or segment your retail business belongs to, perceive and talk about your business.

Using the right marketing strategies can be very advantageous to your retail business, driving awareness of your brand and producing a certain trust for the goods offered in your online and brick-and-mortar stores. Effective marketing strategies also deliver a steady stream of new customers, generate referrals attracted by word of mouth from satisfied customers and, of course, improve the allocation of scarce marketing resources.

Use 4Ps

Include action programmes and budgets

Another perspective is:

8 RETAIL MARKETING STRATEGIES TO DRIVE SALES

21/11/2018

Dorf, S. (2018). 8 Retail Marketing Strategies to Drive Sales. https://retailnext.net/blog/8-retail-marketing-strategies-to-drive-sales

Task 5

Provide marketing controls for Blue Lagoon Retail based on the strategies formulated.

An answer guide to Question 4.

The student needs to discuss marketing control briefly, then discuss how it is applicable to Blue Lagoon Retail based on the strategies formulated using a suitable example to substantiate your answer from the extract.

Marketing control is the process of monitoring the proposed plans as they proceed and adjusting where necessary.

Task 6

Presentation (Referencing and report structure)

References(in-text referencing)

Please address guidelines to answer for more understanding