qutopia marketing plan · pdf filequtopia marketing plan ... segmentation and target marketing...

AMB240 Marketing Planning and Management

QUTopia Marketing Plan

Students:

Brooke Moore N8807566

Chloe Livock N8605386

Karla Gumley N7554206

Sophie James N8880662

Tutor: Mr. Naseer Choudhry Tutorial: Wednesday, 5-6pm

Word Count: 1500

New Breed. The Utensils of QUT QUTopia Marketing Plan | 2

CONTENTS

1. Executive Summary 3

2. Situation Analysis 5

3. Segmentation and Target Marketing 12

6. Marketing Mix Strategies 18

7. Budget 28

8. Implementation Plan 30

9. References 35

Appendices 1: Product Checklist 37

Appendices 2: Observations of Market 39

Appendices D: Stall Set Up 43

New Breed. The Utensils of QUT QUTopia Marketing Plan | 3

1. Executive Summary New Breed is a prestige proprietor of QUT campus guides that provide students with exclusive, insider

information about the best coffee, snacks, events and hide outs QUT has to offer. Their guide book, The

Utensils of QUT, differentiates itself by doing it different to your usual culturally mainstream guides.

With a passion for crafting a unique consumer experience, New Breed revolutionises a simple book into a

complete brand experience through its use of vivid surreal still life images, bold text and design. Each book

is lovingly created, using only the highest quality material, professional style and environmentally friendly

packaging.

The Utensils of QUT was formed on the basis of a highly creative team who personally wanted to do it

(campus life) different. Upon extensive research, the company found 182 QUTopians has need for

exclusive campus information that combines originality and style all in one neat little package, New Breed

found it their duty to fulfill this need. Based on the psychographic target markets of the Young Optimists

and Socially Aware, New Breed focusses on providing new and exclusive information in a manner that is

outside of the cultural mainstream, in a way that captivates this demographic. Packaged in a niche designed

sleeve creates a sense of modernism for the consumer and is differentiated by a series of value add

strategies such as free bonus coffee coupons at QUT cafes and competitions.

In view of the political/ legal, environmental, sociocultural and technological factors, New Breed

investigated internal strengths and weaknesses, and external opportunities and threats and discovered there

is low competition for this product with 1 direct competitor 2 indirect, along with a relatively untapped

market space. New Breeds marketing plan illustrates strategies to combat existing threats through robust

promotional activities and value-add strategies. Additionally the company will leverage its strengths

through product innovation and employee experience to effectively monopolise the market.

Using SMART objectives based on market share, sales and customer loyalty, New Breed focuses on a

premium positioning strategy setting their product price at Q$50/unit. Based on this pricing, it is calculated

a break-even point of 36 units, with an estimated sales forecast of 109 units, and estimated revenue of

Q$5450.

In order to achieve the strategic direction of the company, New Breed has created communication synergies

in attempt to influence target market behavior. This includes broadcasting two key messages, (1) Do it

Different and (2) Remember The Utensils of QUT on a one-to-many basis. The stall positioning is

advantageous with two sides of foot traffic, a strategized distribution plan and highly engaging stall plan to

New Breed. The Utensils of QUT QUTopia Marketing Plan | 4

further promote the product on market days. Based on the estimated projections made by the marketing

team, New Breed will effectively monoplise the market and achieve revenue goals.

New Breed. The Utensils of QUT QUTopia Marketing Plan | 5

2. Situation Analysis

2.1 The Market

QUTopia has a population of 276 students, 265 of which were sampled. The mean age of students was

20 years old, between a range of 18-45 years old. The mean disposable income of QUTopians is

Q$262.12, and the dominant psychographics of the market are Young Optimists 55.63%, Socially

Aware 10.15% and Something Better 10.52%. Young Optimist, the dominating psychographic are

under the age of 25, suggesting that 55.63% of the market share are conscious of their image

projection. They have the mind-set of wanting to experience all life has to offer and are willing to try

new things (Roy Morgan Research, 2012).

2.11 Market Need

The results highlighted Young Optimists and Socially Aware as the two dominating psychographics,

presenting a unique avenue and potential advantage for businesses. Tapping into current trends

associated with these segments will be vital to the product development process and execution;

therefore New Breed will target both segments. Roy Morgan Value Segments (2012) describes these

segments as innovative, information seekers; The Utensils of QUT fulfills this need by offering

exclusive insider information.

Research in figure 1 depicts the Information and Media Telecommunication industry is a niche market

with definite potential, it is small only accommodating a few businesses each year. By creating a

product with tangible value, alongside having low direct competition can effectively monopolise the

market.

New Breed. The Utensils of QUT QUTopia Marketing Plan | 6

Figure 1: QUTopia Information Media and Telecommunications Industry Value

New Breed. The Utensils of QUT QUTopia Marketing Plan | 7

2.12 Marco-environment PEST Analysis

Figure 2: Implications for the product based on environmental trends

Environment Trend/issues Implications for our product

Political - MACRO

- Australian Competition and

Consumer Commission has outlined

guidelines which business and

consumers must follow regarding laws

and rights (2015).

- - Currently the Queensland

government is fairly unstable

(Remeikis 2015)

- - Can not play music that is copyrighted

- - ACCC guidelines must be followed, ensuring New Breed follows all consumer

guarantees

- - May be fined and infringements in place if the rules and regulations are not fully

followed

- - When Government is unstable people are less likely to purchase luxury items such

as the New Breed guide ()

- - Music will need to be sourced from IP

free sources or karaoke machines

MICRO

- - QUTopian laws must be abided otherwise consequences may apply

(copyright of stores information,

playing music too loud ect)

Economic MACRO

- ACCC indicates all prices must

include GST (2015)

- Consumer confidence could be

increasing

- Product must include a GST inclusive

price

- Customers need to get value for money,

something tangible and memorable.

- In QUTopia with the high disposable

income, people are more likely to

spend more money on products

MI MICRO

- QUTopian dollars are not of a real

value neither are they exchangeable.

- Level of disposable income in

QUTopia is high and products are sold

at a high price point

New Breed. The Utensils of QUT QUTopia Marketing Plan | 8

Socio-cultural MACRO

- More people becoming health/

environmentally conscious

(Gagliardi 2015)

- This new health trend means people will

be more inclined to purchase our

product and find out ho they can

maintain their lifestyle at university. In

addition to this, the fact that our guide

is printed on recycled paper will be a

positive in their minds

Technology MACRO

- - Social Media is becoming a popular communication platform (Sensis 2015)

- - Many businesses use social media for advertising (Queensland Government

2015)

- Less people buying physical

publications and instead opting for

technological options instead (Stynes

2014)

- - In todays social media focused society it is quite easy to connect with consumers

- - The decrease in purchases of physical publications means that some people may

not buy this product because they dont

want the inconvenience of carrying it

around. In the future, to address this

problem New Breed should consider

making an app or virtual version of the

guide.

- - Due to the fact that most QUTopia promotion occurs on social media this

means two things for New Breed

1. That we need to have competitive

advertising that will stand out fro

other businesses

2. More opportunity to reach other

QUTopian citizens because all are on

the same media platform.

- - As New Breeds stall has no power, other alternatives will need to be considered

such as battery operated appliances such

as speakers and lights.

MICRO

- - Most QUTopian businesses use social media for promotion

- - New Breed stall has no power

2.2 The Company

2.21 Mission Statement

The Utensils of QUT is a curated guide that optimises student life on campus. We aim to connect

students with the top food, drinks, events and hides outs QUT has to offer. We make recommendations

students trust and provide a sen