University Marketing Plan: JB HI-FI - MKT600 Assessment Report

This report presents a comprehensive marketing plan for JB HI-FI, a company operating in the music sector, analyzing its current market position, and proposing strategic recommendations. The report begins with an executive summary, followed by an introduction to the company and its market situation. It then outlines marketing objectives, strategies, and action programs, including a detailed budget and control measures. The core of the plan focuses on the marketing mix variables, value proposition, and evaluation of the business situation, including a SWOT analysis. The report explores product features, pricing, distribution, and promotion strategies, culminating in recommendations for improvement and a final conclusion. The assessment utilizes the marketing plan framework to provide a detailed understanding of the company’s strengths, weaknesses, opportunities, and threats, offering valuable insights for enhancing its market presence and achieving its objectives in a competitive landscape.

Marketing plan
University
Word count

Executive summary
This paper aims to present a marketing plan for the company named JB HI-FI which deals
with the products and services in the music sector. It provides music services along with
various products like DVD, CD, radio, etc. First of all, an introduction is provided that
explains about the company and its situation in the market. After that marketing strategies are
developed and action programs are made. Then the budget is provided with the explanation
of brand positioning. The task of marketing mix variables is completed with various
subheadings. The value proposition of the particular business is defined along with
explanations related to marketing strategies. Then, the attributes of the product are explained.
Afterward, pricing and distribution strategies are advised. Finally, the promotion strategy for
the organization is advocated. In the end, suitable recommendations are made and the
conclusion is drawn.

Contents
Introduction................................................................................................................................3
Marketing plan...........................................................................................................................4
Objectives and issues..............................................................................................................4
Marketing strategies...............................................................................................................4
Action programs.....................................................................................................................4
Budget and controls................................................................................................................5
Marketing mix variables............................................................................................................5
Value proposition...................................................................................................................5
Evaluation of the business situation.......................................................................................5
Marketing mix strategies........................................................................................................6
Features of products and services...........................................................................................6
Product levels.........................................................................................................................7
Pricing.....................................................................................................................................7
Distribution.............................................................................................................................8
Promotion...............................................................................................................................8
Recommendations......................................................................................................................9
Conclusion..................................................................................................................................9
References................................................................................................................................10

Introduction
This paper presents a marketing plan based on the analysis provided in the assessment one.
The company or organization considered in this paper is named as JB HI-FI that was founded
in the year 1974. The company works in the sector of music providing a broad array of
products and services in the concerned sector. In the assessment one, the situational analysis
has been carried out with a broad description of the competitive and economic position of the
company. This paper presents a marketing plan based on that information. The company does
not have a sound marketing plan which is a big competitive loss in the 21st century. The
organization has a sound fiscal position but lacks proper fiscal management. Along with this,
with the advent of the new century, new competitors are coming up with the latest
t5echnology. This has placed JB HI-FI at a competitive disadvantageous position as it lacks
innovative ideas and technology.
Marketing plan
Objectives and issues
The objective of this paper is to present a marketing plan that caters to the needs of the
modern century (M Catterall, 2013). The marketing plan is essential for brand positioning
and value proposition along with promotion keeping in view the target audience. The vision
and mission along with basic messages of the company should reach the intended audience at
the right time and in the right manner. Thus there is a need for a marketing plan to cater to
need of the era of globalization. The issue related to a marketing plan is to choose the target
audience and model of marketing. In this paper, a mixed model of marketing is recommended
as an old means of promotion have not lost their relevance in the modern era of digital
marketing. Both are complementary, not contradictory to each other.
Marketing strategies
As mentioned above, a mixed marketing strategy will be adopted to cater to the need of every
segment of consumer or customer leading to relaying of a message to the general public in an
appropriate manner (Leeflang, Verhoef, Dahlström, & Freundt, 2014). The traditional models
like posters, local meetings and door to door marketing will be used for the remote location

where new technology has still not reached. It will also serve the old age population which is
not tech-savvy as music is for everyone. No person is there who does not listen music so the
target audience is all kind of people. For modern means of brand positions, seminars and
webinars, films, social media marketing, TV, Cinema, etc. will be used. It will cater to the
need of the young population (LMG, 2017).
Action programs
There will be the door to door marketing to reach to rural and remote customers along with
new means of communication like phone, emails, facebook, twitter and all other innovative
channels of business promotion. A marketing agency will be hired that will promote the
products and services of the company through a mixed model of marketing. The agency will
also set up a website that will lead to accessibility to remote locations where the internet has
penetrated. In other areas, traditional means of the promotion will be used (Kuberappaa &
Kumar, 2016).
Budget and controls
The budget for marketing can be taken from the sound fiscal position of the company along
with practicing sound fiscal management ideas (currently the company lacks sound fiscal
management ideas). The following table is given to have a better glimpse over the budget of
the plan:
Action Budget (in $) By when By whom
Situational analysis 10000 30th August, 2019 Branch managers
Formulation of
marketing plan
10000 10th September, 2019 Chief Manager
Approval of plan 500 10thSeptemeber, 2019 Financiers
Hiring of digital
marketing agency
50000 20th September, 2019 Technical manager
Overhauling of
website
50000 31st September, 2019 Website manager
Social media
marketing
20000 10th October, 2019 Technician

Door to door
campaigning
20000 10th October, 2019 Sales persons
The positioning strategy for the target audience is the experience of the company. The
company has served the world population since 1974 so its longevity can build trust and
confidence among consumers (Kannan & Li, 2017).
Marketing mix variables
Value proposition
The products of the company will be sold in new forms like Alexa and other innovative
developments (Yasmin, Tasneem, & Fatema, 2015). Along with this, the services provided
by the company for music will be provided as per the age of the customer. The music will be
presented as an essential part of human culture with every aspect of the life intricately linked
to music. This is the reason the target market is the whole population of the world leading to
the building of reputation and image for the company. The attribute of music is linked to the
essential stages of life so it will be included in the vision and mission of the organization. The
music will be presented as an essential trait which has been live since the time civilization
came into being. Different kinds of music are part of civilized society with different genre
and taste. Music will be presented as oneness with mankind (KaanVarnali & AyşegülToker,
2010).
Evaluation of the business situation
The company is in sound position as it is continuously selling its product and services for a
very long time. This has made the company a common name in the field of music but still,
many people are not aware of the company brand. There is a significant part of the population
of different countries which have not heard the name of HI-FI. Along with this, as mentioned
above company is in sound position as it is making a profit for last many years but due to
newbies in the market, the company has lost the major segment of the targeted population to

competitors. Along with this, because of intense competition, the company is pressurized to
reduce the price of its products and services that places the company in an economically
unviable position. One more factor influencing the company negatively is innovation (JA
Greene, 2012). The company is not able to generate and use innovative ideas and technology
of the 21st century. It does not spend an adequate amount on innovation and creativity in it.
This has led to obsolete technology and ideas still prevalent in the work culture of the
company (Wymbs, 2011).
Marketing mix strategies
The major part of the marketing mix has been described above that advocates mixed
marketing model to sell the products and services of JB HI-FI. For marketing, a digital
marketing agency will be hired that will cater to the needs of the modern century. But, for
traditional methods, the company will rely on its employees. The older employees are
experienced enough to comprehensively understand the demand of old age people. Thus, they
will be asked to promote the company in the targeted market with the help of door to door
marketing (Hudson, Huang, Roth, & Madden, 2016).
4 ps of marketing strategies have been shown in the diagram below

Features of products and services
The latest form of music appliances will be used to deliver the services and sell the products
of the company (Skiera, Bayer, & Schöler, 2017). The services will be provided in cinemas,
TV, and films along with the online presentation. The services will be provided to the target
population by dividing the population into segments (Stephen, 2015). The first segment will
be demographic. Based upon the gender, age, family size, and income or economic prosperity
the products will be made and sold. Women of many countries do not like the fast music
provided for mob during different music ceremonies held at different points of time. Thus,
women of every country will be targeted based on their values and belief. Then, based upon
the family size the product related to music will be provided so that the product meets the
need of all members of the family (Hair, Sarstedt, Ringle, & Mena, 2012). There may be
different choices and tastes for music in a family so each segment will be targeted separately.
It has already been mentioned above that old age population like traditional music and they
are not tech-savvy so they must be provided with musical assets which they can handle and
like to listen. Other demographics traits based upon which the population or market will be
segmented are religion, ethnicity, and race.
For old age population, slow music with traditional technological appliances will be
provided. The younger generation will be provided with the latest technological
developments happening in the world. For women, the products are according to their need
such that they serve them in the home as well as at the office (Sathya, 2015). For big family

size, there are products which serve the whole family in one go. this is especially applicable
in countries like India where family values are intertwined with culture. As per the basic
theory of marketing, one needs to understand the need of the customer and sell the products
and services as per their need. So there will be different products and services according to
the targeted population (Guitart, Gonzalez, & Stremersch, 2018).
Then, there are geographical differences as well. So music will be provided as per the cultural
traits of the particular geographical area. Another major segment in which market is divided
is psychographic and behavioral. Based on this segmentation, there are different products and
services which are provided by the company to the targeted population.
Product levels
There are three levels of a product which the company can sell- core product, actual product,
and augmented product (Sargent, 2016). The product is more than buying and selling a thing.
Therefore these three levels will be used for marketing purpose of JB HI-FI. At the core level,
the product will be sold to the customer as per his wishes. The core product is the one which
the customer likes and buys from any corporation or business organization (Fulgoni & Lella,
2014). The actual product entails designing, packaging and manufacturing of that product so
at this stage the music products will be designed and packaged by the company as per the
population segment mentioned above. The third level of a product is the augmented product
which entails additional consumer services and benefits. The additional services provided by
the company are warranty period, insurance of products and free consultation. Augmented
level completes the product as a whole. This makes the organization dynamic enough to cater
to the needs of different individuals of different population.
Pricing
The company is advised to make quality products and sell quality services which are durable
and trustworthy. This would make it generate less profit as the competition is high. Thereby
the company cannot increase the price; otherwise, it will lose the market of poor countries. If
it has to survive in third world countries, it has to lower the prices (Saboo, Kumar, & Ramani,
2016). This will make the company earn less profit initially, but it will generate goodwill
image of the organization. This will propagate the ideas or vision of the organization leading

to the building of reputation. Once the company has an adequate reputation, it can increase
the prices as per need. So there is a need to tap the potential of hitherto untapped areas so that
the company can remain financially viable (Fierro, Arbealez, & Gavilanez, 2017). The
market of the company needs to be expanded so that the products and services of the
company are sold to the targeted population of each country.
Along with lower prices, the company should provide the products and services which are of
broad economic range (Edminston, 2015) This will lead to buying of company’s products by
different countries (Pradhan, Nigam, & Tiwari, 2018). There are different markets in the
world from the perspective of the economy. Thus, there is a need to harness the potential of
each market as per its economic potential. For example, the products sold in the USA may
not be liked by Chinese which has an altogether different culture (Ramaswamy & Ozcan,
2016). Though globalization has assimilated different countries in one culture, there are still a
very large number of diversities in the world. The lower selling price can be compensated by
improving the financial management in the organization. This will place the company at a
competitively advantageous position (Radu, et al., 2017).
Distribution
For distribution, it is advised to locate outlets in each major city of the country so that the
distribution becomes easy. Instead of opening retail outlets, the company is advised to use
franchise options (Dhote, Jog, Gavade, & Shrivastava, 2015). Opening retail outlets in each
country are not feasible for it as it operates all over the world. The retail outlets can be used
as franchise options with signing a contract to deliver the particular product and services to a
targeted population at the right time. Already present retail outlets of different countries may
be used for the purpose without investing the time and money as the company lacks these
resources (Pelsmacker, Tilburgb, & Holtho, 2018). The money saved by this prudent move is
recommended to be used to foster innovation and creativity in the organization. The
technological advancement places any company ahead of its competitors; but, in this case, the
company has not paid attention to such a crucial task. The innovation will bring new products
to the market meeting the ever-increasing demands of customers (Paquette, 2013).
The signing of a contract with already present outlets will make the company sell its products
and services to the local population without investing in infrastructure for tapping the
potential of retail sale (Crittenden & Crittenden, 2015). Each concerned retail outlet should

have products and services of the company to be sold for the local population as per his or her
choice. This will make the organization earn profit from each retail outlet with selling
products to a wider market. Thus, the hitherto inaccessible remote areas will be able to avail
the services of the company contributing to the overall growth of the company. This will lead
to the generation of profit which can then be used for various other innovative ideas, as
mentioned above (PH Coombes, 2013).
Promotion
The promotion strategy would be a mixed marketing model. Both traditional and latest means
of advertising will be used. Poster application, local meetings, and door to door campaigning
will be used to access the old age and conservative attitude persons from the perspective of
technical knowledge (Buchanan, Kelly, & Yeatman, 2017). Thus, the persons who were till
now not able to take services and use products of the company will able to get them. For
latest means of digital marketing, the digital marketing agency will be asked to overhaul the
website of the company with adding more pages for better brand positioning like discover
page can be added which will show information related to the music of the particular
geographical area. The cultural information regarding music will be provided through a
website that will lead to brand awareness (P. K. Kannan, 2017).
The digital marketing agency will be asked to promote the website on social media channels
as these have become major decisive areas to buy any service or products. Social media
trends influence the buying decisions of the people with trending ideas more likely to be
given a positive attitude by social media users. In addition to this, emails will be sent to each
customer who buys the product. The emails will provide information regarding the latest
discounts and schemes frequently provided by the company (Bruyn & Lilien, 2008). The
technical manager will be asked to make it possible to add live chat window on the website
that will keep a record of each site visitor with providing a free consultation to them to buy
the products and services of the company (O’Reilly, 2018).

Recommendations
It is recommended for the organization to opt for a mixed model of marketing as discussed
above so that the company can reach a wider market of diversified nature. There have been
numerous instances whereby the organization scaled new heights by adopting a sound
marketing strategy. Along with this, digital transformation can be done which will place the
organization competitively ahead of others (Bendle & Wang, 2017). There must be a sound
strategy to make the message of oneness with music reach the local population so that they
buy the company’s products and services. The market should be segmented into various
portions with each segment targeted separately so that product is received by the right person
at right time at the right price. This will make the organization scale new heights with the
idea of the organization sold directly to the customers. This will make the organization
vibrant enough to cater to the needs of a new generation which has been increasing its
demand day by day due to intense competition.
Conclusion
It can be concluded from the above findings that the marketing plan is essential for any
organization to survive in the era of globalization (Bekoglu & Onaylı, 2016). A marketing
plan is necessary to relay the message of the organization to the targeted population. Thus,
the company discussed in this paper needs a marketing plan which can accommodate all its
needs in one go. Therefore, a plan has been presented above which will be beneficial for the
organization and yield better outcomes for it (Martin, 2017). The organization will be able to
generate profit by selling its products and services to a wider market with fulfilling the needs
of customers. This will make the company employ a wide number of people leading to the
generation of goodwill. Thus, the company will be able to fulfill its Corporate Social
Responsibility (CSR).