BTEC Level 7 Strategic Marketing Management Plan for Ajman Free Zone

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This report focuses on strategic marketing management within the context of Ajman Free Zone, exploring the role of strategic marketing in organizations and its links to corporate strategy. It discusses the processes involved in strategic marketing, evaluates various models used in strategic marketing planning such as the BCG matrix and Ansoff matrix, and analyzes the relationship between strategic positioning and marketing tactics. Furthermore, the report uses marketing techniques to identify growth opportunities for Ajman Free Zone, plans marketing strategy options, and creates strategic marketing objectives. It also addresses the impact of changes in the external environment, conducts an internal analysis to identify strengths and weaknesses, and proposes strategic marketing responses to emerging themes relevant to Ajman Free Zone.
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Assignment Cover Sheet
Course/Unit Information
Course Pearson (Edexcel) BTEC Level 7 – Diploma / Extended
Diploma in Strategic Management & Leadership
Unit No. Unit-7
Unit Name Strategic Marketing Management
Unit code Y/602/2065
Batch SFM3-SMM-Zawahir-1810
Instructor Information
Name Zawahir Siddique
Phone 055 984 6050
Email zawahir@mywestford.com
Assignment Information
Full/ Part Assignment Full Assignment
Date Assignment Issued 26.10.2018
Date Assignment Due 15.11.2018
Turnitin Class ID 19494546
Turnitin Password 1810
Student Information
(To be filled by the student prior submitting the assignment)
Name Eissa Al-Sheebani
Email eissastudy@gmail.com
Date of Submission 02/11/2018
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Student Declaration
I, Eissa Al-Sheebani hereby confirm that this assignment is my own work and not copied
or plagiarized. It has not previously been submitted as part of any assessment for this
qualification. All the sources, from which information has been obtained for this
assignment, have been referenced as per Harvard Referencing format. I further confirm
that I have read and understood the Westford School of Management rules and
regulations about plagiarism and copying and agree to be bound by them.
Students Signature : Eissa Al-Sheebani
Student Name : Eissa Al-Sheebani
Date : 02/11/2018
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Learning Outcomes and Assessment Feedback
Name of the Assessor Zawahir Siddique
Learning Outcomes Assessment Criteria (AC)
Assessor
Feedbac
k
LO 1 TASK 1 AC NOT
MET
Understand the principles of
strategic
marketing management
1.1 - discuss the role of strategic marketing in an
organization
1.2 - explain the processes involved in strategic
marketing
AC NOT
MET
1.3 evaluate the links between strategic marketing
and corporate strategy
AC NOT
MET
LO 2 AC NOT
MET
Understand the tools used to
develop
a strategic marketing strategy
2.1 - assess the value of models used in strategic
marketing planning
2.2 - discuss the links between strategic positioning
and marketing tactics
AC NOT
MET
2.3 - analyse the merits of relationship marketing in a
given strategic marketing strategy
AC NOT
MET
LO 3 TASK 2 AC MET
Be able to use strategic
marketing
Techniques
3.1 - use appropriate marketing techniques to
ascertain growth opportunities in a market
3.2 - plan how to use marketing strategy options in a
market
AC MET
3.3 - create appropriate strategic marketing objectives
for a market
AC MET
LO 4 AC MET
Be able to respond to
changes in the
marketing environment
4.1 - report on the impact of changes in the external
environment on a marketing strategy
AC MET
4.2 - conduct an internal analysis to identify current
strengths and weaknesses in a marketing strategy
AC MET
4.3 - propose strategic marketing responses to key
emerging themes in a marketing strategy
AC MET
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General Guidelines
(Please read the instructions carefully)
1. Complete the title page with all necessary student details and ensure that the signature
of the student is marked in the declaration form.
2. All assignments must be submitted as an electronic document in MS Word to the
LMS (Use 12 Times New Roman script).
3. Assignment that is not submitted to the LMS by the prescribed deadline will be
accepted ONLY under the REDO and RESIT submission policy of Westford.
4. You will PASS the full assignment task only if you achieve “AC Met” in each of the
Assessment Criteria.
5. The results are declared only if the student has met the mandatory attendance
requirement of 75% and/or a minimum of 50% under extenuating circumstances
approved and ratified by the Academic Director. The student has to repeat the module
(with additional fees applicable) if the attendance is below 50%.
6. The assignment should not contain any contents including references cited from
websites like www.ukessays.com, www.studymode.com, www.slideshare.net ,
www.scribd.com.
Over All Result/Grade REDO Date: 18 Nov 2018
Summative Feedback:
Overall Feedback on
current work with
emphasis on how the
student can further
improve in future.
Some ACs are not adequately covered, see detailed individual comments
as a guideline to improvise
Executive Summary as well as Introduction of the Chosen Organization
IS MISSED OUT
Though overall efforts to cover the ACs are evident but need to discuss in
further detail
Need to elaborate on the topic and with reference to the chosen org. to
satisfy the AC criteria
Now all ACs are briefly covered but all in generic manner
Recommendations and conclusions IS MISSED OUT
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7. Students can refer Wikipedia as a source of information, but the references cited
in Wikipedia has to be mentioned.
8. Submit the assignment in a MS Word document with the file name being:
First Name Last Name_ abbreviation of the subject.
Example: John Smith_SMM.
Quick reference Checklist for the Faculty/Instructor to accept/reject the assignment
before evaluation:
1. Adherence to the deadline of submission date.
2. Original cover sheet and format retained.
3. Student information and signature intact.
4. Font style and size used as instructed.
5. Harvard Referencing System and Citations are strictly followed.
Task 1 (LO1: ACs 1.1, 1.2, 1.3), (LO2: ACs 2.1, 2.2, 2.3), (LO3: ACs 3.1, 3.2, 3.3) &
(LO4: ACs 4.1, 4.2, 4.3)
Assignment title Developing and Managing a Strategic Marketing Plan
Scope (LOs and ACs) of this assignment:
Executive Summary
The focus of this assignment is on strategic marketing and its adoption by Ajman Free Zone. The
role of strategic marketing is essential in context of an organization. This assignment also focuses
on the links between corporate strategy and strategic marketing along with the models used in
strategic marketing planning. In the later part of this assignment, the marketing techniques and
strategy used by Ajman Free Zone is highlighted which is impacted by the changes taking place in
its external environment. Internal analysis and strategic marketing responses are also covered in
relation to Ajman Free Zone.
Introduction of the Chosen Organization
The organization selected is Ajman Free Zone which was established in the year 1988 and provides
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outstanding investment opportunities to both foreign and local investors and businessmen. They
provide progressive top- of- the- line facilities and infrastructure for the purpose of fostering
competitive privileges that assists the organizations in realizing their full potential (Ajman Free Zone,
2018).
AC 1.1: Discuss the role of strategic marketing in an organization.
AC 1.1 Answer
Strategic marketing performs the function of identifying the strengths of an organization
which, in turn, assists such organization in distinguishing itself from the competitors (West,
Ford and Ibrahim, 2015). In the context of Ajman Free Zone, strategic marketing is involved
in the identification of the opportunities, needs and wants in the marketplace and using such
information in the decision making related to the marketing strategies. This means that the
role of strategic marketing is essential in context of Ajman Free Zone. It assists an Ajman
Free Zone in the achievement of its goals and objectives by way of utilizing the scarce
resources in an efficient and effective manner. Furthermore, the allocation and utilization of
the scarce resources contributes towards the increase in sales and competitiveness of the
organization (Proctor, 2014). The capabilities of the Ajman Free Zone are also enhanced with
the help of the adoption of strategic marketing which provides it a competitive advantage in
the marketplace. Strategic marketing further provides confirmation regarding appropriateness
of the production in accordance with the needs of the customers.
AC 1.2: Explain the processes involved in strategic marketing.
AC 1.2 Answer
The following process is involved in strategic marketing which assists Ajman Free Zone in the
achievement of it objectives. Three phases are involved in the process:
Planning Phase: Three steps are involved in the planning phase as mentioned below:
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Situation Analysis- the strengths of Ajman Free Zone are enhanced with the help of
SWOT analysis along with the rectification of weaknesses, avoidance of situations
hampering the organizational environment and allow grabbing the opportunities on
time (Thrassou, Vrontis and Bresciani, 2018).
Market Product Focus and Goal Setting- in this step, firstly, the goals related to
marketing and product are defined for the purpose of making the selection of target
market through market segmentation. Then the point of difference is evaluated and
then the positioning of the product takes place in the market.
Marketing Programme- At this stage, the development of the marketing mix takes
place in the form of product, price, place and promotion such that the budget can be
prepared along with the estimation of expenses, revenues and profits.
Implementation Phase- Four steps are involved in this phase namely searching for resources,
designing of marketing organization, development of schedules and the execution of
marketing program.
Concept Phase- this phase makes the comparison of the outcomes with the plans formulated at
the earlier stage for the purpose of finding out the deviations.
AC 1.3: Evaluate the links between strategic marketing and corporate strategy.
AC 1.3 Answer
The use of the terms strategic marketing and corporate strategy are made interchangeably,
however, there are a number of differences between them. The basic aim of strategic
marketing is to improve the sales of the products of Ajman Free Zone, on the other hand, the
main aim of the corporate strategy is increase the profits earned by Ajman Free Zone (Spanjol,
Tam, Qualls and Bohlmann, 2015). However, along with the differences, there are some
interrelationship and links between the two terms which are described below:
Core Competency- the quality is considered to be the main factor which differentiates it from
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its competitors. The development of core competencies by Ajman Free Zone is their corporate
strategy while the advertisements made by them are the part of strategic marketing (Chernev,
2018).
Value Chain- Value chain can be defined as the process which allows an organization to
produce, communicate and deliver the products in accordance with the needs and wants of the
customers. Here a link between the corporate strategy and strategic marketing is created. The
first link is in the form of market sensing which means making the identification of the target
market. Another link is offering which means production and delivery of the services. Next
link is that of customer acquisition i.e. attracting the investors with the help of promotional
activities (Brewster, 2017).
The alignment of strategic marketing with corporate strategy is also required for the purpose
of attracting, retaining and optimizing the value from customers and investors.
AC 2.1: Assess the value of models used in strategic marketing planning.
AC 2.1 Answer
The term strategic marketing planning can be defined as the managerial and operational
process with the help of which an organization can make and apply effective marketing
strategies in the business (McDONALD, 2016). Various models are used in strategic
marketing planning which, in turn, assists Ajman Free Zone in the evaluation of its
performance in comparison to its competitors along with the identification of the future
growth strategies. Following are some of the models which are used in the strategic marketing
planning:
BCG Matrix- the BCG matrix assists Ajman Free Zone in the evaluation of its services
portfolio in marketing planning. The purpose of this model is to evaluate all kinds of services
in two dimensions namely market share and market growth (Hubbard, Rice and Galvin, 2014).
The Ansoff Matrix- The Ansoff Matrix assists an Ajman Free Zone in the identification of the
growth opportunities for the business. Four growth strategies are involved in the matrix
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namely product development, market penetration, diversification and market development.
The businesses that use the Ansoff matrix can easily determine the best strategy for the
purpose of increasing the sales (Grünig and Morschett, 2017).
Brand Positioning Map- this models assists Ajman Free Zone in visualizing the relative
position of the brand as compared to that of its competitors in the marketplace. This is done
by way of plotting the perceptions of the customers in respect of the brand and the brands of
the competitors against the attributes that drive purchase.
AC 2.2: Discuss the links between strategic positioning and marketing
tactics.
AC 2.2 Answer
There is a strong link between strategic positioning and marketing tactics. As far as strategic
positioning is concerned, it is the principle which shows the manner of competing and serving
to the customers adopted by Ajman Free Zone. It further assists Ajman Free Zone in the
creation of awareness among its target market which consists of investors and business start-
ups from across the world. (Kavoura, Sakas and Tomaras, 2017). Segmentation and targeting
helps Ajman Free Zone in establishing its positioning in the market. Marketing tactics can be
defined as the set of methods through which the promotion of the products by the business
becomes easier. Furthermore, Ajman Free Zone can also easily utilize its scare resources in the
most effective and efficient way in order to maximize the promotion of its products and sales.
Strategic positioning drives marketing tactics by way of creating the target audience. The
products are defined by the strategic positioning in accordance with the buying characteristics
and needs of the customers as the customers are the one who will buy the products. Ajman
Free Zone takes all the possible steps in order to strengthen its relationship with its clients.
Furthermore, the market venue is also located by strategic positioning where the organization
can easily find the target market (Abratt and Bendixen, 2018).
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Positioning establishes the current position of the organization along with the target position
where the organization will reach as the result of strategic marketing. A brand concept is
created which is placed in the minds of the customers. The proper understanding of
demographics and psychographics of the market segments allows the organization in the easy
identification of the target audience.
AC 2.3: Analyze the merits of relationship marketing in a given strategic marketing strategy.
AC 2.3 Answer
Relationship marketing can be defined as the process which is designed for the purpose of
keeping the customers engaged with the organization. Relationship marketing assists
Ajman Free Zone in engaging the customers and the investors. There are a number of
merits of relationship marketing in strategic marketing strategy. Some of them are
described below:
Boosts Customer Loyalty- when a customer stays with the brand for a longer period of
time, they are considered to be more valuable. When the relationships are built with the
customers, they become more loyal towards the brand which also makes it easier to retain
them for a longer period of time.
Increase the chances of customer referral- In this digital age, the word of mouth is still
considered to be the most powerful marketing technique. When customers receive
recommendations from their friends and family, they consider it to be the most trusted
source of information while making a decision regarding the services.
Grabbing of Feedback Opportunities- Ajman Free Zone can effectively use the
constructive criticism or feedback in its benefit. Furthermore, when the consumer base of
the organization is happy and loyal then it becomes easier for the business to test new
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products and services. Valuable feedback can be provided by the long- term customers
regarding the strengths, weaknesses and areas for improvement.
Ease in Introducing Change- the introduction of changes in Ajman Free Zone is a risky
task as it contains the risk of losing the customers such as increasing the prices of the
products. However, the use of relationship marketing strategy can assist the organization
in these transitions in a smooth manner (Bahng, Yang and Reilly, 2016) .
Improvement in Marketing- The retaining of an existing customer costs one third of the
recruitment of a new prospect. Existing customers also put more strain on the customer
support functions as compared to the new prospect (David and David, 2017) .
AC 3.1: Use appropriate marketing techniques to ascertain growth opportunities in a market
AC 3.1 Answer
Marketing techniques are the set of tools which can be used by the Ajman Free Zone for the
purpose of attracting more investors. Firstly, Ajman Free Zone needs to establish its target
market which will play an important role in its market share, revenue and profitability along
with the evaluation of the feasibility of reaching the objectives of the organization within this
target market. After the evaluation of the target market, the positioning of the target market
will take place (Tomczak, Reinecke and Kuss, 2017). For the purpose of gaining customer’s
attention, a number of methods will be used by Ajman Free Zone relating to the positioning in
target market.
Niche Marketing or Mass Marketing- Since Ajman Free Zone is very large in size and
therefore its target market is also large. This makes niche marketing strategy appropriate for
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the organization. Through this, Ajman Free Zone can focus on the needs of their clients and
their needs in terms of business solutions. This in turn provides Ajman Free Zone a highly
competitive position as compares to the other free trade zones.
Service Line Extension- A new service market is entered by an organization with the help of
extension of its services. Ajman Free Zone is taking every possible step for the purpose of
meeting the needs of its clients in the market. For this purpose, it is enhancing the range of
services provided by it.
Valuable Resources- It promotes their products through the use of valuable resources and
provides opportunities for the business start- ups and investors to make the use of its custom-
made business solutions which mark the organization on the map of excellence.
AC 3.2: Plan how to use marketing strategy options in a market
AC 3.2 Answer
There are differences in the marketing strategy depending upon the type of business and the
respective target market. Three ways are described in the Porter’s generic strategy with the
help of which competitive advantage can be achieved by an organization. This strategy is
centred on the strategic strength and scope. The focus of the strategic scope is on market
penetration while the focus of strategic strength is on the sustainable competitive advantage of
the firm. Two alternatives are available in the generic strategy framework and each of them
has two alternative scopes. These are low- cost leadership and differentiation with a
dimension of narrow and broad focus (Giannakis and Harker, 2014).
Differentiation- It is a process through which Ajman Free Zone will be able to differentiate its
services with that of the services being provided by other free zones in UAE. Differentiation
acts in the favour of the organization by attracting the customers towards it along with gaining
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