Marketing Mix Plan for The Iconic - MKT103 at Griffith University

This report presents a comprehensive marketing mix plan for The Iconic, focusing on an exclusive product initiative targeting a fashion-forward younger audience. The plan outlines marketing objectives centered on innovation and brand enhancement, targeting high-income young adults. Segmentation utilizes NGDATA's AI-powered CDP and demographic analysis. The positioning strategy emphasizes high-quality products with an increased price range, offering designer handbags and traveler bags with innovative features like GPS tracking. The marketing mix details the core benefits of the product, attributes, and features. Pricing objectives aim at profit and customer satisfaction, employing skimming pricing with various discounts. The promotional strategy includes television advertisements and articles in newspapers and magazines. The report also includes a SWOT analysis, perceptual maps, and competitor analysis to justify strategic choices. The plan aims to enhance The Iconic's market share and profitability through these integrated marketing tactics.

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REMEMBER.
This project will be introduced to you in the first online classroom, so please watch the
recording to learn more.
The purpose of this assessment task – you are to develop the marketing mix for the
opportunity and the marketing initiative identified in assessment 2.
The marketing mix plan develops the marketing tactics that will be used to implement the
marketing initiative and how these tactics will be monitored.
No business owner or marketers would just define an opportunity without developing plans to
help it succeed – this is what you are aiming to do in this ‘Marketing Mix Plan’ (Assessment
3).
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Marketing Mix Plan for
MKT103 – Introduction to Marketing
Tutor: XXXXXXXXXXXXXXXX
Word count: (should be 2000+/- 10%)
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Marketing Initiative
Initiative
The Iconic is come up with an initiative where they have an exclusive series that they
only release on special occasions. The exclusivity makes customers buy faster as well as
make their products more desirable and coveted. The initiative is Identified and
measurable and accessible. The focus and targeted audience is fashion forward younger
crowd who can easily paying off.
<Explanation> Justify why this initiative was chosen.
Exclusive series make The Iconic pieces more desirable for the customers. The
product will be designed and promoted by the best talent. The Company will promote
exclusive series as the luxury goods. The Company will be treading the fine balance
between the tradition and innovation. It will perpetuating the image of Ultimate
Handmade quality. Through this Company can increase its market share and leads
towards profitability.
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Objectives
Marketing Objectives
The marketing objective of The Iconic is to be creative and innovative and aims at the
product excellence. To bolster the image of the brands with passionate determination
and strive to be the best in all they do.
<Explanation> Justify why was this objective chosen.
This objective is choose to increase the customer satisfaction and to increase
their brand value in the market. As their business objective also represent the most
refined qualities of the Western Art all around the globe.
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Target Market & Positioning
Segmentation
<Identify your choice of segmentation tools here and justify why. Please feel free to use a table
to shown how you have used the segmentation tools.>
Segmentation tools which is being use by The Iconic is NGDATA AI-powered CDP. This tool
goes beyond customer segmentation and drills down to the level of the individual customer. It is for
the Company that prefer to work in the segment of one rather than in terms of broad segmentation. It
helps to do more efficient advertising that leads to cost reduction and concentrated the distribution at
the market place. It helps to increased customer retention at The Iconic. Demographic segmentation
would be done.
Cluster Analysis is the customer segmentation tool and mathematical model to discover the groups of
similar customers based on the finding the smallest variations among various customers within each
group of the people.
Selection of Target Market
<Identify the target market(s) chosen and the targeting tactic for this plan and justify why>
Targeting market would be the adult, high income group and high fashion focused youngster
that appeals and prefer to wear fashion brands, accessories and apparel. The reason for this chosen
target market is that The Iconic generally offers high quality products at considerably high price to the
customers so these high income group person can easily pay off and youngster are highly focused to
look bright, shine and fashionable, the price factor doesn't matter for them at all. Young people are
some of the easily influenced individuals out there that caters the marketing strategy appeal to them is
likely to bring success for the Company. For example the advertisement depicts how a young adult
uses the iPhone 7 throughout daily life. Thus, they are highly involve on social media channels and
smart phones and they can easily show interest to afford luxurious products as they are purchasing
costly iPhone. The Iconic is doing online advertisements of their clothing and accessories and they
are known as luxurious brand as a result the youngster can easily influence by them.
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Positioning Strategy
Positioning Strategy
<Identify which positioning strategy you will use. Generally, there are two major strategies:
price and quality. Your choice must be based upon your competitor POS and your POD
analysis>
The Iconic will be offering high quality products. The price range got increased as the quality
of products is improvised. The Nike is its competitor and has Point of sale mainly in America
whereas the, The Iconic mainly operates from Australia.
Positioning Attributes
<Identify what 2 product/service attributes you will use to achieve this strategy, Justify based
upon the opportunities identified in the SWOT analysis>
The two product attributes that will achieve this strategy -
 Designer Handbags for The Iconic
 Introducing traveller bags for The Iconic
SWOT Analysis of The Iconic
Strengths
 Focused on Research and development activities.
 Multi channel approach
 Globally recognised brand
Weaknesses
 Exclusive dependent on foot wear.
 It has doing negative publicity.
Opportunities
 It has tremendous growth opportunity in online retail sector.
 It can expand its reach in China and India.
Threats
 Intense competition from brand like Nike.
 Ongoing recession
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Perceptual Map/s
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Marketing Mix Tactics
Product/Service
<Define the core benefit offered by the product/service>
Marketing mix refers to the multiple areas that focused as part of the comprehensive
marketing plan. The term includes four Ps namely, product, price, place and promotion. It helps the
organisation to make strategic decisions while launching the new products or doing innovation.
The Iconic offers high quality products at considerable high price. They are known as the
fashion brand. They get updated with the trends in clothing, accessories and shoes. The benefits of
purchasing The Iconic products is that they offers high quality products and they follows latest design
and trend in their apparel.
<Define the actual product/service offered and the type of product category.>
The Iconic products are Fashion apparel, Sportswear and kids-wear.
<Define expected product/service including any augmentation of the product/service>
The Expected product for The Iconic will be they are developing current product into
handbags and augmentation of the product is travellers bags.
Defining the product/service attributes/features that help to define your point of
difference and thus your positioning strategy
Current Product Attributes New Product Attributes Resulting Consumer Benefit
 Handbags - The
world's best bags
that will never go
out of style
 Range of traveller
bags
 Introducing new
designer handmade
handbags with
smart wallet that
has tracker.
 Introducing new
women stylish
traveller bags.
 It will fascinate the
targeted audience
which is fashion
forward youngster.
 If the bag is lost or
theft the GPS
technology will
easily found it.
 It will sharpen the
women fashion
street and will add
on to their style that
travellers bags can
even bring designer
and stylish outlook.
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<If primarily focused on a service offering define PEOPLE here>
The people are the employees, suppliers, designer, fashion institute and managers of the
Company.
< If primarily focused on a service offering define PROCESSES here >
Processes which has to be follow for introducing the designer and stylish hand made bags of
The Iconic is that the outside people and urban people which are expertise in carving, stretching and
designing are invited. A whole team is set to bring this innovation.
< If primarily focused on a service offering define PHYSICAL ENVIRONMENT here >
Physical environment refers to the surrounding conditions that affect the business of The
Iconic. It is important thing to remember that both the natural and man made variables are the part of
the physical environment. The people of Australia is progressive and rich they have capacity to spend
in luxurious hand bags. There are generally high income group people. The population of young and
adult people is also that much where the latest innovation of the Iconic can easily take place. People
of Australia best known for the latest style and fashion followers so the products of The iconic can
easily cover the market of youngster. The Company is going to introduce the smart luggage trackers
that has advanced GPS technology which can help to keep the luggage safe and it has capacity to put
back in the hands of the owner once it is loss or theft. The Physical evidence can be the, The Iconic
online store where it is recognised as the best seller of Sportswear and Apparels of women. Through
introducing GPS handbags for the women it adds on towards existing products and leads Company
towards profitability.
Price
<Pricing is the one tactic that helps the finances and must be consistent with the overall
marketing strategy and brand positioning. Please identify your
 pricing objective,
 expected elasticity of demand and potential price sensitivity,
 selling price in comparison with your competitors (you could use a table here),
 pricing method, and
 final price.
Please note that you do not need to conduct an expected cost analysis due to time and place
constraints, however, any marketer would be expected to know these figures. >
Pricing objective of The Iconic is to earn profits but also by satisfying the customer needs.
They are paying very less price for the quality they are getting. The expected elasticity of demand is
high because the competitors of The Iconic like Nike and Louis Vuitton are providing high quality
products but the prices are considerably high than The Iconic. This Company offers high quality
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products in Affordable price than its competitors. The company will use pricing strategies that are not
stagnant to one time processes they will actively optimised to ensure the success of the innovation.
The pricing method are used for the Iconic products is scheming pricing where the Company will give
various discounting offers and flat schemes to their customers in order to gain their retention towards
the The Iconic. The Final price would be set by The Iconic for the GPS handbags of the women is A$
70.
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Promotion
<Your promotional strategy must reflect your positioning strategy. For this section please:
 Define your overall communication objective. This should be relative to the customers
knowledge of the brand and its competitors.
 Design your communications strategy Develop a 3-6 word sentence that can be used to
portray this strategy. For instance, Toyota use “oh what a feeling”.
 Select your media channel(s). Note, the message must be the same across all the
media used.
 Select your marketing communications mix. Justify your choices.
 Identify your measurement tactics.
Please note that you do not need to develop a promotional budget due to time and place
constraints, however, any marketer would be expected to know these figures.>
The Iconic will do promotion of their products by telecasting advertisement on Television and
publishing articles in newspaper and magazines. The company will run promotional campaigns that
will create awareness among the customers about the The Iconic products. The company will do
promotion through social media advertisement as youngster are highly activate on social media
channels. They will also put banners and hoardings across the cities of Australia so that large number
of customers got attracted towards their products. The Company will promote their products through
their official website. Tagline of the Iconic innovation is to bring young fashion street. The Company
will measure the performance through their official website by which they ask for the feedback that
whether the customers are satisfied from the products or not. They will identified the default in the
products and through which they will do further improvements in their product quality.
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Place
<Identify the distribution chain you will use to transfer the product/service from the
manufacturer to the consumer.
Based upon your target market(s) and your positioning strategy, please identify:
 Your distribution objectives
 Your type of distribution based upon your type of product.
 Your major channel alternatives based upon the cost benefit.
 Your channel members
Please draw a diagram of your distribution chain.
The Place which is chosen by The Iconic is Sydney. Sydney is central place in the Australia
and through it can attract large number of the customers. The type of distribution channel which is
used by The Iconic is direct distribution channel.
Example of distribution model
The type of distribution model which is used by The Iconic is Business to consumers.
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Evaluation and Control
<Identify three measures you will use to evaluate your marketing plan and also place in the
table provided. Justify. Remember these evaluation measures must be relative to the
initiatives and the objectives of the marketing plan. Refer to which provides a guide to the
various metrics available to you relative to the objectives chosen. You should use more than
one marketing metric to evaluate your plan.>
Three methods which is used by The Iconic is -
 Customer feedback through official website of the Company
 Financial statements
 Checking customer satisfaction
EVALUATION OF XX GOAL/OJECTIVE
Metric Method of
Measure
Timing Responsibilit
y
Outcome A Outcome B
1  Customer
feedback
through official
website of the
Company.
After one month
of product
launching
Team members Identify strengths
and weaknesses
Improvement is
being done on the
basis of strenghts
and weakneses
which is identified
earlier .
2  Financial
statements
Yearly basis Accounts The financial
statements of
current year will
bee evaluated.
The finacial
statements of
current year is
comapred with the
previous year.
3  Checking
customer
satisfaction
Six months Manager Customer
satisfaction will
identified by the
gross sale and the
customer
feedback
The
improvement is
being done in
product quality
after seeing
customer
dissatisfaction
level.
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Implementation & Schedule
<Provide a 1 year month by month timetable of when things are going to happen and who is
going to do them. Justify in the text area. Make up your Gantt chart and place after the text> P
Gantt Chart
Task Mode Task Name Duration Start Finish Predecessors
Auto
Schedule
d
strategic activity 6 days Mon 5/27/19 Mon 6/3/19
Auto
Schedule
d
product development 8 days Tue 6/4/19 Thu 6/13/19 1
Auto
Schedule
d
product launch 9 days Fri 6/14/19 Wed 6/26/19 2
Auto
Schedule
d
negiote cost of production
with new suppliers 11 days Thu 6/27/19 Thu 7/11/19 2,3
Auto
Schedule
d
price 8 days Fri 7/12/19 Tue 7/23/19 4
Auto
Schedule
d
set price of product 14 days Wed 7/24/19 Mon 8/12/19 4,5
Auto
Schedule
d
introductry pricing discount 10 days Tue 8/13/19 Mon 8/26/19 6
Auto
Schedule
d
promotion 15 days Tue 8/27/19 Mon 9/16/19 7
Auto
Schedule
d
size product avaliable 14 days Tue 9/17/19 Fri 10/4/19 7,8
Auto
Schedule
d
advertising throug social
media 13 days Mon 10/7/19 Wed 10/23/19 9
Auto
Schedule
distribution 13 days Thu 10/24/19 Mon 11/11/19 9,10
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d
Auto
Schedule
d
Auto Scheduled 3 days Tue 11/12/19 Thu 11/14/19 11
Auto
Schedule
d
supermarket distribution 3 days Fri 11/15/19 Tue 11/19/19 11,12
Auto
Schedule
d
other 2 days Fri 11/15/19 Mon 11/18/19 12
Auto
Schedule
d
urban area manager 2 days Wed 11/20/19 Thu 11/21/19 12,13
Auto
Schedule
d
evaluation 3 days Tue 11/19/19 Thu 11/21/19 14
Auto
Schedule
d
mystery support campagin 2 days Fri 11/22/19 Mon 11/25/19 15,16
Auto
Schedule
d
customer survey 3 days Tue 11/26/19 Thu 11/28/19 17
Auto
Schedule
d
campaign evaluation 3 days Fri 11/29/19 Tue 12/3/19 17,18
Auto
Schedule
d
strategic review 3 days Fri 11/29/19 Tue 12/3/19 18
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Conclusions and Recommendations
<Provide an overall conclusion to the marketing plan and provide justifications. These may be
based upon the justifications already provided; also provide what major recommendations you
feel need to be put in place to make the plan succeed. Please make sure that your conclusions
and recommendations follow logically from the target market and the positioning strategy
through to the marketing mix and evaluation and control and all these are based upon your
overall objective. There must be continuity of thought throughout the marketing plan>
The Conclusion is being drawn from the above project report of Marketing plan is that in order
to formulate the marketing strategies first firm needs to conduct market analysis they need to
identified the current weaknesses and strengths of the company. It is concluded that The Iconic is
successfully lauched their new product which is GPS handbags for the women in the marketplace
through is strong marketing strategy which is to advertise their products through social media
channels.
Recommendations
 The company can increase its market share through doing social media adverstiment in which
they will tag top models on instagram to promote their luxurious brand.
 They will tie up with the models, the models will again repost the posts and this will eventally
increase the market share.
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Reference List
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Dib, A., 2018. The 1-page marketing plan. Page Two Books.
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Fine, S.H., 2017. Marketing the public sector: Promoting the causes of public and nonprofit agencies.
Routledge.
Ferreira, J.N.P., 2017. Marketing Plan of the UCInova Junior Enterprise (Master's thesis).
McDONALD, M.A.L.C.O.L.M., 2016. Strategic marketing planning: theory and practice. In The
marketing book.(pp. 108-142). Routledge.
Baverstock, A., 2015. How to write a marketing plan. In How to Market Books (pp. 135-165).
Routledge.
De Pelsmacker, P., Van Tilburg, S. and Holthof, C., 2018. Digital marketing strategies, online reviews
and hotel performance. International Journal of Hospitality Management.72.pp.47-55.
Smith, D.J., 2016. North by Midwest Film Festival: A Marketing Plan for a Local Nonprofit
Organization (Doctoral dissertation).
Wong, H., McLean, J., Lam, L., Shan, M. and Chen, M., 2016. Marketing Plan Report.
Fine, S.H., 2017. Introduction to social marketing. In Marketing the Public Sector(pp. 1-12).
Routledge.
Chaffey, D. and Ellis-Chadwick, F., 2019. Digital marketing. Pearson UK.
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