Sample MKTG6002 Marketing Report 3

MKTG6002 Marketing Report 3 Sample

Assignment Brief

The assessment task requires you to create a 3000-word strategic marketing plan for either a product or service offered by the company you chose for assessments 1 and 2. You will draw on your situation analysis from assessment 1 and your analysis of segmentation, targeting and positioning (STP) from assessment 2 to complete this assessment.

Instructions

Write a strategic marketing plan of up to 3000 words for either a product or service offered by the company you chose for assessments 1 and 2.

1.) Use the company you chose from assessment 1 as the basis for this assessment.

NOTE: If you selected your company using OPTION 1 in assessment 1 any material submitted as part of your assessment, must ensure that it does not breach upon any of the Host Organisation’s rights, including with respect to maintaining confidentiality, and sensitivity over the information shared.

2.) Select a product or service produced by your chosen company. This will be the focus of your strategic marketing plan

3.) Write a strategic marketing plan (up to 3000 words) in the given report structure below.

Your strategic marketing plan needs to include the following:

• A summary of your situation Analysis from assessment 1, including overview of strategies to address weaknesses and maximise opportunities.

• Discussion of marketing mix strategies, business strategies, and competitive advantage from assessment 2, including their implementation.

• An overview of the control measures taken to ensure implemented strategies are effective.

• A Financial evaluation of your strategic plan, i.e., budget.

4.) Please structure your strategic marketing plan as follows:

Executive Summary

Brief overview (up to 200 words) of the findings of your strategic marketing plan. It is recommended that you write this part of your strategic marketing analysis last once you have completed the other sections of your strategic marketing plan.

Introduction

A brief overview (up to 200 words) of your chosen company, including who they are, what they do, and the product or service that is the focus of your strategic marketing plan.

Situation Analysis

Summarise your findings of yoursituation analysis from Assessment 1, with specific reference to:

• Environment(PESTLE)

• Key Competitors (and how they compete)

• Identification of Target Market Segment(s)

Business Objectives for chosen product/service

Outline SMART objectives for the marketing of your chosen product/service.

Marketing Strategy Evaluation (from assessment 2)

In depth discussion of the following in relation to your chosen company

• Competitive Advantage and Positioning Evaluation

• Marketing Mix Strategy:

Financial Analysis

Provide a 1-year profit & loss summary highlighting revenues ad expenditure associated with the marketing of your chosen product/service.
Plan Implementation and Control

Create a plan outlining how your marketing strategies will be implemented, including.

• Overview of types of promotions, selected media, and scheduling

• Controlstrategies to achieve SMART objectives.

Conclusion

Briefly summarise the key findings of yourstrategic marketing plan.

5.) Include a reference list on a separate page and use appropriate in text citations using APA 7th referencing.

Solution

Introduction

Pandora is in fact one of the largest affordable luxury jewellery player across the geographical world known for its craftsmanship, design and attitude towards sustainability. The firm has operations in over 100 countries and during the holiday season it markets a variety of customizable jewelry products such as charm bracelets, rings, earring and others. In more recent years, Pandora has focussed greatly on sustainability, in order to try and capture the market niche for sustainable jewellery for the assignment help.  The company has set its goal to have 100% recycled silver and gold used in all the products by 2025 and thus claim the position of the market leader offering sustainable jewelry.

Pandora is launching the new line of Pandora sustainable jewelry that incorporates lab-grown diamonds, and it will be targeted at environmentally conscious consumers including millennials and Gen Z members. The need to come up with this product line is to develop a solution that anchors sustainability in luxury, providing the consumers with an option to the normal mined forms while meeting the highest quality standards. This paper covers the market positioning and promotion strategies as well as distribution that can be used to effectively introduce and spread this line of products in the global markets.

Situation Analysis

PESTLE Analysis

Table 1: PESTLE Analysis

The first one is PESTLE analysis which enables the assessment of macro environmental forces that impact Pandora’s sustainable jewelry line and offer a brief of the opportunities and challenges that Pandora meets.

Competitor Analysis

Pandora is facing a highly competitive market, which consists of famous international brands that offer jewels such as Tiffany & Co., Swarovski, and domestic companies. Tiffany & Co. has established itself as a luxury company with sets of expensive items and unique collections, whereas Swarovski is offering a mid price range brand concentrated on innovation and reasonable prices. The uniqueness of Pandora combined with the charm bracelets and a remarkable focus on brand identity relying on sustainability details is Pandora’s fort.

Figure 1: Types of Competitor Analysis Framework
(Source: boardmix.com, 2024)

Although both Tiffany & Co. and Pandora take actions in the ethical mining campaigns and responsible mining, Pandora came up with lab-grown diamonds and recycled metals thus aiming at an increased sustainability-focused clientele (Görg et al., 2021). By suggesting that luxury does not have to be expensive, and its sustainability is truly essential and guaranteed, Pandora stands out from some more conventional competitors mainly focused on the luxury segment (Mintel, 2023).

Also, the entry of local players into the market may pose a threat, especially in emerging economies where consumers are increasingly opting for affordable, eco friendly alternatives. These competitors may offer similar products at lower prices, challenging Pandora’s ability to maintain market share in price-sensitive segments.

Target Market Segmentation

Pandora’s sustainable jewelry line is specifically targeted at millennials and Gen Z, who represent a significant portion of the eco conscious consumer market. These generations are highly engaged with social and environmental issues, often making purchasing decisions based on a brand’s commitment to sustainability(Hites, 2022). They are also technologically savvy and prefer brands that offer seamless digital shopping experiences.

Figure 2: Types of Target Market Segmentation
(Source: clevertap.com, 2024)

The demographic target for Pandora’s new line includes individuals aged 18, 40, predominantly from urban areas in North America, Europe, and Asia, with a strong interest in fashion, ethics, and sustainability(Xintong, 2022). This segment values transparency in sourcing, product quality, and environmental responsibility. Pandora’s efforts to create a product line that is both luxurious and eco-friendly positions it as a brand of choice for this growing market of environmentally conscious consumers (Euromonitor, 2023).

SWOT Analysis

Factor Details

Strengths - Global Brand Recognition: Pandora is a globally recognized jewelry brand with a strong presence in over 100 countries.

- Sustainability Leadership: Commitment to 100% recycled silver and gold by 2025 and use of lab-grown diamonds aligns with consumer preferences for eco-friendly products.

- Personalization: Pandora offers customizable jewelry, such as the popular charm bracelets, which are a significant competitive advantage.

- Digital Transformation: Investments in e-commerce and omnichannel experiences have driven online sales growth(Lozic, 2020).

Weaknesses - Price Sensitivity: Pandora operates in the affordable luxury segment, making it vulnerable to economic downturns and inflation, where customers may cut back on discretionary spending.

- Dependence on Key Markets: Heavy reliance on sales from Europe and North America makes it susceptible to regional economic fluctuations.

- Supply Chain Challenges: Rising costs of raw materials like silver and gold can impact profitability(Wu, 2022).

Opportunities - Expansion in Emerging Markets: Increasing middle-class populations and demand for luxury goods in markets like India and China.

- Sustainable Consumer Demand: Growing preference for sustainable and ethical jewelry offers opportunities to enhance brand loyalty.

- Lab-Grown Diamonds: Increased focus on synthetic diamonds, which are cost-effective and environmentally friendly, is an untapped growth avenue.

- Technological Innovation: An additional operation of expanding the use of augmented reality (AR) for try-on services will strengthen the brand’s value.

Threats - Intense Competition: Potential competitors include international rivalries in Tiffany & Co and Swarovski and other regional players which compete both in product differentiation and branding.

- Economic Uncertainty: Discretionary income varies and other factors such as inflation as detailed by the global market may dampen consumption.

- Counterfeit Products: Counterfeit remain a problem in the global jewelry market, which can degrade the value of the brand and may reduce their sales.

- Regulatory Compliance: Higher costs may result from the growth of legal resourcing requirements as well as rise in supply chain responsibility.

Table 2: SWOT Analysis

The analysis by the SWOT tool extends strengths, weaknesses, opportunities and threats of the Pandora Company.

Business Objectives

Objective Type SMART Criteria

Specific - Launch the sustainable jewelry line with lab-grown diamonds in 25 major cities globally by Q1 2025.

- Promote Pandora’s use of 100% recycled materials through eco-conscious campaigns.

Table 2: SMART objectives

Pandora’s business objectives for its new sustainable jewelry line, featuring lab-grown diamonds, are designed to drive market growth, reinforce its commitment to sustainability, and enhance its competitive position within the luxury jewelry market(Ding et al., 2023). These objectives, designed to enhance both market penetration and sustainability, will be critical in driving Pandora’s success with its sustainable jewelry line.

Marketing Strategy Evaluation

Pandora's sustainable jewelry line, featuring lab-grown diamonds, offers the company an opportunity to align with growing consumer demand for ethically produced and environmentally friendly luxury products.

Figure 3: Evaluate a Digital Marketing Strategy
(Source: bridgerev.com, 2024)

Competitive advantage and market positioning Competency map for the marketing mix The following analysis addresses how Pandora functions in addressing needs of the target market and capture a competitive advantage by using the marketing mix as follows:

Advantage and Positioning Analysis

Key competitive advantages affecting sustainability of Pandora’s sustainable jewelry consist of: Brand recognition, geographical coverage, and Sustainability focus. The company has historically positioned itself in its branding as a provider of more affordable luxury and high-quality products, and this new line continues with the strategy but includes sustainability in its value proposition (Veiga et al., 2021). Due to more sustainable and ethically sound lab-grown diamonds, Pandora can carry out market segmentation in the luxury sector that has long been tied to the expensive ecological and ethical impact (Sweeny, 2022). As a company Pandora implements itself as a leader of accessible luxury to fulfill the growing demand of more environmentally friendly purchaser profiles such as the millennials and the generation Z (Euromonitor, 2023).

Besides, Pandora has the ability to offer product customization through its charm bracelets and other accessories of jewelry which are its key specialties; it does not compete directly with such rivals as Tiffany & Co. and Swarovski that providing exclusively luxury jewelry collections in advance. The capacity to offer customizable jewellery products as a unique and reasonably priced luxury good within a structure that is also financially robust enhances the competitive position of Pandora (Pandora, 2023). Thus, Pandora’s competitive advantage is twofold: its brand loyalty and its niche strategies of corporate social responsibility and product differentiation.

Segmentation, Targeting, and Positioning (STP)

Pandora’s marketing mix is devised from a strong foundation of segmentation, targeting, and positioning.

• Segmentation: The concept of sustainable jewellery is to appeal to the steward, quality, and luxury of consumers who seek sustainable products. These are mainly the millennial and Gen Z with a age of 18-40 years, who are socially and environmentally aware consumers. These people reside in urban centers; they are wealthy, with disposable income for purchasing luxury products but the luxury products in this category must be affordable (Pankiw et al., 2021). Furthermore, it is clear that these consumers demand ethical brands and since Pandora its ethical position is a great advantage (Mintel, 2023). The segmentation strategy also covers geographically dispersed markets including the North America, Europe, and Asia, where calls for environmentally friendly luxury products are gaining popularity (Euromonitor, 2023).

• Targeting: Regarding the target markets, Pandora mainly targets a combination of demographic and psychographic characteristics that would lead to an effective positioning of its line of sustainable jewellery. The primary target group includes younger, environmental-conscious consumers that are heavily using social media and are inclined to online shopping (Griszbacher, 2024).

Figure 4: STP marketing
(Source: kelvinwatertreatment.com, 2024)

They are among the consumers who are willing and determined to put their money on products that are noble and luxurious. This group is reached through digital approaches that affirmatively hire sustainability influencers as well as communicating its sustainability initiatives to elicit a deeper emotional bond with the brand (Pandora, 2023).

• Positioning: The positioning strategy of Pandora revolves around the notion of “luxury for all” being brand seeks to offer its customers’ sustainable luxury without limitations when it comes to price or availability. To not lose focus of the design or luxury aspect of their products Pandora used environmentally-friendly and sustainable marketing channels that cater to an increasing number of audience groups. This is complemented by the company’s goal to use only recycled metals by 2025, positioning Pandora better within the jewelry market segment it operates in (Euromonitor, 2023).

Marketing Mix Strategy

The marketing mix of Pandora's sustainable line jewelry is structured in such a way that it is able to serve the target market's needs and also boosts the company's position in the market.

• Product Specification: Pandora’s ethical range of products include jewelry made from lab created diamonds teamed with silver and gold from recycled sources. They offer rings, earrings, necklaces, charm bracelets which are the specialty of this company. Synthetic diamonds are environmentally sustainable, visually indistinguishable from mined diamonds, and equally hard-wearing but free of many of the social issues related to mining (Pandora, 2023).

• Product Competitive Strategy: This is because the company aims at implementing sustainable solutions into their product offering for performance differentiation from other firms. Unlike brands such as Tiffany and Co, that still incorporate mined diamonds in their products, the incorporation of lab-grown diamonds in pandora’s pieces provide a more ethical means of the company meeting its demand at a less expensive rate. This not only increases the appeal to consumers with ethics but also those consumers who want the comforts and quality of luxury but at pocket friendly prices (Mintel, 2023).

• Pricing Evaluation: As part of its growth strategy for Pandora, the firm has adopted an affordable luxury strategy for the line of sustainable jewellery. It also pays attention to the need of laying its products strategically given the competitive prices observing consumer cost-sensitive behavior amplified by prevailing market forces such as inflation and recession. The price range of the sustainable jewelry of Pandora remains in the affordable luxury market, where consumers look for unique, quality, and affordable products which are offered by Pandora instead of luxury brands (Vukelic et al., 2021). This kind of pricing enables Pandora to appeal for a diverse consumer segment in the two groups especially millennials and Gen Z who are in search of ethical luxury other than overpriced brands such as Cartier or Tiffany & Co (Euromonitor, 2023).

• Distribution and Logistics: To achieve as many goals as possible, Pandora employs a multiple channel distribution to ensure the line of sustainable jewelry reaches its target population easily. This comprise of having numerous stores in key cities of the world and a strong internet sales platform that enables consumers make purchases from the comfort of their homes. It also collaborates with leading e-players in luxury goods, including Net-a-Porter, to cover more ground and target shoppers who use middlemen to access brands online.

• Promotions: Pandora’s promotional strategy for its sustainable jewelry line revolves around digital marketing, influencer collaborations, and sustainability-focused content. The company partners with eco-conscious influencers and brands to highlight the environmental benefits of lab-grown diamonds and the company’s commitment to using recycled materials. Promotional efforts also include social media campaigns that engage younger consumers, particularly through Instagram and TikTok, where visual content related to luxury and sustainability resonates strongly.

Financial Analysis

Expenditures

Production Costs

Marketing Costs

Table 4: Financial Analysis

Plan Implementation and Control

Pandora’s implementation plan for the sustainable jewelry line will involve a series of strategically aligned actions, ensuring that marketing strategies are executed effectively. The first phase of the plan includes launching the product in targeted markets, starting with key regions such as North America, Europe, and Asia. This will be supported by a comprehensive digital marketing campaign, leveraging social media platforms like Instagram and TikTok, as well as influencer partnerships, to engage eco-conscious consumers (Pandora, 2023).

In terms of control measures, Pandora will utilize performance metrics aligned with its SMART objectives. These metrics will track sales performance against the 150,000-unit target for the first year. Social media engagement will be monitored to measure the success of digital marketing campaigns, aiming for a 30% increase in interactions(Asadpourian, Rahimian & Gholamrezai, 2020). Regular audits of supply chain practices will ensure that the lab-grown diamonds and recycled materials meet the sustainability standards, fulfilling the 100% sustainable sourcing objective.

Conclusion

Pandora's strategic marketing plan for its sustainable jewelry line represents a proactive approach to meet growing consumer demand for ethical and eco-conscious luxury products. By leveraging its competitive advantages, including strong brand equity and commitment to sustainability, Pandora is well-positioned to capture a significant share of the sustainable luxury market. The implementation of a clear segmentation, targeting, and positioning strategy ensures that the brand resonates with its environmentally aware, affluent consumers. Through a carefully designed marketing mix—combining product innovation, competitive pricing, and targeted promotions—Pandora’s sustainable jewelry line is poised for success. Ongoing control measures, including performance tracking and regular reviews, will allow Pandora to adapt its strategies to maximize impact, achieve business objectives, and maintain leadership in the sustainable luxury segment.

Reference List

Websites