Clarification details
Updated September 2015. This clarification has been updated to address issues that have arisen from moderation.
There are some differences between the requirements for a new product (such as one students are developing for 91384, 3.6) and an existing product.
| Steps | Requirements for a new product | Requirements for an existing product |
|---|---|---|
| Establish marketing objectives that are aligned with the business objectives. | The student should create SMART marketing objectives. | The student should research the supplier's business objectives and their marketing objectives (or extrapolate marketing objectves from business objectives). |
| Conduct a marketing audit. | An audit should be conducted on the existing marketing activities of the nearest competitor productor on the market the product will be launched into. | An audit should be comprised of secondary research into existing marketing aims and activities. |
| Conduct market research to address issues arising from the audit. | Required for both. | |
| Develop a marketing strategy that is linked to the marketing objectives. | Required for both. | |
| Evaluate sales forecasts and create a marketing budget. | The student should use researched or 'best guess' figures, ensuring that these cover all aspects of the marketing strategy and are realistic. | The student should research as much as is feasible to create a realistic 'best guess' budget. Assumptions will need to be made. |
| Develop a contingency plan. | Required for both. The contingency plan should go beyond simply cutting process or doing more advertising. For example, any threats determined by the marketing audit should be addressed. |
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| Write a comprehensive action plan for implementation and future monitoring. | Required for both. The stages of the action plan could be combined into a timeline or a Gantt chart. |
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At all levels, relevant business knowledge at curriculum level 8 will be used throughout the audit and the plan.
Guidance is provided in the Business Studies Teaching and Learning Guide on the TKI website:
Achievement standard 91382 - Business studies 3.4 (external link)
For Achieved, the student should explain how and/or why the marketing situation exists, and construct a marketing strategy which is consistent with the marketing objectives and the firm’s mission or corporate objectives.
For Merit, responses should provide richer explanations about each part of the marketing plan.
For Excellence, the student should link aspects of the marketing plan together, and use evidence to justify the use of certain marketing strategies to meet the marketing objectives.Strategies should be evaluated in terms of their impact on the business.