Develop a Marketing Plan for Kmart: Assessment 2

This assessment focuses on developing a marketing plan for Kmart. It covers topics such as differential marketing options, traditional factors impacting consumer behavior, marketing principles for first families and empty nesters, benefits and restraints of marketing approaches and mix elements, and marketing opportunities and legislations for Kmart.

Develop a marketing plan

Contents
ASSESSMENT 2 ............................................................................................................................1
Research Questions:.....................................................................................................................1
REFERENCES................................................................................................................................4

ASSESSMENT 2
Research Questions:
1. Evaluate four differential marketing options that can be included in marketing
plan?
Managers of Kmart can use four different marketing options that are included in their marketing
plan are as follows:
Social media platforms- They can promote their products through the use of social media
platforms in a strategic manner (Ferrell and Ferrell, 2020).
Collaboration with e-commerce website- Managers of Kmart can collaborate with e-
commerce sites in order to engage in marketing as well as selling activities.
Content marketing- They can also make use content marketing strategies in order to
promote their products in an effective manner.
Search Engine marketing- Through this, managers of Kmart can make their website
viable in regards to search engines in an effective manner.
2. Explain how traditional factors can impact consumer purchasing behaviour?
Traditional forces can impact consumer purchasing behaviour in below mentioned ways:
Family life cycle- This factor influence consumer purchasing behaviour. For example, a
newly married couple is in a better financial position without the children. If they both earn, their
buying decision majorly concentrate on quality irrespective of quantity.
Heredity and home environment- For example, if a boy is allergic to peanut due to
heredity, then this can not be bought to their home as per their home environment.
Cultural, social and situational environment- For example, due to cultural and social
perspective, people buy clothes and other household things.
3. Describe the principle behind marketing to first families?
First families are those which have kids. Marketing strategies should be performed by
keeping kids in mind as they are considered as sensitive to advertisements (Kadekova and
Holienčinova, 2018). This principle is based on the protection of the kids in regards with
marketing. For example, Kmart should not advertise their products which can hurt the sentiments
of kids.
4. Explain the principle behind marketing to empty nesters?
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Empty nesters are concerned with people who are of or above the age of 50 and has
immense money to spend (Tong, Luo and Xu, 2020). Marketing principle in regards with them is
that it is imperative for marketers to follow their ethical responsibilities and provide them good
products which do not harm their life. For example, managers of Kmart devise their marketing
strategies for empty nesters in a strategic manner.
5. Evaluate the benefits and restraints of four differential marketing approaches?
Four marketing approaches of marketing with their benefits and restraints are as follows:
Social media marketing is beneficial for companies as this aids them in making their
reach to massive number of customers. It is disadvantageous as it can leas to privacy -related
issues.
Outdoor advertising is considered as beneficial for organisations like Kmart through
generating high customer response in an effective manner. However, it creates constraints in
regards with conveying limited information to public.
Relationship marketing is considered as advantageous as it help organisations in
developing personal relations with their customers. This approach can be a constraint as it delves
into negative feedbacks from the customers. For example, managers of Kmart has adopted this
marketing strategy which led them to get negative feedbacks from their existing customers.
Through industrial marketing, varied new customers can be attracted towards the brand.
However, it can only be used for business houses which is considered as its disadvantage.
6. Explain the benefits and constraints of 4 different marketing mix elements?
Marketing mix encompasses of four elements, namely, product, place, price and
promotion.
Product is beneficial for organisations as it act as a physical thing through which people
gets attracted. It has constraint of availability at organisations on a timely basis.
Price is considered as beneficial as it helps in measuring the revenue as well as generated
profits. It can create constraints as it is difficult task for managers of Kmart to adopt suitable
pricing strategy.
Through promotion, Kmart can make their reach to wider audience which is beneficial
for them. This can create constraints in determining the effective marketing channel.
Place in terms of their stores are used by managers of Kmart for attracting their
customers. Online means are taking place of physical locations of establishment.
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7. Explain the following marketing opportunities?
Strategic alliances and cooperative business models- Through this, managers of Kmart
can collaborate with their suppliers and e-commerce websites for strategic alliances.
New products or services for target market- Target market is determined by managers of
Kmart for promoting their new products or services.
Greater market penetration – This is a market opportunity which is used by managers of
Kmart gaining larger market size.
Home page takeovers- It is a sort of a road block whereby home page of an organisation
fills with advertisement for a specific time.
New business and franchising- It is a joint venture whereby an establishment sells their
rights of using their name and idea to another corporation.
8. Explain following legislations, code of conduct and national codes?
ADMA Direct marketing code of practice- This legislation encompasses of legislative
obligations for performing the marketing activities.
Australian e-commerce best practice model- This model comprises of advertising
guidelines and complaint resolution which needs to be followed by organisation operating in
Australia.
Australian government policy framework for protection of consumer- Organisations
have to follow Australian competition as well as fair trading under the legislation of Competition
and Consumer Act, 2010.
Free TV Australia Commercial Television Industry code of practice- It is a self-
regulatory code of conduct which are implemented by free-to-air broadcasters in regards with
Australian media.
Defamation is described as a statement which can injure reputation of third party.
Copyright- It is a legal term which is used for defining the rights of creators in regards
with literacy and artistic works.
Equal opportunities Act, 2010- It is a legislation which protects the individuals from
discriminated practices in specified areas.
Privacy laws- This encompasses of legislations which protect the personal information of
individuals in Australia.
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Regulations for sweepstakes- In Australia, there is no restriction on individuals for
entering in a competition which is based on chances and luck.
Anti-discrimination legislation – In Australia, four legislations are Age discrimination
act, 2004, Disability discrimination act, 1992, Racial discrimination, 1975 and Sex
Discrimination Act, 1984. This legislations protect people from any sort of discriminated
practice.
Trade Practice Act, 1974- Major purpose of this act is to prevent practices in relation to
anti-competitive conduct in organisations.
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REFERENCES
Books and Journals:
Ferrell, O. C. and Ferrell, L., 2020. Technology challenges and opportunities facing marketing
education. Marketing Education Review. 30(1). pp.3-14.
Kadekova, Z. and Holienčinova, M., 2018. Influencer marketing as a modern phenomenon
creating a new frontier of virtual opportunities. Communication Today. 9(2).
Tong, S., Luo, X. and Xu, B., 2020. Personalized mobile marketing strategies. Journal of the
Academy of Marketing Science. 48(1). pp.64-78.
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