Analysis of Marketing Opportunities and Plan for Agile Communications

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IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
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Introduction:
The report will include identification and evaluation of the marketing plan of the business. It will
include identification and analyzing of the marketing opportunities available in the market so as
to grab that and introduce a new marketing plan to increase the sales and profits of the
business and to earn competitive advantage and improved goodwill. The report will also include
the evaluation of the opportunity grabbed and the implementation of the same in the operations
of the business.
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Question 1 Identify and outline five items of regulations and laws that apply to the
marketing industry in Australia.
1. Consumer Protection Rights- It helps in protecting the rights of the customers by
providing them goods as per their requirements.
2. Intellectual Property Rights: It is used to protect the design of the product, idea,
identity of the business, etc.
3. Environmental law: The industry should take care that it does not harm the
environment in any way.
4. Privacy: It applies to the marketing industries so as to maintain the confidentiality
and privacy of the customers and others.
5. Code of practice: The marketing industries should comply with ethical values, code
of conduct, etc (Hale, et. al., 2015).
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QUESTION 2 Briefly describe the importance for marketers to abide by the
provisions of the Australian Marketing Institute Code of Professional Conduct
The marketing institute code of professional conduct states behavior, ethics, public
statement of principle, values which are being expected from all. It is important to abide
them so as to ensure the high level of standard of corporate behavior as well as of
individual from all the members. This helps in ensuring clarification as well as
assistance along with public confidence on the professional standards. The code of
professional conduct helps in providing high-quality products and services to customers.
QUESTION 3 Describe one aspect of this Code that is important in relation to
identifying marketing opportunities
The aspect which is important to identify marketing opportunities is building of relations
with the customers. In order to identify and grab marketing opportunities, the
businesses should comply with their professional roles and responsibilities ethically,
honestly, by maintaining transparency, competently, and with bonafide intentions. It is
very important for businesses to conduct research and adopt the changes as required
from time to time. The businesses should be operated as per the experienced person
possess. The members should maintain relations for the long term.
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QUESTION 4 Briefly describe each of the following terms in relation to marketing
opportunities: market penetration, market development, product development,
and diversification.
Market Penetration: It means covering the large market share through existing
products, or by promoting new goods or services, or by using strategies such as
advertising, promotion, etc.
Market development: It is a strategy used to sell existing products by the companies to
a new audience. In this, the company creates a new market segment for existing
products and services.
Product development: It means the development of the new product by using
innovative, creative and new ideas. It can also mean making changes in the existing
products to attract customers and to fulfill their needs.
Diversification: It is used to conduct research and analyze marketing conditions so as
to launch a new product into a niche market.
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QUESTION 5 Explain each of the phases of the product life cycle.
Introduction Stage: This is the most expensive phase as it takes a lot of cost in
conducting research and development, needs of the customers, etc.
Growth Stage: In this stage, the company starts to get benefits through profit margins,
economies of scale in production. This is the stage of growth in terms of sales and
profit.
Maturity Stage: This is the stage in which the company aims to cover the highest
market share by using a marketing strategy.
Decline Stage: In this stage, the market for the specific product will start shrinking. It
can be because of changing marketing conditions or changing trends and needs of the
customers.
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QUESTION 6 Explain what the marketing mix is and when it is identified.
The marketing mix is an action or strategy used by the company to promote and
advertise its products or brand image in the market so as to attract more customers and
increase revenues and thus profits of the company. The marketing mix comprises of 4
P’s or 7 P’s, which are price, product, place, promotion, physical evidence, people, and
process. The marketing mix is identified when the company aims to launch a new
product in the market. It uses a marketing mix to determine what type of product to be
introduced, at what price, what should be the distribution channels, etc (Kotler, et. al.,
2015).
QUESTION 7 Outline the steps in the four Marketing process.
Discovery: The first step is to discover the product, market place, customers,
competitors, a marketing strategy used by competitors, pricing strategy, etc.
Strategy: On the basis of the first step, the strategy should be formed by the
management of the company to attain higher revenues and increased profits.
Implementation: In this step the marketing strategies, campaigns, etc. are conducted
to advertise the products and attract more customers. This step includes putting
strategies into action.
Measurement: In this step, the results and outcomes are being measured which have
achieved from the campaigns in order to modify the strategies used.
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QUESTION 8 Describe four statistical methods and/or forecasting techniques that
can be used to evaluate marketing opportunities.
The Delphi Technique: In this technique, certain expert people give responses to the
questionnaire series. The responses are compiled and outcomes are evaluated.
Time- Series Forecasting: This is used to collect the data and information for a period
of time in order to identify the changing trends, and fashion.
The Subjective Forecasting approach: This approach is used to predict the results on
the basis of subjective feelings and thoughts. In order to generate ideas brainstorming
sessions are conducted.
Writing of the scenario to generate different outcomes: This technique is used to
create different results on the basis of different criteria and decisions are made on the
basis of best outcome (Young, 2019).
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QUESTION 9 Briefly describe one method for forecasting market growth rate
There are various methods to forecast market growth rate. One of them is:
Time Series Forecasting Techniques: It is used to measure the sales pattern. This method is
used to measure the growth rate in terms of sales and profits of the company and used to
forecast the previous results so as to modify the methods used by the company in order to
increase the revenues and profitability. Time series method is used in the market which is stable
and not fluctuating. It is used to predict the percentage of future growth.
QUESTION 10 Define the term ‘return on investment’ and outline how it is
calculated
Return on investment is a method used to measure the investor’s income relating to the
investment made by him. It is calculated by dividing net income with the cost of investment. The
return of investment depicts higher the ratio higher the return on investment. It is calculated to
determine whether one should invest or not. This is a financial ratio which is easy to calculate. It
refers to the profit or loss generated from the specific investment in relation to the money
invested.
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Assessment Task 2
1. Explore creative and innovative ideas.
Agile communication is using various marketing strategies to promote its business. Various
creative ideas to expand its business are:
1) Use of updated and recent technology to perform business operations.
2) Change in products and services according to the changing trends and desires of the
customers.
3) Make modifications in the pricing strategy according to the strategy used by the
competitors in order to attract more customers.
2. Potential marketing opportunities
The three potential marketing opportunities for Agile Communications are:
1) Continuous improvement: Agile communications can make continuous improvements
in their products and services by making modifications according to the needs and
demands of the customers (Hutchins, 2016).
2) Rapid Response: Responding rapidly to the changing trends and to the queries of the
customers, it creates marketing opportunities for agile communications.
3) Early delivery: It becomes the marketing opportunities for the company if they deliver
the products and/or services on or before time.
 The goals of the Agile Telecommunications are to achieve development in the company
in a way that it can adopt all the changes effectively and efficiently. The objectives are to
make optimum use of the advanced technology so that it takes less time in operating the
business performance. The objectives include the development of knowledge-based
technology so as to improve productivity. The goals and objectives are according to the
marketing plan and it will help in attaining higher goals of the company.
 For continuous improvement, the company will focus on existing customers so as to
improve its customer base and satisfy them with higher quality products and services. For
rapid delivery, the company would focus on existing as well as on new customers so that
they can keep its customers satisfied which helps in attracting more customers. In the
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case of early delivery, the company will identify new customers to attract more customers
and increase its customer base.
 The implementation of the opportunities would benefit the company in increasing its
revenues and profitability. It will help in increasing the scope of the company. This will
benefit in reducing the customer issues by providing them instant responses and help in
improving the customer base. It will be beneficial as it will help in earning a competitive
advantage.
 The marketing opportunities would have a huge impact on the sales, profitability, market
share, and growth of the company. All these factors are inter-related and by pursuing the
marketing opportunities the sales, the profitability of the company will increase eventually.
Thus, it will cover higher market share which will result in higher growth of the company.
This would reduce the cost of the company.
 The return on investment in the current marketing plan will be changed after adopting
marketing opportunities. There will be a huge cost in order to adopt the opportunities in
the business operations which will directly affect the return of the company. The
opportunity cost of the company will reduce the anticipated investment return ratio and
will have an effect on the marketing plan.
 The potential existing competitors of the Agile Telecommunications are Skebby,
Rdcom.it, web text, Mobyt, Tyntec, CLX, Message Bird, not size, info blip, etc. After
pursuing marketing opportunities, Agile Telecommunications has various existing
competitors and also it can develop new competitors of foreign countries such as AT&T,
SoftBank, Verizon Communications, etc.
 The change in economic conditions can affect the marketing opportunities in several
ways such as it may raise demands, lower the interest rates. It can affect the changing
needs of the customers, allocation of resources to grab the opportunities; it can have an
impact on the increased number of competitors which will become difficult in grabbing of
the opportunities. The economic conditions will affect the interest rate, inflation rate, wage
rate, etc.
 Technological factors that have an impact on the marketing opportunities include
organizational change, environmental factors, costs involved, change in business
process, etc. Organizational change effects as it changes according to the changing
marketing conditions and employees are not ready always to adopt changes. The
business process affects marketing opportunities as it makes changes in the operations
of the business depending on the goals and objectives of the company.
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 Legal obligations involve the maintenance of privacy and confidentiality of the customers.
The company should pursue the opportunities according to the regulations formed the
government in relation to the specific industries. The company should not use false
advertising techniques to attract customers. It should not use and misleading techniques
to promote the business. It should comply with certain quality standards and must provide
high-quality products and services to the customers.
 The risk might include a change in marketing conditions, change in trends, desires, and
needs of the customers, etc. The risk involved with continuous improvement in the risk of
development of new products by competitors. The risk associated with the rapid response
is the lack of skills in adopting changing trends. The risk associated with early delivery is
high demands and less supply of products (Shree, et. al., 2018).
3. Overview of the company and its objectives and marketing plan.
Agile Communications is a telecommunication company headquartered in Adelaide, South
Australia and founded in 1998. It is a subsidiary type of company whose parenting company is
Internode ISP. It provides products and services like voice and broadband. The business
objective of Agile Communications is to provide better communication facility to the customers.
The Agile Communication uses marketing mix as its marketing strategy and analyzes the
products to be produced at a price which would be affordable by the customers. The target
market can be determined by conducting a research and development program.
4. Email to the Managing Director
To Managing Director,
Subject: List of original ideas for marketing opportunities.
There are various marketing opportunities available which can help the company in increasing
its revenues and profits in long run. The marketing opportunities might include making
continuous improvements by making modifications in the existing products, responding rapidly
to the changing trends and to the customer issues by hiring talented and experienced
employees, delivering of the products and services before time to attract more customers and
retain the existing customers.
Kindly provide the feedback in case any modifications are to be made in the ideas generated
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