BSBMKG608 Develop Organisational Marketing Objectives - Solution

This assignment provides solutions to a knowledge check related to BSBMKG608: Develop Organisational Marketing Objectives. It summarizes three financial management techniques (Common-Size Statement, Trend Ratio, and Profit Analysis) and their application in marketing. It lists four types of legislation, codes of practice, and national standards affecting marketing operations, including copyright law, defamation law, Free TV Australia's code, and sweepstakes regulations. The assignment explains the importance of analyzing organizational structure, policies, and strategic plans when setting marketing objectives and identifies four marketing management and evaluation concepts (Product, Selling, Marketing, and Societal) and their use in developing marketing objectives. Finally, it discusses strategic, operational, and tactical analysis techniques, detailing their key principles, effective use cases, and limitations.

Assessment Task 2: Knowledge Check
Short Answer
1. Summarise three (3) financial management techniques and how they apply to marketing and
developing marketing strategies.
1. Common- Size Statement, it helps in developing marketing strategy to build better business.
2.
Trend ratio, it helps in developing the market strategy and also developing smart solutions to address
business challenges also supports in analysing competitive activities and evaluate it beyond market
disruptions.
3. Profit analysis, is used for wide variety of business and marketing services like cafe and restaurants.
This is used for4 source allocation issues.
2. List four (4) types of legislation, codes of practice and national standards and describe how they
affect marketing operations.
1.
Copyright law, results in costly lawsuits that can harm the business. If company uses someone else's
property for their advertisements, the creators could bring the law against the company.
2. Defamation law, an attack on services and marketing style is defamatory when it attacks the integrity.
This law helps in protecting reputation of company.
3. Free TV Australia commercial television Industry Code of Practice, this includes rules and
regulations that maintains community standards. Adult marketing materials, advertising and
promotions and complaints handling are included in the code of practice.
4. Sweepstakes regulation, these are widely used by company to promote their business in which they
are providing incentives to customers for promotion of the company.
3. Explain why you would need to analyse organisational structure, policies, procedures, products
or services and overall strategic plans of an organisation when planning marketing objectives.
Analysing these aspects of the business is an integral part of business, it can lead to reduction in overhead
costs and also supports in reduction of environmental waste and also helps in increasing the productivity
Issue Date: August/2020
BSBMKG608 Develop organisational marketing objectives
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and satisfaction level of employees (Barbosa and et.al, 2021). They also assist in developing various
marketing objectives and targets only on business growth. This analysis provides marketing team with an
opportunity to align marketing strategy with business strategies.
4. Identify four marketing management and evaluation concepts that business may use in
developing their marketing objectives and how.
 Product concept: It is used for building quality products and set reasonable prices that are
affordable by the targeted customers. It takes vert little marketing effort to sell such products.
 Selling concept: This concept believes that for selling products, aggressive promotions are needed
to attract customers.
 Marketing concept: according top this concept, identifying customer's interest and requirements is
very important. Then company will satisfy consumer's need and this will result in effective and
efficient performance of company.
 Societal Concept: The main focus is satisfying the customer's needs also demonstrating the long
term concerns of social welfare for attaining the business goals and objectives.
5. You can use a range of analysis techniques when developing marketing objectives. For each of the
following approaches, explain the key principles of the technique, when it is effective and when it
is ineffective.
Technique What is it? When can it be used
effectively?
When is it ineffective?
Strategic analysis Strategic analysis is a
process that conducts
the research on business
and its working
environment to develop
new strategy.
It is effective for short
and long term plannings
for the business. It also
proves to effective in
predicting the future by
analysing the current
situation.
When fast and quick
decisions are required to be
taken it is not as effective.
Operational
analysis
Operation analysis is
used for evaluating the
current performance of
the operational
investment also the
It is effective when an
organisation is already
implementing their
marketing strategies. It is
successful in bringing the
It is not much successful in
the initial phase when
company does not have any
current data of performance
(Copola Azenha and et.al,

performance against
established costs,
schedule and
performance
parameters.
stakeholders together to
discuss and the company
parameters and supports
in increasing the
engagement rate.
2021).
Tactical analysis Tactical analysis
outlines the role of
various part of business
in achieving the success
at any point of year or
less in future.
It is successful in short
term planning. Also it is
targeted to every
department in the
company.
It cannot be used for long
term planning. Also it cannot
predict the future changes.
The End
REFRENCES
Books and Journals
Barbosa, A.P.F.P.L.and et.al, 2021. Configurations of project management practices to
enhance the performance of open innovation R&D projects. International
Journal of Project Management, 39(2), pp.128-138.
Issue Date: August/2020
BSBMKG608 Develop organisational marketing objectives
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Assessment Template for Knowledge Check
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Copola Azenha, F and et.al, 2021. The role and characteristics of hybrid approaches to
project management in the development of technology-based products and
services. Project Management Journal, 52(1), pp.90-110.
.