Marketing Plan Development: Written Questions and Answers

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BSBMKG609 Develop a marketing plan
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Contents
Assessment 1: Written questions.....................................................................................................3
References........................................................................................................................................7
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Assessment 1: Written questions
1. Outline how strategic alliances can provide options for marketing opportunities and
include two examples of alliances (also known as cooperative business models) that can
be formed between businesses.
Strategic alliances refer to the agreements for collaboration or cooperation between two or more
businesses along with better results at where every business will get more benefit from strategy
alliance than doing efforts individually. It works as an agreement between two businesses for
pursuing an agreed set of objectives. This partnership type falls between acquisitions and
mergers and organic growth. There are four strategic alliances that are known as cooperative
models of business as mentioned-
 Product development- It concentrates on generating new products in an existing market.
 Market penetration- It concentrates on enhancing existing product’s sales in the existing
market.
 Diversification- It refers to entering the new market along with the new product’s
introduction (Bonaparte, 2019).
 Market development- This strategy refers to entering the new market by using existing
services.
2. Outline how the development of existing products or services can provide marketing
opportunity options for a business, both in existing and new markets. Relate your
answer to relevant diversification strategies from the Ansoff matrix.
The strategy of the Ansoff matrix is to sell the existing product into a new market by using a
strategy of market development. It also uses market penetration due to difficulty in
understanding the new market’s complexities. Marketing mix’s key changes are taking place
with the market routes and new channels and promotion by new target segments promotion. The
final strategy used through the Ansoff matrix is “Diversification” for producing new markets and
products. This is known as the riskiest strategy as this is entering into a totally unfamiliar
environment and market. This risk can be reduced through related diversification and there is
potential for achieving the highest return.
3. Outline how a takeover can create options for marketing opportunities for business.
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This growth strategy is called “market penetration” that concentrates on the business aim of
enhancing sales in the current market. It includes:
-Attracting the customers that are occasional user through increasing brand loyalty. It gives fast
growth in the market and new customers (Boudreau, 2018).
-Increasing consumption between existing users through mitigating the price or providing the
promotion. For examples- enhancing the convenience packs, offer packages.
-Attacking the sale of competitors in the mature markets where business’s enhanced sales have
to be gain from competitors. There will be marketing mix adjustment and elements alerting like
promotion and price techniques.
4. Outline key information that a franchiser should consider providing when marketing
their franchise opportunity.
For marketing the opportunity of the franchise in place that permit the franchise for operating
and owning the brand and system. Clients and customers expect and want continuity. Here are
some key factors-
The market- There should be details of the market such as market growth, understanding of the
market, profitability, viability determination of franchise (DuPont et. al., 2018).A history of the
company- It is about the research of the franchise’s management and authorities for business support
and culture of the franchise. There is included Franchise Disclosure Document (FDD) along with business
details completely.
Financial statements- FDD includes the financial statements for questioning, reviewing and
considering them (Mirzaei et. al., 2018).
5. Outline how a company can use the establishment of new business as an opportunity for
marketing. Provide an example to illustrate your answer.
There are some methods for analyzing the opportunities for business by establishing a new
business as mentioned-
Listening to past leads and potential clients- Businesses should listen to the customer’s wants,
needs, frustrations and challenges when they are looking for potential consumers. With their
products, they can know about customers like and dislikes.
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Look at the competition- Businesses should do an analysis of competitors. It will be helpful for
analyzing the opportunities for market expansion for developing and reaching the services and
products (Guskey, 2018).
Listening to the customers- Businesses should listen to their customers about the services and
products. Customer information is valuable that will help in analyzing the key business
opportunity for development and expansion for present services and products.
For example- An organization has to subscribe for joining related associations, industry
publications, follow the industry and setting Google alerts for analyzing the market trends for
opportunities.
6. Outline two other marketing opportunity options that a business could choose to pursue
other than options explored in the questions above.
New practices of businesses provide options for market opportunities for expansion of the
business. There can be used the element like “clear cut growth plan”. Producing a plan is
essential, effective and quick. There are defined 2 options for marketing opportunities as
mentioned-
Improve the core product- There should be followed “customers purchase when they believe the
applicable value and the trust that organization is stable”. It permits the company to constantly
checking up the services that lead to market opportunities (Hamdani et. al., 2018).
Keep the simple pitch- Company should keep the simple crane pitch so that message can be
easily communicated to the customers that will increase the productivity and market
opportunities and will make the product valuable and applicable.
7. Explain the importance of the product life cycle concept in marketing. Name and
explain each of its stages.
Through the concept of the product life cycle in marketing, there is an applied stage’s sequence
from introduction to maturity, growth, and decline. This refers to the product life cycle and
included with marketing situation changes for affecting the marketing mix and marketing
strategy. Here are stages-
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Introduction stage- In this, the company launches the new product in the market and it can be the
most expensive stage for the organization.
Growth stage- It includes strong growth in the profits and sales and benefits from production’s
scale economies in profit margins, production and profit’s overall amount (McEvilly, 2018).
Maturity stage- This stage has the aim of maintaining the shares of the market by the
manufacturers. This is known as a major competitive time for business and its products.
Decline stage- When the market starts to shrink for a product then it is known as the decline
stage. It could be done because of the saturation of the market.
8. Explain the importance of considering the marketing mix when bringing products or
services to the market.
There are promotion, place, product, and price that are considered for the services of the
customer as an essential marketing mix part. Customer services are for helping the people who
are buying goods but they are no longer simple. It consisting of evaluation process’s particular
part for most of the customers. It also helps in marketing strategy determination for the
company. It has an effect on the organization’s decision about price and promotion.
9. As most businesses have the objective to sell as many products as possible, outline key
factors that a company should consider in determining the product component of the
marketing mix.
For the successful launching of a product, there is a need for market research to evaluating the
market for the product. Products are designed after analyzing the needs of customers. There can
be a small market for the product but that doesn’t mean the project should be stopped. If the
product is innovative and different it will attract more customers in product cycle’s growth stage.
Convincing products are more popular as they permit the customers for making buying decisions
quickly.
10. Outline the importance of the pricing strategy for a business and two types of pricing
strategy that a company could use.
Pricing strategy includes a higher price or other company’s price as a competitive advantage.
There are some pricing strategies named- penetration pricing, premium pricing, price skimming
and economy pricing that are four major pricing strategies.
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Premium pricing strategy- It is used by businesses while introducing a new service or product for
a competitive advantage over the same products.
Penetration pricing strategy- Businesses use this for gaining share of the market through
providing services and goods at a lower price than competitors.
11. Outline two types of promotional strategies that a business could use.
The promotional strategy includes online and traditional advertising, direct marketing, personal
selling, sponsorship, public relations and promotions of sales. Here are 2 promotional strategies-
Reach to the customers- It includes promoting the business and advertising to many peoples.
Advertising aspects include radio, television, magazines, newspapers, and billboards that creates
an image of the brand.
Relationship cultivation with personal selling- It is a very expensive promotion form but it is
also effective in establishing the relationships. It also involves reaching to customers via email or
phone (Rohm et. al., 2018).
12. Outline three common distribution strategies that can be used as part of the marketing
mix.
It is decided through the top management because it has an impact on the overall operations.
Here are the three common distributed strategies-
Indirect distribution- It includes the time when the product is used by the end customer by the
many channels in between. Such as from manufacturer to distributor then to the whole seller and
then to customers.
Direct distribution- It includes the time when an organization sends directly the products to
consumers and less length of channels. The company sells through modern retail or e-commerce
portal that is the form of direct distribution.
Intensive distribution- Company uses intensive distribution at the time of having a mass
marketing product by the company. It has an example like consumer durable and FMCG
products.
13. Outline why a business may choose to use an undifferentiated marketing strategy.
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The requirement of an individual person or customer is similar for a particular product in the
target market as the company wants to satisfy the consumers with a single marketing mix. In
this, all the advertising is similar and directed to the mass market. This strategy consists of
ignorance of differences in market segments and one service or product is offered to the whole
market (Tulk, 2018).
14. Outline why a business may choose to use a concentrated marketing strategy.
In this strategy, a product is marketed and developed for particular and defined customer
population segment. This type of marketing is used for specific impact on the small firms with
limited sources as it makes able the firm for gaining a strong market position in particular market
segment and it attends without mass distribution, production, and advertising.
15. Explain the process that a marketer can use to ensure that marketing strategies,
approaches, and the marketing mix align with an organization’s strategic objectives.
Provide an example to illustrate your response.
There should be a strong marketing strategy for aligning with the objectives with the goals. It
defies the procedure of planning process. KPIs can be helpful for accomplishing the objectives
and for tracking the needs. For aligning the goals with the strategic objectives, there is a strategy
of KPIs power that is essential for marketing strategy’s every channel. It is not easy to put all the
marketing strategies, methods, and marketing mix with the strategic objectives of the company
but through the marketing strategy of businesses, it can be possible. For example- small
businesses use marketing tools for market understanding, competition analysis and content
optimization for meeting with the company’s strategic objectives (Wilson et. al., 2018).
16. Explain the process that a marketer can use to ensure that marketing strategies,
approaches, and the marketing mix meet legal and ethical requirements. Provide an
example to illustrate your response.
Marketing strategies, methods, and marketing mix also get affected by ethical and legal
requirements. For example- if the company follows the ethics of business, it can achieve a
reputation. If it understands social values, it will be reliable for customers and it will be
considered as a good marketing strategy or approach as customers will use the product for a long
time. Regulation compliances will also be beneficial for the new market.
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17. Explain the process that a marketer can use to ensure that marketing strategies,
approaches, and the marketing mix are achievable for an organization. Provide an
example to illustrate your response.
There are aspects like lead generation, brand awareness, engagement association and customer
acquisition with the performance in the market for gaining the market opportunities. For this, the
organization should achieve marketing approaches, strategies, and marketing mix. For example-
the company should focus on enhancing brand awareness as it is helpful for customer awareness
of services and products.
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References
Bonaparte, Y.L., 2019. Sustainable outcomes of an experiential learning project in principles of
marketing course. Journal of Global Scholars of Marketing Science, 29(1), pp.7-14.
Boudreau, C.L., 2018. Marketing Your Library's Electronic Resources. Journal of the Canadian
Health Libraries Association/Journal de l'Association des bibliothèques de la santé du
Canada, 39(2), pp.79-80.
DuPont, J., Harff, S., Park, S., and Linder, K.E., 2018. Marketing Online Degrees to Adult
Learners: Staff, Resources, and Key Strategies. In Leading and Managing e-Learning (pp. 321-
334). Springer, Cham.
Guskey, A., 2018. DIARY OF A SENIOR MARKETING PROFESSOR: ADVICE ON HOW
TO GET THE MOST FROM STUDENT PROJECTS. Northeastern Association of Business,
Economics, and Technology, p.146.
Hamdani, N.A., Susanto, T. and Maulani, G.A.F., 2018. The framework of Architectural
Marketing Capabilities in Regional Development Bank. International Journal of Engineering &
Technology, 7(3.25), pp.166-169.
McEvilly, C., 2018. Marketing Your Library's Electronic Resources. Library Resources &
Technical Services, 62(3), pp.151-152.
Mirzaei, A., Carter, S.R., and Schneider, C.R., 2018. Marketing activity in the community
pharmacy sector–a scoping review. Research in Social and Administrative Pharmacy, 14(2),
pp.127-137.
Rohm, A.J., Stefl, M., and Saint Clair, J., 2019. Time for a marketing curriculum overhaul:
Developing a digital-first approach. Journal of Marketing Education, 41(1), pp.47-59.
Tulk, S.A., 2018. Comprehensive business marketing methodology integrating business,
community, community organizations and consumer, and simultaneously integrating and
adapting technologies: internet, mobile device, location navigation, application, and QR code
technology. U.S. Patent Application 14/999,819.
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Wilson, E.J., McCabe, C. and Smith, R.S., 2018. Curriculum innovation for marketing
analytics. Marketing Education Review, 28(1), pp.52-66.
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