Assessment Report: Developing and Implementing Marketing Strategies

This report provides a comprehensive analysis of marketing strategies, covering various aspects essential for business success. It begins with an introduction to the importance of marketing in today's competitive environment. The main body delves into critical factors for developing effective marketing...Read More

Research report
assessment

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
In current era of industry, there is a high level of oppositions among companies in terms
of acquiring innovations, advancement, implementing marketing strategies, tactics and many
more. Such aspects directly impact over organisation decision making process in a positive as
well as negative manner. However, to place the brand in a better position every form of
establishment adopts the function of marketing as it is link with creating, promoting and selling
the product or services with an aim of obtaining increased level of customer satisfaction. In
regard of this report, it encompasses the deeper understanding of marketing and effectiveness of
its various strategies, concepts, tactics, models over the productivity of an organisation in order
to gain competitive advantage among competitors.
MAIN BODY
1. List 5 factors you must have knowledge of to develop an effective marketing strategy.
Response
Some of the common factors which every form of organization face while creating its
marketing strategies for enlarging the proficiency ratio of product in an impressive style.
Some of its are explained below;
1.Political or regulatory factor : This determinant is concern with government rules,
regulation, policies, procedure, political stability which impact over organization potentiality
in attaining productivity ratio.
2. Economic factor: Under this component, it is relate with those aspects which comprises
interest rate, GDP, inflation, deflation, economic growth that influence enterprise to maintain
its brand value among targeted audience and competitors in a positive manner (Alqahtani and
Gupta, 2017).
3. Social factor: This element encompasses customer taste or preference, population income,
demographic aspects which effect establishment decision making procedure in managing its
customer base in an improved mode.
4. Technological factor: In this factor, it involve innovation, advancement, automation, novel
ideas or techniques with a purpose of acquiring aggressive and competent position among
competitors in a stipulated time limit.
5. Environmental factor: Under this determinant, it is link with those aspects which is states
the measure taken by firm towards controlling the pollution or global warming in order to
maintain the ecological balance in a better manner.
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2. When developing marketing strategies, you need to be aware of your business’ capabilities
and resources. What do you need to consider for each of the following aspects?
Communication capabilities: This aspects signifies that an organisation make an effort to
provide accurate or transparent information about particular products or services. This is
because, it enable them to improve its sales performance in an increased manner and also help
them to enrich its productivity ratio. Some of the method that an enterprise implements to
enhance its capability of communication like personnel selling, direct marketing, internet
marketing, social media platforms, advertisement, public relation, sales promotion.
E-business capacity: In this element, establishment take an initiative to adopt different types
of innovative technologies within its business function as it lead them to enlarge its market
share or size and also aid them to reach wide range of population without any hindrances.
Equipment capacity: Under this, company acquires latest or advanced equipments or
machinery for exploring the working procedure of its functional units. This is because, it
enable firm to reduce excessive cost, time, energy as well as motive each manpower to put
their full potential towards producing high quality of product for attaining sustainable growth.
Financial resources: IN this, firm make an attempt to analyse the market trends and based on
that ascertain the financial budget which empower organisation to meet out the requirements
of customers in an effective manner. Some of the sources of fund raising are bank loan, equity
shares, retained earning, funds from peers or relatives and many more (Bergstrom, 2014).
Hours of operation: This factor is relate with managing the time duration for assigned
workforce at operational units and also follows simple process for delivering the product or
service to targeted customers within prescribed time duration.
Human resources: Under this category, organisation make use of various recruitment
procedures like social media platforms, advertisement in newspaper, campus recruitment, job
fare. Due to such initiation, it benefit association to acquire highly skilled or talented
manpower who are able to impose novel ideas or techniques to cope up with all current and
emerging marketing trend in a better mode.
Staff skill levels: This aspects demonstrates the idea about identifying the potentiality or
capability of an individual and on the basis of that delegating roles or responsibilities. With
the help of such action, it help organisation to maintain its working culture in a better style and
also can accomplish the desired objective in a smooth way.
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3. List 5 examples of sources of information for analyzing the effectiveness of current and past
marketing campaigns.
Response
1. Marketing Metrics: This source is relate with measuring the effectiveness of ads, PR and
events which took place by company in past and current time period. Moreover, it also
measure the output of these marketing campaigns for driving the firm to explore its profit
margin ratio.
2. Predictive Analytic: It is the statistical tool which assist company to understand or identify
as well as predict the consumer purchasing behavior towards brand.
3. Analyzing the cost: With the implication of this technique, it aid organization to estimating
the cost per customer and also lead them to ascertain the overall growth rate of business for
surviving competitively in dynamic business environment.
4. Customer Lifetime value ( CLV): It is the technique that enable an enterprise to figure out
the projected profit which business creates from customer overtime and also aid firm to
understand the accurate amount requires for retaining a new consumer towards brand (Cao,
2014).
5. Engagement metrics: It is regarded as an significant indicator for determining the
effectiveness of various marketing campaigns. Hence, this metrics involves brand awareness,
social share, commenting inbound links and so on which assist an organization to place its
brand in an aggressive or competent position in a stipulated time limit.
4. Explain each of the following types of comparative market information:
Benchmarking: It is related to those process or way of measuring and analysing business
performance against competitors and industry standard. With the help of applying this tactics,
it lead an establishment to analyse its success in order to cope up with current or emerging
competition in a better mode.
Best Practice Information: Under this method, it is link with those aspects which
demonstrates that an enterprise take an initiative in adopting novel technologies, conducting
market research, determining consumer need or want and so on. Moreover, on the basis of
these elements, company take a corrective course of action for retaining the targeted customer
towards the brand for longer time duration.
Competitor Information: In this, it states that company make an attempt to identify its
competitors potentiality or capability in order to implement best strategic decision for
attaining sustainable growth or development in an amended way.
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5. Using a SWOT analysis, define what needs to be analyzed for the following areas:
Identify Strengths and Weaknesses – Internal Environment
Under this component, it involves the internal aspects of an organization like employees,
management, corporate culture, machines, materials and so on. However, it has been
determined that these factors can easily controllable in nature because it occurs within the
premises of company and it can be easily predict by managers for maintaining the working
environment.
Identify Opportunities and Threats – External Environment
On the other hand, it covers the concepts like customers, competitors, technological factors,
political issue, government regulation, suppliers, social- cultural modification and etc. Hence,
these elements re regarded as uncontrollable in nature because it is hard for firm to anticipate
as it varies as per the market trend or situation.
6. What is the primary tool of engagement with the world for most people? How does this affect
the marketing environment?
Response
Social media and digital marketing is considered as the foremost tool which help firm to
engage its targeted consumer in one accord. Due to this, it aid establishment to reach wide
range of population in an easy and effective mode (Carayannis, Sindakis and Walter, 2015).
7. List 5 pieces of information you will need to perform a competitor analysis. Where could this
information be sourced?
Response
Sales, target customer, customer experience websites, pricing , market positing, funding, social
media reviews that empower an establishment to explore its proficiency and productivity
ratio.
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8. Give 5 examples of information that a promotional activity report should contain.
Response
1. Price of the product.
2. Items i.e. product characteristics or features.
3. Event (Chen vand et.al., 2015)
4. Place which includes address, contact details
5. Validity of product
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9. List the name of 2 websites which you can use as resources to identify and analyses market
growth or decline.
Response
The most familiar and widely used websites are Survey Monkey and Google Survey that help
establishments to to understand the standard of its target market and also lead them t take
corrective course of action.
10. Name 3 factors that can affect the economic environment, and affect people’s spending
habits.
Response
1. Recession i.e. economic condition
2. Inflation or deflation rate
3. Meeting out customer demand.
11. Provide a description for each of the following aspects used to analyze market share:
Overall market share: Under this, it highlights the capability of company to attain improved
level of market share or size
Segment market share : In this, organisation divides or segment its product into various
smaller divisions that enhance firm's proficiency ratio (Fielt, 2014).
Relative market share : This component is related with comparing company's market share
with largest competitor within industry by setting benchmark.
Change in market share: This determinate is closely related with examining the change in
competitive industry by developing best strategies and tactical action.
12. Provide 1 example of an emerging trend relevant to your sector in the TH&E industry:
Response
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Technological trend and eco- tourism are the main emerging trend within TH&E industry.
13. Name the 3 aspects of the triple bottom line sustainability concept.
Response
1. Social
2. Environmental or ecological
3. Financial
14. Name 4 internal issues which can impact on a business’ marketing planning.
Response
1. Organisational and operational procedures
2. Strategic risks
3. Innovation
4. Financial risk (Homburg, Jozić and Kuehnl, 2017)
15. Name 4 external issues which can potentially result in new business opportunities for a
TH&E business.
Response
1. Changing trends and technology
2. Dynamic customer base
3. Modification in government laws
4. Market fluctuations
16. What is the purpose of a marketing plan? How is this purpose achieved?
Response
Marketing plan is an organized and detailed document which involves vision, mission,
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business strategy and tactics. The core purpose of marketing plan is that it enable an
organization to accomplish its desired goal or objective in a better way. Hence, by allocating
the available resources at optimal level, it lead an establishments to attain sustainable growth
in a improved mode.
17. Why should you involve your staff in developing marketing strategies and plans?
Response
This is because, each manpower are unique in nature as each of them are able to give novel
ideas or opinion which benefit establishment to enlarge its proficiency ratio (Jaworski, 2018).
18. Why must your marketing plan be approved before being implemented?
Response
The rationale behind this is that an approved marketing plan enable company to implement
best strategic decision without any obstacles and also can easily cope with emerging
competition by introducing innovation or technologies.
19. What are the 4 steps in marketing control?
Response
1. Analysing different sales.
2. Determining market share.
3. Examining market expense to sales
4. Ascertaining financial growth.
20. Give 2 examples of reports you may generate to help analyse the effectiveness of marketing
campaigns.
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Response
1. Sales report
2. Employee performance report
21. List 3 aspects why marketing campaigns do need to be reviewed:
Response
1. Meeting out the requirements of consumers
2. Gaining competitive advantage
3. Reach large number of population (Martinez and Kang, 2014)
22. What needs to happen once promotional activities have been reviewed for their success or
failure?
Response
As per the question, if a promotional activity get review by organisation then it help them to
enlarge its target market and also can easily improve their brand image.
23. Who should be informed about updates to the marketing strategy?
Response
Production and procurement manager
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24. List the key aspects of a marketing plan and outline what these involve:
Response
Vision
Mission
Business Objective
Marketing Mix
STP analysis
Budgeting
Implication of PESTLE and SWOT in analyzing internals and external environment
Monitoring and Controlling
25. What is a disadvantage of direct sales distribution?
Response
The primal difficulty which an establishments undergoes through direct sales distribution is
that it reduce distribution channel option, increase internal workload, raise fulfillment cost
(Saebi and Foss, 2015).
26. Name 2 methods of indirect sales distribution.
Response
1. Distribution
2. Merchandising
27. List 3 aspects of a business’ conduct covered by consumer law.
Response
1. Unfair contract terms
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2. Consumer product safety
3. Consumer guarantees
28. A marketing plan should include a mission statement and a business vision. Explain what
each of these should outline.
Response
In the perspective of mission statement, it defines what an organisation is currently practising
or doing while vision reflects the ultimate goal which they are desire to achieve in upcoming
time period (Erevelles, Fukawa and Swayne, 2016).
29. What are the key principles which must be considered for ethical advertising? List 3 codes
which regulate advertising:
Response
1. Advertisers clearly disclose material condition like payment or receipt of free product,
affecting endorsement in social and traditional channel.
2. Advertisers must treat their customers in fair manner
3. Advertisers should never compromise personal privacy in marketing communication, their
choices.
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30. What is the role of Australian Consumer Law in relation to marketing?
Response
It is the national law which mainly aims at protecting consumer rights and ensuring fair trade
practises in Australia that help organisation to promote its products or services in an effective
manner.
31. What is the purpose of Copyright? How is copyright managed?
Response
The core purpose of copyright is to promote or enhance the progress of company and also
allowing firm to reproduce, adapt, distribute, publicly perform or display the task for obtaining
profit maximisation. It is managed by developing abbreviation, mentioning the copyright
owner name, displaying year of publishing (Wei, Samiee and Lee, 2014).
32. What impact does the Privacy Act have on business’ marketing activities?
Response
This act enable establishment to identify the customer need or demand as well as adapting
innovating technologies for promoting the brand in an impressive style among competitors.
33. Outline one legal issue that has emerged with the rise of the Internet and online business.
Response
The main issue that company face due to online marketing is that lack of security, possibility
of hacking necessary marketing information.
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34. Provide one example of an innovative marketing strategy used by a TH&E business.
Response
Some of the examples of innovative marketing strategy which is adopted by TH&E business
is that Insagram, Netflix (Nyukorong, 2014).
CONCLUSION
It has been summarised from the above report that marketing is an important element
which help company to enlarge its market share or size and also can improve sales performance
in an innovative or competent style.
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REFERENCES
Books and Journals
Alqahtani, A. Y. and Gupta, S. M., 2017. Warranty as a marketing strategy for remanufactured
products. Journal of cleaner production. 161. pp.1294-1307.
Bergstrom, S., 2014. Community-led marketing for mobile games: Rovio’s fans first strategy.
Journal of Digital & Social Media Marketing. 1(4). pp.327-334.
Cao, L., 2014. Business model transformation in moving to a cross-channel retail strategy: a case
study. International Journal of Electronic Commerce. 18(4). pp.69-96.
Carayannis, E. G., Sindakis, S. and Walter, C., 2015. Business model innovation as lever of
organizational sustainability. The Journal of Technology Transfer. 40(1). pp.85-104.
Chen, Y and et.al., 2015. Linking market orientation and environmental performance: The
influence of environmental strategy, employee’s environmental involvement, and
environmental product quality. Journal of Business Ethics. 127(2). pp.479-500.
Chotechuong, W. and Vesdapunt, K., 2015. A managerial internal marketing strategy model for
life insurance industry in Thailand. The Journal of Behavioral Science. 10(2). pp.53-68.
Erevelles, S., Fukawa, N. and Swayne, L., 2016. Big Data consumer analytics and the
transformation of marketing. Journal of Business Research. 69(2). pp.897-904.
Fielt, E., 2014. Conceptualising business models: Definitions, frameworks and classifications.
Journal of Business Models. 1(1). pp.85-105.
Homburg, C., Jozić, D. and Kuehnl, C., 2017. Customer experience management: toward
implementing an evolving marketing concept. Journal of the Academy of Marketing
Science. 45(3). pp.377-401.
Jaworski, B. J., 2018. Commentary: advancing marketing strategy in the marketing discipline
and beyond. Journal of Marketing Management. 34(1-2). pp.63-70.
Martinez, H. G. and Kang, Z. X., 2014. Non-Market Strategy: A Contemporary Literature
Review of its Application Considering the Importance of the Social, Ecological and
Political Environments. International Journal of Business and Social Science. 5(9).
Nyukorong, R., 2014. Interrelationship between culture and marketing strategy: multiple case
studies from the netherlands. European Journal of Business and Management. 6(26),
pp.84-94.
Saebi, T. and Foss, N. J., 2015. Business models for open innovation: Matching heterogeneous
open innovation strategies with business model dimensions. European Management
Journal. 33(3). pp.201-213.
Wei, Y. S., Samiee, S. and Lee, R. P., 2014. The influence of organic organizational cultures,
market responsiveness, and product strategy on firm performance in an emerging
market. Journal of the Academy of Marketing Science. 42(1). pp.49-70.
Wrigley, C., Bucolo, S. and Straker, K., 2016. Designing new business models: blue sky
thinking and testing. Journal of Business Strategy. 37(5). pp.22-31.
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