To engage in true discussion or considerations about any topic, some effort must be made to fully understand or define the issue in question. An issue, by definition, includes both sides of a topic. Part of truly discussing a contemporary issue involves understanding and identifying opposing and supporting sides. We do not, after all, have much hope in making the right decisions or gaining clarity about a contemporary issue if we do not understand it in full. Demonstrate your mastery of defining the issue by completing the Unit III Analysis of Unit Resources template.
Follow the directions in the template for completing this assignment. Be sure to dedicate some detail to comparing and contrasting both articles. Take some time to reflect on the importance of doing so, as well.
Complete your assignment in the assigned template. It should be three pages in length. No sources will be required for this assignment.
Go to the website of your allocated company. Then, go to the Investor Relations section of the website. This section may be called: “””Investors”””, “”Shareholder Information”,” or similar titles. In this section, find the ‘company’s annual report and other related reports. Download the ‘firm’s latest annual report and other related information and reports and save it to your computer. For example, these reports may be dated 30 June 2021 or 30 June 2022.
Questions
Assume that you have been appointed as the external auditor for your allocated company for the financial year ending June 2021 or 2022. Prepare a report to adequately address the following:
Examine and assess the Revised ASA315 with a focus on identifying risks, including risks associated with information technology and the auditor’s obligation to utilize automated tools and techniques to perform the audit in a professional, effective and efficient manner
In this course, you will be analyzing an existing strategic plan based on the information you have learned throughout the coursework in your MBA program.
Be sure to choose a specific company! Use bullets or paragraphs for each question! Include the citation and reference so I will be able to review the strategic plan online.
Research and select a sample strategic plan in an industry with which you are familiar or interested. Be sure it includes the various components of a typical strategic plan. Reference Figure 1.1 “Identifying a Company’s Strategy—What to Look For” in Ch. 1 of your text.
Identify in 350 to 525 words what the plan does well, in addition to areas for improvement.
Discuss whether the plan:
Clearly states where the organization is going and how it will get there
Evaluates the organization’s external and internal environments
Includes a people plan and addresses achievement of a diverse workforce
Includes corporate social responsibility and environmental sustainability
Variables This is a two-part assignment that will be submitted as one document. You do not need to include the introduction or conclusion sections. Be sure that you read the instructions here very carefully before you begin. Part I. To complete the first part of this assignment, follow these instructions to locate information that will help you practice ic. With this information, you will explain assumptions and interpret statistics (F- and R-square). Steps: ▪ Go to the US Department of Education: College Scoreboard. Then select Search Field of Study. ▪ In the search bar, type in Public Administration, and then press enter. ▪ Select only Bachelor’s Degree and leave the Location field blank. (You will have a list of approximately 200 public and private colleges and universities. From the list of schools, select a minimum of 12 public colleges and universities. Ignore all private colleges and universities). ▪ Select the Public Administration link under Bachelor’s Degree. (You will see the Graduation Rate, Average Annual Costs, and Salary After Completing Field of Study). ▪ Build a table from the information you collected. Ignore any public college or university that does not provide all three data categories. Utilizing the software of your choice, use this information to create a table from the information you collected. ▪ create scatter plots, and ▪ conduct simple linear and multiple least squares regression analysis. Once you have completed the above steps, you will: ▪ Report on the simple linear regression scatter plot: ▪ Import the simple linear regression scatter plot into a word document in APA Style and format. ▪ Import the simple linear regression analysis results in a word document, in APA style and format. ▪ Explain if any assumptions of simple linear regression were violated. ▪ Interpret the F-statistic, the R-square statistic, the significance of the coefficient, t-test, and the significant coefficients. ▪ ▪ Report on the multiple regression scatter plot. ▪ Import the multiple regression scatter plot into a word document in APA style and format. ▪ Import the multiple regression analysis into a word document in APA style and format. ▪ Explain if any assumptions of multiple-linear regression were violated. ▪ Interpret the F-statistic, the R-square statistic, the significance of the coefficient, t-test, and the significant coefficients. Part II. As in previous units, revisions to the hypothesis and research questions are necessary. If you feel revisions are needed, go ahead and make them. If no revisions are needed, justify your decision. Keep in mind you will be developing a quantitative research proposal. Your final submitted document must be at least three pages in length. The title and reference do not apply to the page count You may use the textbook as one resource and two resources should be from the CSU Online Library Research Databases. Adhere to APA Style when constructing this assignment, including in-text citations and references for all sources that are used. Please note that no abstract is needed. Do not do Part II or worry about the page count
Using the “Module 3 | Part 3” section of your Academic Success and Professional Development Plan Template presented in the Resources, conduct an analysis of the elements of the research article you identified. Be sure to include the following:
Your topic of interest.
A correctly formatted APA citation of the article you selected, along with link or search details.
Identify a professional practice use of the theories/concepts presented in the article.
Analysis of the article using the “Research Analysis Matrix” section of the template
Write a 1-paragraph justification stating whether you would recommend this article to inform professional practice.
Write a 2- to 3-paragraph summary that you will add to your Academic Success and Professional Development Plan that includes the following:
Describe your approach to identifying and analyzing peer-reviewed research.
Identify at least two strategies that you would use that you found to be effective in finding peer-reviewed research.
Identify at least one resource you intend to use in the future to find peer-reviewed research
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Identifying the talent management; recruitment and retention; globalization; employee engagement and the retaining millennial.
· Globalization and Human Resource Management.
· Attracting Retaining Millennial and Millennial Workers and the Employee Engagement Phenomenon.
· High levels of Employee Engagement, The Leaders Role in Employee Engagement and Measuring Employee Engagement.
· Trends and Future of Talent Management.
· Soldier for Life – Transition Assistance Program.
· Conducting a presentation on an assisted topic.
Learning Domain: Cognitive
Level of Learning: Analyzing
ASSIGNED STUDENT READINGS
(1) S301RA: Human Resources Management, Issues, Challenges and Trends “Now and Around the Corner” Chapters 2, 8 and 9, pp. 33-52, pp.163-184-160 and pp. 185-200 (51 pages) [127.5 minutes]
(2) S301RB: Employee Engagement, Creating positive energy at work, Chapters 1, 6 and 7, pp. 1-24, pp. 145-182 and pp.184-206 (82 pages) [205 minutes]
(3) S301RC: Trends and Future of Talent Management, pp. 212-241 (27 pages) [67.5 minutes]
(4)S301RD: Soldier for Life – Transition Assistance Program, Army Regulation 600-81, pp. 1-27 (27 pages) [67.5 minutes]
Reflection Questions during readings:
(1) Why does a company need talent management?
(2) Why is trust so important for a manager/team leader?
(3) Is servant leadership the answer?
(4) What is the mission of the Soldier for Life Transition Assistance Program?
View the short video, while watching the video take a few minutes to reflect on previous interactions that you have had with HRC in your career. The Human Resources is a huge field that affects several different areas of business and even other personal aspects of employees. HR managers must tackle issues within Technology, Talent management, Labor Relations and on how to keep employees develop and engage.
Keep in mind HR management applies across
· Consider reflecting and think about “How has human resource management changed in the workforce from the 20th to the 21st Century?
· What do you think the workforce will look like in the future for Soldiers and Family members?
· What do future generations have to look forward to in the workforce?
HumanResources Management,
As there is a growing recognition of the importance of human resources in the organizations by the employers, they have started to invest more time and money on the talent management departments of their enterprises. The trends in the talent management field have been growing and changing with a rapid pace in the recent past years, the managers have started to employ better methods to look after the employees and their skill sets.
After reading sections 9.1 and 9.3 of Chapter 9 of Reading A.
Ask yourself, what are so of the reasons an organization needs talent management?
Some possible reasons could be:
· Right person at right place
· Timely rotation of employee
· Hiring of the right people
What are some of the other reasons you can think of?
Consider some trends associated with Talent Management and it’s impact on an organization.
· Talent promotion
· Pool of talent
· Technology and Talent Management (how doe technology impact talent management?)
· Population growth/ demographics
Reflection Point: How does the Army manage talent?
What is it? It’s the unique intersection of skills, knowledge and behaviors in every person. Talent represents far more than the training, education and experiences provided by the Army. The fullness of each person’s life experience, to include investments they’ve made in themselves, personal and familial relationships (networks), ethnographic and demographic background, preferences, hobbies, travel, personality, learning style, education, and a myriad number of other factors better suit them to some development or employment opportunities than others.
Who has it? Talent is not some “top 10 percent” of workers. Everyone has talents that can be extended and liberated, provided those talents are recognized and cultivated. Doing so creates optimal levels of performance in a much larger segment of an organization’s workforce.
TALENT MANAGEMENT.
Talent management is a deliberate and coordinated process that aligns systematic planning for the right number and type of people to meet current and future Army talent demands with integrated implementation to ensure the majority of those people are optimally employed.
Talent management extracts the most productivity and value from an organization’s greatest asset – its people. Army talent management integrates people acquisition, development, employment and retention strategies. It begins with entry-level employees and aligns their talents against the demand for them during their entire careers, to include positions at the very top of the Army.
A trusted and open system for managing Army talent will incentivize a culture of development, strength and service
1. Sustains Long-Term Readiness: Talent Management delivers readiness for this fight while preparing for the next.
2. Managing People As Individuals: Talent Management recognizes that everyone has talent strengths, and great organizations maximize individual talents to meet organizational needs by placing the right person in the right job at the right time over time.
3. Better Data leads to Informed Decisions: Talent Management strives to give people and organizations more relevant information to drive better decisions.
4. Empowers Leaders & Individuals: Talent Management allows individuals to define career success for themselves, advertise their talents, seek opportunities in line with those talents, and employed by leaders with direct hiring authority and understanding their team’s specific needs.
5. Tech-Enabled, People Focused: Technology is a compliment to, but not a substitute for, the human dimension of talent.
6. Influences Behavior: Talent Management uses markets and incentives to drive behavior.
7. Fosters a Culture of Assessments: Talent Management promotes organizational, leader and self-awareness through rigorous assessments of individuals and teams
8. Builds Trust: Talent Management builds trust over time through consistency, transparency, balancing individual and family needs with the needs of the Army and honoring commitments made through the management process.
9. Retain Talent: Talent Management reveals granular information about people leading to better and more focused retention decisions of high demand talent.
10 Personal Accountability. Talent Management requires every officer to take ownership of their own personal and career decisions.
11. Flexibility. Talent Management builds flexibility into our career models to better accommodate personal and professional choices to apply to the needs of the Army.
12. Enhances Organizational Agility. Talent Management Army promotes increased organizational agility and innovative out-of-the-box thinking in response to new challenges and opportunities.
Globalization and Human Resource Management:
Human Resources Management Issues, Challenges, and Trends “Now and Around the corner” Chapter 2. During this section the challenge is to link your understanding of the Globalization and Human Resource. Could you explain what is the “global village”. pp. 31-35( Reading A). This chapter discusses globalization and implications and impacts on HRM in the future.
Reflection Point for Chapter2:
· Why do you think companies need to understand the global environment?
·
· Political: • New state tax policies for accounting • New employment laws for employee handbook maintenance • Political instability in a foreign partner country.
· Economic: • International economic growth • Changes in interest rates.
· Sociocultural: • Shift in educational requirements and changing career attitudes • Population growth rate.
· Technological: • Automated processes in the industry • Rate of innovation • Changes in technology incentive.
Consider the millennial generation, who are they and why are they important to Human Resource management?
Something to consider; According to the Pew Research Census Bureau, more than a third of workers today are millennials, born between 1981–2000 (Fry, 2015). Research shows that this large and growing sector of the workforce expects a different work experience than their predecessors, such as GenXers and baby boomers.
As a senior leader, think about why having a fundamental understanding of millennials are important to Army Talent Management and Human Resources?
Human Resource departments exist to find the right people and to keep the right people once they are found. Among other objectives, this mission relates to three specific strategies:
Recruiting, Rewarding and Retaining high-performing employees.
All three strategies are integrated, and, in fact, there are significant overlaps among them (see Figure 8.1). Pp.172-178.
This fundamental strategy holds true for the US Army.
Employee Engagement
Chapter 1 Employee Engagement Creating Positive energy at work (Reading B) by Joan Peters. pp. 2-4.
As you re-read and reflect upon the readings consider the below areas for deep reflection and processing
· What we mean by the term “employee engagement”.
· Is employee engagement the same as employee satisfaction?
· The term “Employee Experience” is used often. Is that the same as employee engagement?
· Is “engagement” just another term for “workaholism”?
· Can the impact of employee engagement on company performance be quantified?
· How important is it to employees that they feel highly engaged at work?
· How does work contribute to well-being?
· How well are companies doing when it comes to employee engagement?
How or what does employee engagement mean within the Army? Does some of the same principles apply based upon your readings?
The concept of employee engagement has become ambiguous, a work-related psychological measure influenced by factors that scholars and researchers have focused on identifying. While the realm of research scholars seeks to identify it, the obvious effects of employee engagement, or, rather, disengagement are consistently
observed in the workplace.
Employee engagement has thus become a high priority for all organizations, as for a company to be successful in a tough business environment, it needs highly competent and highly engaged employees who can meet the employer’s high expectations of them.
The general belief is that when people are engaged and love their work, they do better work. According to a survey conducted by HR.com, over 90% of respondents believed that there is solid evidence linking engagement to performance, and that engagement
has the strongest impact on customer service and productivity.
There is no single definition of employee engagement, but there is wide agreement that it is an emotional commitment to one’s work and a willingness to give of one’s best at work. It is how people feel about their work that determines their levels of energy, ownership, persistence, commitment and initiative.
Does this concept hold true for the Army? Why or why not?
The challenge for leaders is to provide a work experience that brings out the best in all their people, which means more focus on the intangible factors that affect the way people feel about their work. This is often not familiar territory for many leaders, and is certainly an important aspect in our development and growth as leaders.
According to Army Doctrine leader development must foster the cognitive, social, and physical competencies associated with the human dimension. War fundamentally remains a human contest of wills, despite the advances in technology. Producing a professional NCO corps demands a comprehensive Human Dimension Strategy oriented on the individual, the team, and the institution.
The roles and responsibilities for the NCO have always been to lead, train, and care for Soldiers and equipment while enforcing standards. The Army must have a cohort of competent and committed NCOs of character as trusted professionals who thrive in chaos, adapt, and win in a complex world. The Army’s NCO 2020 Strategy provides the ways, means, and ends to develop a professional, trained, and ready NCO corps that is essential to remain as the world’s premier fighting force.
Leader development is further enhanced by recognizing, developing, and maturing talents in Soldiers while simultaneously managing talent to meet the immediate and long-term goals of the ALDS. Together, leader development and talent management build on the fundamentals.
Talent is the intersection of three dimensions—skills, knowledge, and behaviors—that create an optimal level of individual performance, provided individuals are employed within their talent set. Talent management is a way to enhance Army readiness by maximizing the potential of the Army’s greatest asset—our people. By better understanding the talent of the workforce and the talent necessary to meet capability needs by unit requirements, the Army can more effectively acquire, develop, employ, and retain the right talent at the right time. In Army talent management, “best” equals best fit for the work at hand.
_
Assignment Instructions: Analyze the concepts and theories you read about in S301; utilizing key language and terms from these concepts and theories, write a 800-1200 word paper on the challenges of talent management and how a SGM can engage organizational members for competitive success in future assignments while ensuring their organizational members remain adaptable. Keep in mind your analysis of the content material and your personal experience will help you with this paper. This paper can incorporate personal experiences to help illustrate your understanding of the material and to show examples. This assignment also allows for you to write in first person as you illustrate certain experiences within your paper.
Ensure to use good APA 7th Edition writing style, list the references used, and cite them within the paper
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Select any example of a visualization or infographic, maybe your own work or that of others. The task is to undertake a deep, detailed ‘forensic’ like assessment of the design choices made across each of the five layers of the chosen visualization’s anatomy. In each case your assessment is only concerned with one design layer at a time.For this task, take a close look at the annotation choices: Label each of the 4 sections in your document
Start by identifying all the annotation features deployed, listing them under the headers of either project or chart annotation
How suitable are the choices and deployment of these annotation features? If they are not, what do you think they should have been?
Go through the set of ‘Influencing factors’ from the latter section of the book’s chapter to help shape your assessment and to possibly inform how you might tackle this design layer differently
Also, considering the range of potential annotation features, what would you do differently or additionally?
Submit a two-page document answering all of the questions above. Be sure to show the visualization first and then thoroughly answer the above questions. Ensure that there are at least two-peer reviewed sources utilized this week to support your work.
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Start by identifying all the annotation features deployed, listing them under the headers of either project or chart annotation
Review Case 8.32 in your textbook. Using the questions provided as a guide, discuss your recommendation(s) regarding what the company should do about the conference. Support your recommendation(s) with calculations based on the data provided.
To participate in follow-up discussion, ask questions and post comments regarding classmates’ posts, or respond to follow-up questions posted by the instructor.
Please include proper citations in your discussion post. Points will be deducted if proper citations are not used.
8.32 (LO 1) Identifying relevant costs and decision making It had been a quiet Monday morning for Anna Hogue, senior project manager at Flagstone Consulting. Everything seemed to be falling into place for the company’s first conference, “Healthcare Management in the New Millenium,” scheduled for October 11 and 12 in Boston. Then Ethan Tang, the staff consultant in charge of registration, stuck his head in the door.“Anna,” said Ethan, “I think we may have a problem with the conference. Only 10 people have registered. Our marketing consultants told us to expect at least a 3% registration rate from our direct mail campaign. Based on the 5,000 conference fliers we mailed, do you think another 140 people will register in the next three weeks?” Anna and Ethan had worked together to develop a budget for the conference, as follows. They had budgeted for registration response rates of 2%, 3%, and 4%, but a response rate of 0.3% was far outside their expectations. 8-46 CHAPTER 8 Using Accounting Information to Make Managerial Decisions2% Response Rate 3% Response Rate 4% Response RateTotalPer Attendee TotalPer Attendee TotalPer Attendee Registration fee income$69,500 $695 $104,250 $695 $139,000 $695ExpensesMeals 15,000 $150 22,500 $150 30,000 $150Conference materials 7,500 75 11,250 75 15,000 75Direct mail advertising 6,000 6,000 6,000Meeting room rental 4,500 4,500 4,500Equipment rental 500500 500Speaker fees: Newton 600600 600 Smith 2,000 2,000 2,000 Townsleya4,000 4,000 4,000Speaker travel: Newton 200200 200 Smith 1,200 1,200 1,200 Townsley 1,000 1,000 1,000 Comptonb 200 200 200Total expenses 42,700 53,950 65,200Net income$26,800$ 50,300$ 73,800aTownsley required a $1,000 deposit upon confirmation of the original conference date. The remaining $3,000 was due upon her arrival at the conference. In the event of cancellation, the $1,000 deposit was non-refundable.bCompton has agreed to speak for free.Anna thought for a second, and then replied, “Ethan, based on what the marketing firm told us, at least 75% of all registrations are received a month before the conference. This response has me a bit worried. If we need to cancel the conference, we must do it before Thursday. Otherwise, it will be too late.” Anna and Ethan called a couple of contacts at other organizations, who related similar experiences with low preconference registration. They indicated that medical professionals often wait until the last minute to register and that in some instances, conferences had been rescheduled and re-advertised to increase registration.Anna and Ethan decided they needed more information before they could make a final decision on the fate of the conference. Rescheduling it would require them to confirm the new dates with the speak-ers. Conference facilities would also need to be secured for the new dates. Fortunately, the conference materials had not been sent to the printer yet, so the printed materials would not become obsolete. Anna and Ethan decided that if the conference were rescheduled, Flagstone would offer a reduced registration fee of $595 to companies that sent more than one person.Anna called some of the Boston-area professionals who had expressed interest in the conference but had not registered yet. Some of them indicated that they had never received the registration mailing. After contacting the marketing firm about the matter, Anna learned that there had indeed been problems with the mailing. The marketing firm had subcontracted the mailing to a second firm, which could not verify that all the materials had been mailed. Anna wondered how many other prospects had not received the mailing.Next, Anna arranged a conference call with all the speakers, to explain what was going on. They agreed that the mailing problem could have contributed to the low registration. All the speakers were available on December 8 and 9, and were willing to change their schedules to accommodate Flagstone if the firm chose to reschedule the conference. Steve Smith indicated that he had already purchased a non-refundable airline ticket for $800. If the conference were rescheduled, he would incur an additional $100 charge to change the flight. William Townsley indicated that he was already scheduled to be in Boston on December 7, so Flagstone would not have to cover his travel expenses if the conference were rescheduled.Ethan called the University Parks Inn to discuss the facilities contract. Although Flagstone had made no payments to the hotel yet, the special events coordinator reminded Ethan of two points in the contract: 1. A cancellation fee of $10,000 would need to be paid if the conference were canceled at this late date. However, the inn would agree to waive the cancellation fee if the conference were rescheduled within four months of the original date. 2. Flagstone had guaranteed a minimum of 60 guest rooms. If conference attendees booked fewer rooms, Flagstone Ethan also contacted the marketing firm about doing additional mailings. In light of the problems with the earlier mailing, the marketing firm offered to do two additional mailings for a total of $1,500. They also agreed to expand the mailing list to include several other professional organizations, as well as stu-dents at medical and nursing schools in the area. The firm estimated the new mailings would reach 8,000 people and should result in a 2% registration rate. Of that 2%, 10% were expected to qualify for the reduced registration fee.Required a. What alternatives are available to Anna and Ethan with regard to holding the conference? b. Prepare pro-forma income statements for each of the alternatives you identified in question (a). c. Adjust the statements in part (b) by eliminating the unavoidable costs from the calculation to show only the relevant income/loss from each option. d. What are the pros and cons of holding the conference as scheduled? e. What are the pros and cons of canceling the conference? f. What are the pros and cons of rescheduling the conference? g. How should Flagstone view this conference—in the short term or in the long term?
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text reading, focuses on identifying and evaluating business opportunities both domestically and internationally. Included in the business plan project is the assessment of the business idea and business model canvas assignment. This assignment will give you an opportunity to apply an assessment process similar to the one in the textbook to your group’s business idea. This will address half of chapter 5. Now it is on to international opportunity.
The textbook gives great information on what is needed to be considered in assessing global opportunities. Please read the chapter material carefully.
As stated in chapter 5, there are a number of ways to enter the global market place. The most common and least risky method is direct exporting. In fact, the SBA (Frequently asked questions, 2018) reports that small businesses make up 97.6% of all exporting firms and 32.9% of all export value. The numbers indicate that there is international opportunity for small firms. The Small Business Administration has complete information on exporting (check out the site). In addition, the National Small Business Association and the Small Business Exporting Association teamed up to produce the 2018 Small Business Exporting Survey. Please check out the report and share your thoughts and comments. What did you learn from the survey? You can also comment on the SBA exporting material if you wish. Do you have any experience with exporting? If so, share your experiences.
The Small Business Exporting Survey provides invaluable information for small business that wish to go into global business platform. The survey provides critical information about the challenges and opportunities in the international export business (National Small Business Association, 2016). Reading the survey reveals that the major challenge that small business that wish to enter global market place face is payment for their products or services. This creates the thinking that majority of small businesses that engage in global business prefer to deal with their clients directly. Unlike the big companies that have direct foreign contacts, it seems that small businesses rely on direct customer business contact to do business. The major challenge to this is that absence of physical locations in foreign destinations makes it imperative that potential customers make full or use other secure forms of payment in order to get services or products. What was learnt from the Small Business Exporting Survey is that entering the global market place present challenges and opportunities. The strength of the dollar makes the issues of payment critical for small businesses that enter into global market places. Since a majority of the customers come from emerging markets, strong dollar that is relative to the local currencies of the customer makes it imperative that payment is made upfront. In addition, it is important for one to consider challenges related with regulations and trade agreements in order to take advantage of trade agreements that facilitate entry into global market place. Exporting to other global destinations can be bound by tax and other regulations that govern specific exports such as those that involve military equipment. The knowledge………………………………………………………………………………………………
Assessment task 2.In assessment task 2, you must submit following tasks in order to achieve competency in this unit with valid, sufficient, authentic and current responses: – • Report on marketing strategies (Task 1 – 4) • Tactical plan (Task 5) • Marketing plan (Task 6) • Marketing scorecard (Task 6) • Evidence of marketing plan presentation (Task 7) • Feedback from key stakeholders (Task 7) • Adjusted marketing plan (Task 8) • Evidence of distribution of updated plan to key stakeholders (Task 9) Report on Marketing strategies Section 1. Devise a Marketing strategy Executive summary: Introduction: 1. Evaluating the options for marketing opportunities • Summary of the organisation’s business structure and products/services it provides In this section please discuss following points: 1. The type and size of the business 2. Types of product and/or services the organisation provides • Addressing the organisational objectives 1. Reviewing the corporate objectives for profit and shareholder returns 2. Reading business strategy documents that outline the competitive advantage for a product or service 3. Reviewing existing marketing strategy objectives for customer acquisition, customer satisfaction and retention information 4. Increase sales from $15 million per year to $20 million per year in the next three years. 5. Increase our loyalty customers list from 10,000 to 15,000. 6. Establish brand recognition in Brisbane so that at least 1 in 3 people recognise our brand in a random survey taken in 18 months. • Evaluating the risks and returns in the selection process 1. Researching options for market penetration and product development 2. Evaluating the risks of non-adherence to legislation or codes of practice, such as failing to comply with the consumer protection law i. Sustainability ii. Consumer protection law iii. Privacy act 2. Identifying the organisation’s strengths and opportunities in line with its capabilities and resources • Completing a SWOT analysis Strengths: Weaknesses: Opportunities: Threats: • Completing a gap analysis
1. Identifying a knowledge gap such as lack of marketing knowledge or expertise in metrics • Identifying at least two possible alliances, and weighing up the advantages and disadvantages 1. Outline of subsidiaries, joint ventures, possible distributors 2. Identifying advantages of alliances for filling knowledge gaps or speed of developing new products 3. Identifying disadvantages of alliances, such as trust issues between businesses or risk of failure in one of the alliance businesses impacting others By 2020, Houzit will have a significant retail presence in homewares in every Australian capital city, starting with 15 stores in the greater Brisbane area and growing to 100 Australia-wide. 3. Developing feasible marketing strategies for the product/service. • Identifying the strategies for pricing, placement and promotional channels 1. Describing the product, such as its features and how they will benefit customers 2. Outlining a pricing strategy, such as value-based pricing, competition-based pricing or performance-based pricing 3. Identifying opportunities for product placement, such as online and in store, and other channels 4. Identifying strategies for promotion, such as advertising online, via email, flyers, social media, etc. • Describing a marketing mix 1. Details of the marketing team, such as the professional approach when interacting with customers or clients 2. Describing the steps involved in creating and executing the buying/selling process, such as implementing good customer service 3. Describing how a product is best presented to the customer, including use of packaging and the brand logo • Identifying the target market segmentation 1. Measuring the size, purchasing power and characteristics of the target group 2. Determining whether the segments can be effectively reached and served 3. Determining whether the segments are conceptually distinguishable and respond differently to a different marketing mix 4. Identifying a program for attracting and serving the segments • Recommending marketing strategies and explaining how they align with the organisation’s strategic direction 1. Explaining how the strategies align with the organisation’s strengths 2. Communicating the level of risk of the marketing strategies 3. Justifying how it will align with the budget and is likely to generate a financial reward for the organisation 4. Developing a marketing performance review strategy • Measuring the organisation’s marketing performance using marketing metrics 1. Using metrics to measure website visits and online purchases and determining conversion rates based on this Calculating return on investment (ROI) of a marketing strategy • Reviewing organisational performance 1. Requiring regular progress reports from internal staff, external suppliers and specialists 2. Comparing the current marketing campaign with past performance and looking for improvements 5. Plan Marketing Tactics • Developing coordination and monitoring mechanisms for scheduled activities 1. Populating a work schedule or using a project management application 2. Identifying the necessary tasks to implement the strategies 3. Completing a budget document for implementing the marketing strategy 4. Indicating the time line required to complete the tasks 5. Identifying the people responsible and accountable for tasks, such as suppliers and specialists 6. Coordinating people in other departments and from external agencies • Explaining how the tactics are achievable in line with the organisation’s objectives, capabilities and budget 1. Reviewing the work schedule and costing 2. Obtaining a sign off on costs by the client or marketing manager • Explaining how the tactics meet legal and ethical requirements 1. Following organisational policies and procedures on legal and ethical requirements 2. Avoiding using customers as ‘talent’ for promotions or selling customers’ personal details 3. Selecting images of both genders and a variety of racial diversity 4. Adhering to legislation in relation to telemarketing, spam, privacy, anti-discrimination, intellectual property and industry codes of practice for advertising • Identifying ways to review the ongoing performance against the objectives and budget, and adjusting if required 1. Reviewing data from various media channels using analytics on website clicks, conversion rates, etc. 2. Asking other departments for data to review and analyse such as IT, customer service, sales, etc. 6. Prepare a marketing plan • Meeting organisational and marketing objectives 1. Providing measurable outcomes on KPIs such as a scorecard or marketing budget 2. Identifying predicted sales and expenditure and return on investment (ROI) • Incorporating marketing approaches and a strategic marketing mix 1. Describing how the marketing mix offers the customer a unique value proposition 2. Describing the product, pricing strategies, product placement and strategies for promotion • Containing a rationale for objectives and information that supports the choice of strategies and tactics 1. Describing the function of the marketing activity, and how strategies promote brand awareness and recognition 2. Describing celebrity endorsements or how the strategy will entertain the audience 3. Estimating the trends in the market, including key industry developments, new technology and/or new products 4. Undertaking informal research on the wants and needs of the target audience 7. Present and adjust the marketing plan 1. PPT slides • Overview of the organization • Research that you have undertaken to implement marketing strategies (a) Competitors analysis (b) Porter 5 forces • SWOT analysis • Present budget • Stakeholders analysis 8. Adjusted Marketing Plan • Obtaining feedback from all parts of the organisation, such as finance, manufacturing and customer service • Allowing time for stakeholders to consider the plan and to analyse resources in the organisation • Analysing and implementing feedback from stakeholders into the marketing strategy 9. Evidence of distribution of updated plan to key stakeholders. • Email with attached marketing plan
