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
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