Get Instant Help From 5000+ Experts For
question

Writing: Get your essay and assignment written from scratch by PhD expert

Rewriting: Paraphrase or rewrite your friend's essay with similar meaning at reduced cost

Editing:Proofread your work by experts and improve grade at Lowest cost

And Improve Your Grades
myassignmenthelp.com
loader
Phone no. Missing!

Enter phone no. to receive critical updates and urgent messages !

Attach file

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Guaranteed Higher Grade!
Free Quote
wave

Task 1

To complete the unit requirements safely and effectively, the individual must:

  • Define international marketing
  • Identify international trade patterns
  • Explain international trade policies and agreements
  • Identify legislative requirements

Task 2

Using an Australian company, identify two markets which would most likely be a market that they could expand their e-commerce business to. Using the Australian Trade and Investment Commission (AUSTRADE), learners are to conduct an initial assessment of a market analyses to support a proposed international market to be selected (bullet points) that address on the following elements:

  • Estimate the impact of patterns, policies and agreements on the business opportunities
  • Identify the political, legal, economic, cultural factors for each country identified
  • Estimate the impact of these factors on the business (as much as possible given limited access to the Australian company’s information).
  • Estimate the ease of entering and trading in each market.
  • Analyse the political and financial stability and the risk of corruption of each country identified.
  • Analyse the main legal and regulatory requirements and trade barriers for each country identified.
  • Rate the acceptability of the risks, regulatory requirements and trade barriers.
  • Consider the impact of risk factors in light of international business cycles and economic conditions
  • Summarize current market trends including key industry areas, significant trade partnerships, and consumer characteristics (such as preferences, segmentation, purchasing patterns, etc.)
  • Identify any new or emerging opportunities to enter, shape or influence the market.
  • Estimate the contribution these opportunities could present to the business (as much as possible given limited access to the Australian company’s financial information).

Discuss the fit of these opportunities with direction and goals of the business

1.Before considering international marketing, an organization must ensure that there is business viability to pursue a marketing opportunity in order to achieve its return on investment (ROI). Provide a brief explanation on the following:  

2.When determining an organization’s strategic position, the most common strategy tool is the SWOT analysis – Strengths, Weaknesses, Opportunities and Threats. Provide a brief discussion on how the use of this analysis tool would enable the organization to aid its business expansion decision.

4.Without setting clear performance goals, employees may feel aimless about prioritizing and completing their work and disengaged in their jobs, and teams can become mired in confusion, misunderstandings, and conflict. Provide a brief discussion on the use of the SMART model as a goal-setting tool.

5.The nature and extent of goals for international market should take into consideration of several factors. Briefly discuss on the following:

6.KPIs are quantifiable measurements from which the organization can assess performance against and they are aligned with the company's overall goals and, highlight the areas that are vital to success. When creating strategic objectives and key performance indicators, consider the following:

7.A risk management strategy is required to manage contingencies and ensure marketing objectives are met in accordance with overall organisational requirements. Discuss briefly  the various risk factors that may impede the organization’s international marketing performance below:

8.Monitoring risks is important, so that they are kept under control and that any new ones that present themselves are dealt with as early as possible. Explain how organizations can take steps to control or prevent risks on the following:

10.Explain the aims of the Organisation for Economic Co-operation and Development (OECD).

Assessment/evidence gathering conditions

It is expected that unless a simple extension, special consideration or disability services adjustment has been granted, candidates will submit all assessments for a unit of study on the specified due date. If the assessment is completed or submitted within the period of extension, no academic penalty will be applied to that piece of assessment.

If an extension is either not sought, not granted or is granted but work is submitted after the extended due date, the late submission of assessment will result in a late penalty fee. For further information, please refer to the Assessment Policy.

Each assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only achieve competence when all assessment components listed under procedures and specifications of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYS is eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did Not Submit (DNS) will be recorded.

Principles of Assessment

Based on Clauses 1.8 – 1.12 from the Australian Standards Quality Assurance’s (ASQA) Standards for Registered Training Organizations  (RTO) 2015, the learner would be assessed based on the following principles:

Fairness - (1) the individual learner’s needs are considered in the assessment process, (2) where appropriate, reasonable adjustments are applied by the RTO to take into account the individual leaner’s needs and, (3) the RTO informs the leaner about the assessment process, and provides the learner with the opportunity to challenge the result of the assessment and be reassessed if necessary.

Flexibility – assessment is flexible to the individual learner by; (1) reflecting the learner’s needs, (2) assessing competencies held by the learner no matter how or where they have been acquired and, (3) the unit of competency and associated assessment requirements, and the individual.

Validity    – (1) requires that assessment against the unit/s of competency and the associated assessment requirements covers the broad range of skills and knowledge, (2) assessment of knowledge and skills is integrated with their practical application, (3) assessment to be based on evidence that demonstrates that a leaner could demonstrate these skills and knowledge in other similar situations and, (4) judgement of competence is based on evidence of learner performance that is aligned to the unit/s of competency and associated assessment requirements.

Reliability – evidence presented for assessment is consistently interpreted and assessment results are comparable irrespective of the assessor conducting the assessment

Principles of Assessment

Rules of Evidence

Validity       – the assessor is assured that the learner has the skills, knowledge and attributes, as described in the module of unit of competency and associated assessment requirements.

Sufficiency – the assessor is assured that the quality, quantity and relevance of the assessment evidence enables a judgement to be made of a learner’s competency.

Authenticity – the assessor is assured that the evidence presented for assessment is the learner’s own work. This would mean that any form of plagiarism or copying of other’s work may not be permitted and would be deemed strictly as a ‘Not Yet Competent’ grading.

Currency    – the assessor is assured that the assessment evidence demonstrates current competency. This requires the assessment evidence to be from the present or the very recent past.

Resources required for this Assessment

  • All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint
  • Upon completion, ensure that you have completed your coversheet details, i.e. your name, student ID and signature. If these details are not present, the assessment would need to be resubmitted again.
  • The document is then required to be converted to PDF and uploaded to the student learning management system for assessment.
  • Refer the notes on eLearning to answer the tasks or any additional material will be provided by Trainer.

Instructions for Students

Please read the following instructions carefully

  • This assessment is to be completed according to the instructions given by your assessor.
  • Students are allowed to take this assessment home.
  • Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the assessment due date.
  • Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.
  • If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
  • Please refer to the College re-assessment and re-enrolment policy for more information.

Procedures and Specifications of the Assessment

Task 1

To complete the unit requirements safely and effectively, the individual must:

  • Define international marketing
  • Identify international trade patterns
  • Explain international trade policies and agreements
  • Identify legislative requirements

Task 2

Using an Australian company, identify two markets which would most likely be a market that they could expand their e-commerce business to. Using the Australian Trade and Investment Commission (AUSTRADE), learners are to conduct an initial assessment of a market analyses to support a proposed international market to be selected (bullet points) that address on the following elements:

  • Estimate the impact of patterns, policies and agreements on the business opportunities
  • Identify the political, legal, economic, cultural factors for each country identified
  • Estimate the impact of these factors on the business (as much as possible given limited access to the Australian company’s information).
  • Estimate the ease of entering and trading in each market.
  • Analyse the political and financial stability and the risk of corruption of each country identified.
  • Analyse the main legal and regulatory requirements and trade barriers for each country identified.
  • Rate the acceptability of the risks, regulatory requirements and trade barriers.
  • Consider the impact of risk factors in light of international business cycles and economic conditions
  • Summarize current market trends including key industry areas, significant trade partnerships, and consumer characteristics (such as preferences, segmentation, purchasing patterns, etc.)
  • Identify any new or emerging opportunities to enter, shape or influence the market.
  • Estimate the contribution these opportunities could present to the business (as much as possible given limited access to the Australian company’s financial information).
  • Discuss the fit of these opportunities with direction and goals of the business

Task 1

1.Before considering international marketing, an organization must ensure that there is business viability to pursue a marketing opportunity in order to achieve its return on investment (ROI). Provide a brief explanation on the following:  

i.Monetary cost

The monetary costs which the business need to consider is the amount of the liquid funds which the consumer pays to buy the particular product or the service. The price may be considered to be the cash which is to be maid or the expenses required to shop for it.

ii.Time cost

The time cost can be defined as the limited period in which a project has to be completed at large. The cost constraint in this regard is the budgeted amount which is largely available for the particular project.

iii.Risk factors

The risks which are present in the business is that there will be lowered profits or the business will experience a particular loss in lieu of the business. They are influenced by a large number of factors like the price per unit, the sales volume, the competition, the overall climate, the government regulations and other such factors.

Rules of Evidence

iv.Competition in internal market

The global competition in the market can be stated to be the service or the product which is quite similar to the former company. There are several competing companies as present which serve international customers. Hence, in order to maintain one/s position in the market, the business will be required to understand the global marketplace and analyze the resources with the help of which it can afford the technological advancement required to combat.

v.Current market share

The current market share can be defined as the percentage of the industry which the firm has taken over a period.

vi.Estimated impact of marketing opportunity

The business is generally required to examine the external environment in which they function so as to understand the impact of the different factors on the firm which will enable the firm to maximize the different opportunities and minimize the threats as available.

2.When determining an organization’s strategic position, the most common strategy tool is the SWOT analysis – Strengths, Weaknesses, Opportunities and Threats. Provide a brief discussion on how the use of this analysis tool would enable the organization to aid its business expansion decision.

Strengths The SWOT analysis is a tool which goes a long way in assisting the business to understand the overall standing of the firm. It helps in the formation of the critical success factors and ensures that the business is able to attain a sustainable advantage.

The identification of the different strengths goes a long way in assisting the business to ensure that they are able to maintain it and gain a competitive advantage. These strengths need to be worked upon adequately.

ii.Weaknesses

The weaknesses can be stated to be those characteristics which may put the business in the risk of a disadvantage and hence, they are required to be minimized in order to ensure that the business is safe.

iii.Opportunities A swot Analysis also assists the business to identify various opportunities which they can make use of in order to improve the overall functioning of the business. These are created to uplift the overall positioning of the company in the market. It must be understood that the business must possess the capability to invest in the different opportunities.

iv.Threats

The threats can be stated to be the presence of those external factors as present in the external market which often cause problems for the firm at large and may come in the form of certain government policies.

Resources required for this Assessment

3.Changes in your business environment can create great opportunities for your organization – and cause significant threats. Discuss how the use of PEST analysis is able to identify ‘Big Picture’ opportunities and threats.

i.Politics The Political aspect of the PEST analysis gives the business an idea about the safety, products, employments, liability as well as labeling.  Moreover, it also comprises of different changes like taxes environment, quotas as well as trade sanctions. Hence, it is advisable for the business to review the industrial relations, other crisis as terrorism and wars along with the state of activists in the country before engaging in the investments.

Other possible changes could be in taxes, environment, tariffs, quotas, or trade sanctions.

ii.Economic It can be also considered to be relevant economic aspects as present in the country. These aspects can be considered to be the aspects of growth rates, inflation, interest rates, exchange rates, disposable income, consumer demand, balance of trade, price of resources and other such factors.

iii.Social Although the political and the economic factors are considered to be the relevant aspects of an organization, it becomes important for a business to consider the factor of age distribution, gender, ethnic migration, composition of health, housing and other such aspects.

iv.Technological The technological aspects can be defined as one whereby the company takes into consideration the aspects like technical improvements, industry disrupting innovations, older technologies, communication technology, engineering aspects, state of banking and others.

This analysis helps a business to understand whether they would be able to make use of  adequate technology in order to understand the market positioning of the firm and take considerable efforts to improve the same.

4.Without setting clear performance goals, employees may feel aimless about prioritizing and completing their work and disengaged in their jobs, and teams can become mired in confusion, misunderstandings, and conflict. Provide a brief discussion on the use of the SMART model as a goal-setting tool.

i.Specific        

The goals are needed to be precise as well as intuitive in nature so that the different investors possess basic knowledge.

ii.Measurable  

It needs to be easily measured and should be easily able to predict about the success of the particular project at large.

iii.Achievable The goals which are set by the firm for the purpose of the organization need to be realistic and achievable so that the stakeholders agree on it.

iv.Relevant

The project should be relevant to the overall purpose of the firm at large.

Instructions for Students

v.Timed

The goals should have a time restriction so that they can be achieved easily at large.

5.The nature and extent of goals for international market should take into consideration of several factors. Briefly discuss on the following:

i.The differing needs of consumers The needs of the different consumers have a critical role to play in respect to the fact that their overall goals as well as the objectives need to be understood easily by the different members of the firm at large. This helps in explaining the appropriate target market characteristics and their perception of the firm as well.

ii.Existing competition

The existing competition needs to be understood in order to ensure that whether their pressure is huge enough to limit the operations of a firm or not.

iii.Trade barriers/ protectionist arrangements

The trade barriers and the protectionism also plays a great role in the economic policy as it lays down information regarding the restriction of the imports from various countries like tariffs and imported goods.

iv.Free trade arrangements

The free trade agreements also help in regulation of the tariffs and underlying the different trade restrictions that exist between the two countries at large.

v.State of the economy

The state of an economy is an important factor which shall assist a business in understanding whether the company will be able to perform well or not. It explains whether the company has any chances of success in the future or not.

vi.Risk factors

The risks which are present in the business is that there will be lowered profits or the business will experience a particular loss in lieu of the business. They are influenced by a large number of factors like the price per unit, the sales volume, the competition, the overall climate, the government regulations and other such factors.

6.KPIs are quantifiable measurements from which the organization can assess performance against and they are aligned with the company's overall goals and, highlight the areas that are vital to success. When creating strategic objectives and key performance indicators, consider the following:

i.Product (What type of product are you marketing? How does it differ to other products on the market? How is it similar to other products on the market? How many can realistically look to sell?)

The Product key performance indicators can be stated to be the metrics which are useful in assisting the business to measure its performance. It goes a long way in understanding if the business has been able to meet the overall objectives and if the right product is being given or not.

Procedures and Specifications of the Assessment

ii.Service (What type of service are you marketing? How does it differ to other services on the market? How is it similar to other services on the market?)

The service Key performance indicators can be stated to be highly critical for the different customer service departments and are often taken to be the critical contact point for a large number of consumers. These KPIs are considered to be measurable values which are used by the Customer Service teams and help in determining the success of the service being provided.

iii.Country/ international grouping (Cultural groupings, Geographical groupings, Online virtual communities Political groupings, Trade groupings.)

The culture of the organization can be stated to be a dominant theme as it helps in understanding the overall performance of the firm. However, there exists a long term debate with respect to the correct use of the concept, the manner in which it should be measured, how to integrate it with theories and how will a good organizational culture help to meet the goals of the firm at large.

7.A risk management strategy is required to manage contingencies and ensure marketing objectives are met in accordance with overall organisational requirements. Discuss briefly  the various risk factors that may impede the organization’s international marketing performance below:

a.Internal risks that are controllable: i.Technology advancements

The technological landscape has advanced greatly and with respect to this, the advancement has a great impact on the lives of the different individuals and has empowered a large number of businesses. As the businesses have become data oriented, they are faced by vulnerability and biasness which might ruin the overall capacity of the firm at large. Hence, they need to ensure that the different businesses engage in maximizing the use of data manipulation.  Rather than depending on the large businesses to support the technology from externa sources, the internal capabilities of the business must be built upon.

ii.Product design problems

Very often an organization is faced by various product design problems because making   a suitable product for a business is not any easy task. In addition to this there may be failures due to the internal design of the product and also due to the fact that many produces are outside the control of the designer.

iii.IP and patent rights

A patent gives the right to an organization and as a notice to stop others to prevent the copying, manufacturing, selling as well as importing of the invention without anyone`s permission at large. It is important to protect the intellectual property as it ensures considerable success and saving of the efforts.

iv.Contractual difficulties

The contract management sees to it that all the parties as involved tend to meet their overall objectives and see to it that their obligations are fulfilled successfully. This thereby ensures that the outputs which are delivered match the outputs receivable. This ensures that all the parties benefit strongly.

  1. External risks that are uncontrollable i.Political unrest

The political unrest is not considered to be reasonable as it contributes towards the hindrance of the growth and ensures that the firm is not able to perform well.

ii.Bribery

Bribery refers to act of doing a favor in return of a favor. It damages the overall welfare of a firm and limits the growth of the business at large.

iii.Currency fluctuations The currency fluctuations can be stated to be the variations in the stock market and a ricing currency helps the firm to increase the price of the share.

iv.Inflation When the prices of a company rise rapidly it tends to limit the expenses of the consumers. There are certain ways which can be adopted by the business to limit the growth of the company. These increasing prices help in maintaining the stability of the business.

8.Monitoring risks is important, so that they are kept under control and that any new ones that present themselves are dealt with as early as possible. Explain how organizations can take steps to control or prevent risks on the following:

i.The importance of risk management and maintenance

The risk management as present in an organization involves the need to revolve around the plan to deal with an unforeseen event and preparing a strategy with respect to it. The management of risk is however not easy and there are a large number of things which can preferably go wrong and the entire procedure might fail which becomes the recovery a challenging procedure.

ii.Steps to manage risk treatment and control The different risk management and control procedures are as follows:

It involves uncovering and recognising the different risks

Determining the likelihood of each risk

Determining the risk magnitude of the risks involved

Assessment of the highest ranked risks and setting a plan to modify it

Forming risk levels and engaging in the Project risk register.

iii.What is in the updated ISO 31000:2018? The updated ISO 31000 maintains the risk management process as a simple one as it provides a shorter and clearer guide to assist the firms in making use of the risk management principles to improve the overall planning procedures and making better decisions at large. The changes in the edition can be stated to be as follows:

The alteration of the principles of risk management

Focusing on leadership and ensuring risk management is duly taken care of

Providing emphasis on the iterative nature of the risk management

Streaming of the content with better focus.

9.Outline  relevant Australian and international standards, models policies and guidelines, including those covering:

i.Approval and assessment of national environmental and cultural concerns (importing, fuel quality, hazardous waste, heritage, the sea) The country of Australia in general makes use of the Environment Protection and Biodiversity Conservation (EPBC) Act. It ensures that the aspects like approval procedure of the national environment and the cultural components are covered. The other aspects that the act covers are as follows:

  • the sea
  • hazardous waste
  • importing
  • heritage issues
  • Fuel quality.

It is a fact that every territory has a similar place than this which needs to be monitored.

ii.Human rights   (civil and political rights, persons with disabilities, rights of the child, protection of the rights of all migrant workers)

The Human rights as well as the Responsibilities charter has been developed as it is considered to be a combination of the long tradition of different human rights law internationally. At the federal level, the Australian government has an obligation to be under the international law and protect the human rights but the government needs to take serious steps to refrain taking any related actions.

When all the businesses have a Charter in Victoria it ensures that the government business prospers.

iii.Labour relations  (pay rates, minimum age of work, dismissal, general treatment of employees, EEO)

The workplace relations act was passed in the year 1999 in order to take the position of the previous Industrial relations Reform act of the year 1993. It was based on a federal award system which looked after issues like the pay rates, working hours and other conditions at the workplace.

iv.Packaging  (label requirements, enclosed documents, sustainable materials, size and weight of packages, country of origin manufacturing/ ingredients)

The AS/NZ is taken to be the national certification of mark which has shown considerable importance in New Zealand and Australia. It needs to be noted that the EU norms and other such standards need to be appreciated and adopted by the different firms.

v.Electronic commerce (privacy, payment, information, jurisdiction, redress)

ECCMA (Electronic Commerce Code Management Association) is taken to be the leader for the project in relation to the ISO 8000 which is related to data quality.

vi.Australian Competition and Consumer Commission in terms of Australian Consumer Law

The Australian Competition and Consumer Commission (ACCC) can be considered to be an independent commonwealth statutory authority which ensures that the competition and consumer act along with other legislations work well.

vii.Foreign investment limits

The foreign investments limit in Australia is round %845 billion with respect to the data between 2007 and 2011.

viii.Privacy laws The Privacy Act 1988 (Privacy Act) is the law in Australia concerned with the handling of private information about the different residents and that their data remains confidential.

10.Explain the aims of the Organisation for Economic Co-operation and Development (OECD).

The mission is as follows:

To promote the policies that foster social and economic well being

Act as a forum to share experiences and seek answers for the same.

Task 2

1.Choose an Australian company of your choice and assume you are heading the marketing department which you are tasked to provide a 10-minute presentation to the CEO (your trainer would undertake this role) on which country would be best suited for its business expansion plans to another country.

i.Research international opportunities and determine a marketing approach for the Australian company which focuses either on:

  • Market is emerging or developed
  • The needs of the consumers

Create a 10-minute PowerPoint (paste PPT slides in the empty cells below as seen in the sample below) presentation for the company case to propose to senior management on its international marketing plan proposal. Please ensure that the slide pasted in each cell provided is adjusted and positioned appropriately to fit. Any slides that do not conform to appropriate formatting would not be accepted.

a.Cover page  (choose an international company, topic name and presenter name)

b.Company profile  (please ensure that you keep the information briefly)

c.Business goals and direction  (based on the chosen organization)

d.Products/ service focus for business expansion  (illustrate what are the products/ services briefly)

e.Target customers  (consumer preference)

f.Evaluate the various marketing approach to meet international marketing objectives (global strategy, adaptation strategy or customized strategy)

g.Select the best marketing option and provide a justification for it (based on business culture of that host country; options include; export operations, online business, multi-national organization, joint venture, licensing, strategic alliances, overseas branch )

h.Proposed new international marketing objectives to suit in terms of; culture, customs, levels of knowledge, experience and the needs of personnel. (provide an explanation on how each of the factors are able to contribute to the organization’ s marketing objectives)

i.Communications and stakeholder plan (how staff are informed of their roles, responsibilities and accountabilities of staff and contractors)

j.Discuss how cross-cultural communication and negotiation styles relevant to the country where the international marketing activities take place    (explain the country’s communication and negotiation styles that requires consideration)

k.Managing the marketing effort through market research (relate a brief discussion on the use of market research would support the marketing effort))

   Question 2 is located the page after the Presentation Observation/ Demonstration Marking Rubric.

Criterion Presentation Observation/ Demonstration Marking Rubric (for trainer use)

Visual Appeal There are no errors in spelling, grammar and punctuation. Information is clear and concise on each slide.

Visually appealing/engaging. There are some errors in spelling, grammar and punctuation. Too much information on two or more slides.

Significant visual appeal. There are many errors in spelling, grammar and punctuation. Too much information was contained on many slides.

Minimal effort made to make slides appealing or too much going on. There are many errors in spelling, grammar and punctuation. The slides were difficult to read and too much information had been copied onto them.

No visual appeal.

Comprehension Extensive knowledge of topic.

Members showed complete understanding of assignment. Accurately answered all questions posed. Most showed a good understanding of topic.

All members able to answer most of audience questions. Few members showed good understanding of some parts of topic.

Only some members accurately answered questions. Presenters didn’t understand topic.

Majority of questions answered by only one member or majority of information incorrect.

Presentation

Skills Regular/constant eye contact, The audience was engaged, and presenters held the audience’s attention.

Appropriate speaking volume & body language. Most members spoke to majority of audience; steady eye contact. The audience was engaged by the presentation.

Majority of presenters spoke at a suitable volume.

Some fidgeting by member(s). Members focused on only part of audience.

Sporadic eye contact by more than one presenter.

The audience was distracted.

Speakers could be heard by only half of the audience. Body language was distracting. Minimal eye contact by more than one member focusing on small part of audience. The audience was not engaged.

Majority of presenters spoke too quickly or quietly making it difficult to understand. Inappropriate/disinterested body language.

Content The presentation was a concise summary of the topic with all questions answered. Comprehensive and complete coverage of information. The presentation was a good summary of the topic.

Most important information covered; little irrelevant info. The presentation was informative but several elements went unanswered.

Much of the information irrelevant; coverage of some of major points. The presentation was a brief look at the topic but many questions were left unanswered.

Majority of information irrelevant and significant points left out.

2.Provide a brief discussion (short answers) on the importance of evaluating and improving marketing performance. Relate to the following monitoring processes:                              

i.Comparison against competitors It is crucial for the business to understand the competitors and then analyzing their offerings, pricings and their selling style so as to ensure that this knowledge is then applied in making considerable strategies at large.

ii.Regular performance analysis of marketing strategy

Evaluation of the marketing performance guide is important as it guides the future marketing plans and helps a firm to achieve its goals.

iii.Meetings to discuss product, distribution, pricing and marketing communication

Lastly, interaction with the consumers is crucial and hence, they need to be informed and the tool of promotion must be used to do so and connect the target audience and the company.

3.It is essential for an organization to monitor overall marketing progress against performance targets to ensure quality, cost and time requirements are met. Provide an explanation on the following:

i.Consumption

The consumption can be defined as the use of goods by the households and is different from the purchase of goods and other services.

ii.Sharing

This refers to the sharing of ideas with a large number of people to attain the right feedback

iii.Lead generation This helps in identification of the consumer interest received in a product or a service.

Iv.  Sales

The sales enables to understand whether the customers are interested or not.

v.Returns on investment

Return on investment (ROI) helps in the measurement of whether the investment has been a gain or a loss and is expressed in a financial percentage.

4.After completing a marketing campaign, the marketer would need to analyze the outcomes of it to determine whether it was successful or not. Discuss and highlight the following points on how to make the process more effective and efficient.

i.Customer feedback 1Conduct a customer survey

2Use feedback mechanism

3Offer incentives

4Use live chatting option

5Find dissatisfaction reason

6Monitor the data

ii.Time invested in campaign

It’s crucial to schedule the work and the first step to ensure so that the work is prioritized in the right manner. Hence, the daily task must be planned carefully.

iii.Allocation of resources

The combination of the correct inputs, outputs as well the assurance of the fact that input and output will be distributed in a manner such that a change in the general economy will benefit someone instead of making their situation worse.

5.The creation of marketing objectives is not a finite process and should be a cyclical one of improvement. Explain the following marketing metric what are the ways of improving marketing performance

i.Consumption The sustainability of the consumption patterns is crucial and a great challenge to the overall wellbeing and hence it is crucial that the leaders need to consider the environmental aspects along with the profits.

ii.Sharing

This refers to the number of times the customers have shared the content with the other customers using Facebook or twitter.

iii.Lead generation This measures the extent of interest which has been received from the side of the different consumers at large and whether the registration and other aspects increase or not.

iv.Sales This helps in deciding how many of the consumers actually become the customers and ensures that the marketing strategy was successful.

6.Every organization has its own performance issues to contend with and every employee in that organization requires different skills and information to fill the gaps. However, the marketing department must diagnose the cause before enacting meaningful change. Discuss briefly how organizations can improve its marketing performance.

There are certain steps which may assist in improving the market performance such as :

1.Considering the view point of the stakeholders

2.Performing to the strengths

3.Fulfillment of gaps

4.Setting valuable goals

5.Designing metrics

6.Decide on targeted audience

7.Market phenomena come in a variety of forms and will shift as new technology and trends emerge. Relate to a market situation affecting an organization’s marketing performance.

The external environmental factors can be described as those factors which lie beyond the realm of the firm. They comprise of the

a)Macro environment, and

b)Micro environment

Micro environment: The market whereby there exists certain factors which the firm cannot serve but the factors have a huge impact on the market.

Market Intermediaries: The middlemen as involved in the intermediaries for the purpose of promotion, selling, distribution and other services to the customers. Commonly known as the retailers, agents, wholesalers and other agencies.

8.The marketing department will need to document its review of marketing performance against key performance indicators (KPIs) in accordance with the organization’s requirements. This will ensure that documentation is standardized and easy to access and interpret for future use. Explain the following guidelines that are applicable to the completion of documentation:

i.Concise

The marketing material aims to provide information about the products which are available and as the media types are expensive, there is a limited space which must be used in the right manner thus keeping the message concise.

ii.Objective

These can be stated to be the specific research actions that are needed to be carried out in the research project.

iii.By exception

This refers to the scenario when someone or some aspect is not included in a group or a list which is expected to behave in that manner. There do exist exceptions to every rule as present.

iv.Appropriate language

The crucial aspect in a business is to use the right language at the workplace and provide respect to all the employees in both written as well as oral communication

Relevant information

The relevant information tends to become an issue when the format and the content of the different financial statements is being decided upon as the layouts do not do justice to the total information as available.

References

Hatten, T. S. (2015). Small business management: Entrepreneurship and beyond. Nelson Education.

Jeston, J. (2014). Business process management. Routledge.

Maylor, H., Blackmon, K., & Huemann, M. (2016). Researching business and management. Macmillan International Higher Education.

Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management. Pearson.

Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic management and business policy. pearson.

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). Assessment Policy: Principles Of Essay Assessment, Rules Of Evidence.. Retrieved from https://myassignmenthelp.com/free-samples/bsb60215-advanced-diploma-of-business/entrepreneurship-and-beyond.html.

"Assessment Policy: Principles Of Essay Assessment, Rules Of Evidence.." My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/bsb60215-advanced-diploma-of-business/entrepreneurship-and-beyond.html.

My Assignment Help (2021) Assessment Policy: Principles Of Essay Assessment, Rules Of Evidence. [Online]. Available from: https://myassignmenthelp.com/free-samples/bsb60215-advanced-diploma-of-business/entrepreneurship-and-beyond.html
[Accessed 04 March 2024].

My Assignment Help. 'Assessment Policy: Principles Of Essay Assessment, Rules Of Evidence.' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/bsb60215-advanced-diploma-of-business/entrepreneurship-and-beyond.html> accessed 04 March 2024.

My Assignment Help. Assessment Policy: Principles Of Essay Assessment, Rules Of Evidence. [Internet]. My Assignment Help. 2021 [cited 04 March 2024]. Available from: https://myassignmenthelp.com/free-samples/bsb60215-advanced-diploma-of-business/entrepreneurship-and-beyond.html.

Get instant help from 5000+ experts for
question

Writing: Get your essay and assignment written from scratch by PhD expert

Rewriting: Paraphrase or rewrite your friend's essay with similar meaning at reduced cost

Editing: Proofread your work by experts and improve grade at Lowest cost

loader
250 words
Phone no. Missing!

Enter phone no. to receive critical updates and urgent messages !

Attach file

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Other Similar Samples

support
Whatsapp
callback
sales
sales chat
Whatsapp
callback
sales chat
close