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BSBMKG508- Management Plan For Marketing Activities

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  • Course Code: BSBMKG508
  • University: Academies Australasia Polytechnic
  • Country: Australia

Question:

Develop a management plan for the marketing activities being conducted within your organisation which addresses the seven (7) steps

 

Answer:

Introduction

In the current world economy, stiff competition has revamped from the continued investment in the various business fields. As a result, companies should develop strategies to ensure high levels of competitiveness compared to similar investments made in the field. The strategies should also be developed to ensure the survival of a business. In the strategy development process, companies should consider the changes taking place in the business market and also the goals of an organization. Since most firms are profit-oriented, they should consider increasing the company’s market share. In return, the company will realize increased sales and increased profits in the long run. The paper gives a review of the development and management of marketing activities. The paper develops its analysis with reference to Houzit company. Houzit company is a home-ware based company located in Brisbane. The company has 15 stores and has developed strategies to help boost its market share from 11% to 12%. The development is expected to yield an increase in business sales by 8%. The strategies are also aimed at realizing 15% new sales generation following customer acquisition cost.

 

Marketing activities

Companies do adopt several strategies that help in increasing their market share. Among the strategies that applied to meet the goal include market promotions. Market proportion includes the activities that a company undertakes to develop awareness of its activities among the public. The activities include advertisements, sales promotions and campaign at customer bases. In the development awareness, the business sets aside finances to help perform the various set strategies (Wainana & Woloko, 2015). Companies also attract customers through branding and packaging of their products. Also, a business can change their markets in relation to the market trend, thereby, enhancing more sales. Lastly, businesses can use their distribution channels to attain customers, that is, through direct selling and indirect channels. Houzit company has also developed strategies to increase its market share and increase its sales. Among the strategies that the company has adopted include advertisements, promotions and pricing strategies.  

Organization integration on marketing activities

The organization should also develop various ways of ensuring effective implementation of marketing strategies in order to help in achieving the organizational goals. Among the implementation strategies that the company can develop include; development of a financial statement accompanying the accomplishment of the set strategies and the development of an effective communication plan that will ensure teamwork in the strategic implementation (Westwood, 2013). In addition, the company should develop a well-defined structure that will illustrate the role of the various business stakeholders in the implementation plan. The company should also consider hiring a line manager who will be responsible for enforcing the formulated strategies.

 

Monitoring of product, distribution, pricing and marketing communication policies

The company should develop ways of monitoring product distribution, pricing, and marketing communication to ensure that they are in line with the business goals. The monitoring can be done through the company’s performance in the market. Also, the company can base its evaluation on the set targets following the execution of the marketing programs. In the case of Houzit, sales progress and market share measure can act as key evaluation elements. Furthermore, the organization can consider the use of more tactics in the evaluation process which include the use of ad tracking to measure the effectiveness of its digital marketing strategy, that is, web advertisement (Flores, 2013). The company can monitor its sales based on the competitiveness in the market and the economic factors (Dutta, 2011). The price can also be set strategically in relation to the cost of production based on material sources. In the case of Houzit, the company has the advantage of accessing cheap raw materials through imports compared to local industries following the rise of the Australian dollar. The company distribution can be monitored through the company store. Since Houzit company has a fixed location, the company will have to be accessed from its various stores. As a result, there is ease in accessing the company products. In the evaluation process, companies can develop revenue statistics based on their sales increase as follows: 

Distribution and pricing

The company should adopt effective models for their product distribution and pricing. The applicable distribution models include the supplier model (Dent, 2011). Business should illustrate the need to be met by the supplier, that is, high quality products and service delivery. The company services and products quality depend on the raw materials used to produce the product and services. As a result, companies should let suppliers understand their needs and responsibilities. On the other hand, a company should develop its prices based on a clear understanding of risks, constraints and the achievable aims of the business (Schwerdt & Wendland, 2014). The knowledge in the three fields will help the business in developing effective prices that will ensure its competitiveness in the market field.

The business field is prone to market fluctuation. As a result, businesses should develop adjustments in order to respond to the fluctuations. The adjustments help the business to cope with the challenges posed by various factors (Zaeh, 2014). Also, the decision made to cope with the challenges include the adoption of business development strategies that are aimed at securing a bigger market share for the business and business development at large. The adjustment helps the business to adapt to the new environment brought about by the fluctuation. In the case of Hauzit company, there is a need to develop an online order and pay service to help it adjust to the development in business technology as recommended by Lambert consulting. In addition, the change in the Australian dollar standing calls for an adjustment to avoid losses due to high costs of production.

 

Key performance indicators

In management, the evaluation of the performance of various strategies is a key role in determining the position of the business. Companies develop key performance indicators through which they measure their performance. Among the key indicators include the reproduction indicators which are measured continually. Another indicator is ventured in the characteristic of a business. The indicators may also include evaluation of the number of customers attendance within a given period and examination of customer satisfaction from the services offered. Also, companies develop indicators that are subject to measurement (Mikusova, Jameckova, 2010). The indicators are intended to measure the average development and growth of a company with respect to its goals. The Hauzit company gives a good example of the measurement indicator through its key indicator of a 15% increase in sales. Companies also conduct extensive research on the effectiveness of their strategies. The information obtained is then presented in form of reports.  The reports should be developed according to the requirements of the strategy developers (Marr, 2015). The same applies to Hauzit company since the company evaluates its progress based on its key performance indicators, that is, acquisition of 15% new sales and increased market share. The company also conducts market research and develop market audit that helps in analyzing its performance.

Delegation

The company has the responsibility of selecting the best people for its various positions to ensure effective application of its strategies. The company is therefore required to develop a criterion through which recruitment processes will take palace. In most cases, the company selects a group from its staff to develop a recruitment plan. The model of using a team for the recruitment exercise opts since the results are accurate as there are consultation and research done during the process (Ghejan & Gal, 2017). The team develops a procedure that entails the recruitment process as follows. The team advocates for the rigorous screening of the applicants, develop an inbound advertisement for the vacancy with an intent to attract the qualified personnel only and to verify the relevancy of the potential employees to the goals of the company. After the team has drafted the process, it proceeds to discuss it with the manager who determines its relevancy to acquiring competitive employees. The manager gives recommendations on the structure for its implementation. The delegation team then recommends for posting of the qualified applicant in various positions within the organization.   

 

Communication

Communication is a key factor in the attainment of a business goal.  Communication may be either upwards or downwards. Upward communication involves the junior staff sending information to the managers. On the other hand, downward communication occurs when senior staff or managers send information to the junior staff. Communication may take the form of meetings, briefings, emails, letters, memos, report or through word of mouth. Communication serves several roles in the implementation process of a goal. Among the key activities played by communication include; It affects the decision-making process by providing information necessary for strategy development. In addition, it creates motivation among the business stakeholder since it allows for expression which enhances satisfaction in a business. Communication also serves as an agent to developing an understanding among the employees concerning their responsibilities. As a result, some running of the business is ensured (Iloafu, 2016). Following the significant role played by communication in an organization, reflection should be made on enhancing its development both internal and external. Among the ways through which communication internal or external communication can be strengthened, the company should consider offering training on how to develop effective communication both in and outside the organization. the company can teach the employees on how to become good ambassadors in the external environment by citing the benefits involved with the act. The company can also develop a communication plan for the company that will promote the interaction within the company. The plan should entail the communication nature of the communication and ways of enhancing external communication. in addition, the plan should describe the role of various stakeholders in ensuring effective communication within the organization.

Conclusion

 Business organizations should consider developing strategies that will ensure their growth in the competitive business world. The development should strategies should entail the implementation process. The process should outline the roles of different stakeholders in the strategy development. More so it should include a target that will serve as a measure of the impact of the developed strategies. The goals will also act as a source of motivation for employees since they will be committed to meet their responsibilities. In addition, the business should develop strategies that will be flexible to changes thus enhancing business adaptability to new environments. The management should consider involving their subordinates in the development process to help develop comprehensive strategies. The company should develop communication strategies that will promote teamwork in the implementation process ensuring development and effectiveness. Lastly, the company should develop audits to study its progress. Also, studies should be conducted before the adoption of pricing and distribution models.

 

References

Dent, J. (2011). Distribution channels: Understanding and managing channels to market. London: Kogan Page.

Dutta, B. (2011). Sales and distribution management. Place of publication not identified: I K International Publish.

Flores, L. (2014). How to measure digital marketing: Metrics for assessing the impact and designing success.

Ghejan, L. & Gal, H. (2017). A delegation of responsibilities and decision-making authority in a low trust country. Bachelor thesis Malardalen University, pp. 1-41

Iloafu, K. (2016). Role of effective communication in strategy management of an organization. international journal of humanities and social sciences, Vol. 6 Issue 12, pp. 93-99

In Zaeh, M. F. (2014). Enabling Manufacturing Competitiveness and Economic Sustainability: Proceedings of the 5th International Conference on Changeable, Agile, Reconfigurable and Virtual Production (CARV 2013), Munich, Germany, October 6th-9th, 2013.

Marr, B. (2015). Key performance indicators. United Kingdom: John Wiley and sons ltd.

Mikusova, M. & Janeckova, V. (2010). Developing and implementing successful key performance indicators. World Academy of science, engineering and technology, Vol 42, pp 969-981

Olang, O. (2015). The role of communication in strategy implementation: The case of African women in agriculture research and development. A project for the executive master of science in organizational development United States International University- Africa, pp. 1-55

Schwerdt, W., & Wendland, M. . (2014). Pricing, Risk, and Performance Measurement in Practice: The Building Block Approach to Modeling Instruments and Portfolios. Saint Louis: Elsevier Science.

Wainana, G. & Oloko, M. (2015). Marketing penetration strategies and organizational growth: A case of soft drink sector in Kenya. International journal of management and commerce innovations, Vol. 3 Issue2, pp.219-227

Westwood, J. (2013). How to write a marketing plan. London: Kogan Page.

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