Marketing Objectives And Strategies For Boutique Essay

Answer all the questions below.

1.Define marketing objectives?

2.Describe each component of the acronym SMART in relation to marketing objectives?  

3.What is the Ansoff matrix and how does it apply to developing marketing objectives?

4.What is the difference between marketing strategy and marketing objectives?

5.What is competitive advantage?

6.How do terms market penetration, market development, product development and diversification relate to identifying marketing opportunities?

7.What are four (4) key financial indicators that you would look at when identifying marketing opportunities?

8.What is return on investment?

9.How is return on investment calculated?

10.As a Senior Marketing Manager responsible for a team of staff, what anti-discrimination legislation would you need to adhere to?  Provide one example of how you would implement legislation in daily practice?

What do students need to complete this assessment?

• Computer and Microsoft Office
• Boutique Build Australia Strategic Plan
• Marketing objectives report template
• Risk management template
• Risk management legend
• Access to the Internet for research

Define marketing objectives

Answer to question no-1

Marketing objective is defined as long term goal and objective which are set with a view to promote the goods and services to potential customers in long run.  It includes product awareness among the client’s targeted clients (Parisé, et al. 2013).

Answer to question no-2

It is analyzed that when setting up market objectives, company needs to ensure that all of these objectives are specific, measurable, achievable, and realistic and time specific.

The SMART approach assists in achieving the set objective and goals in systematic manner.

Specific- It reflects qualitative results which company needs to achieve with its marketing planning.

Measurable- It reflects the market share and other quantified information which company needs to achieve by undertaking the marketing strategic planning.

Achievable- It reflects the targets and standards which each and every sales persons needs to achieve in its sales marketing plan.

Realistic- It is assessed that all the objective and methods sets in the marketing objectives should be measurable and realistic.

Time frame- All the objective and work planning set up under the strategic planning should be set up within the given time frame which will increase the overall outcomes of the busienss (Parisé, et al. 2013).

Answer to question no-3

Ansoff matrix is the strategic planning tool which is used to provide the framework to assist executive and other senior managers to devise strategies for the future growth of the business.

This Ansoff matrix is used to give the set authorities and responsibilities to the managers and executives so that they could achieve the set objectives and goals. It assists in bifurcation of the assigned authorities to managers.

Answer to question no-4

Marketing Strategies	Marketing Objectives
The marketing strategies are the measure and methods to achieve the set marketing objective sand goals. It is the medium to achieve the set objectives and goals in determined approach.	It is evaluated that marketing objectives are the ultimate outcomes which company is expecting to achieve.
It is the medium by which company will achieve its set marketing objectives	It is the final outcomes for which marketing strategies have been implemented.

Answer to question no-5

Competitive advantage is the unique work practice of the organization which is undertaken to create value on the invested capital. However, it will assist company to show its busienss functioning different from others but other companies by making the consistent efforts could easily copy this competitive advantage in market (Parisé, et al. 2013).

Answer to question no-6

Market opportunity is accompanied with the busienss expansion and growth chances which company could undertake to take its business further level (Stewart, Wang, and Willgoose, 2013).

Market penetration- It is the strategic planning to increase the overall market share by penetrating the market with its offered products and services in market. In this strategy, all the products and services will be offered at very low cost.

Components of the SMART approach in relation to marketing objectives

Market development- It is related to expanding the market by tapping the new areas either geographically and demographically. It requires forward and backward integration of the offered products and services in market.

Diversification- It is the strategic planning which assists organization to take its busienss in other markets by undertaking new busienss. This diversification strategy is undertaken when company wants to increase is overall business strength.

Answer to question no-7

There are main four financial indicators which could be undertaken by company to identify the market opportunity available in the market (Stewart, Wang, and Willgoose, 2013).

Balance sheet- This management financial information reveals all the assets and liabilities which company needs to manage for increasing the overall outcomes of the business.

Income statement- It is the statement which shows the potential return on capital employed which company would have from the operated business.

Budget statement-This statement reflects the amount of capital required to run the busienss. It shows the possible cash inflow which company would have from its business.

Answer to question no-8

The return on investment is the amount of return available on the invested capital which will be earned from the invested capital.  Company should have return on capital higher than its cost of capital if it wants to create value on its investment.

Answer to question no-9

The return on investment is calculated by using the formula which is given as below with the example.

Answer to question no-10

Senior marketing manager is also responsible for the team staff members. There are several anti-discrimination legislations which need to be followed by company and staff members  (Zeng, Yang, Tang, and Zhao,  2015).

• Age Discrimination Act 2004
• Disability Discrimination Act 1992
• Racial Discrimination Act 1975
• Sex Discrimination Act 1984(Stewart, Wang, and Willgoose, 2013).

Task-2

Introduction

With the ramified economic changes and complex business structure, each and every organization needs to implement the effective business strategy to win over the market. In this report, Boutique Build Australia organization has been taken into consideration. The SWOT analysis, PESTLE analysis and other management analysis tools have been used which assists in implementing the strategic decisions making in effective manner. There are several parts which are answered in this report and assist in preparing the risk management plan.

Description of Boutique Build Australia

The Boutique Build Australia has been running its business since 2014 in Sydney and specialised in designing and building high quality designer homes for the metropolitan and surrounding areas.

Review the Boutique Build Strategic Plan

The strategic vision of the Boutique Build Strategic Plan is to strengthen the overall sales and increasing the overall return on capital employed of company.  The marketing plan of the Boutique Build Strategic Plan has been prepared by undertaking the effective strategic plans and procedure which company needs to undertake to increase the overall return of business. The markeing plan focuses on grabbing more clients in market and strengthens the product positioning in market.

Ansoff matrix and its application to developing marketing objectives

In order to set up the nexus between the strategic vision of the Boutique Build Australia organization and marketing objective of company, management need to prepare the proper strategic planning and design its marketing activities accordingly. It will require proper sales persons to implement the strategies and make sub objectives for the each sales department to meet the ultimate objectives at large (Zeng, Yang, Tang, and Zhao,  2015).

This process is accompanied with various process systems which will assist in meeting the set objective and goals in determined approach.

It is observed that the marketing objective of company is to promote the designers homes for the metropolitan and surrounding areas and allow clients to have to customize work in effective manner.

The marketing objective of company focuses on increasing the awareness of the products and services to clients. All the sales persons will be indulged in increasing the market share by following the market penetration strategy.

Services and products offered by Boutique Build Australia organization

It is analyzed that Boutique Build Australia organization offer high class home and design and build of high quality designer homes for the people in Sydney. These products are designed by following the product differentiation strategy which will keep the products and services offered by Boutique Build Australia organization in market.

This company has been operating its business to provide the high quality homes and indulged in creating strong brand image in market. Nonetheless, expert’s employees and advancement in the technologies adopted by company will strengthen the overall quality of constructed houses in market.  Currently, Boutique Build Australia organization has spent 1% of its overall turnover on the marketing strategies and planning which will increase the overall outcomes of the business (Wu, et al. 2015).

Boutique Build Australia organization has planned to increase its overall turnover by 20% within 2 years which will be achieved by infusing the clients oriented marketing strategy. It is analyzed that company will offer the customized product differentiation strategy to attract more clients in market.

SWOT analysis of the strategic planning

The strategic planning of Boutique Build Australia organization is to follow the customized business strategy which will not only make its offered products and services more clients oriented but also increase the overall quality of its constructed houses.

Strength- The main strength of Boutique Build Australia organization is related to customized houses for the clients. It will not only increase the overall products quality but also increase the overall market share by customized offered house.

Difference between marketing strategy and marketing objectives

Weakness- The main weakness of Boutique Build Australia organization is related to high legal compliance of the Australian and complex business structure. The strategic planning of company focuses on sustainable busienss practice and long term customized business practice. It will not only increase the complexity of the constructed houses offered in market but also lower down the quality of the houses offered due to the changes in construction as per the client’s needs (Mayurnikova, et al., 2015).

Opportunity- With the increasing GDP rate of the Australia and purchasing power of the people in Boutique Build Australia organization, it is observed that the turnover of Boutique Build Australia organization will also be increased. It is analyzed that Boutique Build Australia organization could penetrate the market by offering more houses at very low price.

Threats- The main threat of strategic planning of Boutique Build Australia organization is related to deficiency of the budget. Boutique Build Australia organization may face issue of finance while customizing the houses in market. It will not only increase the complexity of the business but also result to loss of business due to non-effective business in long run (McDonald and Wilson, 2016).

Company’s marketing performance, including current marketing activities and positioning

The current marketing performance of company is effective and shows that Boutique Build Australia organization invested 1% of its total turnover which will add value to the client’s satisfaction at large.  The current marketing performance of company is increasing throughout the time by customization of the houses in market.  After analysing the case study of Boutique Build Australia organization, it is depicted that out of the 10 calls, company is getting order of 1 house construction which is good statics for gearing up the busienss in starting (Westwood, 2016).  The current marketing activities focuses on shuffling experts sales persons in its sales team so that they could attract more clients by calling and directly interacting with the clients at large (Asllani, and Halstead, 2015).

The position of the Boutique Build Australia organization is not clear in the market as company has started its business. However, with the positive outcomes, it is analyzed that company will set up strong brand image in long run. The CEO of Company is also suggested that company will increase its overall outcomes soon and it will eventually increase the brand positioning in market. The CEO of the company has shown the positive indicators and reflects that company will surely have strong brand image and increase its overall return on investment (Stewart, Wang, and Willgoose, 2013).

Details about competitive advantage

Computation of the return on investment

The return on investment is the amount of return which is earned by company on the invested capital.  Company should have return on capital higher than its cost of capital if it wants to create value on its investment.

Return on investment= Gross profit/ Investment

ROI= $40, 0000/$2,00,000=

=20%

The main areas which needs to be improved by Boutique Build Australia organization is related to strengthen the efficiency of the strategic planning and using the advance strategic planning. If the advance technologies such as social media, Google image section advertisement strategy is followed then it will increase the overall outcomes of the company (Parisé, et al.  2013).

Sources to use to identify the Boutique Build Australia’s market, competitors and target customer

It is analyzed that in order to identify the market share, competitors and target customers, we could use web based information, annual report and other reports of the other companies who are running their business in the same market industry (Marcellusi, Viti, Mecozzi, and Mennini, 2016).

Industry trends, potential new and emerging markets, competitors and any other relevant factors

The housing industry trend has been showing the high growth of the profit which shows that all the corporations indulged in housing construction busienss will gain good amount of profit. The total turnover of housing industry has been showing total AUD $ 3.5 billon which is 20% higher as compared to last five year data (Hex, et al. 2012).

Emerging markets

The emerging market in the housing industry is finance and funding market that provides loans and investment to the clients for housing finance activities (Cardozo, et al.  2012).

Competitors of the Boutique Build Australia organization

The main competitors of the Boutique Build are Myer building who is having AUD $ 30 million turnover. It has been observed that fletcher building is also coming up in the Australian market by following the potential market development strategy (Lidstone, and MacLennan, 2017).

PESTLE analysis of Boutique Build Australia organization

Political- The political factor of the Australia is showing the stable political condition of the Australia. Boutique Build Australia organization could easily implement its strategies as per the present political factors. All the policies, rules and regulations of Australia is stable which shows that company could consider these policies to implement the effective marketing strategy (Song,  et al. 2017).

Environment- the Australian environment is showing the positive indicator for starting up new real estate busienss in Boutique Build Australia organization. It is analyzed that Boutique Build Australia organization needs to use the Eco-system process also needs to be used to increase the sustainability of the business (Ammar, and Surendra,  2017).

Relation of market penetration, market development, product development, and diversification to identifying marketing opportunities

Social- It is related to the values, belief, perception and cultural factors of the people who are living in the Australia. It will assist Boutique Build Australia organization to make its business more customized. (De Silva,  Hanwella, and de Silva, 2012).

Legal- The rules and regulation of the Australia is very liberal. However, if Boutique Build Australia organization has to set up the legal department to comply with the all the applicable rules and regulations.

Economical – The GDP rate of the Australia is 49,927.82 USD which has become 2% since last one year. In addition to this, the purchasing power of the people of Australia has also increased which shows the positive indicator for the future growth of the Boutique Build Australia organization (Kapferer,  and Bastien, 2012).

Market opportunity available to business

The market opportunity available to business could be assessed by evaluating the increasing purchasing power and increased return on investment. Real estate sectors shows 20% growth rate which is highly positive for the future value creation of the invested capital.  Therefore, customized houses offered due to the changes in construction as per the client’s need will increase the overall turnover. In addition to this, investing capital for starting up new financial operation business will also provide good amount of return in short run (Belz, and Schmidt?Riediger, 2010).

Analysis of the best marketing opportunity for Boutique Build Australia organization

• Product development- Customized houses offered due to the changes in construction as per the client’s need will increase the overall turnover and return on investment at large (Truong, Simmons,  McColl, and Kitchen, 2008).
• Market development through the market penetration strategy.

However, SWOTS analysis of Boutique Build Australia organization whether the available marketing opportunity will be useful for company or not (Berthon, Pitt,., Plangger, and Shapiro, 2012).

Strength Use of advance technologies Increased positive outlook of clients Increased GDP rate shows the positive indicator for the future growth (Hoffman, and Fodor, 2010).	Weakness High compliance program Increased construction cost.
Opportunity The increased GDP rate of Australia and purchasing power of people will increase the overall outcomes of the business	Threat Increased return on investment will attract more new rivals. It will attract more clients.

Particular	(Product development)	(Market development through the market penetration strategy)
Cost	It will require changes in the technologies and implemented strategic planning.	It will require 1% of the capital investment in the project.
Benefit	It will increase the overall turnover by 20% in just one year Eventually, it will increase the return on capital employed (Hill,  2008).	The main benefit of the market development is related to increased market opportunity in market (Lipsman, et al. 2012).

SMART objective

The Smart objective of Boutique Build Australia organization has been given as below.

Specific- It reflects qualitative results such as increasing the overall turnover of business by 20% which company needs to achieve with its marketing planning (Smith, and Zook,2011).

Measurable- The market share and other quantified information which Boutique Build Australia organization needs to achieve certain goals and objective in determined approach.

Achievable- Company needs to hire more experts’ members and use social media and other online methods (Michaelidou, Siamagka, and Christodoulides, 2011).

Realistic- The 20% turnover and increasing market share by 10% are both measurable.

Time frame- The implemented marketing strategies will be covered within 6 months.

Recommendation

In order to achieve the marketing objective of Product development Company needs to customize its housing products (He, Wang, Chen, and Zha,  2017).

Company should follow the market development through the market penetration strategy (Dessart, Veloutsou, and Morgan-Thomas, 2015).

Key financial indicators for identifying marketing opportunities

Risk management strategy of Boutique Build Australia organization

Particular	Action
Risk description	Company may fail to achieve its set objectives if other internal and external impacts the strategies
Likelihood	There are chances of 20% that company may fail to achieve its objectives.
Impact	It will impact the cost and benefits available to Company.
Priority and preventative action/contingency plan	The contingency plan is to lower down the overall construction services to keep the prices low. It will attract more clients and cover up the deficiency (Dommeyer, Gross, and Ackerman, 2016).

Task-3

Conduct the General meeting

Meeting

Purpose of meeting

The main purpose of meeting is  to develop the strategic planning for achieving the marketing objective.

To consider and if thought fit, to pass with or without modification, the following resolution as an Ordinary Resolution:

Key points

• Developing strategic planning
• Meeting set targets and goals.
• Implementing the risk management strategies

There are proper analysis of the best marketing opportunity for Boutique Build Australia organization have been done on the two main marketing objectives.

• Product development- Customized houses offered due to the changes in construction as per the client’s need will increase the overall turnover and return on investment at large.
• Market development through the market penetration strategy.

Whosoever is affected by the direct and indirect interest could give their feedbacks.

Key outcomes

It is analyzed that the marketing objective of company focuses on increasing the awareness of the products and services to clients. All the sales persons will make efforts to achieve the set marketing objectives and increase the overall output in determined approach.

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