Marketing objectives refers to specific goals planned to be achieved through specified marketing activities. Objectives expounds on the mission or the purpose to be achieved by marketing activities. The set goals may be both long-term and short-term.
A marketing strategy refers to the approach or a game plan that is adopted in undertaking marketing activities. The goal of the marketing strategy for an organization is to have an edge over competitors. Marketing strategy is directly linked to marketing behavior which includes market positioning, segmentation, and selection (Winston, 2012).
Marketing tactic is the specific action that is intended to be undertaken in order to provide support for a specified marketing strategy. Tactic comprises the actual activities to be implemented. (Winston, 2012)
This refers to the roll out of the actual marketing plan that has already been prepared. It is putting into the action the paperwork.
A marketing opportunity refers to a situation where there is an opening or a chance to be taken advantage of, by the marketer.
This refers to the body of knowledge at the disposal of the organization and to which can be utilized by the organization. Organizational expertise comprises the product formulae, and market intelligence that other organizations may not have a access.
Marketing performance refers to the assessment of the market in relation to the organizational performance.
Legal requirements refer to the actions or items that are to be met or to be provided per the guidelines of the laws in a given jurisdiction (Crane, 2013). The legal requirements must be strictly observed by an organization without failure since they are not matters of choices.
The ethical requirement in marketing perspective refer to the generally acceptable marketing practices that are conscious of other participants and which do not harm them. Precisely, they are good marketing practices that have been accepted by the society as considerate and accepted code of conduct.
Marketing budget refers to the pre-planned schedule on how marketing funds will be used by the organization. It shows identified marketing activities and estimated costs of those activities.
Give a brief definition of the following and explain how they would affect the development of a marketing plan for an organisation.
Australian Government Policy Framework for Consumer Protection in Electronic Commerce.
Consumer protection is a vital segment to put into consideration when developing a marketing plan. The intention of marketing is to get more clients so as to increase the sales volume. Australian Government Policy Framework for Consumer Protection in Electronic Commerce is a body that protects the consumers against marketers who may utilize in their marketing campaigns misleading or false information (Rogers, 2001). This body also ensures that the products sold to the consumers are of good quality. Hence, when developing a marketing plan, it is essential to be honest when advertising.
Free TV Australia Commercial Television Industry Code of Practice.
This code of practice aims to regulate programs relating to Television broadcasting. The code of practice regulates the adult content, programs suitable for children, and general advertisement. The code of practice lays down procedures on times to advertise on television, advert loudness, fairness and accuracy, procedures for handling complaints, and news’ privacy.
These regulations provide a roadmap on how sweepstake should be carried out. The regulations prohibit taking unfair advantage over another individual or organization taking part in sweepstake. When carrying out a marketing plan for sweepstake, there should be no any discrimination.
Trade Practices Act
These Act requires all organizations operating in Australia to carry out their operations ethically and fairly. The Act the right to fairness in marketing activities, product safety, and product pricing which plays a vital role in raising the confidence of consumers in a given product. There is a need for companies to observe high quality standards.
Explain the link between strategies and tactics.
Tactics are the specific actual activities taken in the strategic implementation. They are the finer details of how the strategies will be implemented. On the other hand, strategies refer to the approach through which the organization plans to achieve its marketing objectives. They are the organization’s overall game plan.
How would a marketing plan differ for an intangible product or service as opposed to a tangible product or service?
A tangible product will require a marketing plan that is simplified when compared to intangible goods’ marketing plan (Paley, 1999). This is so because intangible goods are services which are difficult for customers to evaluate their satisfaction. Also, services are in nature personalized as compared to tangible goods at such, there is more marketing efforts when marketing them.
Describe how the components of a SWOT Analysis relate to developing an organizational marketing plan?
SWOT analysis is crucial for marketing team when it comes to identification of the strengths the organization has so as to concentrate on those strengths rather than on the weaknesses (Hartline, 2012). Also by examining opportunities available in the market, the team in charge of marketing can formulate appropriate strategies to enter into potential markets.
How did the development of the marketing strategies relate to the opportunities outlined in the SWOT Analysis?
The marketing strategies that were adopted were extending the range of NIVEA FOR MEN product and improving the products’ formulas. NIVEA FOR MEN had seen an improvement in the male skincare products’ sales and wanted to increase its share market. As a strategy, NIVEA FOR MEN extended its range of products so as to get access to a greater part of this market. The analysis indicates that there has been a changes in social attitudes at such more men are becoming less resistant and more open to products relating to facial skincare, hence a marketing strategy to improve the products’ formulas was implemented.
Describe how the two marketing strategies aligned with NIVEA’S strategic direction?
NIVEA FOR MEN as a venture had to align through a business plan its general strategic direction. It is through the business plan that the organization can spell out what should be accomplished to attain the set goals and objectives. The key segment in any strategic direction of any business is the marketing plan which majorly includes anticipating, identifying, and satisfying the needs of the consumers.
In order to achieve the business plan, the two marketing strategies were crucial. When it came to achieving the organizational objectives, the improvement of products’ formulas was of the most importance. On the other hand, the extending of the product range of NIVEA FOR MEN was vital in raising the sales volume since there was provision of a range of products for customers to select from.
Provide one example of how have NIVEA coordinated and monitored the strategy mechanisms for a scheduled ‘below the line’ marketing activity
NIVEA monitored and coordinated below-the-line marketing activity by supporting at a grass-root level the football events through Power league’s partnership. It was through this support that NIVEA was able to build with men a positive relationship. From this base it was much easier to create a stronger brand affinity for NIVEA FOR MEN as well as enabling the brand to build and keep a dialogue with men that is consistent. As a consequence, there was an increase in sales volume.
NIVEA could ensure that budgetary constraints are met by marketing tactics through putting into consideration everything documented in a business plan. Some of the main aspects to consider include:
The cost of marketing activities and how the plan will be funded
The objectives to be attained and the marketing strategy to be applied including how SMART are the objectives.
Through analysis determining sales forecast by projecting the sales increase in a given timeline.
Determining how outcomes will be measured for accuracy and how they will be monitored.
Describe how NIVEA ensured their marketing plan had rationale set against their objectives?
NIVEA will have to consider the following in order to ensure that their marketing plan had rationale set against their objectives;
The market share: Whether the re-launch accelerated the growth rate of the market and how it helped in attaining the share market objective.
The overall sales: It had to monitor the total sales and observe whether the sales are in accordance with the set objectives if not then the appropriate actions had to be implemented.
Product innovation: This was based on the response to the feedbacks of the consumers. As a consequence, NIVEA FOR MEN product range has been increased and the existing formulations increased.
Create three marketing objectives using the ‘SMART’ objective criteria.
The following are the three marketing objectives:
To be the business consultant that lead by revenues by the year 2021
To double the company’s revenues by the year 2021
To be the most and the best preferred financial consultant in the banking industry
Describe how you would develop a marketing performance review strategy.
In order to develop a market performance review, I will observe the following:
Carry out a market survey by involving the survey experts to cover marketing aspects such as brand loyalty, customer satisfaction, and market share (Cohen, 2005). I would also carry out the analysis of the marketing costs in relation to the sales revenues for a given time frame in order to determine if the employed marketing strategy was or was not successful. Additionally, I would analyze also the performance by location, performance per sales person, performance per product, and performance per division.
Detail an idea that you could consider if tactics needed were outside of budget allowances and describe how you could adjust this into your overall strategy.
A budget allocated for marketing can be exhausted on several fronts. An instance would be when introducing products into new markets which involves a lot of travelling. As a consequence, this may be expensive and negatively impacting the marketing budget. In this kind of scenario, I would be quite innovative to utilize technological advancement in information technology and social media to attain same results. For instance, I would use Facebook and You Tube channel to launch products in areas located far away and as a result I will be able to cut down costs tremendously.
Provide a marketing mix chart to show how the strategy meets organisational and marketing objectives.
List 3 ways in which you could adjust the marketing plan if key stakeholders required it to be reviewed.
The market plan can be adjusted in the following ways:
Paying more attention on the already existing market and Concentrating less in new markets.
Reducing the costs of marketing by paying the sales individuals on a commission basis.
Fostering partnership with other companies producing complementary products in order to share the costs of marketing.
Cohen. W. A. (2005). The Marketing Plan. John Wiley & Sons.
Ferrel O. C. & Hartline M. (2012). Marketing Strategy. Cengage Learning.
Paley N. (1999). How to Develop a Strategic Marketing Plan: A Step-By-Step Guide. CRC Press.
Winston W. & Crane F.G. ( 2013). Professional Services Marketing: Strategy and Tactics. Routledge Publishers.
Winston W. (2012). How To Write a Marketing Plan for Health Care Organizations. Routledge Publishers
Rogers S. C. (2001). Marketing Strategies, Tactics, and Techniques: A Handbook for Practitioners. Greenwood Publishing Group.
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