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BSBMKG609 Develop A Marketing Plan1

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  • Course Code: BSBMKG609
  • University: The University Of Sydney
  • Country: Australia

Question:

Evaluate marketing opportunity options that address organisational objectives and evaluate their risks and returns in the selection process

Develop marketing strategies that address strengths and opportunities within the organisation’s projected capabilities and resources

Develop strategies which increase resources or organisational expertise where gaps exist between current capability and marketing objectives

Develop feasible marketing strategies and communicate reasons that justifies their selection

Ensure strategies align with organisation’s strategic direction

Develop a marketing performance review strategy, incorporating appropriate marketing metrics to review the organisational performance against marketing objectives
 

Answer:

This particular section deals with analysis of market plan, SWOT analysis, marketing objectives, work schedule and budgeting process for purpose of sale revenue forecast. As an acting manager representing a colleague on maternity leave, I have a responsibility of fitting in so as to carry out the required mandates to generate a 12 month marketing plan. This information will be important to executive management team so as to facilitate the process of achieving the objectives of the company.

Marketing plan.

1. Communication tools.

This part involves creating a 12-month marketing plan. There is need to persuade stakeholders in the organization to fully understand the importance of initiating a marketing plan. Therefore, there are a number of communication tools that can be used to reach out all the stakeholders. This tools will lay a platform to persuade them on the benefits of initiating a marketing plan. These tools include emails, internal memos and notices for hold executive meetings.

2. Organizational mission, business growth strategy.

After reviewing the business plan of the company, the mission is very clear. The mission is laid down under future expectations of the company. This implies that the company aims at providing products and services with excellent quality to customers. It also aims at meeting the changing requirements to satisfy the customers.

Again, the business growth strategy to be incorporated in 12-month market plan will involve pricing strategy. The company use standard industry mark-ups. This is very important to maintain low prices for certain items. The company understands how the markets work and that make the product unique once they are released into the market.

3. Goals, products, customer markets and marketing strategy.

These factors will target the entire customer segments and products category for those segments. Since the company has a unique selling position, there is need to increase market venture by providing quality products and services. This is part of goal setting strategy. The products can be branded so as to attract more markets. Most of our customers view the company as a destination of quality product and services. In the next 12-months market plan, customer market should increase significantly. This marketing strategy is very effective and involves mixing both products marketing and customer marketing strategies.

 

SWOT Analysis.

This analysis critically analyze the strengths, weaknesses, opportunities and threats that are likely to be faced by the company when executing a 12-month marketing plan. Considering the concept of opportunities, the main marketing opportunities include:

  1. There is an opportunity of market development.
  2. Opportunity for growth in terms of sales made within the marketing plan period.
  3. Opportunity to attract more customers.

Strengths

Weaknesses

Staffs have quality skills and knowledge

There is low brand awareness

 

Opportunities

Threats

There is an opportunity of market development.

Unfavourable economic platform and competition.

 

Marketing strategy scorecard

1. Marketing objectives.

There are various aspects of legal marketing and responsibilities that need to be considered ethically. There also some laws and standard to be incorporated in making marketing objectives. The legal considerations, laws and standards to be include are listed below.

  • corporations law
  • duty of care
  • financial legislation
  • anti-discrimination legislation
  • ethical principles
  • freedom of information legislation
  • employee contracts
  • enterprise agreements
  • federal and state/territory awards/use of Wage line

Marketing Strategy Scorecard

Activity/Goal

Activity required to implement marketing strategy/objective

Target time frame to achieve

Deadline for finishing the activity

Key performance indicator

A specific, measurable outcome from doing the activity

Marketing objective 1:

Improving working culture and condition of workers via employee performance contract.

12 months

Increase in demand for products and services offered by the company.

Marketing objective 2:

Production of high quality products.

5 months

Acquisition of other small scale companies.

Marketing objective 3:

Venturing a wider market through advertising tools such as a corporate website with e-commerce function.

10 months

 

Demand for more workforce.

Demand for more resources.

Work schedule

In order to gain support, there are certain processes that need to be applied by marketing team. This will enable this team to gain support from other departments. In return, the company will be able to implement the market plan.

1. Sales process marketing

The concept of product marketing plan is sales volume. In that case, the 12 month marketing plan need to indicate an upward sales trend. A consistent growth rate in sales can be used to forecast sales volume. Sales figures for the company can be used to formulate strategic goals such as financial stability, appropriate market position and right group to execute those strategies. If these goals are achieved, the Company will be in a position to formulate a beneficial market plan for 12 months.

2. Segmentation process

We realize that the customers require quality products and services. The customers are likely to use the products to satisfy their lists of preferences. The customer base can be reached through advertisement using marketing tools. Finally, the pricing process should be compared to competitors range so as to outdo them. The products need to be improved in terms of quality, price need to be favourable, place of work need to be conducive and promotion of workers to act as a motivating factors. Again, financing options can be generated from member's contribution. Lastly, lease option can be done for a particular period of time so as to reach a level of sustainability.

Promotion tactic: product promotion.

Task

Deadline

Cost

Responsible owner

1

Product distribution

3 months

$200

Procurement officer

2

Product packaging

5 months

$70

Packing team

3

Product advertising

3 months

$100

Media editor

Promotion Tactic: customer promotion

1

Customer absorption

3 months

$56

Public relation officer

2

Customer care service

6 months

$78

Customer care officer

3

Customer satisfaction  

12 months

$38

Customer care officer

Promotion Tactic: company promotion

1

Business growth and expansion

5 months

$67

Market analyst

2

Legal compliance

4 months

$57

Legal officer

3

Compliance with ethical and legal marketing

5 months

$87

Legal expert

 

F BUDGET

BUDGET THAT WILL INDICATE SALES REVENUE FORECAST.

ITEMS

(product promotion)

AMOUNT

Enlarging production

$200

Product innovation

$10

Product rebranding

$39

Product distribution

$200

Product packaging

$70

Product advertising

$100

 

TOTALS

$619

ITEMS (customer promotion )

 

Designing discounts to customers.

$20

Pricing process

$40

Free delivery

$60

Customer absorption

$56

Customer care service

$78

Customer satisfaction  

$36

 

TOTALS

$290

ITEMS(Company promotion)

 

Leadership workshops

$80

Departmental growth

$90

Market venture

$87

Business growth and expansion

$67

Legal compliance

$57

Compliance with ethical standards

$87

 

TOTALS

$468

 

 

(product promotion)

 

 

ITEMS (customer promotion )

 

 

ITEMS(Company promotion)

 

 

TOTALS

Performance metrics.

There is need for accurate data for initiating a performance metrics. There are a number of performance metrics to be applied in the market plan.

  1. Value indicators
  2. Competitiveness indicators
  3. Profitability indicators
  4. Quality indicators
  5. Capacity indicators
  6. Efficiency indicators
  7. Productivity indictors
  8. Effectiveness indicators

Conclusion

In summary, the company will be able to realize the full potential by utilizing strengths and opportunities and mitigating threats and weaknesses. The company need to apply various tools to make a marketing plan. These tools include magazine, a corporate website with e-commerce function, loyalty reward program and trade fair participation.

 

References

Cook, Catriona et al, Laying Down the Law (Lexisnexis Orders/Service, 9th ed, 2014)

Hemming, Andrew, Miiko Kumar and Elisabeth Penden, Evidence: Commentary and Materials (Lawbook Co., 8th ed, 2013)

Hinton, Martin and Nerissa Schwarz, ‘Practice Note: The Hostile or Unfavourable Witness’, (2008) 27, The University of Tasmania Law Review 229

McEwan, Alexander, ‘The Rule in Brown V Dunn in Australian Criminal Law: MWJ v R and R v Map’, (2006), 13, James Cook University Law Review, 155

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