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BSBMKG623 Develop marketing plans Task 2 – Performance and Skills Assessment Task summary This assessment task requires you to undertake market research relevant to a product or service available in today’s marketplace. This project requires you to complete the assessment tasks in a real workplace (your current workplace can be used). If you are not working, select a workplace you are familiar with. Required You are required to demonstrate your ability to: · develop one marketing plan according to organisational objectives, including: · researching information · consulting with stakeholders · developing marketing objectives, strategies, budget and a marketing performance review strategy according to task requirements · seeking approval for marketing plan from relevant stakeholders · adjusting and disseminating final marketing plan according to feedback and organisational policy and procedures Timing 1. You may review this assessment task at the commencement of your unit. 2. You may start this assessment in the first week of the term 3. Your assessor will advise you of the due date of this assessment via Canvas and you must submit by the due date. Note: Failure to submit by the actual due date, will be marked as “Late” and recorded as an NYS. Submit This completed workbook and the report you prepare. You may use templates from: www.canva.com www.monday.com or templates provided by us in your resources. Assessment criteria For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence. Re-submission opportunities You will be provided feedback on your performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment. Assessment Cover Sheet Student name: Student ID Trainer’s Name: Date Submitted: Student declaration: I declare that: · I have read and understood all the information provided in relation to the assessment requirements to complete this unit, the instructions and the purpose and processes of undertaking this assessment task · This assessment is my own work and where other’s works or ideas have been used, I have appropriately referenced or acknowledged them · I understand that plagiarism is a serious offence that may lead to disciplinary action. Student signature: Task 2 – Performance and Skills Assessment Part A - Prepare to write marketing plan Conduct a research on the market conditions for the initiative you have chosen to work with for this assessment. In doing this, make sure to: 1. Evaluate marketing opportunity options 2. Conduct SWOT analysis of that business 3. Develop marketing strategies that utilise existing strengths and opportunities 4. List resources and expertise will be needed to meet objectives 5. Discuss the marketing tactics that you will recommend and explain how they are legal, ethical, achievable and can be reviewed. 6. List the costs that will be incurred (you will have to conduct some independent research to find this information), and how will scheduling, responsibilities and accountabilities for tactics. 7. Describe how you made use of strategic marketing approaches and marketing mix. 8. Discuss your rationale for choosing your objectives, strategies and tactics. 1. Organisational overview Houzit is a home products organization that gives quality items and administrations. The combination on proposition of restroom fitting, room fitting, mirrors and enhancing things along with the as of late added lighting installations has situated houzit as an innovator in home products retailing in Australia. Houzit has developed throughout the course of recent years from a solitary store to the present chain. Houzit highly esteems predominant after deals administrations which have been a vital justification for the proceeded with development in deals and comparing benefit increments. Today Houzit utilizes more than 150 staff. A wide scope of contributions and our long-term assurance will separate us from the rest. In particular, you are prompting those promoting exercises that meet the showcasing targets of a 12% piece of the pie and an expansion in deals by 8.5% over last year's outcome. No development stores are arranged during this period of union and on normal the stores accomplished $24,680 each week for the year. Mission By 2020, houzit will have huge retail existences in home products in each Australian capital city. Beginning with 15 stores in the more noteworthy Brisbane region and developing to 100 Australia wide. Authoritative Objective Deals $15m - $20m Increment deals from $15 million every year to $20 million every year in the following three years Steadfastness 10,000 - 15,000 Increment our steadfastness clients list from 10,000 to 15,000 Memorability - 1 out of 3 Lay out memorability in Brisbane so that something like 1 out of 3 individuals perceive our image in an irregular review required in year and a half's time. Current Size Houzit is a chain of home products stores in Brisbane that have practical experience in restroom fittings, mirrors and ornamental things. They as of now have 15 stores spread across the more prominent Brisbane region, with all stores oversaw by the administrative centre in Milton. The present sizes is 1000, 1500 m2. Abilities · Quality-Preferences for top notch things is expanding as clients are figuring out how to see the value in contrasts in quality. · Extraordinary things: Customers need home products that stand apart from efficiently manufactured, bad quality things. · Determination: People are requesting a bigger choice of decisions they are done tolerating a restricted choice of home products. · Area: a business, rural area or metropolitan retail region. · Plan: Bright and practical. · Size 1000 - 15000 m2. · Workers: 15 - 20 full time, in addition to a few casuals. · Sort of exchanges: 60% money, 40% on long haul reimbursement Plan. SWOT Analysis Strengths · Right items, quality and dependability. · Prevalent item exhibitions v/s contenders. · Better item life sturdiness. · Spare assembling ability. · Have clients list. · Direct conveyance ability. · Item developments continuous. · Items have required certifications. · The board is submitted and certain. Weaknesses: · Client records not tried. · A few holes in range for specific areas. · No immediate showcasing encounters. · Need more salesmen. · Limit spending plan. · No pilot or trail done at this point. · Try not to have a point-by-point plan yet. · Conveyance staff needs preparing. · Cycles and frameworks, and so on · The executives cover lacking. Opportunity · Could foster new items. · Neighbourhood contenders have unfortunate items. · Net revenues will be great. · End clients answer novel thoughts. Threats: · Rivalry from nearby autonomous retailers can drive down costs, as independent proprietors have darling upward expenses than our staff-run stores. · Rivalry from popular stores moving into the Brisbane Market. Current Organizational gap Gap investigation fills in as the instrument that will assist with settling on numerous promoting choices. The targets that are set by Houzit are hard to be accomplished with this abilities and assets. It is on the grounds that organization has set number of workers. Notwithstanding it, the concentration with which organization works to have its stores as brilliant and agreeable for shopping isn't in arrangement with the regulations that are advanced by the public authority. As such Houzit will have a hole between the goals set for the organization and this methodologies, capacities and assets of the organization. 2. Advertising Opportunities Joint Venture A joint endeavor is a business understanding in which gatherings consents to create, for a limited time frame, another substance and new resources by contributing value They practice command over the venture and thus share incomes, costs and resources. There are different sorts of organizations, for example, JV restricted by ensure, joint endeavors restricted by ensure with accomplices holding shares. Advantages of joint endeavor Provide organizations with the potential chance to acquire new limit and aptitude Allow organizations to enter related organizations or new geographic business sectors or gain new innovative information Access to more prominent assets, including particular staff and innovation sharing of dangers with an endeavor accomplice Risk investigation of joint endeavour It requires some investment and work to fabricate the right relationship and cooperating with another business can challenge. Issues are probably going to emerge if: The goals of the endeavor are not 100% clear and imparted to all interested parties. There is an unevenness in degrees of mastery, speculation or resources brought into the endeavor by the various accomplices. A mix of at least two organizations in which the resources and liabilities of the selling firm(s) are consumed by the purchasing firm. Albeit the purchasing firm might be an impressively unique association after the consolidation, it holds its unique personality. Advantages of joint endeavor In corporate setting, blending alludes to the mix of two unique organizations, bringing about the arrangement of another organization. Two kinds of consolidating basically happen on the lookout. Whenever organizations consolidate, it is frequently to accomplish economies of scale. Bigger associations are commonly ready to deliver labor and products all the more effectively and at a lower for each unit cost than more modest organizations in light of the fact that proper expenses are fanned out over a bigger number of units. This isn't generally the situation, be that as it may. Some of the time when two firms consolidate, being bigger will really make dis-economies of scale, where per unit creation costs increment in light of expanded coordination costs. Franchise Diversifying is an approach to carrying on with work. So you could start your own chicken business, or you could purchase an establishment to work under a typical and ideally notable brand. In contrast to setting up your own business, in an establishment the franchisor possesses the name, brand and framework, and you as a franchisee are given the appropriate for a restricted period to utilize them. The franchisor may likewise sort out items, gear, a rent of premises and different things, contingent upon the idea of the establishment. You will ordinarily pay for these freedoms. Risk Analysis of establishment According to a franchisee's viewpoint, experiencing the same thing an individual with practically no earlier business experience can master center business abilities and approach a plan of action that