Answer To: Student Assessment Booklet STUDENT ASSESSMENT BOOKLET BSBMKG623 Develop marketing plans Student...
Deblina answered on Aug 06 2022
bsbmkg623 develop marketing plan
Student Name:
Student ID:
ASSESSMENT TASK 1
Question 1
Provide a brief description for each of the following three types of organisational structures:
a) Hierarchical organisational structure
A hierarchical organizational structure contains a direct chain of command from the top of the organization to the bottom. Senior management makes all critical decisions, which are then passed down through subsidiary levels of management. If someone at the bottom of this organizational pyramid wants to make a decision, they pass the request up through the chain of command for approval, for which a decision will eventually be returned.
b) Functional organisational structure
The functional organizational structure organizes the activities of a business around areas of specialization. For example, there may be a marketing department that focuses solely on marketing activities, a sales department that only engages in sales activities, and an engineering department that only designs products and manufacturing facilities.
c) Horizontal or flat organisational structure
A horizontal or ‘flat' structure is an organisational structure with only a few layers of management. In a flat structure, managers have a wide span of control with more subordinates, and there is usually a short chain of command.
d) Divisional organisational structure.
The divisional organizational structure organizes the activities of a business around geographical, market, or product and service groups. Thus, a company organized on divisional lines could have operating groups for the United States or Europe, or for commercial customers, or for the green widget product line.
STUDENT NAME:
STUDENT ID:
Question 2
Provide a brief description of each of the following categories of consumer products or services:
a) Convenience products
Convenience products are bought the most frequently by consumers. They are bought immediately and without great comparison between other options. Convenience products are typically low-priced, not-differentiated among other products, and placed in locations where consumers can easily purchase them.
e) Shopping products
Shopping products are products that are purchased less frequently than convenience products but more frequently than specialty products. These products can range in price, style and quality, and consumers often spend a great deal of time comparing shopping products before purchasing them
f) Speciality products
Specialty product is a product that certain consumers will actively seek to purchase because of unique characteristics or loyalty to a specific brand. Consumers who seek specialty products know what they want and will spend the time and effort to get it. Typically, these consumers will not easily accept substitute products
g) Unsought products.
An unsought product is a product of which consumers are unaware or are not that interested in actively pursuing for purchase. A high degree of marketing, including heavy advertising and aggressive sales techniques, is often necessary due to consumer unawareness of the product or no real desire to purchase it. Another serious hurdle with an unsought product is that there is often no immediate tangible benefit obtained at purchase, and so, no incentive to make the purchase.
Question 3
Identify four key differences between marketing services and products.
In terms of returnability,
Products can be returned when it comes to product marketing, on the other hand, service cannot be returned after they are rendered.
Products are tangible, so customer can see and touch it, before coming to the buying decision. However, services are intangible, so it is difficult to promote services.
Products are imagery and hence, receive quick response from customers.
However, services are non-imagery and do not receive quick response from customers.
Quality of a product can be easily measured, but quality of service is not measurable.
Question 4
What are marketing objectives and how do they relate to strategic goals?
Marketing objectives are actionable targets designed to provide not just overall direction, but clear and specific actions. They are specific, measurable, attainable, relevant, and time-based
Question 5
Give a brief description of the following components of a Marketing Plan:
a) Environmental analysis
The Environmental Analysis presents information regarding the organization’s current situation with respect to the marketing environment, the current target market(s), and the fi rm’s current marketing objectives and performance.
h) Segmentation, target market and positioning
The analysis of current target markets assesses demographic, geographic, psychographic, and product usage characteristics of the target markets. It also assesses the current needs of each of the fi rm’s target markets, anticipated changes in those needs, and determines how well the organization’s current products are meeting those needs.
Positioning is a marketing concept that outlines what a business should do to market its product or service to its customers. In positioning, the marketing department creates an image for the product based on its intended audience. This is created through the use of promotion, price, place and product.
Market segmentation identifies basis for segmentation and determines important characteristics of each market segment.
i) Market objectives
Marketing objectives are actionable targets designed to provide not just overall direction, but clear and specific actions. They are specific, measurable, attainable, relevant, and time-based
j) Marketing strategy or marketing mix
The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution.
k) Budget
A detailed outline of the organization’s allocation of financial resources to marketing activities. The activities will need to be carried out within the marketing budget.
l) Implementation plan
A marketing implementation plan is a process of taking action on tasks, projects, strategies and plans for marketing, advertising and sales.
m) Monitoring/evaluation control plan including a risk contingency plan.
To manage risk, a company tries to identify sources of uncertainty. It lists risks and analyzes the likelihood that an event will take place. For marketing plans, internal risks include the loss of key employees, physical damage to production facilities and technical or quality failures. External risks come from the competitive environment, regulatory actions or legal challenges. Marketing risk assessment looks for events that could influence company marketing performance and assigns a probability of the event occurring.
Contingency planning puts in place measures to address the identified risks in marketing a product or service. Companies plan for financial risks by budgeting for contingency funds. They reduce the risks of not meeting marketing targets in production by developing disaster recovery plans and ensuring availability of trained employees with succession plans. They reduce legal risks by instituting quality control and assigning clear organizational responsibilities. They may avoid risks that are too high by not engaging in the activity that carries the risk, and they may accept risks with low probability and low impact.
Question 6
Describe two features of each of the following approaches to increase marketing opportunities:
a) Strategic alliances
A strategic alliance is an arrangement between two companies to undertake a mutually beneficial project while each retains its independence. The agreement is less complex and less binding than a joint venture, in which two businesses pool resources to create a separate business entity.
n) Cooperative business models.
The co-operative business model combines the best of small business ownership and a corporation. It often includes local wealth creation and reflects community interests, like a small business. But it also provides governance, potential for longevity and limited liability, like a corporation.
Question 7
Identify two circumstances in which it would be beneficial to launch new products or services that target specific markets.
A target market is a group of customers within a business’s serviceable available market at which a business amis its marketing efforts and resources. Creating new products ot service to target specific markets allows an organisation to focus resources on a specific market that is more likely to buy from the organisation than other markets. This is a much more affordable, efficient, and effective way to reach potential clients and generate business.
Question 8
Identify two methods that can help achieve greater market penetration with existing products or services.
Pursuing greater market penetration with existing products or services. Pursuing greater market penetration means adopting methods or strategies so as to be able to create a niche in the already existing market. It results in the successful selling of a product or service in a specific market. It is measured by the amount of sales volume of an existing good or service compared to the total target market for that product or service. Pursuing greater market penetration helps establish the business current statetion and which direction it needs to expand in to achieve market growth.
Question 9
Describe how an organisation can increase marketing opportunities by undertaking a takeover of a competitor.
A take-over is when an organisation purchases another organisation and combines them into on entity. The organisation that has purchased the other one becomes responsible for all of the other’s operations.
Take-overs are similar to acquisitions, take-overs have a more negative connotation. It insinuates that the target organisation does not with to be purchased and the process can be unwelcomed and unpleasant take-overs can help an organisation to improve efficiency, get better sales revenue, and get better martket share.
Question 10
Describe an advantage for a new business to buy a franchise.
New business means any assets or business acquired by company or any of its subsidiaries in a permitted acquisition.
Franchising occurs when an organisation gives permission to another company to use aspects of the original organisation. These can include the trade name and specific business systems and processes. Usually, the company buying the rights to aspects of original company will pay a one-off fee plus a percentage of their sales revenue.
Franchising can help an organisation to get and keep customers, capture market share, expand business rapidly at minimal outlay, and expand earnings at minimal outlay.
Question 11
Describe one characteristic of the following three common marketing strategies:
a) Content marketing
Content marketing is a marketing strategy used to attract, engage, and retain an audience by creating and sharing relevant articles, videos, podcasts, and other media. This approach establishes expertise, promotes brand awareness, and keeps your business top of mind when it's time to buy what you sell.
o) Personalising the marketing messages
Marketing personalization, also known as personalized marketing or one-to-one marketing, is the practice of using data to deliver brand messages targeted to an individual prospect. This method differs from traditional marketing, which mostly relied on casting a wide net to earn a small number of customers
p) Data-driven strategy.
Data-driven marketing is the approach of optimising brand communications based on customer information. Data-driven marketers use customer data to predict their needs, desires and future behaviours. Such insight helps develop personalised marketing strategies for the highest possible return on investment (ROI).
Question 12
Describe one characteristic of the following two marketing approaches:
a) Commodity approach
This approach refers to the study of a product in detail. The marketing situation of each product chosen for study is examined from such viewpoints as sources and conditions of supply, producer marketing organisations, policies, different middlemen (wholesaler’s 6f retailers etc.) who take part in distributing the product.
q) Institutional approach.
This approach relates to various marketing institutions viz., wholesalers, retailers etc., engaged in marketing. In applying this approach, a thorough study with regard to a particular middleman is undertaken. For example, in retailing, nature and significance of retailing in terms of functions and services performed and rendered by retail institutions like departmental stores, multiple shops, mail order houses etc.
Question 13
Describe a process to ensure marketing strategies, approaches and marketing mix align to organisational objectives and are legal, ethical, and achievable.
To great extent, developing the marketing strategy follows the same sequence of activities used to define a corporate strategy. The chief difference is that the marketing strategy is directly affected by the overall corporate strategy. That is, the marketing strategy needs to work with – not apart from – the corporate strategy. As a result, the marketing strategy must always involve monitoring and reacting to changes in the corporate strategy and objectives.
In order to be effective, a marketing strategy must capitalise on the resources at its disposal within the company, but also take advantage of the market forces that are outside the company. One way to assess these different factors, or inputs, is by conducting a situation anaylsis. As you recall, a SWOT analysis includes a review of the company's internal strengths and weakenesses and any external opportunities and threats that it faces.
The marketing strategy defines how the marketing mix can best be used to achieve the corporate strategy and objectives. The centerpiece of the marketing strategy is the target customer. While the corporate strategy may have elements that focus on internal operations or seek to influence external forces, each component of the marketing strategy is focused on the target customer. Objectives can create alignment between corporate and marketing strategies. If the corporate objectives are clearly defined and communicated, they can guide and reinforce each step of the marketing planning process.
Question 14
Identify five legislation and regulatory requirements relevant to developing and implementing a marketing plan for an organisation.
1. Situation analysis
Situation analysis should be very comprehensive and include a detailed overview of the characteristics of your business as well as outside...