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Assessment task 2.In assessment task 2, you must submit following tasks in order to achieve competency in this unit with valid, sufficient, authentic and current responses: -• Report on marketing strategies (Task 1 – 4)• Tactical plan (Task 5)• Marketing plan (Task 6)• Marketing scorecard (Task 6)• Evidence of marketing plan presentation (Task 7)• Feedback from key stakeholders (Task 7)• Adjusted marketing plan (Task 8)• Evidence of distribution of updated plan to key stakeholders (Task 9)Report on Marketing strategiesSection 1. Devise a Marketing strategyExecutive summary:Introduction:1. Evaluating the options for marketing opportunities• Summary of the organisation’s business structure and products/services it providesIn this section please discuss following points:1. The type and size of the business2. Types of product and/or services the organisation provides• Addressing the organisational objectives1. Reviewing the corporate objectives for profit and shareholder returns2. Reading business strategy documents that outline the competitive advantage for a product or service3. Reviewing existing marketing strategy objectives for customer acquisition, customer satisfaction and retention information4. Increase sales from $15 million per year to $20 million per year in the next three years.5. Increase our loyalty customers list from 10,000 to 15,000.6. Establish brand recognition in Brisbane so that at least 1 in 3 people recognise our brand in a random survey taken in 18 months.• Evaluating the risks and returns in the selection process1. Researching options for market penetration and product development2. Evaluating the risks of non-adherence to legislation or codes of practice, such as failing to comply with the consumer protection lawi. Sustainabilityii. Consumer protection lawiii. Privacy act2. Identifying the organisation’s strengths and opportunities in line with its capabilities and resources• Completing a SWOT analysisStrengths:Weaknesses:Opportunities:Threats:• Completing a gap analysis1. Identifying a knowledge gap such as lack of marketing knowledge or expertise in metrics• Identifying at least two possible alliances, and weighing up the advantages and disadvantages1. Outline of subsidiaries, joint ventures, possible distributors2. Identifying advantages of alliances for filling knowledge gaps or speed of developing new products3. Identifying disadvantages of alliances, such as trust issues between businesses or risk of failure in one of the alliance businesses impacting othersBy 2020, Houzit will have a significant retail presence in homewares in every Australian capital city, starting with 15 stores in the greater Brisbane area and growing to 100 Australia-wide.3. Developing feasible marketing strategies for the product/service.• Identifying the strategies for pricing, placement and promotional channels1. Describing the product, such as its features and how they will benefit customers2. Outlining a pricing strategy, such as value-based pricing, competition-based pricing or performance-based pricing3. Identifying opportunities for product placement, such as online and in store, and other channels4. Identifying strategies for promotion, such as advertising online, via email, flyers, social media, etc.• Describing a marketing mix1. Details of the marketing team, such as the professional approach when interacting with customers or clients2. Describing the steps involved in creating and executing the buying/selling process, such as implementing good customer service3. Describing how a product is best presented to the customer, including use of packaging and the brand logo• Identifying the target market segmentation1. Measuring the size, purchasing power and characteristics of the target group2. Determining whether the segments can be effectively reached and served3. Determining whether the segments are conceptually distinguishable and respond differently to a different marketing mix4. Identifying a program for attracting and serving the segments• Recommending marketing strategies and explaining how they align with the organisation’s strategic direction1. Explaining how the strategies align with the organisation’s strengths2. Communicating the level of risk of the marketing strategies3. Justifying how it will align with the budget and is likely to generate a financial reward for the organisation4. Developing a marketing performance review strategy• Measuring the organisation’s marketing performance using marketing metrics1. Using metrics to measure website visits and online purchases and determining conversion rates based on this Calculating return on investment (ROI) of a marketing strategy• Reviewing organisational performance1. Requiring regular progress reports from internal staff, external suppliers and specialists2. Comparing the current marketing campaign with past performance and looking for improvements5. Plan Marketing Tactics• Developing coordination and monitoring mechanisms for scheduled activities1. Populating a work schedule or using a project management application2. Identifying the necessary tasks to implement the strategies3. Completing a budget document for implementing the marketing strategy4. Indicating the time line required to complete the tasks5. Identifying the people responsible and accountable for tasks, such as suppliers and specialists6. Coordinating people in other departments and from external agencies• Explaining how the tactics are achievable in line with the organisation’s objectives, capabilities and budget1. Reviewing the work schedule and costing2. Obtaining a sign off on costs by the client or marketing manager• Explaining how the tactics meet legal and ethical requirements1. Following organisational policies and procedures on legal and ethical requirements2. Avoiding using customers as ‘talent’ for promotions or selling customers’ personal details3. Selecting images of both genders and a variety of racial diversity4. Adhering to legislation in relation to telemarketing, spam, privacy, anti-discrimination, intellectual property and industry codes of practice for advertising• Identifying ways to review the ongoing performance against the objectives and budget, and adjusting if required1. Reviewing data from various media channels using analytics on website clicks, conversion rates, etc.2. Asking other departments for data to review and analyse such as IT, customer service, sales, etc.6. Prepare a marketing plan• Meeting organisational and marketing objectives1. Providing measurable outcomes on KPIs such as a scorecard or marketing budget2. Identifying predicted sales and expenditure and return on investment (ROI)• Incorporating marketing approaches and a strategic marketing mix1. Describing how the marketing mix offers the customer a unique value proposition2. Describing the product, pricing strategies, product placement and strategies for promotion• Containing a rationale for objectives and information that supports the choice of strategies and tactics1. Describing the function of the marketing activity, and how strategies promote brand awareness and recognition2. Describing celebrity endorsements or how the strategy will entertain the audience3. Estimating the trends in the market, including key industry developments, new technology and/or new products4. Undertaking informal research on the wants and needs of the target audience7. Present and adjust the marketing plan1. PPT slides• Overview of the organization• Research that you have undertaken to implement marketing strategies(a) Competitors analysis(b) Porter 5 forces• SWOT analysis• Present budget• Stakeholders analysis8. Adjusted Marketing Plan• Obtaining feedback from all parts of the organisation, such as finance, manufacturing and customer service• Allowing time for stakeholders to consider the plan and to analyse resources in the organisation• Analysing and implementing feedback from stakeholders into the marketing strategy9. Evidence of distribution of updated plan to key stakeholders.• Email with attached marketing plan.
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