Sample SITXMPR007 Develop and Implement Marketing Strategies Assignment

SITXMPR007 Develop and Implement Marketing Strategies Assignment Sample

Need to answer all the questions to complete the assignment -

Section1

Q1: What are the three questions you need to confirm before you start planning your marketing strategies?

Ans:
- Is there any opportunity to improve activities or increase products & services?
- What is the total budget for marketing?
- What does a customer need currently?

Q2: What does the term ‘environmental scanning’ mean?

Ans: Environmental scanning is concerned with the ongoing tracking of any occurrence and trends in an enterprise’s external and internal environment that tolerate its success, presently and in the future as well.

Q3: Give four examples of how the market is segmented.

Ans: The business can be segmented based on demographics, geography, psychographics, and behavior. For examples of a business that can be segmented its market are-

- As per the customer’s age,
- Gender,
- Lifestyle, and
- Location.

Q4: List five sources you can access for information on the effectiveness of current and past marketing strategies.

Ans: To access the information on the effectiveness of current as well as past marketing strategies, five main sources can be-

- Web traffic analytics
- Social media
- Marketing automation/customer relationship management,
- Surveys, interviews, focus group, and
- The internet.

Q5: Why is it important to review performance information?

Ans: A performance review allows the business managers to deliver justified & actionable assessments to managers’ reports. This possibly enhances employee engagement and facilitates robust recognition as well as encouragement, & builds tangible ways for employee growth, rooted in accountability.

Q6: What is a SWOT analysis and how can it help you plan for the future?

Ans: SWOT analysis is concerned as an analytical tool for assignment help that helps an individual to analyze overall business strengths, weaknesses, opportunities, and threats. Using this, a businessman can analyze and understand what his/her company doing best currently, & devise successful strategies for the future. So, by supporting the stakeholders find and measuring their strengths & opportunities they can obtain, weaknesses, and threats, SWOT valuation enhances the likelihood that a company will develop a plan that obtains its future objectives.

Q7: List three things you need to consider when assessing your establishment’s current capabilities?

Ans: To assess the current capabilities of establishments, three things that need to be considered are-
- Strategic importance
- Capability maturity, and
- Adaptability

Q8: List three things you need to consider when assessing your establishment’s current resources?

Ans: Three things that need to consider when assessing the establishment of current resources are-
- Budget/Time
- People
- Plan

Q9: You’re planning a marketing campaign and, through your research, identify that none of your staff have the skills in technology to put together your marketing flyer. What should you do?

Ans: In this case, proper training sessions will be conducted for them. A technology-based skilled employee will be hired to guide and teach them as well. They will be motivated to learn and grow accordingly.

Q10: Who needs to know about the internal business environment?

Ans: Mainly, employees and managers are the responsible and firm members of the organization who have the knowledge and skills. Thus, an investor should also know about the internal business environment.

Section2

Q1: Public demand for one of your services was at its peak six months ago. Recently, the demand has dropped off and you’re considering removing the service from your website altogether. Which phase of the market is the service currently in?

Ans: In this case, the service is considered in its deallocating state, as the system is going to disable the service and clean-up is going to occur hence, it is a deallocated state of service.

Q2: List four ways a change in labour force or economic activity might affect your customers and the establishment you work in.

Ans. Four ways to change the labor forces are-
- Transforming the demographics and dynamic workforces
- Rise of choices individually
- Technological revolution
- Customer satisfaction & the dawn of information or data

Q3: What is meant by ‘best practice’ when analysing comparative market information?

Ans: Best practices refer to the finding as well as utilizing- the best possible ways of working in order to obtain the business goals. Best practices comprise keeping up-to-date with paths that successful business functions in a particular sector and weighing the ways of working against those utilized by market leaders.

Q4: How can you find out about emerging trends and developments?

Ans: To find out about emerging trends & developments, the following ways can be used-
- Take benefits of industry research as well as trends reports
- Follow the publications and influencers of the industry regularly
- Use various tools as well as analytic systems to find direction trends and developments
- Evolve around smart people
- Develop and maintain adviser’s close group
- Ask a correct question and listen to the clients
- Learn to accept & embrace change

Q5: How can you keep up to date with the legal requirements of your business? Provide three examples.

Ans: To keep up-to-date with the legal requirements of a business, various ways are available for example-

- Stay informed about the legal requirements can be a practical strategy for businesses to keep up to date.

- The business can monitor the websites of regulatory bodies and governing agencies to keep the business up-to-date.

- Some companies can utilize compliance software and regular review of this software can be a good example to keep the business changes up-to-date.

Q6: What does the term ‘ethical constraints’ mean and how does it relate to marketing? (Briefly explain example)

Ans: Ethical constraints define that an individual is working within all accepted norms and regulations of society and the individual is required to behave in a certain manner to ignore offending anyone. Ethical constraints are related to marketing as it is essential in marketing to adopt suitable marketing ethics, trends, and brands to connect prospects with great credibility, significant market share, customer loyalty, better sales, improved brand value, and better revenue. For example, if a company selling its product/service then it should not promote it by false advertisement otherwise, an ethical constraint will reduce their reputation, productivity, and customer trust.

Q7: How does environmental legislation impact on work practices?

Ans: Environmental regulations help to curtail productivity and employment by small amounts especially, in pollution as well as energy-centric sectors, during the transitory time when the economy goes away from pollution-based tasks and towards cleaner processes of production.

Q8: Who needs to know about external market information?

Ans: Mainly, managers, employees, suppliers, and investors need to know about the external market information.

Section3

Q1: What’s the difference between marketing objectives, strategies and tactics? (Explain)

Ans: Marketing objectives are the major aims of marketing efforts portrayed in requirements of particular target markets & sales goals form, whereas Marketing strategies are statements of the procedure by which the company is going to obtain its marketing goals. While Marketing tactics are short-term actions utilized to obtain the marketing goals.

Q2: How does analysing the internal and external environment help you identify marketing opportunities?

Ans: Internal and external environment analysis help the TMF business to identify the factors such as strengths & weaknesses as the analysis provides an entire picture of the business’s current situation & steps that need to take to identify and plan the marketing opportunities.

Q3: What are the 7Ps in the marketing mix? (List them)

Ans: 7P’s are-
- Planning
- People
- Product
- Price
- Place
- Promotions
- Partners
- Presentation

Q4: List three benefits of internet marketing.

- Cost-efficiency
- Global marketing
- Convenient and immediate services

Q5: What is meant by the term ‘price penetration’ when referring to marketing strategies?

Ans: Price penetration is a marketing strategy that is utilized by businesses in order to attract customers to a new service/product by facilitating lower prices during initial facilitation. Lower price offering helps the new service/product penetrate markets and attract users.

Q6: A business that values customer service excellence has planned to reduce costs by employing inexperienced staff. This creates additional funding to use on large marketing campaigns. How might this decision affect the organisation?

Ans: This decision will affect the organization's ways positively as the organization will get large funding that will help to obtain market values, customer support, and productivity. While inexperienced staff will also learn about the products and services of an organization more closely based on current market campaigns and organizational visions.

Q7: What type of advertising is against the law? List two examples.

Ans: Misleading advertisement: False claim of the products/services attributes like a product is different size and color to what is advertised.
False advertisement: Fake advertisement. For example, free delivery while advertising involves some charge/fee during actual delivery.

Q8: What is meant by the use of ‘ethical’ marketing tactics?

Ans: Ethical marketing tactics mean the process by which an organization market its products/services by concentrating on product benefits along with the way of benefit for environmental/socially responsible causes.

Q9: Why is it important to consult with staff during the early stages of planning?

Ans: Early stages of planning can help find domains of agreement on a series of problems, and areas/a to complete a strategic model.

Section4

Q1: List the typical inclusions of a marketing plan.

Ans: It details the approach that an organization will utilize to market its goods to customers. The plan finds the target market, the value proposition of goods, campaigns to be started, & metrics to be utilized to evaluate the marketing initiative’s effectiveness.

Q2: What would you typically include under the ‘marketing tactics’ component of your marketing plan?

Ans: It should involve situation analysis, sales prediction, marketing strategy, and expense budget.

Q3: What information would you typically include under the ‘marketing budget’ component of your marketing plan? (List 5)

Ans: Budget will involve expenses like-

- Sponsored web content
- Paid advertisements
- Specific registered blog areas
- New marketing members
- Automation software.

Q4: How many products would you need to sell to break even if the fixed cost to produce the product was $200 and the variable costs $5 per item? (Show your calculations for break even points)

The product is currently sold for $15.

Ans: 200 ÷ (15-5) = $20, 10 products will be sold.

Q5: Why should you allow staff to contribute to the marketing plan?

Ans: To get the most honest feedback and foster organizational potential.

Q6: Who is responsible for approving marketing plans?

Ans: CEO of TMF Cosmetics

Section5

Q1: What should you refer to when implementing and monitoring marketing activities?

Ans: Right expectations, resources, team, timeline, budget, results, and dashboard for tracking should be involved while implementing and monitoring marketing activities.

Q2: Unforeseen events can occur and change the course of your path and the likelihood of you achieving your marketing objectives. Provide two examples of such events.

Ans:

Example1: Employee tribunal can affect the reputation of a business and thus, marketing objectives will be complex to obtain.

Example2: An investor’s death can affect the business and they have to find new investors so, that marketing objectives can be achieved.

Q3: You notice that things are simply not working out as you’d planned. What should you do? (Briefly)

Ans: In this case, some steps will be taken as mentioned below-

- Try to be cool
- Assess what got wrong
- Learn and make those mistakes bridge for further better results

Q4: What’s the purpose of producing marketing reports?

Ans: To understand if the marketing strategy a business is currently using is going in the right direction or it needs further improvements, is the purpose of producing a marketing report.

Q5: List two types of software programs that can simplify the process of producing marketing reports.

Ans: Marketo and HubSpot are two extensive software that helps businesses to simplify the creation of marketing reports.

Q6: What is the most effective way you can maintain the ongoing commitment and involvement of your staff?

Ans: Respecting employee needs and establishing transparent communication is the most effective way to maintain the commitment and involvement of staff.

Section-6

Q1: Why must the evaluation of marketing activities be an ongoing process?

Ans: This is a must to know whether the marketing plan has delivered the best possible outcomes and to save money, and ensure the success of TMS Cosmetic’s growth plan are some reasons for ongoing marketing activity evaluation.

Q2: Through your ongoing evaluation, you determine that things are not heading in the right direction, so you make some minor adjustments to your original plan.

What is your next step?

Ans: To identify goals, define indicators, build a target audience, focus on customers, and use digital platforms will be involved in the next step.