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Assessment 2
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Because each opportunity has its advantages and disadvantages. Many marketing opportunities are effective in certain situations and perform badly in other situations. It is important to plan and evaluate the effectiveness of each marketing strategy, and also consider the costs of each marketing opportunity. Each has its own costs which means that finding the cheap and most effective strategy is important.
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An that combines all of its into one . A good marketing strategy should be drawn from and focus on the in to the maximum and sustain the . The marketing strategy is the of a .
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You will have to look at the organisational objectives and goals. Then you will compare these goals to the marketing objectives. If the marketing objectives help achieve the organisational goals, then they align. If they do not, then the company should adjust the marketing objectives and the strategies.
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This is important because the marketing should be used to help the organisation improve and reach its goals. The customers and stakeholders also consider the organisational goals and support a company that is trying to improve the society. If the company is not trying to achieve the goals, then the customers may not want to help.
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Organizations use various methods to evaluate marketing key performance indicators (KPIs) or metrics. Marketing Performance Measurement, Marketing Performance Management, Marketing Return on Investment (ROI), Return on Marketing Investment (ROMI), and Accountable Marketing are all metrics that companies use to connect marketing performance to the financial performance of the organization.
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This is so that the company can improve any areas that are not effective and need improvement. The performance review and evaluation helps identify the weaknesses of the marketing strategies and help identify areas that can be improved.
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A marketing tactic is a set of strategic methods intended to promote the goods and services of a business with the goal of increasing sales and maintaining a competitive product. Good marketing tactics typically result in substantial customer satisfaction while facilitating the business in focusing its limited financial resources in the most efficient manner to maximize the effective promotion of its products.
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Last updated:
Sep 2023
Page 1
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The owner or manager should be responsible. The person that manages and makes the decision for the marketing plan should take responsibility. However other employees that are working and help with the marketing should also take a share of the responsibility of monitoring the marketing. Marketing is a team effort and should be done in teams to make the best decisions therefore, people should be able to help with the monitoring.
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To ensure that the tactics are achieve, you must consider the organisation’s capabilities and budget. Making sure that the organisation can fulfil the marketing strategy, and keep the marketing expenses within budget. If the marketing is too expensive for the budget, it may not be efficient, and end up paying more for the marketing than the returns. Therefore ROI is important.
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These are risks that could cause conflicts and problems with the regulators of businesses such as the OH&S committee, ACCC and ASIC. All these organisations were created to make sure that all organisations are operating by certain guidelines and rules that protect everyone including the company, customers and competitors. It is important that all strategies are made sure that they comply with the guidelines set by the government.
•Unfair discrimination and promotion of equality Act of 2000
•Trade Practices Act 1974
•Privacy Act 1988
•Consumer Protection Act
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It is important to have measures in the marketing plan because it is easier to monitor and review the marketing plan. The marketing plan can be easily improved and adjusted because of these measures. This allows the marketing to be more effective and efficient and the company will have more control on the marketing strategy.
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The measures should be flexible because the marketing cannot be always work the way you want. There is a lot of external factors that can affect the marketing performance and therefore, it is hard to determine the overall performance of the companies efforts. The flexibility allows the company to measure its performance compared to other companies, and other situations.
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You must first look at your industry, and determine the best marketing strategies for the industry. Then you must look at the target market. Many marketing strategies use different marketing media. The target market should use the marketing media that you will use to market. such as the younger generation using internet more than any other media. Social networks and youtube etc are all effective marketing for younger markets.…
...apc ord
Last updated:
Sep 2023
Page 2
