Assessment 1 BSBMKG603 (1)
Assessment Task 1
In the next half year of the marketing plan there will be increased marketing that will be geared to match growth in seasonal demand that takes place during this period. The firm will focus on advertising in print media specifically magazines, public relations and web based as well as in-store promotions. The six months campaign is developed to utilize on the seasonal growth in mirror categories and bathroom fittings with connections to the other two groups of Houzit: decorative items and bedroom fittings . The firm will buy advertising space in some leading home-ware magazines to get a chance of a public relation write up in their website and magazines. This will be a key driver in attaining marketing objective of the firm of attaining 12% market share since rival businesses would be reducing their advertising budget and depositing what they have into sponsorship.
Integration of organisational activities:
Marketing, promotional and sales activities in the firm will be integrated to achieve elaborate marketing activities. The marketing objective of the firm will be to attain a 12% market share. This will be achieved through increased sales in home-ware items. The firm will use promotional activities such as buying space in some leading home-ware magazines to get a chance to have a public relation write up in their website and magazines. The in-store exhibitions will feature the advertising links and visuals the featured products with other areas in the store. This will enable more and more people accessing the websites to have a look at the items on sale by the firm and hence increasing sales of the products.
The firm will evaluate the distribution channel of the products to make it easily and quickly accessible to consumers. The online sales will be adjusted to have it possible for consumers to purchase items by the click of the button on the website . The company will be very keen on avoiding loss and monitoring competitors; prices and Australian dollar will be significance to the pricing strategy of the firm.
Distributing and pricing
The company’s webpage is simply about the product and company information with no chance for clients to make order and pay online. The company should adjust its webpage to make it possible for clients to make orders and pay online for their goods. The pricing of products is made sometimes influenced by the rate of the Australian dollar when it comes to imports. The firm should closely monitor the Australian dollar and also the competitors’ prices in setting up of pricing strategies.......
The company’s webpage is simply about the product and company information with no chance for clients to make order and pay online. The company should adjust its webpage to make it possible for clients to make orders and pay online for their goods. The pricing of products is made sometimes influenced by the rate of the Australian dollar when it comes to imports. The firm should closely monitor the Australian dollar and also the competitors’ prices in setting up of pricing strategies.
The board has established a benchmark of 15% of the new sales produced as a suitable customer acquisition cost. The board should monitor this KPI together with market share percentage.
Increase in Sales Revenue
The benchmark of 8.5% increase in sales revenue has be set by Houzit’s board of Directors. It can be calculated using growth in sales divided by previous year’s sales.
The percentage of an industry or market’s total sales that is earned by a particular company over a specified time period. Market share is calculated by taking the company’s sales over the period and dividing it by the total sales of the industry over the same period. This metric is used to give a general idea of the size of a company to its market and its competitors. For Houzit, the benchmark has be set by board of Directors of 12%.
Cost of Customer Acquisition
Houzit’s board of Directors has set a benchmark of 15% of new sales generated as an appropriate customer acquisition cost. Customer Acquisition Cost is the cost associated in convincing a customer to buy a product/service. This cost is incurred by the organization to convince a potential customer.
The firm needs to delegate duties and responsibilities to various individuals in different departments. The marketing areas should have people undertaking the duties, there should be a sales team and marketing team needs to be in place to ensure that all these marketing strategies are implemented realized.
Communication is vital in any organization that is geared towards achieving its goals and objectives. There should be a clear communication process where employees in different departments will be answerable to the head of that department and the heads will be liable to the CEO of the firm.
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