Assessment 3 BSBMKG609A (1)

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Assessment 3 BSBMKG609A (1)

Question 1.

Marketing objectives to address corporate strategic objectives

a). What were your corporate objectives for your business for the coming financial year, starting 1/7/15?

  • Increase revenue
  • Increase profitability
  • Increase customer satisfaction
  • Support the community through growth and innovation
  • Foster a strong culture
  • Increase market share
  • b). Identify 2 marketing objectives that you have for the year ahead and explain how they will contribute to your corporate strategic objectives.

  • Target new customers
  • Enter new markets internationally or locally
  • c). Identify 3 marketing strategies that you have and explain why you chose these strategies to achieve your marketing objectives for the year.

    Guerilla Marketing

    If you don’t have a budget large enough to purchase advertising, give away T-shirts or market your business at promotional events through low-cost trades. For example, if you have employees, you can ask them to donate their time to a local telethon, answering phones for on-air mentions of your company. They can act as ushers, parking attendants or concession workers at events. If you are a florist, you can lend decorative plants to a function attended by your target market in exchange for signage. If you own a restaurant, you could set up a concession stand at high school sports events, donating the profits to the school in exchange for product sampling. If you are a car dealer, you can lend cars for parade use.

    Positioning

    One way to market your product without spending money is to create a brand, image or position in the marketplace. This might be as simple as pricing a product on the high end to create an air of quality, or pricing it on the low end to make it seem a good value. If you limit your product to one gender, such as selling only women’s shoes, you send a message to that gender that your product or service was made especially for them. Selling golf clubs in pro shops only, instead of big box stores, tells the public that your clubs are for serious golfers.

    Question 2.

    When you were working on your marketing strategies and the marketing plan’s marketing mix, did you identify any deficiencies/ gaps in your present capabilities?

    These deficiencies/ gaps could be inadequate:

  • Assets
  • Skills, knowledge, experience of your staff
  • a). What were they?

  • Poor performance
  • Lack of communication
  • Not enough research
  • ......

    Assessment 3 BSBMKG609A (1)
    Last updated: Feb 2024

    Page 1

    Not enough research

  • Need more resources
  • b). How can you fill these deficiencies/ gaps over the next 12 months?

    Training staff

    Training your staff is an investment in your business. Your staff are your most valuable asset, and making sure they are trained with the skills and knowledge they need is essential for meeting your business goals. Training helps you get the most out of your staff and increases their job satisfaction, which can help you retain staff and avoid the expense of recruitment.

    c). What budget will realistically need to be allocated to this acquisition of extra capabilities?

    The budget must consider all opportunities for improving such as:

  • Training
  • Marketing
  • There are many budgets that should be used:

    Master BudgetA master budget is an aggregate of a company’s individual budgets designed to present a complete picture of its financial activity and health. 

    Operating BudgetAn operating budget is a forecast and analysis of projected income and expenses over the course of a specified time period.

    Cash Flow BudgetA cash flow budget is a means of projecting how and when cash comes in and flows out of a business within a specified time period.

    Question 3.

    Choose 2 elements (tactics) that you will employ in your marketing plan to achieve some of your marketing objectives.

    a). Give some details about the scheduling, costing, accountabilities and persons responsible for these elements.

    b). Is the forecast cost of these elements reasonable and appropriate within the entire marketing budget for the year? (Justify them in terms of expected results)

    Yes. the costs were all correct. Each expense was allocated a certain amount and each strategy was under budget.

    c). Who will monitor the implementation of, and grade the success of, the scheduled activities (in terms of results and cost relative to budgeted cost) and how often will they report their results to their owners/ most senior managers?

    Can marketing targets be adjusted if necessary?

    This is the responsibility of the marketing manager and financial manager. They are the ones that should be negotiating the budget.

    Yes the marketing targets can be adjusted if necessary.

    ...

    Assessment 3 BSBMKG609A (1)
    Last updated: Feb 2024

    Page 2

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