Assessment 3 – BSBMKG609A

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Assessment 3 – BSBMKG609A

BSBMKG609A Assessment 3

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 sales
  • Build brand awareness
  • Grow market share
  • Launch new products or services
  • Target new customers 
  • Enter new markets internationally or locally
  • b). Identify 2 marketing objectives that you have for the year ahead and explain how they will contribute to your corporate strategic objectives.

  • Increase sales
  • Build brand awareness
  • c). Identify 3 marketing strategies that you have and explain why you chose these strategies to achieve your marketing objectives for the year.

    Cause Marketing

    One way to develop brand loyalty is to sponsor a charity. Pay the fees or supply the uniforms for local sports teams. Sponsor a tennis tournament or marathon that raises money for a charity. Offer churches and schools discount days or nights, donating a portion of what their members spend to the church or school. In exchange for a local charity, such as an animal shelter, hospital or school, promoting your business, donate a percentage of your sales to the organization. This is an effective way to introduce new products or services into the marketplace.

    Sports Marketing

    People who are loyal to a sports team may appreciate your supporting their team as well, helping you create an affinity between those fans and your product or service. Sponsoring a sporting event offers many opportunities. You can get signage at the event, have athletes or officials wear your logo on their uniforms, set up a booth at the event, have the event named after your company or specific product, and be mentioned in pre- and post-event marketing materials.

    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?

  • Lack of assets
  • ......

    Assessment 3 – BSBMKG609A
    Last updated: Feb 2024

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  • Lack of assets
  • Low staff skills
  • Low staff engagement
  • Lack of organisational culture
  • b). How can you fill these deficiencies/ gaps over the next 12 months?

    Performance development plan

    The Performance Development Planning (PDP) process enables you and the people who report to you to identify their personal and business goals that are most significant to your organization’s success.

    In the process, staff members also set personal developmental goals that will increase their ability to contribute to the success of your organization.

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

    A master budget – A master budget is a comprehensive projection of how management expects to conduct all aspects of business over the budget period, usually a fiscal year. Therefore, this budget is an annual budget for the whole fiscal year, however this budget can be broken down into quarters or even each months.

    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 budget allocation was very accurate. All resources were budgeted correctly

    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?

    The people responsible are:

  • Marketing Manager
  • Operations Manager
  • General manager
  • Accounting Team
  • This can be adjusted if necessary

    ...

    Assessment 3 – BSBMKG609A
    Last updated: Feb 2024

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