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PROJECT PORTFOLIO BSBWRT301 Write simple documents Trainer Guide BSBMKG542 STUDENT VERSION ESTABLISH AND MONITOR THE MARKETING MIX Contents Section 1: Establish the marketing mix 4 Section 2: Implement the marketing mix 10 Section 3: Monitor the marketing mix 13 BSBMKG542 Establish and monitor the marketing mix 1 | Page Abbey College Australia National Provider No. 91136| CRICOS Registration No. 02658G Version V1.0 March 2022 Student name: Assessor: Date: Business this assessment is based on: Role you will assume to complete this assessment: Section 1: Establish the marketing mix Complete this section to summarise requirements for the marketing task. Legislation and regulations What legislation and regulations applies to marketing and the marketing mix (at least two)? Summarise the requirements of the legislation. The OAIC was founded as an Australian government entity under the Australian Information Commissioner Act of 2010. (AIC Act). According to the AIC Act, the OAIC is in charge of freedom of information, privacy, and information policy functions. The Australian Competition and Consumer Commission (ACCC) is a government-controlled organization. The major institution in charge of enforcing the ACL across the country is the Australian Competition and Consumer Commission (ACCC). The ACL is also enforced by state and territorial consumer protection authorities in their respective states or territories. In a nutshell, the legislation requires organizations to ask consumers for permission to gather and use their personal information. Codes of Practice Which codes of practice guide the ethical considerations for marketing and the marketing mix (identify at least one)? Summarise the requirements. Advertisers, media agencies, creative agencies, and media owners all support the AANA Code of Ethics, which serves as the foundation for the advertising self-regulation system. It may be used to any medium as defined. The Code is backed by Ad Standards' independent complaints processing system and is supplemented by a variety of product-specific regulations. Organizational requirements Which organisational policy and procedure applies to marketing and the marketing mix? What are the requirements of the policy and procedure? Attach your highlighted policy and procedure to this section of your portfolio. The marketing strategy is a thorough plan created expressly to satisfy the marketing objectives of the firm. It outlines a plan for accomplishing these marketing objectives. Selecting a market to target: The target market is the group of individuals to whom the firm aims to sell its products. Not every market segment is beneficial for a business. There are market segments with huge potential but large entry barriers, and there are market segments with enormous potential but high entry difficulties. The company must make an informed judgment. It is necessary to do an in-depth marketing study of the buyer's features and unique demands in the target market. Marketing task Which products or services form part of the organisational and strategic marketing plans? What is the desired organisational positioning? What the desired marketing outcomes and objectives? Who are the target customers? What is the pricing policy? Which promotional methods and opportunities are described in the strategic plans? How are the products or services currently distributed? Attach your highlighted strategic plan(s) to this section of your portfolio. Every company's path to success is paved with a well-thought-out strategic marketing plan. The plan acts as the foundation for all of your marketing activities, addressing the critical factors that go into building a strategy that raises brand recognition, drives demand for your product, and ultimately converts customers. The following are the necessary components of any effective strategic marketing plan. Analysis on the Present Market. Organizational Marketing Objectives. The intended audience. Advertising Strategy. Monitoring and evaluation. Establishing a firm entails balancing the interests and concerns of several stakeholders, each with different and possibly competing objectives. A company's positioning has less to do with a specific product or service and more to do with the organization's attitude. Target Customers: Our target customers include businesses and organizations that require the transportation of goods and products. This can range from small businesses to large corporations that need to move their products domestically or internationally. Pricing Policy: Our pricing policy is based on several factors such as the weight and size of the cargo, distance traveled, and delivery time. We offer competitive rates while also ensuring that we provide high-quality service to our customers. Promotional Methods and Opportunities: Our strategic plans include various promotional methods such as digital marketing, social media advertising, content marketing, email marketing, and referral marketing. We also offer opportunities for customer loyalty programs and referral bonuses. Distribution: We distribute our products and services through our network of warehouses and transportation hubs located in key locations across the country. We also work with partner companies to ensure that we can provide seamless end-to-end logistics solutions for our customers. Strategic Plan: Digital Marketing: In today's world, digital marketing is essential to reach a wider audience and generate leads. Therefore, we would develop a comprehensive digital marketing strategy to reach our target customers through various channels such as search engine optimization, social media advertising, and email marketing. Customer Loyalty Programs: Retaining existing customers is critical to the success of any business. Therefore, we would implement customer loyalty programs that offer rewards and incentives for repeat business. This can include discounts on future shipments, priority booking, and personalized service. Referral Marketing: Word-of-mouth referrals are still one of the most effective ways to acquire new customers. Therefore, we would encourage our existing customers to refer their friends and colleagues to our services by offering referral bonuses and other incentives. Partnerships: We would seek out strategic partnerships with other companies in the logistics and transportation industry to expand our reach and provide end-to-end logistics solutions to our customers. This can include partnerships with warehousing and fulfillment companies, customs brokers, and freight forwarders. Overall, our strategic plans would be focused on providing high-quality service to our customers, while also leveraging the latest marketing technologies and techniques to grow our business and stay ahead of the competition. Complete this section to analyze the marketing mix components. Product / Service What key features and benefits does the product or service provide? When a buyer purchases a product, the underlying demand that is satisfied is the primary benefit. Make first-time home purchasers feel at ease, satisfied, and unconcerned by providing an end-to-end service that includes a welcome present, both during and after the closing process. They've arrived at their new house. What will be the most important features or benefits of the product or service in relation to the target market? The organization distinguishes itself by concentrating on a specific market segment: first-time home buyers looking for a suburban Melbourne residence within commuting distance of Melbourne. Although others will not be turned away, the firm wants to represent mostly individuals and couples purchasing their first home. To achieve this goal, they use a very "non-slick" approach, organizing in-depth and thoughtful meetings with clients to answer all of their questions, as well as general information sessionsand seminars for new clients. The firm offers a "how to purchase your first house" guide on its website, which incorporates the best information from the Internet as well as their own suggestions. Every move taken by the organization is aimed towards filling this market niche. Price How will pricing of the product or service affect take up of the product or service? The prices will have no influence on the amount of individuals who utilize the service because they are industry standard. When prices grow, customers' views of the quality of the goods supplied shift. Consumers may be more aware of your product's overall quality if you choose a cheap pricing, and they may be more likely to notice problems or potential flaws. Considering the factors above, what price should the product or service be offered at? Premium pricing is a tactic for artificially inflating the worth of a decent product or service in order to achieve favorable public perception, which you'll need as a new firm. This is also an excellent pricing strategy to employ if your items begin to establish a reputation for excellence. Should any additional price variables be considered such as discounts? Those that shop late at night rather than during peak hours earn additional discounts. Heaters and air conditioners are supplied at substantially discounted prices during specific months to boost sales. Gift vouchers are given to clients who suggest at least 5 new customers. Apart from that, all other services are included in the price and are not additional. This is different from what other rivals may charge. This might be seen as a price drop. Promotion What targeting strategies could be used? The Target marketing strategy's promotional and advertising plan is as follows: "Expect more, pay less," Target's motto, emphasizes higher-quality items at cheap prices. Target's promotional activities include commercials, pamphlets, special discounts, and coupons, to name a few. The corporation also makes great use of newspaper and television advertising. Target circulars are delivered to 50 million US households every week. Their weekly ad is also available on the internet. What is the best way/s to promote the product/service? Digital Marketing: In today's world, digital marketing is essential to reach a wider audience and generate leads. You can use search engine optimization (SEO), social media advertising, content marketing, email marketing, and referral marketing to promote your services. Trade Shows and Conferences: Attending trade shows and conferences related to the logistics and transportation industry can be an effective way to meet potential customers and showcase your services. Direct Mail: Direct mail can be a highly targeted way to promote your services to potential customers. You can send direct mail to businesses and organizations that are likely to require your services. Referral Marketing: Word-of-mouth referrals are still one of the most effective ways to acquire new customers. Therefore, you can encourage your existing customers to refer their friends and colleagues to your services by offering referral bonuses and other incentives. Public Relations: Public relations can be an effective way to generate media coverage for your company and increase brand awareness. You can pitch stories to trade publications and local media outlets that focus on the logistics and transportation industry. Place What possible distribution channels are there for the product/service? The three types of distribution channels include wholesalers, retailers, and direct-to-consumer sales. Wholesalers are companies that acquire big quantities of a product from a manufacturer and then resell it to retailers or, in certain situations, end users. What is the best way/s to distribute the product/service? You have three options for selling your product: Consumers may purchase straight from you through your website. Customers are sold to through retail sales. Sell to a distributor, who in turn sells to merchants, who in turn sell to customers. People and Customer service What type and level of customer service are provided to customers? Good customer service is crucial for organizations looking to develop brand loyalty and retain their client base. Effective organizations create an environment in which consumers feel comfortable contacting customer service agents for assistance. Consumers are more inclined to return to the same firm for future purchases if they believe they will receive the necessary help. What customer service will be provided from the product/service? Consumers anticipate that your product or service will operate as promised in order to solve their problem or satisfy their need. Consumers have various budgets that they might utilize to purchase a product or service. Your product or service must be a realistic solution to the problem that your customers are trying to address. Complete this section to test the effect of changes to the marketing mix and select a suitable marketing mix. Varying the marketing mix Provide an analysis of varying the components of the marketing mix and the impact this could have. For example, if the price for the product or service was varied, how would this affect the promotion? Provide at least four examples of how varying a marketing mix variable affects another part of the marketing mix variable. According to common thinking, the four primary components of a classic marketing mix are price, product, promotion, and place. Yet, the marketing mix concept has grown significantly in recent years to include other 'Ps' such as people, positioning, packaging, and politics. Aids customers in understanding what your product or service has to offer. Assists in the creation of a successful product offering Helps in the creation, planning, and implementation of effective marketing efforts. Helps businesses in maximizing their potential while eliminating unnecessary expenses. Helps you become more proactive in the face of danger. Helps in establishing if your product or service is appropriate for your target market; identifies and comprehends customer wants. Marketing performance is determined by two factors: budget and efficiency. The price of a product on the internet influences its profit, with a portion of that profit going toward marketing. If the margins are large, marketers have more money to sell a product. Yet, if the margins on a product are poor, there is less money available for marketing. • If the price of a product is decreased, promotional expenses may be reduced as well, because clients will be more easily enticed to utilize the company's service. • When the price of a product is raised, customers expect that some aspect of the product will be enhanced as a result. Importance to customer base What are consumer priorities, needs and preferences that affect the marketing mix for the product/service? What is the impact of target customer characteristics on the components of the marketing mix? Building a strong client base is essential for every ecommerce business. When you have a loyal and strong consumer base, it means you're communicating the correct messages to the right people and giving the right products. The need for convenience is a common trait. Businesses have had to adjust their marketing mix to satisfy this client demand by manufacturing or adapting new or existing goods. Convenience is demonstrated by a restaurant chain that offers ready-made copies of its meals in supermarkets, allowing consumers to eat the cuisine they enjoy at home. Reducing the selling price of items or introducing budget products to correspond with the situation of the economy - for example, during a recession, buyers may spend less money, thus businesses may need to decrease their pricing or build a budget range to entice customers to continue purchasing. Establishing new retail locations to improve customer convenience. Integrating m-commerce and e-commerce into the businessto meet client expectations; opening new retail outlets to give clients with more convenience. Marketing and sales teams may adapt their message to a specific set of customers through targeted marketing. The marketing mix is used in the targeting strategy to provide the best offer and marketing plan for each target category. Select marketing mix Discuss your recommended marketing mix for the marketing task. What is the impact of the marketing objectives on the selected marketing mix? The product is the first factor in the marketing mix and has an influence on the other three components according to its type and qualities. The characteristics and qualities of the product may differ based on the dissimilarity of the target audiences' expectations and desires, as well as the marketing environment. Price is the second component in the marketing mix idea. It is impacted by the customer's purchasing power and is considered an important aspect in the purchasing decision. In a nutshell, pricing is the amount of money that a consumer must spend to receive an item. Material costs, product differentiation, amount of competition, market share, and the customer's perceived value of the product are all factors that impact an organization's pricing strategy. The location is the mechanism that transports products and services from the supplier or maker to the consumer. The marketing mix includes distribution routes, warehousing facilities, modes of transportation, location, selection, convergence, logistics, and inventory control management. The distribution channels comprise all actions that contribute to the delivery of a product or service to a customer. Promotion is one of the most potent components of the marketing mix. It comprises persuading the target market to purchase the company's products through connecting with them and determining their requirements. Report Attach your PowerPoint presentation to this section of your portfolio. https://tome.app/cadiaz-assessments/targeting-success-crafting-a-marketing-strategy-for-your-business-clfy48vp312bjb241ce1uijsd Attach: Highlighted policy and procedure ☐ Highlighted strategic plan(s) ☐ Report ☐ Policy All marketing and advertising conducted by the project manager will be accurate and ethical. Detailed written procedures regarding marketing and advertising are available to all staff at the project manager and are included in employee induction packs. Employees should always use standard templates provided for documenting marketing activities. Employees should always seek approval from designated authorities for marketing activities. All marketing material must: • Adhere to Privacy Act. Do not use personal images, or information for marketing purposes without express written consent. • Adhere to Do Not Call Register legislation. Potential customers on the Do Not Call Register must not be called for marketing purposes. • Adhere to the anti-discrimination policy. Images or written material must not portray any group or individual in a negative, offensive, or stereotypical way based on gender, marital status, etc. • Be conducted safely and responsibly to minimize risk to the health and safety of Project manager employees and the general public. • Not include spam campaigns. • Adhere to the Competition and Consumer Act 2010 (formerly the Trade Practices Act). Employees must not: o attempt to induce individuals to place their interests above those of the project manager inducing a competitor or customer to breach a contract with a third party − obtaining unauthorized access to classified or proprietary information or documents − securing an unfair competitive advantage. o violate any law or regulation o engage in any activity that could damage the reputation of the project manager o give false or misleading information or advice about: − claims of products or services: price, benefits, etc. − the environment and sustainability of the project manager − the ethical conduct of the project manager − any other claims. • Where relevant, adhere to standards and codes of practice regarding specific types of media such as radio, television, or the Internet. Section 2: Implement the marketing mix Complete this section to implement the marketing mix. Resource requirements Which physical resources are required? Which financial resources are required? Which stakeholders are involved in implementation? Physical resources are tangible assets that are necessary and easily available for the operation of a firm. These are items that take up space, have monetary value, and are used in the operations of the firm. Physical resources are necessary for any form of company. Financial resources are required to get the essential equipment, services, and supplies for the program's operation (e.g., personnel monitoring devices, equipment repair/calibration); also, license and inspection expenses must be paid. Project stakeholders are often the project manager, the customer, team members inside the performing organization, and the project sponsor. Roles and responsibilities What are the roles and responsibilities of the stakeholders involved in implementation? Sales representative visits customers to show and promote products and services. Conducting sales contract negotiations Working to ensure that discussions go well and that the product or service in question is acquired. Offering after-sales service Keeping in touch with customers to obtain further sales or requests Finding new clients that could be a good fit Loan consultants Assessment of creditworthiness Interviewing candidates to establish their financial eligibility and loanability advising on loan applications and determining necessary ratios and metrics. Brief stakeholders Draft your email(s) to brief the stakeholders on their roles and responsibilities here. Dear Mr. Agent, Thank you for collaborating with our firm. We value your knowledge. The purpose of this email is to outline your job and duties. They are as follows: Develop new customer connections Maintain and grow existing consumer ties Strive to increase consumer satisfaction by offering excellent service. Identify and respond to client needs Keep a thorough grasp of current goods and services while also learning about new products and services as they become available. Please respond to this email to indicate that you have read and comprehended what is required of you. Thank you very much. Project Supervisor ------- Dear, Thank you for collaborating with our firm. We value your knowledge. The purpose of this email is to outline your job and duties. These are as follows: Help with the administration and promotion of client marketing projects. Advertising projects presented by clients are designed, monitored, and implemented. Create a sample advertisement program for evaluation and approval by management and clients. Product promotions should be developed in partnership with the sales and advertising departments. Serve as a point of contact for clients from the start to the completion of the project. Develop and implement advertising standards and processes to accomplish sales objectives. Coordinate and finish advertising campaigns on time and within budget. Please respond to this email to indicate that you have read and comprehended what is required of you. Best wishes Project Manager Communication strategy Describe your communication strategy as you implement the marketing mix. To complement the vision and strategic goals, we seek to strengthen and streamline internal and external communications. As a consequence, we will continue to create and test new communication platforms, channels, and tools to encourage information sharing and collaboration among all workers. This policy must be implemented in such a way that all applicable legal responsibilities and industry best practices are met. Employees are expected to utilize the channels strictly for business purposes and to adhere to all relevant policies andprocedures, including the Code of Conduct. Team building Describe your team building strategy as you implement the marketing mix. Leaders, not workers, should be developed. Every endeavor on which leaders work is motivated, focused, and dedicated. They don't only come to work because they need to get paid at the end of the month. They arrive at work with particular goals in mind, such as making a difference in their projects, departments, organizations, industries, and the world as a whole. They aren't only "the boss" by title; they also know how to lead and manage every project in which they are involved. You don't have to push people about to obtain results. Leaders can also play the role of facilitators. They help their peers manage their time and corporate resources more effectively. They are constantly eager to share their expertise with the rest of the team. Monitoring strategy How will you monitor the marketing mix? Begin by defining your campaign's objectives: website analytics, inbound link performance, social media analytics, and page rank. Section 3: Monitor the marketing mix Complete this section to monitor and evaluate the marketing mix. Outcomes How much time has passed? Summarise the outcomes, including marketing revenue and costs. Imagine a year has passed and the marketing mix you picked hasn't resulted in the predicted sales rise. The following has occurred: • Sales objectives were not fulfilled, and revenue was 20% lower than planned (from $100,000 to $80,000, for example). • As a result of the recent global pandemic, the economy has contracted, and the industry in which their case study business operates has experienced a significant slump or upturn, depending on the industry (for example, the rapid increase in house prices has resulted in a shortage of properties for sale and a large number of first-time buyers desperate to secure their first home). Assessment Calculate variances in marketing revenue and costs to evaluate the financial and marketing performance (using whole numbers, decimals, and percentages). How does the marketing revenue and costs compare to the budgeted amount? How does the performance compare to the desired outcomes and objectives? Tip: you can use the amount you specified under “financial resources” as the budgeted amount. Revenue objectives were not fulfilled, and revenue was 20% lower than planned (from $100,000 to $80,000, for example). • Because of the inclusion of a new product, the marketing budget was increased from $15,000 to $25,000 (66.67 percent increase). Both performance and outcome objectives have flaws, and they are only genuinely effective when used in tandem. The example below shows how a tennis player might successfully combine performance and outcome goals during a major event. Performance objectives include achieving a first serve percentage of more than 70% in all matches. to topspin over 50% of backhands, forcing opponents deeper on the court Outcome objectives: to advance at least to the third round of the competition. Analysis and evaluation How has each component of the marketing mix led to the marketing outcomes and why? Should any components be changed? Why? How will the change affect the business’ performance? Will the changes incur additional costs? Will the changes still meet business objectives? In the real estate business, depending on the simulated scenario, the following might apply: • Price: the price is consistent and established at an industry standard. If this were\s to be modified, there may be major unfavorable industry\s response, which could prove to be disastrous to the firm. • The location is also stable, as the service is provided in a single location and was available online during the pandemic crisis. The offices are stable and open, as is industry usual. The routes via which potential clients make their way to the firm should be categorized as Promotion. Because Location is a minor component of this company's marketing mix, it was most likely not to blame for the lack of sales growth. Physical Environment, not the four Ps, is one of the seven Ps. The environmental aspect of an economic slowdown and a rise in property prices has resulted in lower-than-expected sales (very few houses are being listed for sale). Because both pricing and location are steady, and the company has minimal influence over the economic situation, any modifications would have to be made to the product and promotion components of the marketing mix. Changes in promotion might raise (or decrease) the number of clients who recognize the existence of an agency, which will undoubtedly influence the quantity of leads the firm generates. • Improved sales; • Attract new buyers and sellers; • List 10 new houses each month; and • Sell all homes within 20 days. The sole option for changing the marketing mix is to reconsider how the organization is exposed to the Internet. In Australia, for example, Domain.com.au is not run by realtors, yet it receives a lot of realtor traffic. Government entities must be able to fully utilize comparable platforms. My advice do not necessarily involve additional fees. Beginning to increase your web presence does not usually cost more than the present combination. In reality, revenues from other media, such as newspapers, can be redirected to compensate for the increase in internet expenditures. Problem-solving Select one problem associated with the marketing mix and identify the causes. Use an analytical method to generate potential solutions (at least three). One disadvantage might be that just a few residences are being listed for sale. This might be assessed using lateral thinking: very few residences are listed for sale. Sales are required to increase income. Revenue may be obtained from several assertions, and income can be maximized by employing reducing expenses. Selling houses is only one aspect of what we do. Presently, we offer general mortgage guidance. If they are a hit in shopping for a domestic, first-time domestic clients may be paid for the advice. We must provide residences for sale in order to be able to shop for a household. To do this, we conduct free house inspections and distribute leaflets. Report Attach your PowerPoint presentation to this section of your portfolio. https://tome.app/cadiaz-assessments/template-sales-pitch-clfox5vna9kzbcebb5b666eje Attach: Report ☐
