BSBMKG603 Manage The Marketing Process
Jan 29,22BSBMKG603 Manage The Marketing Process
Question:
Task Summary
- This is an open book test.
- Students need to answer all of the written questions correctly.
- Answers should be provided on a separate sheet of paper with the assessment task number clearly indicated, the students name and each question clearly marked. Answers must be word-processed and sent to the assessor via email.
What do students need to complete this assessment?
- Access to textbooks/other learning materials
- Computer and Microsoft Office
- Access to the internet
When and where do students need to do this?
Write in the date as advised by your assessor
What do students have to submit?
- Answers to all questions
What if students get something wrong?
If your assessor sees that you did not complete the task satisfactorily, they will give you feedback about the questions you have not answered correctly and a timeline for resubmission.
Instructions to students
Answer all the questions below.
- Identify four different types of marketing objectives that a company might have?
- Describe the innovation/value matrix and its uses.
- Discuss portfolio analysis?
- Discuss the benefits of branding in relation to possibly improving marketing performance?
- Discuss each component of the acronym SMART in relation to objectives
- Discuss in around a paragraph why there may be some tension between long-term and short-term marketing objectives?
- Discuss the balanced score-card approach?
- Explain the concept of product differentiation strategy?
- Explain two common sources of differentiation within a product differentiation strategy?
- Explain two disadvantages of using a product differentiation strategy?
Explain the concept of competitive advantage?
What do students need to complete this assessment?
- Computer and Microsoft Office
- Access to the internet
- NatureCare Marketing Performance Report
- NatureCare Market Research Report
- NatureCare Communication Plan template
When and where do students need to do this?
This assessment task will be completed in the classroom as part of the simulated work environment.
Write in the date as advised by your assessor:
What do students have to submit and how will students be assessed?
Submit:
- Briefing report
- Plans/briefs as confirmed at the meeting with the assessor
- Communication Plan
Assessment criteria:
- To be assessed as having satisfactorily completed this task, students will be required to complete all of the activities indicated in the instructions for students and will be assessed against the criteria included in the checklist
What if students get something wrong?
If your assessor sees that you did not complete the task satisfactorily, they will give you feedback about the tasks you have not completed satisfactorily and a timeline for resubmission.
Instructions to students
- Prepare for, and organise meeting
- Send an email to all staff (this will be your assessor). In your email advise staff of the date and time and purpose of the meeting. As a guide the meeting will take approximately 30 minutes.
- Prepare all documents (the plans and briefs you developed for Assessment Task 2) prior to the meeting to provide to staff. You should provide a copy of each of these document to staff and you will need to ensure you explain all roles and responsibilities and agree on these.
- Ensure that you are prepared to provide detailed information to staff about strategic marketing objectives and the plans and briefs you have developed and to answer any questions. You should also provide the opportunity for staff to provide feedback. Consider how you can best provide information to staff with varying levels of skills, knowledge and experience in marketing.
- Identify a topic relating to effective marketing and research and develop a short coaching session to be included as part of the meeting. The training session should last a minimum of 15 minutes and include presentation aids to assist with interest, for example, a video or power points. The purpose of the coaching session is to demonstrate that you have the ability to provide coaching to your team to support them to achieve marketing objectives.
- Conduct the meeting
- Conduct the meeting as per your preparation.
- Outline plans/briefs and confirm and agree on roles and responsibilities in relation to activitie
- During the meeting, demonstrate effective communication skills including
- Speaking clearly and concisely
- Conveying information at a level to accommodate varying levels of skills, knowledge and experience
- Responding to questions
- Active listening techniques
- Develop a mentoring plan and provide mentoring
Assume that following the meeting, the Administration Officer, Alice and approaches you. She asks you if it would be possible to develop a mentoring relationship with you as she is interesting in developing hear marketing skills and moving into a marketing role. She advises that she has some existing knowledge of marketing but would like to develop her skills and knowledge in the following marketing specific, as well as general skills:
- Digital marketing
- Marketing legislation
- Strategic marketing
- Managing a team
- Networking
Develop a mentoring plan for Alice for the upcoming 6 months. As a minimum your plan should include details of the mentoring arrangement, time period, number of meetings during the period and activities to be completed, as well as expectations.
When you have developed the plan, meet with Alice (this will be your assessor) to discuss the plan (provide a printed copy) and to provide a first mentoring session on digital marketing. Focus on one area of digital marketing and discuss at least two activities that Alice could complete to develop her skills. Provide feedback to Alice about what you believe are best practice digital marketing techniques to give Alice a start.
As a guide the meeting will last approximately 30 minutes and you will need to demonstrate effective communication skills including speaking clearly and concisely, responding to questions and active listening.
- Team performance review
Review the following information:
Write to your team about the issue and give feedback to explain why the practice is not allowed under legislation and actions required
You are required to review the case study information about Tourism Australia’s India 2020 Tourism Growth Plan and report on marketing performance.
Answer:
Introduction
Marketing Objectives
Student Name:
Student Id:
Module Name:
Table of Contents
Answers of the given questions. 3
Reference list 7
Answers of the given questions
- Marketing objectives
A company might have four types of marketing objectives- making a profit, increasing market share, promoting its own brand and growing business.
Making profit: This is a marketing objective that regulates the expected income of a company. A business will not survive other than taking proper strategy to make a profit (Milford, et al., 2022). A company can take some actions like reducing manufacturing cost, increasing product value, making goods as per customer demand, maintaining good behaviour with customers and so on.
Increase of market share: A company should focus on increasing its amount of market shares. Market share objective is one of the most important objectives to increase market value. Increasing market share leads a company to be more profitable.
Promoting own brand: Promoting a brand means creating the first image for customers. It helps to come across with more and more customers which will somehow increase the awareness and sale of the product.
Growing business: Growth objectives analysis of how big the company is. It also helps to make plans and strategies for growth. Growth is an important objective that contributes to generating revenue. By focusing on a growth strategy a company can increase its market share, brand awareness all of these lead to more profit.
- Process of the innovation matrix
A Matrix of innovation is a model or visualisation to identify the various types of innovation based on any goal that is necessary for a definite perspective. As an example, understand how innovation can be accelerated; understand where to innovate and the procedure of managing innovation. On the other hand, an innovation matrix is that compares initiatives by innovation.
Use
An innovation matrix can be used in different ways. It helps to find the origin of the innovation, makes understanding the relevance from a strategic side and the governance system that is used behind it. It also increases product value and develops new products. This matrix helps a company to find new innovation strategies. Many variables of this matrix can help a company in many ways to make a decision. Competence and commitment are the two most important variables (Roberts et al., 2019).
- Portfolio Analysis: The Company has an analysis portfolio on the basis of corporate growth. The examination of the mix of production of the making purpose to implement the analysis of the overall process (Li et al., 2019).The sample of the company rates containing paper and the marginalised limits on the lending the values of market growth and contracts are neat and clean views by analysis.
Figure 1: Portfolio analysis
Source: (Li et al., 2019)
- The benefits of branding in relation to the possibly improving marketing strategies of the company. Branding is a more efficient aspect of doing success in a competitive market. The brand is directly reflected in the audience’s views. The help of the brand’s value realised the quick solution of the attraction and growth of loyal customers also (Obayashi et al., 2018).
| Specific | The goal of an individual should be specific |
| Measurable | The entire goals should be maintained in a particular time gap |
| Achievable | If any of the goals is not achievable, then it should be terminated in the first stage. |
| Realistic | All the goals should be realistic |
| Anchored | The person should be strict at his or her point who is the main anchor of these goals. |
- The paragraph of some tension between The long term and short-term marketing objectives: These are going to the tactical-based approach to reach the goals. The long-term marketing strategy is enrolled with the big picture of the accomplishments of marketing. There are branding and content making and stakeholder’s related issues recognition constantly arise. The short-term marketing strategies are going to limit boundaries and temporarily boost the profits of the company. The hybrid approach impacts the long-term business plan to reach the work together to identify the longer response.
- The balanced scorecard approach: This function of the organisation goes to resulting in the extra outcomes of the growth of the managers and the company personnel. The satisfaction of the customers also means the acquisition of a given preference. The balanced scorecards are business improvements of the user identity of the various functions. The long-term measurements of the benefits of that adapted the nonfinancial related information also.
- The concept of the product differentiation strategy: The company distinguished itself by taking the product differentiation strategy to design the quality issues. The strong values go to the competitor’s distinct differences among the company and competitor.
- The two common sources of differentiation within a product differentiation strategy on market essentials differentiation on the products.
The quality differences issues: The product differentiation of identifying the unique quality of products. The audience pays attention to the benefits of the brand and creates the attention. It goes to gain advantages of the market shares through the product differentiation. The price factor is also related to the product performance and reliability and the location of the business service meets.
The functional issues: The referencing of the qualities of the promotion or packaging issues are reflected on the functional issues on the customer’s choice-based.The products on the different firms to relate the transaction unique the authentic aspects (Wang & Kim, 2019). The leader of the association is reviewed to set the insight of the amount. The board strategies of the companies across the larger market are placed apart from the demands of the opportunities. The ability of the price of the products to encourage the unique loyalty benefited with the new services offered.
- The disadvantages of product differentiation strategies of a company go to several market contrast approaches retrieved in which the total number of the customer engaged with emphasis to differentiate the mass market relatives. The various research designs go to the developments. The huge consistency of developing the brand images could lead to reputation falls. The customer affordability of the competition against the undercuts the market in product low-cost options suffers.
Reference list
Li, H., Miller, M., Burke, C., Danthi, N., Charette, M., Gan, W., … & Luo, X. Z. J. (2019). Portfolio Analysis of Research Grants in Data Science Funded by the National Heart, Lung, and Blood Institute. Circulation: Genomic and Precision Medicine, 12(12), e002746. DOI: https://doi.org/10.1161/CIRCGEN.119.002746
Milford, J., Henrion, M., Hunter, C., Newes, E., Hughes, C., & Baldwin, S. F. (2022). Energy sector portfolio analysis with uncertainty. Applied Energy, 306, 117926. DOI: https://doi.org/10.1016/j.apenergy.2021.117926
Obayashi, T., Oto, T., Nagatani, Y., Taguchi, N., Kawaguchi, H., & Ogawa, T. (2018). Dental trainees reflect more critically on negative experiences: portfolio analysis using a pragmatic approach and a rubric in Japan. BMC medical education, 18(1), 1-8. DOI: https://doi.org/10.1186/s12909-018-1405-x
Roberts, M. C., Clyne, M., Kennedy, A. E., Chambers, D. A., & Khoury, M. J. (2019). The current state of funded NIH grants in implementation science in genomic medicine: a portfolio analysis. Genetics in Medicine, 21(5), 1218-1223. DOI: https://dx.doi.org/10.1038%2Fgim.2017.180
Wang, J., & Kim, J. (2019). Applying least squares support vector machines to mean-variance portfolio analysis. Mathematical Problems in Engineering, 2019. DOI: https://doi.org/10.1155/2019/4189683
