Develop marketing strategies
Marketing strategies are plans that organizations use to reach their target customers and achieve their marketing objectives. Some common marketing strategies include:
Product/service differentiation: This involves creating a unique product or service that sets the organization apart from its competitors.
Price differentiation: This involves offering a product or service at a different price point than competitors, either higher or lower.
Customer segmentation: This involves dividing a market into smaller groups based on common characteristics, such as age, income, or location, and then developing targeted marketing campaigns for each segment.
Personal selling: This involves direct communication with potential customers, either in person or over the phone, to sell a product or service.
Advertising: This involves using various media, such as television, radio, print, or online, to reach a large audience and promote a product or service.
Public relations: This involves building and maintaining relationships with the media and other stakeholders to enhance the organization’s reputation and promote its products or services.
Sales promotion: This involves using tactics such as discounts, coupons, or contests to stimulate interest in a product or service and encourage purchase.
Social media marketing: This involves using social media platforms, such as Facebook, Twitter, and Instagram, to promote a product or service and engage with customers.
Marketing strategies can be effective at attracting and retaining customers, and at building brand awareness and loyalty. It is important for organizations to choose the marketing strategies that are most appropriate for their target audience and business goals.
Student’s name Assessor’s name Assessment site
The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details.
In this assessment task, you are required to review and evaluate marketing opportunities for an organization and develop marketing activities that reflect the strategic directions of the organization.
For the organization outlined in the case study provided, identify two marketing opportunities and evaluate each opportunity for risks, strengths, weaknesses, and alignment with organizational objectives. After you have reviewed the opportunities, select the best fitting opportunity for the organization and develop marketing strategies, approaches and activities to take advantage of the opportunity.
You are required to submit a report that addresses all of the elements listed in the procedure. The report should be structured using the headings below.
Organizational overview 1. Develop an organizational overview that: a. outlines the strategic direction and organizational objectives b. outlines the current size, capabilities, and resources of the organization, including any notable strengths and weaknesses
Assessment Task l BSBMKG609A Develop a marketing plan
c. identifies any gaps between the objectives, and the current capabilities and resources.
Opportunities 1. Identify two marketing opportunities that meet the objectives and evaluate the risks and benefits of each opportunity. 2. Recommend the opportunity that best addresses organisational objectives and: a. develop a marketing mix strategy that fits within the capabilities and resources of the organisation b. describe how your strategies align with the strategic direction of the organisation, and give justifications for your selection c. detail a marketing performance review strategy using an appropriate tool (competitive analysis, life cycle model, value chain analysis, etc.) to review the performance of the organisation against marketing objectives d. include the metrics to be used in measuring marketing performance.
Tactics 1. Detail the tactics necessary to implement the strategy you have outlined, including: a. scheduling of activities to enact the strategy b. costing c. accountabilities and responsibilities d. a plan for coordinating and monitoring scheduled activities including KPIs. 2. Outline any legal and ethical requirements that impact on the selected tactics. 3. Describe how the tactics fit within identified organisational resources and capabilities.
This assessment can be completed in your own time, as you work through the related topics in either the Student Workbook, or under the guidance or their assessor.
The assessment is due for completion at the completion of Section 2 of the Student Workbook unless another submission time/method is suggested by your assessor. Check with your assessor whether it is appropriate to use a computer for the submission of the report (electronic), or if the assessor requires a hardcopy (printed) version. You must provide:
• a report containing documents that support all of the instructions outlined in t he procedure above.
Your assessor will be looking for whether you have: • identified a suitable marketing opportunity • conducted research to assess and analyse the market
• prepared a report outlining your marketing strategies to best take advantage of the identified market opportunities • organised your report under the headings suggested in the procedure.
Case study Houzit is a chain of homewares stores in Brisbane that specialise in bathroom fittings, bedroom fittings, mirrors and decorative items. They currently have 15 stores spread across the greater Brisbane area, with all stores being managed and coordinated from their head office in Milton. You have recently been appointed as the marketing manager and must now review the organisation and devise marketing strategies that will move Houzit towards its strategic goals. The CEO has also asked you to consider some marketing opportunities that may assist Houzit in reaching its goals, and provide him with brief summary evaluating two alternatives, including the benefits and risks associated with each option, and making a recommendation for the opportunity most likely to produce results.
You have gleaned the following information about Houzit: • Houzit is close to entering its fifth year of operation; offering a wide range of home-ware items on easy-to-manage payment terms and supplies a three year guarantee on every item sold. • The typical target customers have the following characteristics: c sophisticated people who are houseproud shoppers who will drive to an easy-to-access store 0 customers who require payment plans to spread their commitment over an extended period
c) renovators and new home builders 20-50 year olds. • Houzit recognises the following trends and focuses its efforts on them. o Quality – Preference for highquality items is increasing as customers are learning to appreciate differences in quality. Unique items – Customers wanthomewares that stand out from mass-produced, low quality items. 0 Selection – People are demanding a larger selection of choices, they are no longer accepting a limited selection ofhomewares. • The typical Houzit store has the following characteristics: Location – A commercial, suburban neighbourhood, or urban retail district. 0 Design – Bright and functional. 0 Size – 1,000-1,500 m2. Employees- 15-20 full time, plus several casuals Types of transactions- 60% cash, 40% on long-term repayment