Bsbmkg603 Marketing Process : Economic Assessment Answers

In this task, you will need to establish strategies for coaching and mentoring staff, providing feedback and when necessary, instigating corrective actions to ensure that marketing objectives are being met. Legislation requirements will also need to be addressed.

 

You will need to analyse and measure progress of the plan against established KPIS, review targets for the next phase of the marketing plan and prepare marketing performance report. 

Introduction:

In 2012, Australia experienced more than two decade of economic growth, with 3.5% growth every year, making Australia the 19^th largest importer and exporter in the world and 12^th largest economy. Growth of the home and house ware industry improved after the advent of different reality television shows that have significantly increased the revenues. Additionally, more consumers are sourcing their products directly from the manufacturers to cut expenses (Housewares.org 2013).

Three Proposed Marketing Activities:

The proposed marketing activities that can be suggested that can provide a competitive edge in the industry and also ensure improvement of revenues and market share can include:

1. Internet Marketing:

Internet or online marketing utilizes website, emails for the advertisements of the products, and drive sales through e-commerce. Social media platforms can be used to give leverage to the products and brands presence. This will also ensure a direct communication of the manufacturers with the consumers, a factor already in favor with the consumers (Chaffey & Ellis-Chadwick, 2016; Mathews et al., 2016).

2. Earned Media/PR:

This strategy will utilize the ‘free media’ platform for marketing campaigns. Free media coverage can be achieved through the recognition of the organization’s efforts in the form of testimonials, reviews, word of mouth, or mentions in the television and radio programs. Darr (2016) pointed out how effective campaigns can help to earn media coverage.

3. Paid Media Advertising:

Paid advertising through pay-per-click to improve website traffic, and can be a popular method for online campaigns. In addition Search Engine Optimization can also increase the rate at which the organizations page shows up while searching for keywords. Additionally, mainstream media still has preference from consumers, and hence can be effective way to reach them (Richter, 2014)

Integration of the proposed activities

All the above strategies are aimed to improve the website traffic, build trust on the web page and encourage customers to purchase the products online. Enabling this would remove the necessity of local suppliers, and significantly shorten the supply chain and cost of the product. This will further allow a reduction in the price of the products and increase investment in the online marketing as well as invest in search engine optimization. Promotional discounts for online shopping can also be utilized to attract more customers.

Monitor Progress of the proposed activities

Effectiveness of the chosen campaign strategies can be monitored by analyzing the turnover report on the long run. On a shorter scale, aspects like number of hits on the company’s website can be used to check if the campaigning activities are reaching to the desired consumer circle. The market share of the company would also act as a key indicator of the campaign’s success. Additionally, Return for Market Investment will also provide an understanding of the efficacy of the marketing campaign (Kotler, 2015; Lerner & Baker, 2017).

Adjustment distribution and pricing of the products:

Focusing on internet and online marketing strategy, the distribution of the products will significantly change, as the goods can be directly sent to the consumer’s house from the company’s warehouse. The logistics will only involve direct distribution, while eliminating local suppliers and their profit margin and handling costs. This reduction in product cost can be used to reduce the selling price and improve quality of the products, thus gaining a competitive advantage.

KPI (Return of Market Investment and Market Share)

Return of Market Investment KPI (ROI) can be calculated as the difference between Sales Growth and Marketing Cost, over Marketing Investment (hbr.org, 2018).

ROI= (Sales Growth – Marketing Cost)  / Marketing Investment

This value is the measure of the revenue generated by a marketing campaign, compared to the expense of running the campaign. The KPI score shows if the expense for the campaign is justified by the profits made from it.

Delegation of role and staffing proposal:

The marketing campaign will involve three different activities, and will encompass different functions to be undertaken by different personnel. Public Relations staff can be involved in the social media and internet marketing activities, ensuring that the product and brand presence is highlighted to the general public. Furthermore, the public relations will also strive to ensure the organization is within the radar of the free media, and is covered in terms of reviews and testimonials which are accessible publicly.

Conclusion:

Considering the inclination of the market in Australia that favors internet marketing and e commerce, it is vital for an organization to step up to this challenge to be able to evolve to the current market needs, and to survive and overcome competition. A vision for growth in market share and revenues therefore should address these market requirements and strategies the most cost effective and efficient way to promote the products directly to the consumers.

References:

Chaffey, D., & Ellis-Chadwick, F. (2016). Digital marketing. Prentice Hall.

Darr, J. P. (2016). Presence to Press: How Campaigns EarnLocal Media. Political Communication, 33(3), 503-522.

hbr.org. (2018). A Refresher on Marketing ROI. Harvard Business Review. Retrieved 6 February 2018, from https://hbr.org/2017/07/a-refresher-on-marketing-roi

Housewares.org. (2013). Australian Home & Housewares Market Overview. Housewares.org. Retrieved 6 February 2018, from https://www.housewares.org/pdf/hec_reports/AustralianMarketOverview2013.pdf

Kotler, P. (2015). Framework for marketing management. Pearson Education India.

Lerner, J., & Baker, M. (2017). An Empirical Analysis of Investment Return Dispersion in Emerging Market Private Equity. The Journal of Private Equity, 20(4), 15-24.

Mathews, S., Bianchi, C., Perks, K. J., Healy, M., & Wickramasekera, R. (2016). Internet marketing capabilities and international market growth. International Business Review, 25(4), 820-830.

Richter, F. (2014). Consumers Still Trust Traditional Media Advertising Over Online Ads. Retrieved January, 12, 2014.