Bsbmkg609 The Modern Business Market Assessment Answers

Answer:

The modern business market is getting significantly competitive and the survival of many companies is getting tougher each day. Under such circumstances, the organizations are depending on their marketing plan in order to gain the competitive edge in the market. The companies are strategizing their business conduction in such a manner that they be able to get the much needed breathing space for their organizations.

On top of this, the organizations are observed to promote their business with a much improved effort in order to make sure that the targeted customer base get the knowledge of the products or the services that the organization is offering (Bressler, Campbell and Elliott 2014). The paper shows one such marketing plan of a chosen organization Cocoa delights. The organization is a significantly growing gourmet chocolate manufacturer in the industry and has the precise focus on the creativity and innovation in manufacturing the chocolates.

The paper provides a brief discussion on the marketing opportunity options for the organization along with the specifications regarding the marketing strategies which are in aligned with the strengths and opportunities of the organization and the identification of the resources for those strategies. Apart from this, the paper provides a brief discussion on the legal and ethical marketing tactics of the organization along with the calculation of the cost, responsibilities and accountabilities for those tactics. In addition to this, the paper describes the strategic uses of the marketing mix and the various approaches along with the rationale for the chosen strategies and tactics.

Marketing Strategies:

Native sense: 

From market researches and the financial statements of the Australian gourmet chocolate industry, the organization is observed to face significant amount of competition from the organizations like Green & Black’s and Lindt. Lindt is known to be the market leader of the Australian gourmet chocolate industry and has 30% of market share of the entire market (Lindtusa.com. 2018). Apart from this, the resources of both Lindt and Green & Black’s is observed to be much higher compared to the chosen organization (Greenandblacks.com. 2018). Under such situation, the organization is in need to communicate the native sense among the customers as both the competitor organizations are not from Australia. Hence the strategy will be to influence the people of the nation in the name of the country and show that the organization considers for the people of the nation.

Quality Improvement:

The organization is observed to have significantly well-built supply chain. It is seen that the refining process for the organization is getting strong as well. Apart from this, well quality supply of the sugar, fruit and nuts have the potential to make the organization able to provide the best quality products for the customers (Zhang, Chiang and Liang 2014).

Apart from this, the organization’s prime motto from the initial stages was the urge of them in focusing on the innovation and the creativity. This was a significant step from their part to attract the customers and their willpower to try things which are unconventional, had then potential to make it even bigger. In addition to this, the organization was having quality professional who have the capability to produce high quality products and along with that, the organization’s increased product chain was significantly in alignment with their focus of creating the customer loyalty.

The resources for this, will be the talented workforce that the organization is having along with the marketing team of the organization.

Marketing Opportunities Options:

The marketing opportunities for the organization will be the organic, dairy free products with low G.I. compared to the other organizations. In addition to this, the generation of the native sense among the customers was significant for the organization as well as that had the potential to influence the customers purchasing compared to the market competitors. One of the major issues for the customers of gourmet chocolate in Australia was the pricing of it. Many of the business critics of the concerned industry are observed to comment that the various company’s policy of making the price high in order to provide the quality products was the main reason for the incapability of buying the chocolates for the customers of the low and mid economic level.

The chosen organization was significant in this case as the pricing policy of them are observed to be significantly competitive and was the lowest among the mentioned competitors (Bressler, Campbell and Elliott 2014). Along with this, the organization’s motive of sustainable practices was significant for the community and was instrumental in developing the region. A precise and effective communication regarding the strategies, has the potential to earn the much needed competitive edge to the organization (Luxton, Reid and Mavondo 2015).

The described general marketing tactics for the organization regarding the quality improvement, the communication for the generation of the native sense of the customers, the competitive pricing policy along with the organizations’ urge for the improvement of the sustainable practices were observed to be ethical and following the key principles of the national and international regulatory frameworks.

The mentioned aspects are majorly internal and are achievable for the organization with the effective formation of the strategy regarding the reduction of the operating cost and the improvement in the organization’s sourcing of the materials. However the marketing communication regarding the generation of the native sense among the customers of the organization was observed to an external factor for the organization which can easily be conducted by the marketing team of the chosen organization (Parente and Strausbaugh-Hutchinson 2014).

Costs and Responsibilities:

The costs for the tactics will not be significant as majority of the marketing tactics are internal. However, the marketing communication will require some additional efforts which will be the main reason for the cost that the organization will have to take care of. The improvement of the quality of the products for the organization will be dependent on the quality monitoring team of the organization and along with that the organization’s pricing policy will be significantly dependent on the management of the organization.

Strategic Usage of the Marketing Mix:

As mentioned earlier, the organization had a significantly competitive pricing policy with the aim of enabling the customers of the lower and mid economic level backgrounds to have the chance of buying the products of the chosen organization. The organization is observed to have a pricing policy in which the product cost is 40 percent of the retail price (Cocoadelight.com. 2018). Hence it was profitable for the organization and reasonable for the customers at the same time. Along with this, the chosen organization is observed to have significant number of retail stores which has the potential to make the distribution easier for the organization and at the same time, it was easier for the customers as well to get their products.

One of the major aspects of the business that the organization lacked in a significant manner was the brand awareness among the existing and the probable customers.  The strategy for this is to target the advertising on the TV, internet and the radio (Hajli 2015). Apart from this, the press media will be significant in the formation of the promotional events for the organization. In addition to this, the major focus of the organization was on the customers’ preferences and the level of satisfaction of them.

The organization was well aware of the fact that the customers have a significantly strong bargaining power with the competitor organizations like Lindt and Green & Black’s and that was the main reason behind organization’s try to provide the maximum satisfaction to the customers. This proved to be a significant step for the organization as it has the potential to create the customer loyalty among the customers and will be instrumental in holding the customers to the organization for a longer period of time. This had a notable impact on the organization as a whole as it had the potential to increase the repetitive purchases of the customers and was significantly profitable for the organization.

Rationale:

The main reason for the plan and the strategy is to make the company one of the market leaders of the Australian gourmet chocolate industry. In achieving the required status, the organization was observed to face the difficulty against the competitor organizations which are much superior compared to the chosen organization. Hence it was significantly difficult for the organization to achieve the desired position in the market.

This was the reason behind the introduction of the organization’s marketing plan where it had the possibility to overcome the competitor organizations in terms of the market share and the sales of the products. The strategies for the same was observed to be the competitive pricing, the improvement in the quality of the products, the marketing communication along with the sustainable practices from the part of the organization.

Conclusion:

On a concluding note, it can be said that the chosen organization was observed to face significant amount of market competition from the part of the competitors which was causing notable barriers in the proper and desired growth of the organization. This was the main base behind the organization’s market plan which has the potential to counter the loop holes of the business conduction of the competitor organizations. The perfect execution of the strategies in the mentioned aspects has the potential to drive the organization to the desired growth.                

References:

Cocoadelight.com. 2018. Home - Cocoa Delight. [online] Available at: https://cocoadelight.com/

Zhang, J., Chiang, W.Y.K. and Liang, L., 2014. Strategic pricing with reference effects in a competitive supply chain. Omega, 44, pp.126-135.

Lindtusa.com. 2018. Gourmet Chocolate for Every Indulgent Occasion | LindtUSA. [online] Available at: https://www.lindtusa.com/

Greenandblacks.com. 2018. GREEN & BLACK'S | Gourmet Chocolate, Ethically Sourced. [online] Available at: https://us.greenandblacks.com/

Bressler, M.S., Campbell, K. and Elliott, B., 2014. A study of Native American small business ownership: opportunities for entrepreneurs. Research in Business and Economics Journal, 10, p.1.

Luxton, S., Reid, M. and Mavondo, F., 2015. Integrated marketing communication capability and brand performance. Journal of Advertising, 44(1), pp.37-46.

Parente, D. and Strausbaugh-Hutchinson, K., 2014. Advertising campaign strategy: A guide to marketing communication plans. Cengage Learning.