Define the term return on investment

Assignment Help Marketing Management

Reference no: EM132988534

BSBMKG608 Develop Organisational Marketing

Task 1: Questions

1. Discuss the purpose of setting marketing objectives (50 - 100 words).

2. Discuss each component of the acronym SMART in relation to marketing objectives (50 -
100 words).

3. Discuss the Ansoff matrix and its application to developing marketing objectives (50 - 100 words).

4. Explain the difference between a marketing strategy and marketing objectives (50 - 100 words).

5. Explain Porter's model of competitive advantage and its relationship to marketing strategy
and setting objectives (50 - 100 words).

6. Explain differences between the marketing strategies of market penetration, market development, product development and diversification (50 - 100 words).

7. Explain the balanced scorecard approach and its usefulness in assessing organisational performance (50 - 100 words).

8. Define the term return on investment and outline how it is calculated (50 - 100 words).

9. Describe four statistical methods and/or forecasting techniques that can be used to evaluate marketing opportunities (150 - 200 words).

10. Briefly describe one method for forecasting market growth rate (50 - 100 words).

11. Explain the purpose of a SWOT analysis and a PEST analysis and the differences between each (50 - 100 words).

12. As a Senior Marketing Manager responsible for a team of staff, outline the anti- discrimination legislation you would need to adhere to. Provide one example of how you would implement legislation in daily practice (50 - 100 words).

13. Outline key legislation and regulations that apply to the marketing industry in Australia. Provide at least three examples (100 - 150 words).

14. Briefly describe the importance for marketers to abide by the provisions of the Australian Marketing Institute Code of Professional Conduct (50 - 100 words).

15. Describe one aspect of this Code that is important in relation to identifying marketing opportunities (50 - 100 words).

Assessment Task 2

Carefully read the case study below and answer the activities that follow:

Case Study

Boutique Build Australia was established in 2014 and is a boutique building company based in Sydney that specialises in the design and build of high-quality designer homes for the Sydney metropolitan and surrounding areas.

The company has been operational for three years and employs a number of staff including CEO, Operations Manager, Marketing Manager, Administration Officer, Site Manager and two sales consultants.

The company has recently developed a Strategic Plan as part of a new focused approach to the business. There is a strong emphasis on green building services. The Strategic Plan will also be used to formulate a marketing plan, as to date, limited investment and staff time have been put into marketing. As the importance of the marketing function has recently been recognised, the role of Marketing Manager (your role) has only recently been established. The CEO has also indicated it may be possible to recruit a new marketing officer to assist with marketing functions.

To date, most business is generated through word of mouth. The company has a website, which has also generated some business. Note at the beginning of the key a SEO expert was employed with the objective of increasing web traffic by 20%. The most recent data about customers visiting the website during the preceding six months is as follows:

Jan

Feb

March

April

May

June

Number of website visits

Number of email enquiries from customers about

products

The company has also placed a number of advertisements in local community newspapers. The CEO has indicated that during the time that the advertisement was placed (three times over three consecutive weeks), there were a number of enquiries about the company's products and services but not leads. The CEO is unsure that this is the right medium for the company's target group who are high income earners, seeking homes that are stylish, innovative and of high quality.

Currently about 1% of total revenue is spent on marketing. The company's total revenue for the financial year 2014 - 2015 was $2,000,000 and gross profit was $400,000. Marketing costs to date comprise of ongoing website maintenance and the newspaper advertisements referred to. The CEO recognises that he is committed to spending more on marketing and has indicated that the percentage could rise up to 3% depending on your recommendations. Note, research shows that competitors are spending at least 5% of their budget on marketing.
Regarding awareness of the company, recent market research conducted showed the following:
• 4 out of 30 customers interviewed recognised the Boutique Building Australia name.

Complete all of the activities (2500 - 3000 words):

1. Conduct a strategic analysis and identify marketing objectives.

• Review the case study information and Boutique Build's Strategic Plan so that you can conduct a strategic analysis and a review of marketing performance. Use this analysis to identify marketing opportunities and develop marketing objectives for the company.
You will need to complete all of the tasks below and develop a report using the template (Strategic Analysis Template) given in the Moodle.
Later you will present your report to the management team for discussion.

• Your report must address:

- An overview of the company's mission, vision and values, key products and services as
well as strategic objectives and operational priorities as set out in the Strategic Plan.

- An assessment of the company's current situation and the range of factors impacting on the company's directions and targets. Use the information included in the SWOT analysis and market conditions to inform your assessment. Ensure your analysis includes an outline of key market opportunities and strengths and weakness of current products and services.

- An assessment of the company's legal and ethical requirements in relation to marketing.

- An assessment of the company's marketing performance, including current marketing activities and positioning and effectiveness in relation to previous marketing objectives. You will also need to calculate the marketing return on investment for the figures provided. You may use examples of marketing plans and strategies and market analysis contained within these plans to assist you in in developing your performance review. A range of plans that can be used as examples are included at www.mplans.com

- Investigation of at least three potential marketing opportunities for the company based on your strategic analysis and marketing performance review including an outline of each opportunity that discusses:
• Alignment with the company's objectives and goals and the objectives and goals described in the Marketing Plan

• Overall benefits to the business of pursuing the opportunity

• Anticipated effect of the marketing opportunity on sales, profitability, growth and market share.

• Estimated effect on return on investment. This should be an approximate estimate taking into account how much the likely cost of the opportunity would be against anticipated return.

• How market conditions impact on the marketing opportunity

• How any external factors such as technological or legal factors may affect the marketing opportunity?

• Risks associated with the marketing opportunity.

- Identification of at least two suitable marketing objectives based on your strategic analysis, marketing performance review and identification of marketing opportunities.
The objectives you recommend must be SMART objectives and you must explain how the objectives you recommend are achievable and realistic for the company in terms of marketing budget and staff resources. In recommending each of the marketing objectives, you should also explain how they link to the organisation's strategic vision and values, how they meet legal and ethical requirements as well as the company's strategic objectives.

- Identification of suitable performance indicators that can be used to measure each of the marketing objectives you have identified.

• Submit your completed report to the management team (your assessor) with a covering memo or email that includes a summary of the purpose of the report and inviting the management team to a meeting to discuss the proposed marketing objectives.

2. Conduct meeting
• Present your report to the management team to seek input and agreement on the proposed marketing objectives. Ensure you take printed copies of your report to the meeting for all of the participants.
• At the meeting, you are required to:

» Provide an introduction to the meeting, clearly stating the purpose of the meeting.
» Provide a very brief overview of the mission, vision, purpose and value of the company
» Explain the key points from the briefing paper, including your strategic analysis and review of marketing performance, the proposed marketing opportunities and marketing objectives.
» Seek input and approval for the proposed marketing objectives and the performance indicators.

• The management team (your assessor) will provide you with feedback, which you must use to update your marketing objectives. Submit your updated marketing objectives to the management team (your assessor).

3. Develop a risk management plan
• Develop a marketing risk management plan using the template given in the Moodle.
• The purpose of the risk management strategy is to identify and document risks for the marketing opportunities that you have identified, as well as the risk control measures. Each section of the template must be completed.

Attachment:- Develop Organisational Marketing.rar

Reference no: EM132988534

Questions Cloud

Why are certain costs referred to as product costs : Explain how a contribution margin (variable costing, behavioral income statement) differs from an income statement prepared in accordance with US GAAP.

What is ratchets rotator rate of return : During the year it generated Php 4,000 in cash flow. If Ruzty sells it, he could receive Php 6,100 for it. What is ratchets rotator's rate of return?

What do mean by the term volume-based cost driver : What do we mean by the term volume-based cost driver? What problems can arise with this approach to product costing in a modern manufacturing environment?

Compute direct material used for davenport company : Compute applied overhead if the company applies overhead at a rate of 0.84 (84%) of direct labor cost. Compute direct material used.

Define the term return on investment : Explain differences between the marketing strategies of market penetration, market development, product development and diversification

What are the ethics and social responsibility issues : What are the ethics and social responsibility issues related to Amazons marketing strategies?

Address specific social and cultural issues : How did your agency change the services provided to the client to enhance the outcomes and better address their specific social and cultural issues

How organizations are using database applications : Discuss and provide an example of how organizations are using database applications to obtain a competitive advantage.

What is a benefit of power pivot versus standard pivot table : What is a benefit of Power Pivot versus standard Pivot Tables? What is a feature of Power Pivot?

User Account

All Pages