Reference no: EM132297949

Task 1- Develop a Marketing Proposal

This assessment task requires the production of a detailed marketing proposal for three (3) financial services to be integrated into a business you work for, have access to or for a simulated business, as negotiated with your Assessor.

As part of the proposal, complete the attached Marketing Review and Opportunity Identification form attached.

Your proposal should consider the legislative and regulatory guidelines and compliance applicable to marketing and ensuring that the business will remain compliant in this regard. Make sure that in selection of the three services you identify trends and opportunities within relevant sectors of the financial services industry. Tie your proposal to the current business needs and the client base.

Present a full report as your proposal that is typewritten and researched using a range of sources, including online research.

Marketing Review and Opportunity Identification

Step 1.
Setting objectives
Think about and discuss the following
Why are we in business now?
Where does our business stand now?
(What makes us different from our competitors?)
Where do we want to go with our business in the immediate future?
(Do we want to grow, consolidate, expand, penetrate the market, specialise?)
What is our ultimate business goal?

Step 2.
What is your operating philosophy?
What are the principles we wish to uphold in our business?
What are the key values we wish to impart to our staff and our clients?
(Eg. innovative, pro-active, strategic thinker, ethical, integrity, credibility, technically competent)

Step 3.
Identifying opportunities for your firm
List the types of business with which your existing clients are related. (For example, are they manufacturing, small business, engineering, agriculture, etc?)
Do you have more clients in one industry grouping than another? Is this an accident or on purpose?

Look at the area you work in and examine the industry groups individually. Take into account economic conditions, range of expertise (internally and externally), potential value of each industry grouping, and answer the following;
Is this industry expanding/contracting?
Is this an industry in which we have special expertise?
Are there benefits to widening our exposure to this industry?

Step 4a.
Who are your clients?
The client is the paramount reason for your professional existence. Does your firm give clients good customer service? Does it give something extra? Does it add value to their business?
What is our market size?
What size are the clients we wish to attract? Small/medium/corporate?
What industry? Type of structure?
What services can we provide these clients?
What are our clients asking for?
Have we lost any clients?
Why did we lose them?
(Client surveys may help in ascertaining, client satisfaction)

Step 4b.
Analysis of your top 3 clients
 Who are they?
 What services do we provide these clients?
 How can we offer better service in the future?

Step 5.
External factors that impact your firm Complete the attached table
External Influencers Who are they? What is their role, relationship and/or influence with your firm? What services or interactions do the y provide to us or we provide to them? What are their expectations of our firms activities and performance? What can our firm do to meet their expectations/ needs?

Step 6.
Differentiating yourself
Differentiating can be achieved through a number of areas including specialisation, technology, skills, or service. Complete the attached table
What are our specialisations? (Include all areas of professional expertise, academic and otherwise)

What are our technologies? (Include all systems or processes you use for carrying out your core business and capability for using those technologies.)
What are our skills? (Include the collective abilities, experiences, wisdom and knowledge that your staff have and use in carrying out your core business)
What services do we provide?
(Include any customer service systems that are employed to maintain good customer relationships)

Step 7.
Identify your firm's internal strengths and weaknesses, and external opportunities and threats.
This will help you to focus on your strengths, minimise weaknesses, and take the greatest possible advantage of opportunities available

Strengths
• What are your advantages?
• What do you do well?
• What do other people see as your strengths?

Weaknesses
• What could you improve?
• What do you not do well?
• What should you avoid?

Opportunities
• Where are the good opportunities facing you?
• What are the interesting trends you are aware of?

Threats
• What obstacles do you face?
• What is your competition doing?
• Is changing technology threatening your position?

Step 8.
Defining the Market
Assess your firm's current position based on this formula Target
(e.g. Local community, residents, small business and corporate)
Product
(e.g. Existing accountancy
expertise)
Area
(e.g. Mix of business and residential)
Promotion
(e.g. Advertising locally
and word of mouth )

Price
(E.g. Reasonable so as to
attract regular clientele.
Not too low to discourage those with money to spend, but high enough to yield good profit.)

Step 9.
Analysing your own firm
Answer the following questions about your business
How much have we invested in the marketplace in the past 3 years?

What is the annual rate of return on our investment?

Are our current fees adequate and do they relate to market expectations?
Is there a requirement to develop new service
initiatives?
What skills do we currently have, and is there a need for more?
Are current resources adequate?
What do they currently cost, and are they likely to increase?

Task 2 - Financial Services Industry Market Forces and Trends

Please Include in your Report -

Intro

Identify trends/products or services that are emerging

Discuss the impact of those trends /products or services on industry

How would you identify marketing opportunities for the trends/products/services

Is there a need for the trend / product and at what stage of the lifecycle will your trend / product enter, shape or influence your industry

Is trend/product that your introducing innovative? And how will it contribute / help the business / industry

Analyse the product. How does it fit in with the organisational goals and determine impact on business and customers

How will trend / product effect external factors on marketing opportunities

Conclusion

Attachment:- Develop a Marketing Proposal.rar