BSBMKG609 Develop a Marketing Plan Assessment Task 1
BSBMKG609 Develop a Marketing Plan
Briefly discuss the organization and the purpose of the report.
The purpose of the report
To identify marketing opportunities and evaluate each opportunity for risks, strengths, weaknesses and alignment with organisational objectives. Reviewed the opportunities, select the best fitting opportunity for the organisation and develop marketing strategies, approaches and activities to take advantage of the opportunity.
History of Houzit
Houzit is a 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
- Organisational Overview
- Discuss the Strategic Direction and Organisational Objectivesof Houzit
Houzit has plan to be a national retail brand, catering to the needs of home makers with a range of unique, high quality homewares made accessible to all through our easy to manage payment plan. By 2020, Houzit will have a significant retail presence in homewares in every Australian capital city, starting with 15 stores in the greater Brisbane area and growing to 100 Australia wide. And Houzit still willing to increase sales from $15million per year to $20million per year in the next three years, increase our loyalty customers list from 10,000 to 15,000 and stablish brand recognition in Brisbane so that at least 1 in 3 people recognise our brand in a random survey taken in 18 months time.
- Discuss Current size, Capabilities and Resources of the Organisation, including any notable strengths and weaknesses
- 50 years of operation so the company offering a wide range of home-ware items
- The typical Houzit store has size – 1,000–1,500 m2.
- The company can manage payment terms and supplies a three year guarantee on every item sold.
Resources of the Organisation
The typical Houzit store has employees 15–20 full time, plus several casuals
Strengths and weaknesses
- Excellent staff who are highly skilled and knowledgeable about homewares.
- Great retail space that is bright, functional and efficient for a commercial urban district.
- High customer loyalty among repeat customers.
- Assortment of offerings that exceed competitors’ offerings in quality, range and accessibility.
- A limited marketing budget to develop brand awareness due to the lack of critical mass and store cover.
- The struggle to continually fund the growing long-term repayment plans taken out by our customers.
- Discuss the Gaps between the objectives and the current capabilities and resources
- Identify two marketing opportunities (choose from Joint Venture, Franchising, Strategic Alliances, Merger or Acquisition) which meet the objectives and evaluate the risks and benefits of each opportunity.
Joint Venture : A joint venture is a strategic alliance where two or more parties, usually businesses, form a partnership to share markets, intellectual property, assets, knowledge, and, of course, profits. A joint venture differs from a merger in the sense that there is no transfer of ownership in the deal.
This partnership can happen between goliaths in an industry. It can also occur between two small businesses that believe partnering will help them successfully fight their bigger competitors.
Companies with identical products and services can also join forces to penetrate markets they wouldn't or couldn't consider without investing tremendous resources. Furthermore, due to local regulations, some markets can only be penetrated via joint venturing with a local business.
Because strategic alliances are built on trust and convergent goals, one of the main risks you can face may occur if the partners are from different cultures. They may not trust operating a certain "way" or have divergent goals. Even with similar strategic goals, two partners who lack trust in each other may lack the willingness to reciprocate.
Franchising : Franchising is a business relationship in which the franchisor (the owner of the business providing the product or service) assigns to independent people (the franchisees) the right to market and distribute the franchisor's goods or service, and to use the business name for a fixed period of time. The International Franchise Association defines franchising as a "continuing relationship in which the franchisor provides a licensed privilege to do business, plus assistance in organising training, merchandising and management in return for a consideration from the franchisee".It is also a Win-Win relationship where the franchisor is able to expand its market presence without eroding its own capital, and the franchisee gains through access to established business systems, at lower risk, for their own commercial advantage.
- Not a fix for a failing business – franchising is not a solution to provide injections of capital from other people when a business is in difficulty. You should only go down the franchise route if you already have a successful business up and running.
- Costs – franchising your business will involve significant financial investment at the outset in order to get a successful franchise model in place for future growth of the business including investment in preparing legal documents, operations manuals, marketing materials and recruitment.
- Time – franchising will take a lot of time investment especially when initially setting up the franchise model. You will also have to take the time to ensure you attract the right franchisees and control what they do.
- Training and support – you will have to develop and deliver a suite of training and support for your franchisees to successfully sell your brand. Businesses need to have systems and procedures in place that can be copied by most people to run a successful business.
- Recommend the opportunity that best addresses organisational objectives
The company need a joint venture that can help your business grow faster, increase productivity and generate greater profits. The company need to
- access to new markets and distribution networks
- increased capacity
- sharing of risks and costs with a partner
- access to greater resources, including specialised staff, technology and finance
Joint ventures often enable growth without having to borrow funds or look for outside investors. You may be able to use your joint venture partner's customer database to market your product, or offer your partner's services and products to your existing customers. Joint venture partners also benefit from being able to join forces in purchasing, research and development.
- Develop a marketing mix strategy that fits within the capabilities and resources of the organisation
Discuss the strategy you will use on for Houzit.
Price - Medium to high
Place - The choice of distribution method will depend on a variety of circumstances. It will be more convenient for some manufacturers to sell to wholesalers who then sell to retailers, while others will prefer to sell directly to retailers or customers.
Product- The product has to have the right features - for example, it must look good and work well.
Promotion – advertisement and voucher , sales promotion which will attract the customer know their product and get new customer.
- Describe how your strategies align with the strategic direction of the organisation, and give justifications for your selection
Sales strategy is to make ourselves known through mailings, print advertising, and personal contact to architects and contractors who are primarily involved with the design/construction of commercial development and luxury homes. Having a showroom will be a sales tool in itself. A showroom will give us exposure to the general public, new arrivals to the area, and construction professionals
Houzit furniture is moving toward internal marketing control by establishing programs such as an in-house catalog publishing and distribution department, detailed customer service vehicles that will allow us to track the success of our marketing and sales, and further integration with established quality catalog vendors, such as Shaper Image.
Our target markets present great opportunities for company growth, as our niche is not at all saturated at this point. We will dominate the high-end office furniture market by stressing the quality in workmanship and materials of our product lines, keeping up with and integrating technological advances in the personal computing environment, and by increasing our market research and customer service in order to constantly satisfy our markets' needs.
The home ware furniture purchaser, small business owner, and corporate executive will greatly benefit from our quality products in terms of , comfort, and appreciation of the office environment. The key to reaching this market is to make them aware that our products are available. We do not need to convince them of anything but the assurance of quality in manufacturing and ergonomic design.
- 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.
Discuss the marketing performance review strategies above on how they evaluate the performance against marketing objectives
Ikea is very big company and has so many type of furniture. It was one of the first, certainly the first we are aware of, to develop furniture and market through advertising in magazines and television. Today they are about twice our size. They have a very nicely done catalog and good relationships with two distributors.
Strengths: good marketing, strong advertising budget, relationships with distributors, strong direct sales.
Weaknesses: the product is more standardized, and of lesser quality, with less sense of design and materials and workmanship
Life cycle model
Furniture companies complied with these environmental standards through the development and marketing of less harmful products. As an instrument to gain competitive advantage, the furniture industry has adopted environmental product performance beyond mere environmental compliance. As a result today's environmental performance not only refers to the final product but the entire value chain along which a product is developed, manufactured, delivered, used, and retired.
Value chain analysis
Value chain analysis (VCA) has emerged since the 1990s as a novel approach for understanding how power, benefits and costs are embodied and distributed to various actors. The furniture industry demonstrates a long chain of production to consumption, from raw material producers (tree growers), semi-finished producers, finished product producers, and retailers to exporters.
- Discuss the metrics to be used in measuring marketing performance.
Discuss 3 key areas:
- Brand awareness
Whether you conduct a survey by email, website or telephone, you can either ask existing customers how they heard of you or ask a random selection of people if they are familiar with your brand. The first approach will give you an understanding of how people hear about you, the second will give you an insight into the number of people that can recall your brand.
- Look at website traffic
Measuring your website traffic over time can reveal insights into brand awareness, but it’s important you are looking in the right places. The direct channel in Google Analytics tracks the number of people who typed your URL into their address bar, used a browser bookmark, or clicked a link in an untracked email or offline document. Monitoring this over time will give you an indication of changes in brand awareness.
- Market share
- Determine the period you want to examine for each company you are investigating.
In order to make sure you are making an apples-to-apples comparison, you must examine sales in a specific time period. You can examine the sales over the length of a quarter, a year, or over several years.
- Calculate the company's total revenue (also called total sales)
All publicly-traded companies must release quarterly or annual financial statements. These statements will include a record of all of the firm's sales, and may also include an itemized explanation of sales of specific product or service types within the footnotes of the financial statements..
- Customer Satisfaction
Ways of measuring customer satisfaction include:
- Survey customers.
- Understand expectations.
- Find out where you are failing.
- Pinpoint specifics.
- Assess the competition.
- Try to measure the emotional aspect.
- Loyalty measurement.
- A series of attribute satisfaction measurement.
- Detail the tactics necessary to implement the strategy you have outlined, including:
- scheduling of activities to enact the strategy
- accountabilities and responsibilities
- a plan for coordinating and monitoring scheduled activities including KPIs.
Marketing strategy (from point no.4 above)
Schedule of activities
Accountabilities and responsibilities
Coordinating and monitoring activities
KPIs (Objectives of the marketing strategy)
Survey the price from the competitors
To know what is the best price that the customer feel comfortable to pay
Survey the best location
To know the place where is easy to access the customer
Brainstorming the goods, services or ideas.
Many type of the products
Creation of big sale, voucher
Attract the customer to buy the goods or products
- Outline any legal and ethical requirements that impact on the marketing activities
When you price your products or services or advertise a price, you need to comply with pricing regulations and display the price clearly and accurately.
When you use another person's or business's intellectual property for the purposes of branding or selling, you need to comply with Intellectual Property (IP) regulations including trade mark laws.
Trade mark laws
When preparing your branding, business name or website name, you need to ensure aren't in breach Australian or international trade mark laws.
When you export or expand overseas, it's important to comply with both Australian and international regulations including:
International pricing regulations
If you're considering exporting your products or services, ensure you're aware of any international regulations that may impact your pricing decisions.
- Describe how the tactics fit within identified organisational resources and capabilities.
To determine your strategy, you must understand fully the internal and external environmental factors that affect you. With that understanding, you can identify your clear advantages and use these to be successful. From there, you can make informed choices and implement your strategy effectively.
So, strategy creation follows a three-stage process:
- Analyzing the context in which you're operating.
Analyze Your Organization
Firstly, examine your resources, liabilities, capabilities, strengths, and weaknesses. A SWOT Analysis is a great tool for uncovering what you do well and where you have weaknesses, providing that you use it rigorously. It's much easier to achieve your objectives when your strategy uses your strengths without exposing your weaknesses.
- Identifying strategic options.
Use creativity tools like Brainstorming, Reverse Brainstorming and Starbursting to explore projects that you could run to develop competitive advantage. Guide your brainstorming with reference to the organization's mission statement, but, depending on your role in the organization, consider how far you should be constrained by this.
- Evaluating and selecting the best options.
Choose the Best Way Forward
With your evaluation complete, you now must choose the best strategic option or strategic options, making sure that you don't choose so many options that you spread your resources too thinly.
- Conclusion - Summarize the report
Every company, from the smallest to the largest, should have a marketing plan. A marketing plan helps remove the fog and barriers to vision. Marketing plans help organizations to:
- Obtain a clear direction regarding how to get and keep customers;
- Become better at using strategy to build brand awareness;
- Sell their products and services easier;
- Address and identify potential problems; and
- Take advantage of new opportunities.
Buy BSBMKG609 Develop a Marketing Plan Assessment Task 1 Answers Online
Talk to our expert to get the help with BSBMKG609 Develop a Marketing Plan Assessment Task 1 to complete your assessment on time and boost your grades now
The main aim/motive of the management assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignments. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks.Â The experts of the assignment help services at urgenthomework.com are so much skilled, capable, talented, and experienced in their field of programming homework help writing assignments, so, for this, they can effectively write the best economics assignment help services.
Get Online Support for BSBMKG609 Develop a Marketing Plan Assessment Task 1 Assignment Help Online
- 24 x 7 Availability.
- Trained and Certified Experts.
- Deadline Guaranteed.
- Plagiarism Free.
- Privacy Guaranteed.
- Free download.
- Online help for all project.
- Homework Help Services
Urgenthomework helped me with finance homework problems and taught math portion of my course as well. Initially, I used a tutor that taught me math course I felt that as if I was not getting the help I needed. With the help of Urgenthomework, I got precisely where I was weak: Sheryl. Read More