Introduction to Marketing Opportunities
Marketing operations of company are regulated through government action and other related aspect. It assists corporation to ensure ethical conduct of business at international level. In this regard, The Australian Competition and Consumer Commission (ACCC) deals with competition matters of corporation. On the other hand Australian Consumer Law relies upon Competition and Consumer Act 2012. This act focuses upon fair trading so as to protect customers. It consists of detail aspect of the marketplace such as relationship between wholesalers, retailers, competition as well as customers. This facilitates to reveal any kind of unfair practices prevailing in company. In addition to this, other code of practices are also in place so as to ensure product safety and price monitoring.
The structured marketing plan consists of different elements in order to target customer and attract them towards product and services. These are explained as follows. The first element is of segment under which all market is divided into different parts as per their preferences and choice. For example, female, male and kids. The second element is of competitive alternatives which assists corporation to differentiate the product. However, differentiation is done by taking into account point of value like pricing, ease of use and delivery options. However, fourth element reflects appropriate position of product should be done so as to increase attention of buyers. After deciding about the position of product, marketing goals and measures are set in order to assess the performance of the same at expiry of time. Furthermore, sixth step reflects setting plan, budgets for all related activities of plan. It facilitates to design design fruitful content for buyers and meet their expectations accordingly. Apart from this, timeline is set for all project activities so as to complete the same on time.
a) There are different functions of marketing information system such as keeping record of customers, detail of marketing activities and sales budget or performance of sales team. This system facilitates management to ensure smooth operation by keeping detail of personnel. However, it assists marketing department to ensure inclusion of skilled and competent workforce so as to implement the potential marketing strategies on right time.
b) The five source of collection of information in corporation are; specific software, databases, decision support system and online portal developed by company as well as management application.
a) Internal report system play important role in a company because of collecting valuable information from customers. For example, sales team generally reports to manager of the firm in order to provide information related to total sales generated and potential buyers. This proves to be effective to incorporate important data into financial statements of the company (Carlson and Manktelow, 2016). However, internal report proves to be effective for marketing manager to make necessary changes in current marketing strategies in accordance with preference of buyers.
b) The collected information will be categorize under actual and potential consumers, issues of buyers and perception of customers. Information related to all these aspect make it possible to take decision for sales team and marketing as well. For example, by knowing the perception of buyers, company can easily frame appropriate marketing strategy to enhance the sales turnover.
Marketing research system play important role for organization as it focuses upon specific issue of the business. For example, research is conducted to understand to issues behind poor sales turnover and low profitability or decreased customer base. However, it emphasize upon resolving potential issues related to marketing department of company. It assists corporation to resolve problems one by one in order to enhance flow of production. It uses both manual and computer system for analyzing the available information.
a) Marketing intelligence determine long run growth of the business as it helps in understanding preferences of buyers and accordingly provide them suitable product. It is the continuous process through which customers are attracted and many types of issues which are being faced by marketing department are resolved.
b) The information in marketing intelligence is collected from customers though survey. Furthermore, sales data are recorded in internal system of the business and accordingly different reports; plan, periodic and triggered as well as demand report is prepared.
a) There are different marketing models such as 4 P's, Ansoff matrix, BCG matrix and extended 3P's which are helpful for business to target customers. These marketing models enable management to find the issues of business and accordingly take necessary action. However, buyers are retained by taking right strategies on time to time.
b) Marketing managers take actions like product development and diversification are taken for well being of consumers as well as company. However, model like product life cycle helps in changing strategies at every stage of produce for the purpose of meeting marketing and organizational specific objectives.
The basic four principle of marketing mix consists of product, price, place and promotion. Here, business set different types of strategies to develop product as per the need of buyers and set price by focusing upon company objectives (Caemmerer, 2009). However, place or appropriate distribution channels are selected to deliver the product. However, promotion of product is done by using updated technologies like social media, mobile application and others.
Primary research is the process of collecting information first hand with direct connection to respondents. It includes different methods such as interview, questionnaire and observation etc. On the other hand, secondary data are collected from available sources by keeping into mind specific purpose of the study (Dooley, Jones and Iverson, 2012). It consists of journals, books and territory report or sales figures kept on internal basis.
a) Marketing mix plays important role for an organization as it covers all aspect related to development of product and selecting appropriate price as well as adopting most effective strategies to deliver the product among end users. Furthermore, by using marketing mix company ensure clear communication between consumers in the form of selection of appropriate mode of communication for marketing products and services.
b) There are four variables of marketing such as product, price, place and promotion. These four elements are supported by different marketing strategies. In this regard, company align organizational and marketing objectives in order to ensure long run success with increased rate of return.
An organization must focus upon its internal and external environment in order to right decision. In this regard, decide model can be used whereby problem of the business is understood and accordingly appropriate strategy is applied to solve the issue. These components are explained as follows-
Defining the problems-At first issue of the business is defined in the presence of marketing personnel and related personnel.
Establishing the criteria-At this step, criteria is established for resolving issues such as increasing expertise of personnel, changing marketing strategies etc (Kubacki, 2015).
- Considering all alternatives-Under this, all available options are reviews along with alternatives so as to face the critical situation without any kind of barriers. For example, alternatives ways to deliver product is analyzed in case of online delivery system fails.
- Identifying the best option-On the basis of available options the best alternative is selected in order to cost and time as well as consumer expectations.
- Development of plan of action-At this step, plan is prepared for implementation of best option with inclusion of skilled personnel.
- Evaluation and monitoring-This is the last step at which company evaluate the progress of plan on the basis of set standards.
a) The trend related to sales or marketing can be identified by collecting information related to past year and then putting those data into graph. At this juncture, trend can be analyzed with the help of assessing financial information available for two organizations. However, publicly available information of product can be accessed to assess the sales trend.
b) There are several sales forecasting techniques such as test marketing results, consumer buying plan and expert opinion as well as market factor analysis (Luan and Sudhir, 2010). Here, example of test market result can be taken under which company generally product small lot of product and then introduce the same into small market. Here, close monitoring is done that how many customers are purchasing the product and then accordingly sales can be estimated.
There are several statistical methods such as regression, correlation and Annova for assessing information related to specific event or marketing opportunities. For example, sales reports can be referred and on the basis of same appropriate statistical techniques such correlation can be used, Here, researcher can assess the impact on marketing sales turnover of the firm in last 2 years (Ferrell and et.al., 2014). This would be effective to analyze success of current marketing strategies. Furthermore, specific software like SPSS can be used to analyze the interpret the financial data in an effectual manner. This in turn Company can take decision related to selection of appropriate marketing technique of sales strategy.
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