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BSBMKG609 Develop a marketing plan
1. Describe 4 different marketing options you could include in your marketing plans.
To make a marketing plan powerful some of the marketing things that our marketing plans will be inclusive of are Marketing research, Business competition, Marketing plan budget, Marketing goals. Marketing plan is prepared with the objective of bringing the company to great marketing path. It is the responsibility of the company to develop the marketing plans in consideration of overall organizational goals and aims of the business to satisfy the customers with the quality of products and maximum profits of the organization. Plans of the marketing are made with the objective of minimizing the risk of failure when executing the plan (Elliott, et. al., 2014). This helps in identifying the risks and challenges which our organization can face while stepping in the market. The four options we can include in our marketing plans are:
Marketing research- marketing research is the study of market which enables us to identify the risks, opportunities, new technology, and the information about the new products of the competitors. It helps us to find out the current demand for the product and the customer’s needs. The market research helps to gain information about the issues and marketing techniques which could be used to attract customers (Elliott, et. al., 2014). This is very necessary for the organization to have market research for better operations in the competitive market.
Business competition- The organization should include the business competition analyses study in the marketing plan to play safe in the market. Business competition study is the assessments of the competition business have with the other firms of the same industry. The company needs to know the biggest competitors they have to compete with in the market to get the lead position and maximum customer’s attraction (Elliott, et. al., 2014).
Marketing plan budget- the organization has to take into consideration the marketing plan budget while preparing the marketing plan. The budget of market plan should not exceed much that it increases the overall budget of the organization. The company has to minimize the cost of planning the market strategies as the company has to invest in different activities in future to attain marketing objectives (Elliott, et. al., 2014).
Marketing Goals- the goals or the aims of the marketing activity should be considered while preparing the market plan. The marketing plan should be prepared keeping the goals which are to be achieved by the organization to stable the business in the market and to fulfill the demands of the customers. This helps to focus on the particular area and saves time and cost of the organization (Elliott, et. al., 2014).
2. Describe four different marketing strategies.
Marketing strategies are the different activities an organization plans to perform in the market to attract customers and produce maximum sales to generate profit. The marketing strategy refers to the organization strategy of which is inclusive of all market strategy of focusing on right product mix and market research to achieve the productive results of maximizing profits and sustainability of the organization in the market (O'Driscoll, 2010). Different marketing strategies company adopts are:
Social marketing- social marketing is the technique of attracting customers by apprising them for the social cause and increasing the acceptability of social cause or practice among the public. The social issues are brought in front of the public for supporting the campaign by purchasing of the products (O'Driscoll, 2010). The process of designing and implementing the programs to aware the people for social cause is the social marketing.
Augmented marketing- augmented marketing is the procedure of adding services to the products offered to attract the customers. It is basically providing the benefits to the potential customers to attract sales and maximize the profits of the organization.
Direct marketing- this strategy of marketing is very popular and effective in the marketing environment. The direct marketing is the done through different media available in the country which directly connects with the consumers so that the company can directly communicate the features and offers to the consumers (O'Driscoll, 2010).
Relationship marketing- marketing strategies have very effective technique of gaining market through maintaining long–term relations with the customers by providing them the quality products and services (O'Driscoll, 2010).
3. Describe the benefits and restraints of 4 different marketing approaches
There are 4 marketing approaches in the organization. These approaches enable the organization in achieving the maximum benefit from the market. These are discussed below:
Commodity or product approach- this approach helps the organization to study and effectively examine the product in context of the market situations or conditions. But this approach is repetitive and time consuming due to continuous change in the market environment (Scott, 2013).
Institutional approach- this approach is in relation with the different institutions of marketing including various wholesalers, retailers, distributors. This study describes the various distributional channels and analyze in the context of product and the market. It is time-consuming approach and costly too (Scott, 2013).
Functional approach- functional approach studies the different functions of the marketing activity and their performance in relation with the activities if marketing. Marketing comprises of various activities such as buying, selling, and transporting and many others. This approach helps to enhance performance of all the activities of marketing by examining them. It is time-taking and repetitive approach, and needs specialization (Scott, 2013).
The decision-making approach- the approach describes the decision making problems and enables the organization to make decision effectively by examining the factors affecting decision making. Factors affect the decision making can be controllable or uncontrollable factors. This is effective approach but is repetitive in nature (Scott, 2013).
4. Describe the benefits and constraints of 4 different marketing mixes.
Marketing mix are the different options available with the company for marketing of its products and services. The marketing mix consists of product, price, place and promotion.
Product mix- the product mix studies about the products of the company in the market. Effective product is the result of branding, labeling, packaging of the product to attract the maximum consumers and increase the demand for the product. Benefit of success of product mix is that it analyzes the success rate of the upcoming products of the company. Constraints are that it increase the cost and decrease the profit (Sevier, 2014).
Price mix- the marketing mix includes price mix which studies and analyzes the price for the product in the market in relation with the competitor’s product price. The prices are decided on the demand for the product in the market and the competitors marketing prices for the product. A benefit of price mix is that it impacts revenue in direct manner (Sevier, 2014).
Place mix- this marketing mix is the deep examining of the channels of distribution. It provides the descriptive study of the channels of distribution of the organization. It benefits the organization in analyzing the various distribution channels and their cost and speed to reach the customers (Sevier, 2014).
Promotion mix- this is the marketing mix of promoting the products and services to the customers for informing them about the products and provides a brand image to them for achieving the better marketing results. It involves the activity of advertising the product and services which grabs the attention of the customers and promotes the intent of customer to buy these products (Sevier, 2014).
5. Describe the following legislation/Codes of Practices/National codes
ADMA Direct marketing code of practice: - ADMA operates direct marketing code of practice which is a self-regulatory code. Compliancy of direct marketing code of practice requires to be a member of ADMA. This administers the consumer complaints.
Australian E-commerce best practice model: - This model sets standards for the consumer protection in e-commerce. It provides the industry with a code of conduct to deal with the customers online (Armstrong & Kotler, 2011).
Australian government policy framework for consumer protection in electronic commerce: - These discuss the policy of framework which must be developed to protect consumers and looks on the government policy for the consumer protection.
Free TV Australia commercial television industry code of practice: - This code is adopted by free-to-air broadcasters in Australia. The code is been registered with Australia Communications and Media Authority (Armstrong & Kotler, 2011).
Defamation: - The false statement communicated which can harm the reputation of the individual, business, product, government or nation.
Copyright: - Copyright is the legal rights provided to the creator of the original work for its use or distribution. It is given to a person for limited time and it only gives the protection to the original ideas.
Equal opportunities: - Equal opportunity is self-explanatory term that all people should be treated similarly without discrimination on any basis and should be provided with equal opportunities (Armstrong & Kotler, 2011).
Privacy laws: - These are the laws which work on the regulations of personal information of individuals which can be collected by the government for use.
Regulations for sweepstakes: - These are the contests and the programs which include both state laws and federal laws.
Trades practices act, 1974: - This act is provided by the Australian law which aims to provide fair trade and competition and consumer protection (Armstrong & Kotler, 2011).
Armstrong, G. & Kotler, P. 2011, Marketing: an introduction, 10th, Global edn, Pearson, Boston;Singapore;.
Elliott, G., Waller, D. & Rundle-Thiele, S. 2014, Marketing, Third edn, John Wiley and Sons Australia, Milton, Qld.
O'Driscoll, N. 2010, Marketing, Pearson Longman, Harlow.
Scott, D.M. 2013, The new rules of marketing & PR: how to use social media, online video, mobile applications, blogs, news releases, and viral marketing to reach buyers directly, 4th edn, John Wiley & Sons, Hoboken, New Jersey;Hoboken, N.J;.
Sevier, H. 2014, Marketing.