Develop Organisational Marketing Objectives
The purpose of setting marketing objectives is to align the company’s goals & objectives with the marketing strategy. Additionally, the setting of marketing strategy also provides support to address the problems which will be faced in promoting product and services in front of consumers (Watson et al., 2013). These are the main purpose behind the set of marketing objectives.
SMART is the acronym in the marketing objectives defining various features that are mentioned as below:-
S- S stands for specific which indicates that marketing goals should be well-defined and specific. Likewise, companies marketing goals are to target western region for their new fashion clothing line. So in this, the goal is mentioned specifically.
M- M stands for measurable which states that there is need to identify the success of marketing strategy through measuring the milestone and goals. This can be measured through numbers of sales revenue and profits (Kotler & Armstrong, 2010).
A- A stands for achievable which indicates that to achieve the marketing objectives, it needs to set the standards which should be considered while performing the activities. Setting standards is the best way to achieve the marketing goals.
R- R stands for realistic and the realistic objective of the marketing is the significant growth in the unit sales of the company.
T- Time states that marketing objective should have definite starting and ending time that allows the marketers to understand how much their attempt produce results.
According to Hussain et al., (2013), Ansoff matrix provides four alternatives growth strategies for the market development. Basically, through this matrix, strategies are developed to sell existing and new product into the existing and new market. These strategies are as follows:-
Market penetration: This strategy provides support to the marketers to penetrate the existing customer market with the same product through incorporating the advanced technology in the company operations.
Market development: This strategy helps to grab the new customers in the particular geographical region through marketing the product with the help of social sites. This tool assists in developing the large market (Hoffman & Fodor, 2010).
Product development: This strategy is applied in the marketing objective in such a way that marketers appeal the consumers through defining the sustainability of the product rather than only focusing on product packaging and appearances.
Diversification: Diversification strategy is applied to the marketing objectives when the existing product is failed in the market then company wants to move towards the new product line. This could be done by marketers by doing market research and survey etc.
There is a huge difference between marketing objectives and strategy that exists. Likewise, marketing objectives are considered as an intended goal of the marketing campaigns such as goal is to increase the sales by 5 %. On the other side, marketing strategy is the process which guides the marketers to achieve the marketing objectives through taking necessary actions (Helms & Nixon, 2010). However, it guides the marketers to use the different promotional tools for making the consumer aware of the product.
Porter generic model is effective business strategy and used for gaining the competitive advantage by offering the customer’s products and services at acceptable prices (Antony, 2012). It carries a healthy relationship with marketing strategy as it helps an organisation to differentiate its product and market on the basis of cost, competitive advantage, and market share. At the same time is also helps in setting organizational and marketing objectives.
Differences between the marketing strategies are as follows:-
Market penetration: This market strategy focuses through penetrating the existing customer market with the same product.
Market development: This strategy aims to target the new market with the existing product line.
Product development: This strategy contributes towards the development of new product for the existing product line.
Diversifications: this strategy is encouraged to develop the new product by targeting the new market.
These are the difference which is reflecting in the application of marketing strategies.
The balance Score Card is the management system that helps to make a strategic plan for achieving the systematic organization goals. In a similar manner, it helps in assessing the organization performances by developing the set of measures. Based on these sets, managers develop the view about organization performances. Thus, the setting standards help in understanding the actual performances of the company.
ROI (Return on Investment) is the method which is used to measure the performances by looking at the returns which are occurred from the company investments. ROI is calculated with the help of formula:- Net Profit/ Total Investment * 100.
The four statistical forecasting methods which are used to evaluate the marketing opportunity are as follows:-
- Buyers’ intension survey method: This method allows the business to determine the marketing opportunity through understand the buyers’ perception with the conduct of the market survey.
- Test marketing: Test marketing allows to identify the demand of the product through sells low quantities of the product into the target market (Yüksel, 2012).
- Study of previous sales data: It is most effective way to forecast the opportunity as by looking at the past trends, it becomes easy for the marketers to predict the future happening.
- Business Intelligence: Business Intelligences is the effective method as in this method customer facts are collected then analyzed. Based on the analyzed information, the report is prepared so this will provide the best understanding about the market future opportunity.
Trend analysis is the methods which forecast the market growth rate in a reliable manner as it helps the marketers to study the trend and based on that predict the upcoming market growth. This method is also effective for the company to understand that which product market will grow in future (Svantesson & Clarke, 2010). Accordingly, the company invests in the product which provides profit opportunity in future.
The main purpose of the SWOT analysis is to identify the organization internal factors (strength and weakness) and external factors (opportunity and threats) that impact the organization effectiveness to achieve the growth. While PESTEL analysis only identifies all the external factors such as political, economic, social, technological, legal and environmental factors that might have an extreme impact on the business. The major differences between both the analysis are that SWOT analyses are used for determining the current market position of the company while PESTEL analysis is used to determine the impact of external environmental factors over the business practices. It is undertaken when the company goes to the expansion decision in an international market.
The legislation that needs to adhere in the organization is the racial discrimination act 1975 in order to remove the discrimination on the basis of color. This act can be implemented at the workplace through developing the campaigns in which promote the humanity and create such activities that bring change in the people thinking process.
There is various legislation and regulations that apply to the marketing industry in Australia are as follows:-
Product liability regulation– It is applied to the marketing industry in regards to not market any harmful product in the Australia market.
Private legislation: Private legislation helps in protecting the accessing of customer private information from the unauthorized use.
Digital marketing regulations: In this regulation, it clearly defines the contents of the message should be ethical. In regards to this, it is necessary to the companies who market their product on the digital platform that their content or image should be ethical which do not affect any society in a negative manner.
Australia marketing institute code of professional conduct states that certain type of behavior, values will be expected from the marketers (McDonald & Wilson, 2016).
Australia code of conduct also defines that marketers should use the polite and gentle language while selling their product or services (Camiciottoli, 2010).
It is also defined that marketers could not use the customer personal information without taking their permission. Thus, these are the Australia marketing institute code of professional conduct that is important for the marketers to adhere these regulations.
One aspect of this Code that is important in relation to identifying marketing opportunities is that member should follow their professional duties by performing ethically, honestly and good faith without including any type of personal bias. Thus, this practice helps to make a healthy relation with clients and it allows to identifying the market opportunities for the company.
Conduct the strategic analysis and identify the marketing objective
The aim and objective are to create the awareness among the target groups. Thus, Marketing objective for the Boutique Build Australia is as follows:-
- To create awareness about the boutique builds Australia.
- To identify the issues which are faced in the targeting of upper-class people in Australia market?
- To determine the promotion tools that help in achieving the marketing targets.
Strategic Analysis
- Boutique Build Australia is the Sydney based company which specialises in the providing of high-quality designer homes to the local citizens. Additionally, Boutique Build Australia works with some vision and mission statement.
- The vision of company is to be acknowledged as an industry leader in design and construction through maintaining their quality in the designing of homes (Fan et al., 2015).
- The mission of company is to constantly fulfil the customer’s needs through bringing improvements in the form of high quality, safe and cost-effective homes.
- Values of the company are to provide the high quality without compromising in it and provide homes at an affordable price to the target market.
- Key products and services are the new homes design, provide home finance etc. Other than the strategic objective of the company is to achieve the company goals that are to increase the customer base.
- The company’s current position is that since it was established in 2014 that’s why the company is in the introductory stage. At the same time, the company also face difficulties in reaching their target market as their selected promotional tools are also failed to cover the target market. Moreover, there are various internal as well as external factors that affect the company ability to achieve high recognition in the market.
| Strength
· High-Quality Design · Provide personalized services to consumers · Offers Green building services
|
Weakness
· Poor marketing strategy · High-cost strategy · Limited design
|
| Opportunity
· Market expansion · Adaptation of new technology |
Threats
· High competition · Constantly changing of technology · Shifting of consumer taste and preferences |
From the SWOT analysis, it is identified that boutique builds Australia posses high-quality design in homes with using the green practices. That’s the current strength of the company which gives it high push into the market. But due to the less recognition among the target market is the limitation of a company that could prove to be worst for the company (Yotti’Kingsley et al., 2010). This happens because company selects the ineffective marketing tools which did not contribute towards reaching to the target market. Market expansion by using the technology is the opportunity for the company for giving the threat to the competitors.
- The legal and ethical requirements for the boutique builds Australia are as follows:-
- Follow of Professional conduct in the areas of sales and marketing of the product to the consumers.
- Reveal right price to the consumer without including any hidden charges.
- Follow Promotion code of conduct through providing accurate facts to the consumer without hiding anything about the product.
Therefore, these are the legal and ethical practices that company should follow while marketing the product.
- The current marketing performances of the boutique build Australia is not prove so much effective because its strategy such as to target the high-class people through social media isn’t contribute well. This can be estimated through the ROI of the marketing activity of the company.
Total revenue = $2,000,000 and spent 1% on marketing then revenue will be $20,000
ROI= net profit/ total revenue * 100= $40,000/ $20,000* 100= $200.
ROI of the company is $200 over the total revenue of $20,000. It shows company fails to get the high returns from the marketing activities (Hussain et al., 2013).
- Three marketing opportunity that company should include:-
- Market expansion through use merger and acquisition strategy
- Use of social networking sites for creating awareness
- Use of print media such as magazines and articles
- The company goals are aligned with the marketing objectives through implementing the effective communication practices between the different stakeholders.
- The advantage that company gain from this opportunity is achieving the higher recognition.
- It also provides anticipated the effect on the sales, profitability of the company.
- These opportunities provide a positive impact on the ROI as previous there is only $200% return company is getting. But with the social sites and magazines, it would be easy to target the upper-class people easily and that does reflect in the ROI of the company.
- The market condition affects the marketing opportunity in a way that if the market is in the boom period, then it becomes easy for the marketer to convince the consumer. At the time of slum period, the purchasing power of consumers is also affected and it directly influences the marketing opportunity of the company.
- Technology factors impact positively towards the marketer’s ability to collect organize marketing data. This helps in reaching towards the consumer. While legal factors help the company to perform the activities as per the legal code of conduct which protects the interest of general public.
- Changing technology, Constantly Changing Consumer taste and preferences are the risks that could occur.
- Marketing objective are as follows:-
- To create awareness about the boutique builds Australia.
- To identify the issues which are faced in the targeting of upper-class people in Australia market?
- To determine the promotion tools that help in achieving the marketing targets.
It is achieved through using the advanced technology system such CRM and ERP. Other than magazines and social networking sites also contributes in this.
- Performances indicator is the high revenue generation, increase sales, customer satisfaction, and sales repeat, customer loyalty etc.
Conduct Meeting
| Boutique Build Australia Meeting |
| Date: 03-11-2017
Time duration: 10 A.M – 1 P.M Purpose of Meeting: Purpose is to implement the marketing strategy effectively into the company (Milhauser & Rahschulte, 2010). Discussion key points:- · How to use the social sites networks to target the customers · Discuss the tools through which company can circulate the new design of homes to the target market i.e. upper-class group. · What type of system should be incorporate such CRM, ERP, SCM Other Notes & Information:- |
Develop the Risk Management Plan
| Risk Identification | Risk Mitigation | Parties Responsible |
| Risk of product substitute | Use the Intellectual property right standard such as copyright, patents etc | Top Management |
| Risk of high competition | Incorporate of innovation into the product that differentiates the product from the competitors (Dukpa et al., 2010) | Product Manager |
| Risk of target market | Conduct the market survey through social sites and through primary method | Marketing Department |
Thus, through this risk management plan, the boutique builds Australia can able to minimize the risk which would happen in the implementing of marketing objectives.
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