Assignment Sample on UMKDH3-15-M Marketing Analytics

1. Introduction

Marketing analysis methods are important for making business decisions and designing new start-up plans based on the contemporary marketing areas. In this business report, focus on creating business organisations for providing innovative services. The proposed start-up organisation is Skill Enhanced that offers services of learning contemporary marketing skills to the people who have limited ideas and knowledge on modern business. The key services that will be offered to the customers are ICT, Social Media implications in business, Sale Automations and Sale Optimizations methods for supporting growth of SMEs. The main purpose of the company is to help middle aged and minimum educated people to access digital platforms for running business by oneself.

2. Background of business

The business will perform digital marketing strategy for designing and development of advanced methods of assisting people with digital approaches of marketing in the contemporary Marketplace. The company is going to provide various kinds of support and skill improvement opportunities for small and medium business owners that have low knowledge on marketing and contemporary business environments. The business will perform in a significant area that includes support in creating integrated communication strategy, social media marketing sales automation and sales optimisation process[1]. Development of ICT skills among business owners for connecting with potential customers with appropriate communication strategies is an important element of succeeding in contemporary business areas. The company will focus on designing effective strategies for improving skills on ICT by helping in understanding the importance of counselling tools and techniques of modern communication. Utilisation of digital platforms and software for communicating with internal and external stakeholders is a prime necessity of marketplace due to continuous tense formation of customer buying behaviour and influencing of market competitors[2]. The demand for advanced skill for operating remote business by developing quality digital models is high in the marketplace. The company is going to support SMEs in designing their own communication strategy for connecting with maximum possible customers and investors for business expansion and entering a new market place.

Social media handling will be the other important services that will be offered by the company for the targeted customers in order to exit improvement of social media advertisement and promotional activities of small and medium companies for sale increasing and revenue expansion. Designing of Advanced marketing policies by millennial buying behaviour is necessary in the contemporary Marketplace due to the impact of macro environmental factors including social and economical in customer buying behaviour and trends in the Marketplace[3].  Small business owners usually fail to install automation and innovative software formations of the business due to lack of proper knowledge and access towards affordable services. The company will focus on designing advanced sales automation software in order to simplify sales management and business management activities of small businesses in order to increase their business operational area and networking of customers. The services will positively contribute to the reduction of the operational cost of small business by decreasing the necessity of workforce due to completing various activities including Finance Management and sales order management automatically by advanced software without any kind of mistake. The largest potential services that will be considered in the business operation activities of the company are stills optimisation process. Optimisation sales in the contemporary Marketplace are a necessity for maintaining quality of product and services and brand identity in a competitive environment.   The company will provide the guidance and assistance to small business owners of small towns and cities to improve their sales optimization process by using market data and appropriate prediction for increasing business revenue and marketing capability[4].

Table 1: Business canvas

(Source: Learner)

3. Financial of organisation

3.1. Estimation of cash flow and outflows annually

Table 2: Cost structure

(Source: Learner)

Table 3: Estimated Cash flow

(Source: Learner)

3.2. Income statement of year

Table 4: Income statement

(Source: Learner)

3.3. Forecast statement

Table 5: Forecast statement

(Source: Learner)

4. Critical marketing process

Critical market process focuses on adaptation of appropriate marketing strategies for maintenance of advertisement and customer retention approaches according to the contemporary marketing scenarios and business implications. Development of Advanced marketing process by implementation of macro environmental factors and effective strategy is necessary for availing maximum opportunities from market competition and ensure organisational corporate survival for a longer period of time[5]. Systematic discussions and investigation is highly necessary for identification of potential strategic options for maintenance of service differentiation and marketing activities significantly.

The important areas that need to be considered for development of a critical marketing path are demand of services, identifications of potential customers and future of offered services. Because of the generation gap and inappropriate counselling regarding learning new applications for socialisation and commercial purposes, the percentage of older people who are digitally literate is lower than that of the younger generation[6]. Because of their understanding of using the internet and handling virtual applications without any instruction, the majority of profiles on global social platforms such as Facebook and Instagram are in the demographic of 14 to 40 years old. The percentage of elderly persons who are digitally literate is lower than that of the younger generation due to the generation gap and incorrect counselling towards learning new applications for socialisation and business goals. The majority of profiles on global social platforms such as Facebook and Instagram are in the demographic of 14 to 40 years old due to their grasp of how to use the internet and handle virtual applications without instruction.

Strategic marketing analysis: Strategic marketing analysis for collection of information from internal and external aspects is going to be considered for development of critical marketing strategy to develop advanced promotion and operational activities. These approaches will help in identification of potential strategic options for development of organisational functional area and project planning for connecting with target customers to generate profit[7]. Development of Advanced marketing strategies for consideration of key findings of internal and external analysis can help in understanding marketing scenarios and advanced Strategies for competitive benefits. The key areas that will be focused with strategic marketing analysis are customer requirement, market competition, idea development, financial analysis and review of implemented policies and approaches. Identification of customer requirements based on changing perspectives can contribute to the development of effective strategy. Analysis of market competition for identification of competitive rivalry is necessary for development of unique products and services by adopting service differentiation approaches for attracting maximum possible customers. Consideration of Idea development by including key stakeholders in the decision making process and brainstorming activities can help in ensuring development of most effective and capable ideas that can increase organisational profit in following years[8].

Systematic financial analysis contributes to keeping record of organisational expenses and maintaining the cash flow process in a significant way. The estimated budget for creating all the services that have been targeted for providing the identification of targeted Marketplace $190000. The intimations of annual profit are expected to be $30000 in the one year projects.   Consideration of key implications such as inflation rates, exchange rate and service demand positively contributes to business development by increasing possibilities of customer retention.

Marketing mix planning: 4ps of mix marketing is going to be implemented as an important critical marketing strategy for maintenance marketing activities in the competitive environment. Product, price, place and promotion are the areas of launching a new product and the problem of business opportunities by connecting with potential internal and external stakeholders.  Product differentiation strategy will be implemented for increasing product value in the competitive market environment by focusing towards innovative and unique service design for offering ICT and social media skills[9]. Competitive market price and strategy is going to be considered for development of service cost of offering different categories of services to the target customers. The three categories of services that will be included are virtual assistant, physical assistant and consultation for designing Integrated Marketing Communication strategy and social media advertisement for small businesses. Place is an important area of marketing mix in order to enhance critical business operations policies for ensuring increasing credibility and availability of performing customer services by maintaining location of service centre and target customer. Multiple service centres will be included for connecting with customers of different demographic and Geographic areas. Cross-cultural marketing implications will be considered for establishing positive relationships with customers belonging from different cultural and educational backgrounds.

5. Metrics and control mechanisms

Development of Advanced materials and control mechanisms contribute in continuous monitoring of organisational performance and protects from illegal interference of third parties. Development of appropriate control mechanisms and metrics is also necessary for establishing trust and loyalty between organisation and administration for maintaining privacy. The important metric and control mechanisms that will be implemented for business performances in Enhanced Skill are cyber security policies, privacy maintenance policy, membership policies and transparent management in HR[10].

Cyber security policies: Cyber security policies after implementing various firewalls and encryption processes will be installed and maintained for end-to-end encryption in Digital Communications and data storage processes. Complete safety from hackers and criminals will be processed by developing a risk analysis matrix according to the concern of customers and employees.

Privacy maintenance policy: privacy maintenance policy according to the government guidelines and legal framework of protecting employees and customer personal identity as an important control mechanism for business activities and operation in local and international market place. Maintenance of privacy protocols is necessary for avoiding any kind of misuse and engagement with illegal activities with direct or indirect process. Access control and encrypted storage of personal identity will be maintained effectively in all organisational operations for protection[11].

Membership policy: Monthly membership will be offered to the customers for utilisation and learning digital marketing services from the company to promote and design individual business. Proper terms and conditions of advance payment and following organisational rules will be developed along with consent from for maintaining transparency with customers of different age groups. Revenue process will be complete transparency, digital services will be according to the project requirement and demand and skill development services will be charged on hourly basis[12].

Corporate transparency management: Diversified work culture will be maintained along with transfer and promotion and upgrade process of employees.  Any kind of discrimination in terms of Gender and caste will be completely avoided bi implementation of cross cultural management strategy in the organisation for increasing stability and positive relationship with key stakeholder[13].

Figure 1: Control Mechanisms

(Source: Greco, 2018)

Organisational objectives will be monitored by developing appropriate key performance indicators for optimisations and the revenue generation process to ensure advance performance measurement. Automatic allocation of resources and fulfilment of client requirement of availing organisational services of learning and implementing ICT and social media  for  improvement of digital business is going to be considered as an important matrix[14].

Risk register

Table 6: Risk Identification

(Source: Learner)

6. Evaluation of long term viability

In the contemporary market customer buying behaviour is transformed from offline model to the online model and emergence of digital market websites and strategy for small and medium companies is highly possible. People who have limited education and belong from small cities and towns  are not aware of modern marketing methods and cyber security approaches  for retention of customers on an international level[15]. Operation of unique opportunities for development of ICT and social media skills along with digital marketing aspects management can create potential customer channels that have interest in learning digital marketing and advanced communication strategy for increasing their sales and established online business. From this perspective it can be stated that, viability of ICT and social media skill development services of Enhanced Skill is maximum and organisations can profile this sort of services for a longer duration.

The future marketplace will be based on digital platforms due to covid-19 order and changing of customer buying behaviour globally. The implications of restriction due to changes in the competitive marketing environment by increasing health threats and  sustainability issues drive development of  digital platforms for companies. Therefore, it can be estimated that offering services providing ICT skill development training and social media consultation to small business owners and willing person help has possibilities of serving for a longer duration due to demand for the services[16].

8. Recommendations for business plans

Advanced training to the Employees: providing advanced training to the Employees by utilising virtual reality and artificial intelligence software  for exercising various digital activities in order to increase the efficiency of providing Quality Services to the customer. Providing attention towards quality over quantity is a successful approach for development of brand identity in the contemporary world and retention of customers. Development of Advanced HR policies by maintenance cross-cultural  implications and  work diversity  by avoiding discrimination and pay gap  can contribute in improvement of employee motivation and encouragement level. This process can positively reflect increasing organisational abilities of providing best services to the customer and increase revenue within a year. Increasing customer satisfaction level is also necessary for maintaining continuous cash flow and return of investors for funding Business expansion by entering a new market place[17].

Competitive advantage with service differentiation: Configuration of differentiation strategy from ansoff matrix can contribute in increasing competitive advantage opportunities for increasing organisational sustainability and corporate growth. Development of advanced  promotion and marketing strategy by Innovation and creativity element  can help in attracting maximum possible customers and increase  annual membership percentage. Utilisation of various forms of advertisement strategies including social media, broadcast and newspaper advertisement can help in reaching various categories of customers who are willing to learn digital methods of business operations, market expansion and customer growth. This process can positively contribute to increasing financial statements by increasing frequency of inflow and outflow of cash.

Implementing customer first strategy: Implementation of customer first strategy is a major recommendation from development of new business and launching of new services by a company in order to initiate a positive relationship with customers from the initial stage. Providing attention in creating maximum possible value of organisation in front of customers by considering their preferences and comfortability helps in development of brand image in the contemporary marketplace[18]. Customer trends in the current marketing scenario are associated with evaluation of brand image for making buying decisions  towards various types of  services and products. Putting customers first can help in profit maximisation of the company by increasing future possibilities of receiving clients .

Advance planning: Development of advance planning by identifying key partners and advance revenue generation model  is necessary for achievement of targeted goals and objectives  by maintaining  sequence in  organisational operations and activities. Adaptation of appropriate project management methodology according to the requirement of Designing new services today target customers is also an important area of advance planning which is beneficial for increasing organisational validity. Maintenance of stable revenue generation model by considering triple bottom line and economical implications necessary for increasing accessibility towards  potential customers[19].

9. Reflection

Engaging with activities of developing new services and analysing financial requirements highly contributed in the development of my cognitive Intelligence and decision making process towards business planning. I had to learn the importance of business Canvas development for representation of key stakeholders, performances and revenue generation model business to ensure effective management of resources and operation according to the market demand and customer preferences. The study has also helped in development of my marketing knowledge by identifying appropriate strategies for critical marketing management and marketing of various operational and business activities. I have understood the importance of consideration in service differentiation and marketing mix for achieving target and goals and objectives.

10. Conclusion

From the above discussion, it can be concluded that conducting the marketing analysis is highly importances for constructions of effective business plans for availing maximum possible advantages. The company’s main focus will be on offering correct assistance and lessons on how to run a business in today’s market using new technologies and strategies. Development of new initiatives aimed at older workers who are business owners and leaders in many industries can make a substantial contribution to the enhancement of efficiency and professional development in dealing with current tools and techniques for conducting daily business. Digital classes and personalised training sessions are offered by the organisations for older individuals who are eager to master new technologies in order to better their business and lifestyle.

Reference List

Akbar, M.B., French, J. and Lawson, A., 2019. Critical review on social marketing planning approaches. Social Business, 9(4), pp.361-393. <https://www.ingentaconnect.com/content/westburn/sb/2019/00000009/00000004/art00004> Accessed on 5^th January 2022

Fuchs, C., 2018. Social media, big data, and critical marketing. In The Routledge Companion to Critical Marketing (pp. 467-481). Routledge. <https://www.taylorfrancis.com/chapters/edit/10.4324/9781315630526-29/social-media-big-data-critical-marketing-christian-fuchs> Accessed on 5^th January 2022

Giovanardi, M., Kavaratzis, M. and Lichrou, M., 2018. Critical perspectives on place marketing. In The Routledge Companion to Critical Marketing (pp. 115-134). Routledge.< https://www.taylorfrancis.com/chapters/edit/10.4324/9781315630526-7/critical-perspectives-place-marketing-massimo-giovanardi-mihalis-kavaratzis-maria-lichrou> Accessed on 5^th January 2022

Gordon, R., 2019. Critical social marketing: Reflections, introspections, and future directions. The Routledge companion to critical marketing, pp.83-97.< https://eprints.qut.edu.au/123834> Accessed on 5^th January 2022

Greco, F., 2018. The Rule of Persuasion in the Marketing Process. Psychol Behav Sci Int J, 9(5), pp.1-15. <https://www.academia.edu/download/57464104/PBSIJ.MS.ID.555775-1.pdf> Accessed on 5^th January 2022

Gupta, P., Pranjal, P., Bera, S., Sarkar, S. and Sachan, A., 2020. Performance improvement of supplier-side e-tender-driven marketing process. International Journal of Productivity and Performance Management. <https://www.emerald.com/insight/content/doi/10.1108/IJPPM-11-2019-0534/full/html> Accessed on 5^th January 2022

Habes, M., Alghizzawi, M., Salloum, S.A. and Ahmad, M., 2018. The use of mobile technology in the marketing of therapeutic tourist sites: A critical analysis. International Journal of Information Technology, 2(2), pp.48-54. <https://www.academia.edu/download/57934346/therapetiv_paper.pdf> Accessed on 5^th January 2022

Hodgkins, S., Rundle-Thiele, S., Knox, K. and Kim, J., 2019. Utilising stakeholder theory for social marketing process evaluation in a food waste context. Journal of Social Marketing.< https://www.emerald.com/insight/content/doi/10.1108/JSOCM-12-2017-0088/full/html> Accessed on 5^th January 2022

Jenson, I., Doyle, R. and Miles, M.P., 2020. An entrepreneurial marketing process perspective of the role of intermediaries in producing innovation outcomes. Journal of Business Research, 112, pp.291-299. <https://www.sciencedirect.com/science/article/pii/S0148296319305673> Accessed on 5^th January 2022

Jeon, K., 2021. DO BRAND NAMED AUDITORS MITIGATE CASH FLOW MANAGEMENT POST-SOX?. Academy of Accounting and Financial Studies Journal, 25(6), pp.1-13. <https://search.proquest.com/openview/d3f47594fcd3bfcad3597ee456e4aac9/1?pq-origsite=gscholar&cbl=29414> Accessed on 5^th January 2022

Koopman, K. and Cumberlege, R., 2021, February. Cash flow management by contractors. In IOP Conference Series: Earth and Environmental Science (Vol. 654, No. 1, p. 012028). IOP Publishing. <https://iopscience.iop.org/article/10.1088/1755-1315/654/1/012028/meta> Accessed on 5^th January 2022

Margarido Righetto, G., Morabito, R. and Alem, D., 2020. Cash flow management by risk-neutral and risk-averse stochastic approaches. Journal of the Operational Research Society, 71(1), pp.55-68. <https://www.tandfonline.com/doi/abs/10.1080/01605682.2018.1524350> Accessed on 5^th January 2022

Plaskova, N.S., Prodanova, N.A., Ignatyeva, O.V., Nayanov, E.A., Goncharov, V.V. and Surpkelova, A., 2020. Controlling in cash flow management of the company. EurAsian Journal of BioSciences, 14(2), pp.3507-3512. <http://www.ejobios.org/article/controlling-in-cash-flow-management-of-the-company-7966> Accessed on 5^th January 2022

Tadajewski, M., Higgins, M., Denegri-Knott, J. and Varman, R. eds., 2018. The routledge companion to critical marketing. Routledge. <https://books.google.com/books?hl=en&lr=&id=W6txDwAAQBAJ&oi=fnd&pg=PT32&dq=Critical+marketing+process&ots=43acyLGDcH&sig=h6hDj8DsEobIXoaTCiuV3QAbLHw> Accessed on 5^th January 2022

Wadesango, N., Tinarwo, N., Sitcha, L. and Machingambi, S., 2019. The impact of cash flow management on the profitability and sustainability of small to medium sized enterprises. International Journal of Entrepreneurship, 23(3), pp.1-19. <https://search.proquest.com/openview/5d8eb6a7cbc8724d4ee7ad4f997ba7d0/1?pq-origsite=gscholar&cbl=29727> Accessed on 5^th January 2022

[1] Wadesango, N., Tinarwo, N., Sitcha, L. and Machingambi, S., 2019. The impact of cash flow management on the profitability and sustainability of small to medium sized enterprises. International Journal of Entrepreneurship, 23(3), pp.1-19.

[2] Margarido Righetto, G., Morabito, R. and Alem, D., 2020. Cash flow management by risk-neutral and risk-averse stochastic approaches. Journal of the Operational Research Society, 71(1), pp.55-68.

[3] Plaskova, N.S., Prodanova, N.A., Ignatyeva, O.V., Nayanov, E.A., Goncharov, V.V. and Surpkelova, A., 2020. Controlling in cash flow management of the company. EurAsian Journal of BioSciences, 14(2), pp.3507-3512.\

[4] Jeon, K., 2021. DO BRAND NAMED AUDITORS MITIGATE CASH FLOW MANAGEMENT POST-SOX?. Academy of Accounting and Financial Studies Journal, 25(6), pp.1-13.

[5] Koopman, K. and Cumberlege, R., 2021, February. Cash flow management by contractors. In IOP Conference Series: Earth and Environmental Science (Vol. 654, No. 1, p. 012028). IOP Publishing.

[6] Fuchs, C., 2018. Social media, big data, and critical marketing. In The Routledge Companion to Critical Marketing (pp. 467-481).

[7] Akbar, M.B., French, J. and Lawson, A., 2019. Critical review on social marketing planning approaches. Social Business, 9(4), pp.361-393.

[8] Gupta, P., Pranjal, P., Bera, S., Sarkar, S. and Sachan, A., 2020. Performance improvement of supplier-side e-tender-driven marketing process. International Journal of Productivity and Performance Management.

[9] Giovanardi, M., Kavaratzis, M. and Lichrou, M., 2018. Critical perspectives on place marketing. In The Routledge Companion to Critical Marketing (pp. 115-134).

[10] Jenson, I., Doyle, R. and Miles, M.P., 2020. An entrepreneurial marketing process perspective of the role of intermediaries in producing innovation outcomes. Journal of Business Research, 112, pp.291-299.

[11] Habes, M., Alghizzawi, M., Salloum, S.A. and Ahmad, M., 2018. The use of mobile technology in the marketing of therapeutic tourist sites: A critical analysis. International Journal of Information Technology, 2(2), pp.48-54.

[12] Gordon, R., 2019. Critical social marketing: Reflections, introspections, and future directions. The Routledge companion to critical marketing, pp.83-97.

[13] Tadajewski, M., Higgins, M., Denegri-Knott, J. and Varman, R. eds., 2018. The routledge companion to critical marketing. Routledge.

[14] Gordon, R., 2019. Critical social marketing: Reflections, introspections, and future directions. The Routledge companion to critical marketing, pp.83-97

[15] Tadajewski, M., Higgins, M., Denegri-Knott, J. and Varman, R. eds., 2018. The routledge companion to critical marketing. Routledge.

[16] Habes, M., Alghizzawi, M., Salloum, S.A. and Ahmad, M., 2018. The use of mobile technology in the marketing of therapeutic tourist sites: A critical analysis. International Journal of Information Technology, 2(2), pp.48-54.

[17] Hodgkins, S., Rundle-Thiele, S., Knox, K. and Kim, J., 2019. Utilising stakeholder theory for social marketing process evaluation in a food waste context. Journal of Social Marketing

[18] Gupta, P., Pranjal, P., Bera, S., Sarkar, S. and Sachan, A., 2020. Performance improvement of supplier-side e-tender-driven marketing process. International Journal of Productivity and Performance Management.

[19] Akbar, M.B., French, J. and Lawson, A., 2019. Critical review on social marketing planning approaches. Social Business, 9(4), pp.361-393.

Assignment Services Unique Submission Offers: