Develop a Marketing Plan & Opportunity - Marketing Assignment Help

Assignment Task

Task

• I declare that no part of this assessment has been copied from another person’s work with the exception of where I have listed or referenced documents or work and that no part of this assessment has been written for me by another person.
• If activities have been completed as part of a small group or in pairs, details of the learners involved should be provided below:
• This activity workbook has been completed by the following persons and we acknowledge that it was a fair team effort where everyone contributed equally to the work completed. We declare that no part of this assessment has 
• Observation/DemonstrationThroughout this unit, you will be expected to show your competency of the elements through observations or demonstrations. Your instructor will have a list of demonstrations you must complete or tasks to be observed. The observations and demonstrations will be completed as well as the activities found in this workbook. An explanation of demonstrations and observations:
• Demonstration is off-the-job
• A demonstration will require:
• Performing a skill or task that is asked of you
• Undertaking a simulation exercise
• Observation is on-the-job
• The observation will usually require:
• Performing a work based skill or task
• Interaction with colleagues and/or customers
• Your instructor will inform you of which one of the above they would like you to do. The demonstration/observation will cover one of the unit’s elements.
• The observation/demonstration will take place either in the workplace or the training environment, depending on the task to be undertaken and whether it is an observation or demonstration. Your instructor will ensure you are provided with the correct equipment and/or materials to complete the task. They will also inform you of how long you have to complete the task.
• You should be able to demonstrate you can:
• Devise marketing strategies
• Plan marketing tactics
• Prepare and present a marketing plan
• You should also demonstrate the following skills:
• Reading
• Writing
• Oral communication
• Numeracy skills
• Navigate the world of work
• Interact with others
• Get the work done
• ActivitiesActivity 1AEstimated Time 20 Minutes
• Objective To provide you with an opportunity to evaluate marketing opportunity options that address organisational objectives and evaluate their risks and returns in the selection process.
• Activity What are your main organisational objectives?
• To provide a Japanese fusion dining experience to customers that is cooked and prepared with a blend of smoke, steam and fire with finesse, skill and texture that is raw, cured, pickled and fermented.
• Give an example of a marketing opportunity related to your organisation.
• Product range and mix. The restaurant has a lot of return and loyal customers who comes at least once every week or a fortnight, a few new menu items will pique the interest of these group of people who has pretty much tried everything on the menu. This will also be good for social media advertising and acquire new customers.
• How can you evaluate the risks and returns of a marketing option e.g. product design and packaging or distribution?
• Risk evaluation will be knowing and making a calculated assessment if our existing customers will like the new menu items and if this will attract new customers. Proper execution is always important as to not disappoint customers and damage the business’s reputation. For the return’s evaluation, find out if the selling price of the new menu items are more competitive than existing ones and getting more hits on social media because of new photo advertisement
• Activity 1BEstimated Time 20 Minutes
• Objective To provide you with an opportunity to develop marketing strategies that address strengths and opportunities within the organisation's projected capabilities and resources.
• Activity What is a marketing strategy?A marketing strategy is all of a company’s marketing goals and objectives combined into a single comprehensive plan drawn from market research, answering questions like, “who is our target market? Its size?” “what’s the best way to promote and advertise?” “what price would work the best?”, and also focus on the right product mix so that they can get the most profit.
• What elements are most important for success (rate them on a scale of one to five – one being least important and five being the most)?
• Product range could be improved as the menu barely made any changes for a while. In saying that, product performance is already at its peak along with the customer service.
• Activity 1CEstimated Time 15 Minutes
• Objective To provide you with an opportunity to develop strategies which increase resources or organisational expertise where gaps exist between current capability and marketing objectives.
• Activity What resources do you have?
• Budget, prime location, products and services, an established and popular venue and regular partnership/collaboration with other venues or restaurants.
• Give an example of a strategy that you could use to increase one of the above resources.
• The restaurant offers delicious and a unique dining experience with a solid, high demand existing menu and great personalised customer service. For the organisation to increase the profitability of these, it is important that we give the customers variety. A little change up in the menu to keep the customer curious and this will in turn make them come to the restaurant and try it.
• Activity 1DEstimated Time 15 Minutes
• Objective To provide you with an opportunity to develop feasible marketing strategies and communicate reasons that justifies their selection.
• Activity Draw a diagram that breaks down the process of developing a marketing strategy.
•  
• What should you think about when justifying the selection of a strategy?
• Budget is important to anything that involves a business. Also, for the selection of a strategy, it is important that these processes and procedures suits our current human resources, think workload and skills. In addition, time, ask the question, “will this be a time-consuming activity that will cause unnecessary overtime?”. Not all marketing strategy are the same. It could work for a business but not with this one.
• Activity 1E
• Estimated Time 15 Minutes
• Objective To provide you with an opportunity to ensure strategies align with organisation's strategic direction.
• Activity How can you align strategies with your organisation’s strategic direction?
• To align strategies, it is important to truly understand the mission statement or goals of the organisation. From there, come up with a marketing strategy that is measurable and achievable and set specific KPIs and then aligning goals with strategic objective, such as, market shares and profitability. Create, publish and implement strategies and improve along the way to make it more suitable for the business.
• Summarise what your organisation’s mission, vision and corporate values are.
• The restaurant aims to provide customers with a unique dining experience by blending smoke, steam and fire that is an ancient tradition of Japanese yakitori. With a team of highly qualified chefs that can provide finesse in the execution of dishes. With this mission, the company aims to be one of the premier restaurants in the industry recognised for the quality of food and customer service delivered. In turn, the corporate seeks to have a profitable business that can cover running costs of the venue and good size profit that in turn could be used for venue development or improvement and rewarding staff.
• Activity 1FEstimated Time 20 Minutes
• Objective To provide you with an opportunity to develop a marketing performance review strategy, incorporating appropriate marketing metrics to review the organisational performance against marketing objectives.
• Activity What may you want to compare when conducting a competitive analysis?
• Determine who your competitors are.
• Determine what products your competitors offer.
• Research your competitors’ sales tactics and results.
• Take a look at your competitors' pricing, as well as any perks they offer.
• Ensure you're meeting competitive shipping costs.
• Analyse how your competitors market their products.
• Take note of your competition's content strategy.
• Learn what technology stack your competitors' use.
• Analyse the level of engagement on your competitor's content.
• Observe how they promote marketing content.
• Look at their social media presence, strategies, and go-to platforms.
• Perform a SWOT Analysis to learn their strengths, weaknesses, opportunities, and threats.
• What are the stages of a product life cycle and why is it important to know?
• Introduction
• Growth
• Maturity
• Decline
• Understanding and managing the stages of a product life cycle helps you to know when and how to promote your product which is important in developing your marketing strategy. It also provides guidance to a business as it progresses a product. It also allows you to be able to come up with a new product when once is already in decline to keep your business going instead of being stagnant.
• What is a product portfolio analysis?
• Product portfolio analysis is an analysis of the organisation’s whole portfolio of products. This includes:
• Volume of sales
• New customers contacted versus existing for each
• Number or new customers contacted versus items sold for each product
• Cost involved in promoting each product
• Activity 2AEstimated Time 15 Minutes
• Objective To provide you with an opportunity to detail tactics to implement each marketing strategy in terms of scheduling, costing, accountabilities and persons responsible.
• Activity What should your action plan include?
• Milestones
• Costing for each tactic
• Target (deadlines and results)
• Partners
• Priorities
• People responsible for each task
• What tips could you give for managing time?
• To effectively manage time, it is important that you do not procrastinate, plan and use your time wisely and efficiently. If you are drowning with tasks, ask other team members for help. It also helps if you give yourself a deadline to make sure you track your progress and know if you are behind or ahead and still can make adjustments accordingly.
• Activity 2BEstimated Time 15 Minutes
• Objective To provide you with an opportunity to identify coordination and monitoring mechanisms for scheduled activities.
• Activity Choose one of the below elements and describe how you could monitor it:
• To monitor finances, it is important that you set a target for annual income. Starting off by setting a budget for every areas of your business. For restaurants, there is your back and front of house, setting a weekly budget for produce and items needed to make your product (COGS, food cost), your human resource budget and inventory of the restaurants, such as the drinks, alcohol, linens and etc.,
• It is also important to do a daily, weekly and monthly cash report to monitor progress. In the event of a bad month, where you are running behind of the target, it is important to make it up the following month without compromising your next month’s target.
• As per any business, it is important to be flexible. You will have good and bad months and it is important that you are able to adjust accordingly. Being on top of the price trends is also vital so that you do not lose money in pricing your products or overpricing your customers or not having a competitive price against competitors.
• Activity 2CEstimated Time 15 Minutes
• Objective To provide you with an opportunity to ensure tactics are achievable within organisation's projected capabilities and budget.
• Activity What do you need to ensure that tactics are achievable within organisation’s projected capabilities and budget?
• It is important to set a realistic budget and target revenue. Putting into consideration your location and product viability. Always do your research and consult with colleagues and other professionals. Be on top of the trend to ensure your business is moving with it.
• The capabilities of the business play an important role in your overall success. That is why hiring the right people with the right skills is important. The design and layout of the business is important in achieving your goals. Always try and be on top of any industry advances and changes and the business must be able to adapt to these.
• Activity 2D
• Estimated Time 20 Minutes
• Objective To provide you with an opportunity to ensure tactics meet legal and ethical requirements.
• Activity What type of legal and ethical requirements do you need to consider?
• Codes of practice
• Cultural expectations and influences
• Environmental issues – demonstrate that your business is committed to sustainability
• Ethical principles
• Regulations
• Safety issues – you, as a business owner, are expected to make your staff and customers feel safe in your establishment. Potential risks must be managed
• Societal expectations
• Age Discrimination Act 2004 – prohibits discrimination in employment on the basis of age
• Disability Discrimination act 1992 – protects people with disability from exclusion
• Racial Discrimination Act 1975 – promotes equality before the law for all people regardless of race, colour or national or ethnic origin
• Sex Discrimination Act 1984 – it is unlawful to discriminate on the basis of sex, marital status, pregnancy or the potential to become pregnant, job dismissal due to family responsibilities or sexually harass people
• Privacy Act 1988 – regulates the collection, storage, use, disclosure, security and disposal of personal information
• Competition and Consumer Act 2010 – refers to fair trading and consumer protection
• What is social responsibility and how can you meet it?
• Social responsibility is about organisations taking responsibility for social issues such as protecting children and environmental issues. This means, doing business as efficiently as possible, fair trade, working to a code of conduct, doing your part in protecting vulnerable people and children and anticipating social changes and reacting early and voluntarily.
• For restaurants, you can monitor your sustainability by talking to suppliers and find the right one that matches your CSR goals. Minimising your food wastage and being able to provide staff meals to all your staff is a start. Doing some volunteer work to feed the homeless or supporting charities that already do who simply ask for leftover produce. You can also support community activities to help and support the area you are in.
• Activity 2EEstimated Time 15 Minutes
• Objective To provide you with an opportunity to ensure tactics provide for ongoing review of performance against objectives and budgets and allow marketing targets to be adjusted if necessary.
• Activity How can you review performance regularly against objectives and budgets?
• Reviewing performance is a time-consuming activity. A one-on-one session might be needed to have a chance of getting feedback from both sides or group session where everyone can give their opinions and suggestions. It is a lot of work, but it gives management the information needed to improve the current processes and procedures. It also helps build a better communication channels on all sides if the business. It also makes it possible for management to weigh the cost of products against actual profits earned for the particular product.
• What is a good method to use to get ideas for adjustments?
• A good method to use to get ideas for adjustments or improvements is talking to your staff members. They are the ones who are on the floor, applying the current and existing processes and procedures so they will have first-hand knowledge on what needs to be changed or improved.
• Activity 3AEstimated Time 15 Minutes
• Objective To provide you with an opportunity to ensure marketing plan meets organisational, as well as marketing, objectives and incorporates marketing approaches and a strategic marketing mix.
• Activity What different types of marketing approaches are there?
• Differentiated target marketing
• Direct marketing
• Direct response marketing
• E-business
• Mass distribution
• Mass marketing
• Personal selling
• Product variety marketing
• Promotion marketing
• What is a marketing mix and what does it include?
• Product or service. This includes technical features, design, quality, range and safety features
• Price. This includes raw material cost, labour and overhead costs and distribution cost
• Promotion. This includes advertising that will set you apart from competitors
• Distribution. This includes your location of where consumer can access your goods. Either direct or through a third party
• Level of Service. Includes the delivery/distribution of products and the success rate of it.
• Activity 3BEstimated Time 20 Minutes
• Objective To provide you with an opportunity to ensure marketing plan contains a rationale for objectives and information that supports the choice of strategies and tactics.
• Activity What should you include in your rationale?
• Rationale should include description of products/service, budget, who will be your target audience/market and why and the methods you have chosen and why it will work out the best
• What are the advantages and disadvantages of one of the following tactics:Differentiated target marketing
• Advantages: the chance to choose clients based on the business’s capabilities. Offering the appropriate products to the right people. Efficient use of company resources. Fulfilled customer needs.
• Disadvantages: Increased cost on advertising to reach each market segment. Target markets may respond differently. Limits in business growth if only targeting small groups.
• Direct marketing
• Advantages: Targeting, personalisation, affordable and measurable
• Disadvantages: Intrusive, environment, low response rates, cost and legal issues relating to privacy.
• Direct response marketing
• Advantages: Targets a niche audience, provides detailed information and easier to track response rate
• Disadvantages: Not cost effective, response rate are typically low
• E-business
• Advantages: Larger market, can analyse customer insights through tracking and analytics, quicker response to consumer trends and market demand, lower cost, more opportunities to sell, personalised messaging and ability to scale up or down quickly and unlimited shelf space.
• Disadvantages: Lack of personal touch and tactile experience, price and product comparison accessibility, need for internet access and privacy issues.
•  
• Mass marketing
• Advantages: More potential customers, high sales, less prone to changing tastes and cost effective.
• Disadvantages: Low adaptability, profit margins and switching costs, highly competitive pressure and high entry barriers.
• Personal selling
• Advantages: Instant feedback, ease of building trust and rapport, persuasive and reaches target market that cannot be reached by any other method
• Disadvantages: Expensive, labour intensive, requires a lot of staff training and limited reach
• Product variety marketing
• Advantages: Broad target market, develops brand loyalty, diverse target market.
• Disadvantages: May become expensive, success rates are not guaranteed
• Promotion marketing
• Advantages: Entice consumers, chance to clear excess inventory and upselling and cross selling.
• Disadvantages: Changes consumer price perception, limits business revenue and alienating consumers
• Activity 3CEstimated Time 20 Minutes
• Objective To provide you with an opportunity to present marketing plan for approval in the required format and timeframe.
• Activity If your organisation has a template for marketing plans attach it here. What information is needed when presenting your marketing plan for approval?
• Marketing plans help the business create an effective business strategy and ensure that the business is not wasting time or money. Important components of a marketing plan are:
• Mission statement – provides the way forward for a business and how they can achieve their goals
• Market research – the most vital part of a marketing plan
• Target market and market strategy – to help develop effective marketing communication strategies and how you can convert and maximise sales through this
• Competitive analysis – knowing your competition and how you can stand out
• Budget – monetary assets are important too. Setting up KPIs to review if the money spent on marketing is generating income
• Monitoring – needs KPIs to track if the marketing strategy is working or not
• What other format considerations are there?
• In making a marketing plan, it is important that the format is simple, so the information in this document is easy to understand. Tables and graphs need to be clear with as much information for the audience. It also needs to be direct and consice.
• Activity 3DEstimated Time 15 Minutes
• Objective To provide you with an opportunity to adjust marketing plan in response to feedback from key stakeholders and disseminate for implementation within the required timeframe.
• Activity Who are your stakeholders?
• Stakeholders include:
• Owners
• Manages/supervisors
• Employees (including contractual workers)
• Suppliers
• Customers
• What do you need to consider when implementing adjustments?
• Ensure that everybody who needs to know, knows what the adjustments are and how to action them
• Consider the level of adjustments needed to affect the necessary changes. There could be various options available depending on the need
• Small changes need to be actioned quickly and cause minimal operational impact
• Large changes will take time and thoughtful consideration before implementation to safeguard success.
• Skills and Knowledge ActivityEstimated Time 60 Minutes
• Objective To provide you with an opportunity to demonstrate your knowledge of the foundation skills, knowledge evidence and performance evidence.
• Activity Complete the following individually and attach your completed work to your workbook.
• The answers to the following questions will enable you to demonstrate your knowledge of:
• Reading
• Writing
• Oral communication
• Numeracy skills
• Navigating the world of work
• Interacting with others
• Getting the work done
• Organisational structure, products and services and overall strategic and marketing objectives
• Common marketing opportunity options
• Common marketing strategies and marketing approaches
• Processes to ensure marketing strategies, approaches and marketing mix align to organisation’s objectives and are legal, ethical and achievable
• Legislative and regulatory context of the organisation as relevant to the marketing plan.
• Answer each question in as much detail as possible, considering your organisational requirements for each one.
• What tips can you give for communicating verbally?
• Active listening – careful listening and observation of non-verbal cues with anticipation of feedback
• Controlling your tone of voice and body language to avoid misinterpretation
• Understanding non-verbal and verbal messages
• Be conscious and adaptive of your style depending on the audience knowledge of the topic or cultural differences.
• Questioning to clarify and confirm understanding
• Use of positive, confident, and co-operative language
• How can you demonstrate leadership skills?
• As a leader, you spend a lot of time communicating with your team so it is important that you have good listening skills and through this you can learn and communicate from your team effectively and efficiently. Always do your best work by improving your skill and expanding your knowledge. Take responsibility for both success and failure and acknowledge those who help you get to your success. Through this you will earn your team member’s respect.
• What codes of practice do you have to consider?
• ADMA Direct Marketing Code of Practice – supports marketers to make responsible decisions in the new era of direct marketing. This code aims to support marketers to self-regulate and make responsible decisions around data, technology, creativity, and content
• Free TV Australia commercial television industry code of practice – this code regulates content in accordance with community standards, assist viewers in making informed choices about their television viewing and that of children in their care, and provide effective measures for receiving and handling viewer feedback and 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.
• 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 consumer protection.
• Create an action plan in table form to help you set targets and goals.
• MARKETING ACTION PLAN AUGUST 2021
• Activity Expected results Who performs this task When is this task due?
• Plan marketing strategy Increase of 20% walk – ins and 30% in reservations Owners, marketing manager First 2 weeks
• Find suppliers Well within the set budget Marketing manager End of 3rd week
• Brief employees of the marketing plan Everyone knowledgeable of the strategy Department managers On the 4th week
• Execute marketing plan Full roll out Marketing manager, managers Beginning of the 5th week
• Monitoring Increase in 20% walk-ins and 30% reservations Marketing managers 1 month from roll out
• Feedback Improvement of the current plan. Increase in target numbers Marketing managers, owner, department manager OCTOBER 2021
• How can you monitor the effects of advertising?
• To monitor the effect of your advertising, you should get a balanced view by using both quantitative and qualitative data. Quantitative method involves showing participants (Target market) the advertisement and asking them a list of standardised question about it. You can also determine how memorable the advertisement is compared to competitors. This is an accurate but can be expensive tool and time consuming. While qualitative method can use interviews or focus groups to discuss certain elements of the advertisements. This is less accurate as it is based on opinion.
• Buying reviews can also help you monitor the effects of advertising. This can be undertaken for a variety of different media, but they will differ slightly in their monitoring methods. For example, television adverts can be monitored by asking television channels for data on the number of people in your target audience that saw the advert. For online adverts, you can track these through analytic software.

This BSBMKG609 Marketing Assignment has been solved by our Marketing Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.
    
Be it a used or new solution, the quality of the work submitted by our assignment Experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.