FNS50315: Diploma of Finance and Mortgage Broking Management Assessment - Accounting Assignment Help

Assignment Task:

Task:

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This assessment relates to the following units of competency:
FNSPRM603 Grow the practice
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IMPORTANT INSTRUCTIONS
Your answers to each of the tasks are to be typed into this document or supplied electronically and uploaded.
No assessment word count has been specified although you are expected to provide good quality answers to each of the questions.
Although some general discussion between students covering the assessment is allowed your responses to each of the questions must be an individual effort.

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Task 1 – Short answers
What benefit to your business will a well compiled marketing strategy be?
A marketing strategy helps you focus on the target markets that you can best serve.

• List five areas you must include in your marketing research.
• Products
• Price
• Packaging
• Promotion
• Place
• What are three questions may you also ask yourself as part of evaluating your strategies performance?
• Am I doing all I can to be customer focused?
• Am I doing all I can to exceed the customers expectations to get repeat business?
• Am I making the enter borrowing process easy for my clients so that they can make a decision that is right for them?
• What are five areas that you should cover in your evaluation of strategies when marketing finance?
• Improved client relationships
• Greater emphisis on personal selling
• Internet use
• More complexity in the decision making
• More complexity in technicality
• Market segmentation can best be described as.
• Market segmentation is the marketing of a grouped market into smaller subgroups.
• Describe at least five strategies that you would employ from your EXISTING clients that would help you grow your practice.
• Build solid relationships
• Show clients benefits from your service
• Regularly keep in contact with your existing clients
• Never assume that your regular clients don’t require nurturing
• Network well
• Rank these strategies in order of effectiveness. Justify these rankings and state the criteria by which you have developed the rankings.
• Build solid relationships.
• Show clients benefits from your service
• Regularly keep in contact with your existing clients
• Never assume that your regular clients don’t require nurturing
• Network well
• The relationship must be created first before it can be built on. Giving your clients good value is probably the best way for you to get referrals from existing clients. Staying in contact with clients keeps you updated on the client’s situation and leaves you in the best position should a clients circumstances change or if they are asked for a referral by a friend. Staying in contact is the next step in the previous point and keeps your relationship positive. A productive network is part of all the above but the personal contact I believe should be first and foremost.
• How would you implement these strategies in the form of a plan? Make sure you mention the role of other stakeholders who you may consult and collaborate with in developing the plan.
• Have a regular emailing list that goes out to update the clients on new products or developments in the market.
• Reward clients that refer new business to you, e.g., coffee out with them etc.
• Take time to speak with clients within your network regularly, have calendar reminders to call or email. Try to speak in person if possible. Have notes about the client’s personal situation and make (APPROPRIATE inquiries) on how these things are progressing e.g., new house, garden etc.
• List all indicators that you would use as a benchmark to evaluate the success of the plan.
• Receiving referrals, Clients returning, having clients happy to receive calls and speak to you.
• Describe some of the problems you may encounter once you start implementing the plan.
• Clients may find regular emails or particularly phone calling to be intrustive (people like there personal space).
• Would you stick with the plan, or would you change it as circumstances change?
• I feel the best plan would be to re evaluate the plan on a regular basis and adjust as required. I would be prepared to adjust the frequency of contact or make the option to opt out of contact easily identifiable to clients so that they do not seem trapped or haressed.
• Who would you need to consult to develop a marketing plan?
• The marketing plan should be developed the consultation of all relevant stakeholders both Internal and Exturnal. This can include Managers, Brokers, and Investors if applicable.
• Task 2Marketing Plan Project
• Using the template provided, complete the tasks below to create a Marketing Plan for a finance mortgage broking business. You will be required to provide detailed information within the template and remove all the instructions and examples in the template.
•  
• Marketing Plan Guide
• (Ensure you remove all of the instructions and examples within the template and replace with your own answers. Any submission where this has not been done will not be accepted)
• 1. Executive Summary (Done Last)
• Keep in mind that not everyone will read every page of your marketing plan. Your executive summary should highlight the most important parts. It’s an overview of your marketing plan.
• As you go through the process of writing your plan you will refine your ideas and develop new strategies. By writing the executive summary at the very last you will be able to provide a holistic overview of your marketing plan.
• It is recommended that you include the following points in your executive summary:
• Brief description of products or services
• Define target market
• Competitive advantage
• You need to tailor your offer so that your target customers believe that it is superior to what is offered by your competition - this is your competitive advantage.
• Competitive advantage can come from any element of your marketing mix - creating a superior product, more attractive designs, better service, more effective distribution or better advertising.
• Competitive advantage comes down to understanding what your customer values, delivering it and doing it better than your competitor.
• Positioning statement
• Positioning is the way your product or service is defined by consumers. For example, a consumer would describe a Ferrari as a prestige, high performance sports car. This perception by the consumer is due to a strategy developed by Ferrari to position itself in the prestige segment of the car market with a competitive advantage based on high performance and exclusivity.
• After you have worked on the rest of your marketing strategy you will know where your business is positioned in your market and how you are different to your competitors.
• Anticipated sales, profits, and market share
• 2. Market and Situation Analysis
• Economic environment
• Here you should look at the factors that affect your consumers’ purchasing power and spending patterns. What is the economic environment that you are operating in? Is it a growth, recovery, or recession? Will it be easy to find staff? What is the current interest rate i.e., is it increasing or decreasing? What is consumer confidence like?
• Uncertainty virus, Lockdowns, Job uncertainty,
• Social environment
• What are the social and demographic trends? Is the population aging? Is there an increase in the number of people who have English as a second language? Are family structures changing? Are there changes in the level of education?
• Put builit points about these ideas
• Technical environment
• The technological environment changes rapidly. You need to make sure that you are aware of trends in your industry and other industries could affect your business. New technologies create new markets and can influence you consumers and competitors.
• ETC…… Zoom Teams WhatApp Saves comuting times
• Online identification file sharing
• Cyber security
• Industry environment
• What are the trends in your industry? Are there new entrants in the market? Has a substitute product been introduced? Are there changes in industry practices or new benchmarks to use?
• Competitive environment
• What are your competitors doing? How many competitors do you have? What is your advantage over your competitors? Is the market large enough to support you and your competitors?
• SWOT Analysis
• Strength
• superior customer service
• excellent store location
• a unique product
• Weakness
• Very new to the industry
• Limited access to varius lenders
• Opportunity
• Limited competition in my area
• Well known locally in my comunityThreat
• new competitor entering your market
• new regulations
• increased trade barriers
• Political environment
• Consider the political environment for the areas that your business will trade and operate in. Is there a stable political system? Are there any licences and regulations that you should be aware of? Do you need to win support to be able to operate?
• 3. Market Segmentation and Customer Analysis
• Market segmentation
• When you look closely at your market, you’ll find that your consumers fall into different groups or ‘segments’. Although all your customers use your product or service, they will value different aspects of it such as price, design, or ease of access. You can segment your market by customers that have shared values.
• For example, if you were selling electronic calculators your market could be segmented by how consumers use it eg: scientific, office, student, and general use. Each of these segments will have different requirements and may vary in price they are willing to pay.
• By understanding the needs of segment, you can tailor your marketing mix to deliver what your customer values. Each segment will offer growth and profit opportunities, so the trick is to deliver the best offer to the best segment.
• Target market/segment characteristics
• You can profile your target market/segments using four categories:
• Geographic:eg: location, population size or climate.
• Demographic: eg: age, gender, family size, family life cycle or income.
• Psychographic:eg: social class, lifestyle, motivation or personality.
• Behavioural:eg: product benefits, frequency of use or brand loyalty.
• Market research findings
• Provide an overview of your market research findings. This could include:
• products and services and their customer fit.
• customer profiles.
• customer characteristics; and
• customer needs and wants.
• Target customers: [Who are your target customers and how do they behave? Include specific demographics such as age, social status, education, and gender. You may feel it is relevant to know certain information about your clients? Where are they located? Use the table below and adjust the column headings as required, to make them more relevant to what you believe is important to understand about your customers.]
• Type of buyer Socio Economic Bracket PurporpsEducation Location Interests Employment Status
• IE. 20-45 Higher Income level earners May be applicable is you speak other languages May be targeting young professionals You may be area specific Investors/Sports clubs Business Owners/Full time workers
• FHO First home DOHAS First home to become investment REFINANCE Refinancing to get a better rate consolidate Visit the market research section to find out more: www.smallbusiness.wa.gov.au
• 4. Objectives and Goals “Where the business needs to be”
• Mission Statement
• This is a statement of your businesses purpose, what you want to achieve. Your mission statement should be market orientated. For example, Disney’s could be “We create happiness by providing the finest in entertainment for people of all ages.”
• Objectives for volumes, sales, market shares, gross margins, net profit, return on investment
• You mission is then broken down into achievable objectives. Achieving each objective should take you a step closer to achieving your mission. Working on the Disney example an objective could be “to be the most popular theme park for international visitors”.
• Convert objectives to goals by assigning magnitudes and dates
• Your goals outline how you are going to achieve your objectives. They should be easy to measure and evaluate. In our example a goal could be to: “increase market share of international theme park visitors by 10% in the next 2 years”.
• Objective How are these Specific, measurable, Achievable, Realistic, Timely (SMART)?
• EG. 5 % increase in market share Dues to marketing activities to new and existing clients and building if new relationships via networking
• Get on local community radio and offer basic financial advise 5. Strategies and Tactics "How to get there"
• Pricing strategy
• When developing your pricing strategy consider the following:
• your customers sensitivity to changes in price.
• what revenue you need to break even; and
• what the price says about your product eg: value, quality, and prestige.
• Eg interest rates go up
• Price of mortgage insurance may go up
• Product strategy
• When developing your product strategy consider the following:
• what level of quality and consistency does the product have?
• how many features does it have and can they be removed or added; and
• does the design and/or service deliver what the customer values?
• Introducing new products??
• Place strategy
• When developing your place/distribution strategy consider the following:
• what distribution channels and methods you will use.
• if you will have a retail outlet and where it will be located; and
• the geographic area your product/service will be available in.
• Will I work at home or get an office
• Promotion strategy
• Your promotional strategy will ensure that consumers find out about your product or service. There are four main promotional tools:

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