FNSORG501-Develop a Digital Marketing Plan and Budget Report - Management Assignment Help

Assignment Task

Task 

 

1. Introduction

1A. The Purpose Of This Assessment

This assessment will develop your skills and knowledge required to research, plan, implement and evaluate digital marketing activities. It will also develop your skills and knowledge in the development and ongoing management of a budget.

 

Competencies Being Assessed
This assessment has been aligned against the units of competency SIRXMKT007 Develop a digital marketing plan and FNSORG501 Develop and manage a budget. These units require you to:

1.Determine digital marketing requirements
2.Develop a digital marketing plan
3.Monitor digital marketing activity
4.Review digital marketing activities
5.Plan for and collect information for budget
6.Develop budget
7.Finalise budget and allocate resources
8.Monitor and control budget
9.Complete financial and statistical reports

Task A – Knowledge Questions
2A. Instructions

Answer the questions below to demonstrate your knowledge of marketing plans and budgets.

When answering the questions, make sure you:

• Answer all parts of each question
• Use your own words and give examples wherever possible
• Keep in mind the quality of your answer is more important than how long it is
• Enter your answers in this document
• Acknowledge and cite any sources used

Question A1
Describe key legal and ethical considerations for digital marketing in regard to the following:

• Australian Consumer Law
• Copyright
• Privacy
• Codes of practice

 

Question A2
Explain the benefits and limitations of the following digital marketing channels and techniques:

• Blogging
• Affiliate marketing
• Remarketing

Question A3
Describe two or more techniques you can use to make content consistent across various marketing channels.

Question A4
In your own words, explain what the following financial concepts are, as they apply to digital marketing:

• Return on Investment (ROI)
• Gross profit
• Cost of Goods Sold
• Forecasting

 

Question A5
Explain what financial data may be required to develop a digital marketing budget. 

 

Task B – Review Past Performance

3A. Instructions

In Task B, you will review the past performance of a brand’s digital marketing. You will then use insights from this analysis to inform the creation and implementation of an annual marketing plan over Tasks C and D.

For Tasks B, C, and D, you may either:

• Use the provided case study, OR
• Use your own workplace

Question B1
Identify if you will be using the case study or your own workplace for Tasks B-D. 

If you are using your own workplace, also:

• Provide a brief description of the company you work for 
• Identify and describe the brand you will create a digital marketing plan for 
• Provide copies of financial policies and procedures relevant to marketing budgets

 

Question B2
Review the brand’s digital marketing performance over the past year, then:

• Describe what trends exist in reach, engagement and conversion rates across different channels and platforms
• Describe the success of the brand’s digital marketing activities
• Identify at least two areas of improvement

Question B3
Calculate the Return On Investment (ROI) of the brand’s paid marketing channels.

Question B4
To inform your creation of a new digital marketing plan for your selected brand, you are research trends and best practices. Make sure you explore trends relating to strategies, tools, and technologies. Then:

• Describe at least three trends influencing digital marketing
• Outline best practices for taking advantage of these trends
• Evaluate whether the brand should respond to these trends
• Make at least two recommendations for how the brand could improve its digital marketing approach over the next year

Instructions
Review the brand’s use of its digital marketing budget over the past 12 months. Then prepare a report that:

• Outlines the actual revenue and expenditure against the budget set
• Provides recommendations for the brand’s digital marketing budget over the next 12 months

 

Task C – Develop A Marketing Plan And Budget

Instructions

Task C follows on from Task B. In this task, you are to use the insights you gained in Task B to prepare a 1-year digital marketing plan for the brand.

 

Question C1
You now need to meet with relevant staff to clarify the goals and budgets of the brand’s annual digital marketing plan. Set up a meeting with at least one stakeholder.

Use the meeting to:

• Confirm the objectives and priorities for digital marketing over the next year
• Present your review of the previous annual marketing budget and outline your recommendations
• Discuss the potential digital marketing budget for the next 12 months
• Clarify what this budget will cover
• Negotiate to secure the best digital marketing budget possible

After the meeting, record notes of what was discussed, including what negotiation outcome you were able to achieve.

Question C2
You now need to create a draft 1-year digital marketing plan. The plan must cover how the brand can attract, engage, and retain customers. 

The digital marketing plan must include:

•    At least two marketing objectives
•    At least two Key Performance Indicators 
•    An analysis of the effectiveness of the brand’s past and present digital marketing
•    An outline of the brand’s target market, including at least two segments
•    An analysis of external factors impacting marketing activities, including competitors, customer trends and technologies
•    An explanation of marketing channels, platforms, and techniques to be used
•    A description of marketing tools and technologies to be used to track engagement and conversions
•    An action plan outlining key activities, resources, and timeframes
•    A draft budget for digital marketing activities

Question C3
You now need to share your draft marketing plan and budget with others to gain their feedback. Set up a meeting with at least one stakeholder.

Use the meeting to:

• Share a copy of your draft plan and budget
• Summarise your budget and explain your rationale for it
• Seek feedback and negotiate for the annual digital marketing budget 

After the meeting, record notes of what was discussed, including what negotiation outcome you were able to achieve.

Question C4
Based on the feedback you received in the previous question, revise your marketing plan and budget. Write your final plan and budget in the space below or attach it.

NOTE: Clearly indicate the revisions you make to your plan, such as by using highlighting or a different coloured font colour.

Question C5
You now need to gain approval for your final marketing plan and budget. 

Question C6
Describe how you followed financial policies and procedures when developing your digital marketing budget. Then explain how you will follow relevant financial policies and procedures when managing the approved digital marketing budget.

 

Task D – Monitor Marketing Activities

Instructions

Task D follows on from Task C. In this task, you are to implement a marketing plan and analyse its performance.

 

Question D1
Now that your digital marketing plan and budget are approved, you need to inform others. Set up a meeting with at least two team members who will be involved in implementing your plan and managing its budget.

Use your meeting to:
•    Present a summary of the digital marketing plan and budget
•    Discuss the plan's goals and any financial limitations
•    Communicate responsibilities and expectations of the plan to team members
•    Explain financial management and reporting responsibilities

Question D2
Some time has passed, and you now need to review the performance of your digital marketing activities.

Review data on different digital marketing channels and the use of budget. Then: 

• Describe what trends exist in reach, engagement and conversion rates across different channels and platforms
• Assess the performance of the digital marketing – make sure you evaluate the performance against the objectives of your digital marketing plan
• Outline of how actual income and expenditure compares to the budget set – make sure you compare the variance between planned and actual amounts
• Explain how you will respond to any variances

 

Question D3
You are to identify at least two issues or areas of improvement that relate to implementing your digital marketing plan. 
Describe how you will respond to these. Make sure you consider how you’ll find solutions and improve digital marketing performance.

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