Assessment 1

1. Give examples of legislation and regulations that apply to the marketing industry in Australia.

• Australian Human Rights Commission Act 1986: This act came into existence for the rights of people in Australia.
• Competition and Consumer Act 2010:This act is implemented on the goods and services that are being sold and the maximum value is of $40,000.
• Australian Direct Marketing Association Code of Practice:This acts helps in reducing the risk of legislation breaching, and to promote the culture of best practice.
• Direct Marketing Code of Practice:In direct marketing industry, a standard is set for the participants.
• Australian E-commerce Best Practice Model:In the world of electronic commerce, it helps to increase the confidence of the consumer by giving them proper guidance to the businesses.

2. Explain two relevant Codes of Practice for the marketing industry and the purpose of the Code and its keycomponents.

• ADMA (Australian Direct marketing Code of Practice): ADMA code was set to reduce the risk of breaching to reduce to increase the best practices of culture. It also helps to set a standard for settling the disputes and helps to increase the confidence of people so that they can do business. The main components are:

• To advertise lawfully
• Helps to increase the trust of the community and also helps to boost the confidence of the consumer in the market.
• To handle the personal information for the purpose of the market.

• Australian eMarketing Code of Practice: it provides the framework for the e-market industry and provide them guidance so that they can tackle with the complaints.The main components are:

• Handling of complaints
• Maintenance of the consent
• Consent records to be kept

3. Explain the following terms: market penetration, market development,product development and diversification.

• Market penetration:

Increase in the sales of the current product by not changing the product from the market. The strategy is to increase the share of the product in the market.

• Market development:

Identification of growth of the company and development of the new market segment.

• Product development:

Improvisation in the existing product. The development of new product is known as product development.

• Diversification:

Growth of the company through starting or doing the business outside the current product of the company and the market as well.

4. Describe phases of the product lifecycle.

The phases of the product life cycle are:

Introduction Stage:

Establishment of the brand and getting sure about the new product’s quality. Promoting the product by aiming at the specific target. Keeping the prices low at initial stage and increasing it gradually.

Growth Stage:

Quality of the product is to be maintained and add extra services for the growth of the business. Also keep the prices that are in favor of the customer to maintain the sales growth

Maturity Stage:

In this stage, keeping adding something new to the product to keep it running in the market. Make new plans to promote the product

Decline Stage:

Find new uses of the product or add or remove its features. Also try to reduce the cost and production as well and slowly discontinue production of the product.

5. Define marketing mix and its components.

Controlling the marketing plan is the main purpose of marketing mix.

The main components are:

Price:Consumer that pays for a product is referred to as price. Price must be kept on the basis of product’s real and perceived value. Supply cost, seasonal discount and other factors must also be kept in consideration. Prices can also be raised by the businesses to make it look more luxurious.

Place:it is where the company decided to sell the product and delivering it to the market. The goal is to choose the place for the product which is in front of the customer.

Product:it is the good or the service which the business is selling the market. Amount which is to be charged is based on the product, for this the promotion o9f the product is must.

Promotion:Promotion can be done through advertisement, public relations, and strategies. It will help the business as customers will get to know more about their product and its features as well.

6. What is the importance of marketing mix?

To understand what a product or service can offer, we need marketing mix for that. Marketing mix involves 4 P’s which are: price promotion, product, and place.These 4 P’s helps in planning for the product or service. It will also help in choosing which marketing strategy is good for the business and how to implement it. 4 P’s are important for successful implementation and execution of the business. The main motive behind the 4P’s coming into existence was to make sure that marketing strategy is being implemented successfully.

7. Steps in the marketing process

Four key steps in the marketing process are:

Discovery:it is doing research about the market, customer and also about the competition. Solving and identification of problem will help to determine the information that is needed. This will help the businesses to know about the problems as well as the opportunities.    

Strategy:TO MAKE DECISIONS RELATED TO THE MARKETING PLAN, INFORMATION IS NEEDED. STARTEGY IS HELPFUL BECAUSE IT WILL HELP IN THE COMING FUTURE. WE NEED GOALS, OBJECTIVES AND DEVELOPING MESSAGES BEFORE MOVING AHEAD.

Implementation:This means bringing thoughts into actions which means implementation of desired plans in the targeted market, and also the implementation of campaigns into the action.

Measurement:it is taking the look at the result very closely. Measurement of the result will help in making the intelligent decision.

8. Explain statistical methods and/or forecasting techniques used to evaluate marketing opportunities.

There are 4 statistical methods or forecasting techniques that can be used to evaluate

Marketing opportunities are:

The Delphi Technique:it is process of forecasting which makes a framework that is based on multiple rounds of questionnaire result. Works are allowed to work towards a agreement that is mutual by circulation of questionnaire.

Time series forecasting Technique:It is used to observe the sales pattern. The rate of sales growth can be measured by the trend analysis. In the stable market time series is most useful. Market that is not stable this is method is not suitable there.

Market Test:To gain knowledge about a particular product launch the product in the market, the product is launched to see the response of the market towards the product. Such experiment will help to know about the influence of market plan in the market, this technique is also known as response technique.

Corelates Technique:Special form of trend analysis is correlational analysis. It helps to forecast about the sales

9. Explain a method which is used for forecasting market growth rate.

This needs to be understand the forecast is just a judgment which is made by someone. The Delphi method is a process that is based on the results of many rounds of questionnaire which is being sent to the panel of experts.Works are allowed to work towards a agreement that is mutual by circulation of questionnaire.

Channel and Customer Surveys:in markets like, business to business market, companies ask the customers about how much they want to spend on a particular product which is provided by the company. The surveys can be conducted by the companies to produce their own forecasts. This survey is helpful in determining the potential of the market.

Sales Force Composite:The main basis of this forecast is the gathered information from the sales force of a company. Salesperson have a very good intuition power, they can easily get to know about the estimation of sales that a product can make in the market.

Executive Opinion:quantitative technique and research have backed up the executive opinion. It can be made accurate by giving bonus to the executives on the number of sales.

Expert Opinion:It is same as executive opinion, the third party that is outside from the organization is the only expert. Their opinions are same as the executive.

10. Define Return On Investment and how it is calculated

ROI is used to measure the investment’s efficiency or comparing of the efficiency of different investments. ROI can be calculated by diving the benefit of investment with the cost.

ROI= Total investment/ cost of investment

ASSESSMENT 2

1. Write a marketing review report

Marketing Review Report

Summary of Business Objectives

The mission of JavaNet Internet Café ‘s is that every individual that meets and enjoy their time is provided with a coffee shop. Not like other cafes, unique form of communication and entertainment is also provided with the help of internet.

The main aim of JavaNet Internet café.

• Steady development of brand awareness
• Increment in number of new customers.
• Increase in the sales while achieving the status
• Reduction in the variable cost
• Growth rate of double digit every year

Target Customers

JavaNet Internet Café’s has the target customers

• Students
• Professional
• Between age group of 25-45

Current Marketing Strategies

• Advertisements using social media:

For posting advertisement use social media, this is the most important source of advertising the product.

• Collaboration with the influencers: good audience can be gained with the help of this strategy as most of the users are influenced by various categories.
• People who visit for the first time, provide them with special discounts and coupons.
• Advertise through television, podcasts, radios, brochures and many more

Current Market Trends and Development

Current market Trend

Internet is the top most topic of every conversation in all the groups. People discuss about the sites that they have visited whereas businessman talks about the internet based business. Likewise kids talk about the games, chat sections and many more.

Potential new and emerging markets:

Internet is the top most topic of every conversation in all the groups. People discuss about the sites that they have visited whereas businessman talks about the internet based business. Likewise kids talk about the games, chat sections and many more.Internet experiences are being shared by the people with their friends, family and colleague. To share things people need a comfortable place.

JavaNet will provide:

• Provide comfortable place to people to make discussions
• Travellers who need internet connection, it will provide a stopping point for them
• A place where people can come and learn about the power of internet

Competitors and any relevant factors

JavaNet's business faces competition on two levels. JavaNetare coffee retailers as well as Internet specialist organizations.

All the organizations have to face similar expenses due to huge competition between coffee retailers. Cost and nature of coffee have a positive connection between them.

Marketing Opportunities

There are four marketing opportunities which are listed below:

• Use of Social media platforms: advertisement can be done through social media such as: facebook, twitter, instagram. This will help to promote the business by attracting the targeted audience
• Coupon and discounts: reward customers with coupons and discounts for promoting the café among their friends and family and also for visiting the café for the first time.
• Loyalty Programs and incentives: these incentives will be given to the ones who are loyal towards the business from very long period of time.

2. Send email to marketing team

E-mail

To: Assessor

From:

Subject: Attachment of the market review report

Dear Assessor,

I want to inform you that I have attached the marketreview report with this email. The report will cover the market plan of JavaNet Internet Café. Report covers the following points:

• Summarization of the Business Objectives
• Targeted Customers
• Current strategies of market
• Current trends and development of market
• Opportunities in the market

Kindly go through the report and let me know so that I can arrange the meeting.

Thank you

3. Conduct meeting

In Meeting

Meeting Time: 15-09-2021

Meeting Location: 35 St Road, Melbourne

Participants: CEO, marketing manager, staff members

Discussed the following points:

Summary of Business Objectives

The mission of JavaNet Internet Café ‘s is that every individual that meets and enjoy their time is provided with a coffee shop. Not like other cafes, unique form of communication and entertainment is also provided with the help of internet.

The main aim of JavaNet Internet café.

• Steady development of brand awareness
• Increment in number of new customers.
• Increase in the sales while achieving the status
• Reduction in the variable cost
• Growth rate of double digit every year

Target Customers

JavaNet Internet Café’s has the target customers

• Students
• Professional
• Between age group of 25-45

Current Marketing Strategies

• Advertisements using social media:

For posting advertisement use social media, this is the most important source of advertising the product.

• Collaboration with the influencers: good audience can be gained with the help of this strategy as most of the users are influenced by various categories.
• People who visit for the first time, provide them with special discounts and coupons.
• Advertise through television, podcasts, radios, brochures and many more

Current Market Trends and Development

Current market Trend

Internet is the top most topic of every conversation in all the groups. People discuss about the sites that they have visited whereas businessman talks about the internet based business. Likewise kids talk about the games, chat sections and many more.

Potential new and emerging markets:

Internet is the top most topic of every conversation in all the groups. People discuss about the sites that they have visited whereas businessman talks about the internet based business. Likewise kids talk about the games, chat sections and many more. Internet experiences are being shared by the people with their friends, family and colleague. To share things people need a comfortable place.

JavaNet will provide:

• Provide comfortable place to people to make discussions
• Travellers who need internet connection, it will provide a stopping point for them
• A place where people can come and learn about the power of internet

Competitors and any relevant factors

JavaNet's business faces competition on two levels. JavaNetare coffee retailers as well as Internet specialist organizations.

All the organizations have to face similar expenses due to huge competition between coffee retailers. Cost and nature of coffee have a positive connection between them.

Marketing Opportunities

There are four marketing opportunities which are listed below:

• Use of Social media platforms: advertisement can be done through social media such as: facebook, twitter, instagram. This will help to promote the business by attracting the targeted audience
• Coupon and discounts: reward customers with coupons and discounts for promoting the café among their friends and family and also for visiting the café for the first time.
• Loyalty Programs and incentives: these incentives will be given to the ones who are loyal towards the business from very long period of time.

4. Email to marketing team

E-mail

To: Assessor

From:

Subject: three marketing opportunities that have been confirmed

Dear Assessor,

I am writing this email to inform you that marketing strategies have been confirmed which is been agreed by the staff members. Following are the marketing Strategies.

• Use of Social media platforms: advertisement can be done through social media such as: facebook, twitter, instagram. This will help to promote the business by attracting the targeted audience
• Coupon and discounts: reward customers with coupons and discounts for promoting the café among their friends and family and also for visiting the café for the first time.
• Loyalty Programs and incentives: these incentives will be given to the ones who are loyal towards the business from very long period of time.

Kindly go through the strategies and do let me know if there is any suggestion

Best Regards,

ASSESSMENT 3

1. Identify the social media, video content marketing opportunity with business objectives and goals.

Marketing Opportunities Report Template

• Alignment with the business’ objectives and goals as described in the Marketing Plan

Use of Social Media Platform: All the business objectives are aligned with it.

Coupons and Discounts: All the business objectives are aligned with it.

Loyalty Program and incentives: All the business objectives are aligned with it.

• Target Customers:

• Students
• Professional
• People of age groups between 25-45

• Overall Benefits to the business of pursuing the opportunity:

• Anticipated effect of the marketing opportunity on sales, profitability, growth and market shares as identified in Part 1

• For increase in the sale and market share use the three marketing opportunities that we have discussed. There will be an increment in the sales by using these strategies

• Additional resources that will be required including finances, staff, equipment, etc.?

• For managing social media campaign, additional staff is needed
• To serve the best service to the customers, more staff is needed                                                                                                                                          

• Estimated effect on return on investment

 If ROI is 5:1 then it is a good marketing

5:1 ration is considered strong for most businesses, whereas 10:1 ratio is exceptional. It is possible to achieve a ratio higher than 10:1, but it should not be the expectation.

• Potential competitors

Competition on two levels is faced by JavaNet’s business. JavaNet works as a coffee retailer as well as internet specialist organization.

• How any changes in economic conditions could impact on each marketing opportunity?

• Rate inflation
• Increase in Interest rates
• Increment in government interest rate control
• Taxation policy is changed

• Technological factors that may affect the marketing opportunities identified

• Digital and internet is the base era of today. So, technology is good for the business in today’s time. With the help of technology there is a positive impact in the market as it will also help in advertising easily.

• Legal issues associated with each marketing opportunity

Misleading & deceptive conduct

• While collecting the customer’s personal information be careful with their privacy
• Comply with the Spam Act 2003 while sending the marketing material via post
• Take care while collecting, use, secure and disclose a customer's personal information be ensure to comply with the Privacy Act 1988.

• Risks associated with each marketing opportunity:

2. Rank the marketing opportunities

• Social Media:everyone can get to know about the brand with this marketing opportunity. So, it will be rank as number 1.
• Coupons and Discounts:Ranking 2 is given to this opportunity by the company
• Loyalty Programs and Incentives: This is least effective in targeting customers, and has been ranked as 3.

3. Advantages of business pursuing the opportunities of each market.

• What changes would need to take advantage of business opportunity?

• Identification of the need of change
• Alignment and Preparing the organization for the change
• Removal of Barriers
• Implementing
• Follow-ups

• Outline resources which is needed for market opportunity.

• Integrate
• Hubspot
• Content Marketing
• Buffer

• What strategies should be needed to ensure the quality service?

To ensure the service quality to the customer, recommend the strategies

• Encouragement of specialist feedback.
• Have specialists tune in to their calls.
• Send reviews after each collaboration.
• Establishment of clear KPIs.
• Give clear and reliable principles.

4. Email to managing director

To: Assessor

From:

Subject: Attachment of the market opportunities report

Respected Assessor

The main aim writing this mail is to inform you I have confirmed that marketing strategies and has also framed the risk assessment. I have attached everything with the mail

Please go through the attachment and kindly let me know if there is any problem with the report, I would highly appreciate your suggestion.

Best Regards,