BSBMKG501 Identify and Evaluate Marketing Opportunities Assessment Task 1 Answer
According to the Australian government, two business cannot compare the goods that misleads the customers as per two-price comparison advertising. The competitor firms can display the total cost of the goods and cannot post or circulate any negative opinion that is not verified. The organization will not refund money if the client finds the merchandise cheaper anywhere. The rival organization cannot use credence claims for the disadvantage of the company.
Two Codes of Practice for the marketing industry include that the marketers should employ best practices for collecting and handling the personal information for using it in marketing operations. The advertisements should encourage lawful and transparent practices for promotions. The main purpose of the codes is to maintain the integrity of advertisement practices and the key components include consumers, rules and regulations.
Market penetration: It is the business strategy to determine the reach of the products to the customers as compared to the total anticipated market of the good.
Market development: It is one expansion stratagem of the company, whereby the firm identifies a new market and develops it for their existing product assortments.
Product development: The approach where the organization develops or alters the existing product for an updated version to satisfy the current needs of the consumers is product development.
Diversification: it is the stratagem adopted by the business to expand their market either by developing unrelated good or entering the new market to gain new clients.
The four stages of product life cycle includes introduction, growth, maturity and decline. In the initial stage, the new good is introduced in the market and follows lag phase and the stakes are high. The second marks the growth as the clients are increasingly using it and often pulls in the revenue. Maturity is marked by saturation in the market and decline is demarcated by fall is the sales of the product.
The components of marketing mix enable the company to effectively communicate with the target market. The components of marketing mix include product, price, place, promotion, physical evidence, processes and people. Each of the element plays crucial role in success of the firm as it narrows and customises the promotions according to the target audience.
Marketing mix forms the essential part for creating appropriate strategy to introduce the product or service in the market. It helps in identifying the significant tactics for increasing the visibility of the product or service.
The four key steps in marketing include discovery of the recent trend in the market, formulate strategy, implement the strategy and measure the outcome with the expected results.
Statistical methods that can be used for forecasting marketing opportunities include economic analysis, time series method, statistical demand analysis and exponential smoothing.
Survey and judgement forecasting technique can be used for forecasting market growth rate. It comprises of survey done by the clients, expert opinion, and salesman estimates.
Return on investment is the measure to analyse the competence of the investments based on their returns. It is calculated by the formula:
ROI = (Current investment value – investment cost)/ investment cost
Assessment Task 2
In this context, retail business has been selected. The business is of Waitrose.
|Business Objectives||Objective of Waitrose is to become the leading retail food market shareholder in UK |
|Target Consumers ||The target consumers are between the age group of 27-45 years |
Premium and fresh food for people above the age of 55
|Current Marketing Strategies ||Traditional marketing through banner, leaflets, TV Promotions and Radio|
Online marketing through Website and Social Media statistics
Promotional and offer codes
Current market trends and development
The UK retail market is competitive in nature and Tesco, ALDI along with Marks and Spencer are ruling the major share of the market. However, the emerging trends of consumer aided technologies and requirement development are facilitating the companies to gain grip in the market. E-commerce has captured 20% of the retail sales since 2019. Thus, Waitrose need to concentrate on the e-commerce development to capture new marketers. Wages hit an 11-year high in June 2019 and business rates, commodity prices and pensions remain high. It is indicating the fact that the buying power of the people have increased.
Explanation of three marketing opportunities
- Waitrose has concentrated on the food quality maintenance as their primary concern and airing the fact through 60-second TV commercial.
- Carefully curated reports & briefings from market specialists to make the strategies of the operation
- The Waitrose managers are driving three kinds of business such as a traditional supermarket, a takeaway and eat-in hospitality business and a .com business
Please note, we are arranging a detailed meeting with the board of members on the marketing plan of the Waitrose. The meeting will be arranged on 15th Dec 2019 at 2 PM.It will be held on the conference hall.
We are attaching the marketing report of the previous quarter. We request you to study the report and please attend the meeting with your views.
Waitrose Marketing Development Team
The meeting has been held, the meeting outcomes have been recorded, and the written documents have been maintained for the meeting driven data tracking. Questions have been raised from the end of the brad members have been answered from the end of the marketing team and have been recorded for future steps and policies. The raised issues for the marketing opportunities has been discussed and the process by which it can be mitigated for market success.
From the success of the meeting on marketing opportunities following concerns have been confirmed-
- Social media data analysis on consumer feedback and product related conversation to enhance the product quality and marketing reach to the new market segments
- Commercial advertisements must be crisp and full of content that can gather the attention of the people
- We have decided to concentrate on traditional supermarket, a takeaway and eat-in hospitality business and a .com business
We consider these can be beneficial for the organization. However, we would like to listen from your end if any addition required
Waitrose Marketing Development Team
Assessment Task 3: Marketing Opportunities Evaluation
3.1 Report for evaluating the e-commerce and traditional market plan
The main purpose of the business is to expand their market reach and stay afloat in supermarket completion. The target market will include both new clients and retain the old customers. For gaining the new clients, it will concentrate on e-commerce business. When the business pursues the online platform the opportunity to reach the customers increases, thereby escalating the sales. Nonetheless, the old and existing purchasers prefer traditional brick and mortar superstore for their shopping. Takeaway counters generally target the students and the office goers’ youngsters. To strengthen the online mode of selling along with maintain traditional shops, the supermarket requires huge amount of investments, additional staff who are expert on handling online transactions and delivery equipments. Potential threats include ALDI, LIDL, Morrisons, Tesco, Iceland Foods, ASDA, and Kroger. Technological advancements will aid the supermarket in addressing the online e-commerce challenges and better the experience of the users, consequently attracting more number of clients. Economic situation in the country will have huge impact on the industry as it determines the level of expenses an individual can make. As government regulations are stringent the marketing strategies should adhere to the rules to avoid unnecessary legal actions against them. Online marketing strategy had high level of risk due to breach of data and security of bank details.
Most viable marketing opportunity include strategy to maintain three kinds of business, traditional, takeaway and e-commerce. This ranked at the top because to increase the customer base, focus of the company should be on enhancing the experience of the customers and easy availability of the products. Next, viable plan is maintaining the quality of food and commercial ad of 60 seconds. It has been ranked second as quality of the products will ensure repeated purchase of it. Lastly, the briefings done to the specialists to develop marketing strategies. This will help in identifying the opportunities of the firm to expand and design effective strategy.
The organization need to hire the e-commerce experts to establish a user friendly platform for the proper expansion of the online website. Further, $4500 has to be allocated for conducting market research and setting up the online platform. Additionally, $1000 have to be spent for purchasing delivery trucks and small vehicles. 18 delivery boys should be hired for distribution of the online orders. It is recommended to enhance the experience of the customers, initially the new recruits should be trained as this form of marketing is new for the supermarket. Moreover, the traditional stores and takeaway counters have to distribute leaflets to the existing clients about the opening of online mode of supermarket.
3.2. An email to the Managing Director
Meeting has been conducted on 15th Dec 2019 at 2 PM for discussing various opportunities of the supermarket. The opportunities and the feedback has been summarized in the report and the marketing plan, which are attached here. Kindly review the documents and provide some valuable suggestions for the betterment of the project.
Waitrose Marketing Development Team