|ASSESSMENT 4 BRIEF|
|Subject Code and Title||MKT101A - Marketing Fundamentals|
|Assessment||Marketing Plan – Stage 4: Metrics Proposal and Reflection|
|Length||750 words (+/- 10%) (or equivalent)|
|Learning Outcomes Addressed|
effectiveness of a marketing plan.
|Total Marks||100 marks|
Congratulations! You are now in Stage 4 of your marketing planning process. Most of the hard work has been completed and now it is time to provide a metrics section and a reflection of what you have learned through this process.
Let’s recap a few achievements during this process. So far, you have:
In this final stage, you are required to identify and describe some evaluation and monitoring tools/systems and respective metrics. These should include metrics that would be suitable for your client to measure the success of your recommendations. By controlling and
evaluating marketing strategies, you can monitor if they are effective and you can adjust your approach if they do not bear positive results for the business. Here are some elements that could be closely monitored: sales growth, increase of brand awareness, number of social media followers, improvement in customer satisfaction levels and brand loyalty, just to name a few.
You are also required to write a critical reflection of the things you have learned through this marketing planning process and how it has improved your understanding of marketing overall.
Instructions- Stage 4
In Stage 4 of your marketing plan, the focus is on describing key marketing metrics that you could use to evaluate the effectiveness of your marketing plan recommendations and support your client’s current and future marketing decisions.
At this point, Stage 3, you must submit a word/text document which includes:
My Sweet Memory Café
Brand awareness: Brand awareness is an essential aspect of business promotion for small and medium-sized companies. This could be created through presenting good quality products, promotion and social media marketing and content management. It is essential that the start-up companies offering unique services like MSM café provide the potential customers with the knowledge of the substances and products being offered in their website (Romaniuk, Wight & Faulkner, 2017). This promotes the idea of transparency within the minds of the customers and gains their trust. This, in turn, impacts the purchase behaviour and the perception of choice when it comes to making the actual purchase. The content management can also provide the customer with the ability to compare the choice of services being offered, other similar business providers.
Customer satisfaction:This is an important aspect of marketing metrics. Customer satisfaction determines the success factor for the business in any industry. In the case of the My sweet Memory (MSM) café, it is important to develop a better relationship with customers to promote the Korean coffee culture in Australia (Hanssens et al., 2014). The uniqueness of the idea already attracts the people towards the business as its key difference to commercial coffee chains like Starbucks and Ground Coffee. It acts as an important facilitator of business for the long run. The companies available customer satisfaction plan includes the loyalty program which the MSM Café has decided to reward their regular customers. The regular interaction with the customers would facilitate filling the gaps within the business of MSM.
Social media interaction: This is another key metric in monitoring and controlling the marketing metrics within the business. Social media provided a cost-free advertisement and promotion option for the small and medium-sized business holders. The volume of traffic that visits the social media page can be an excellent indicator for the success of the business. It is essential that in the beginning days of the business, people talk about the business. This will create the attractiveness and desirability of the products offered in the market. The fast-paced promotional nature of social media makes it an important metric in determining the credibility of the business (Misirlis&Vlachopoulou, 2018). This also increases the chances of better customer interaction which is beneficial for small scale businesses like MSM café. The new age video blogger and food bloggers from the area might post their review on the MSM café, for example, and that will increase the customer influx in the café.
The marketing assessments provided me with an in-depth understanding of the different factors in the industry and how it helps to facilitate the business environment. The situational analysis assessment put me into the perspective of business in a cross-cultural setting. The maintenance of organisational capability in a multi-cultural fast-paced world and how it creates a barrier in acquiring customers is now clearer to me. This also provided me with the opportunity to develop the internal strengths and weakness with respect to the business capability of MSM café. In the second assessment, I was sceptical in the beginning as I was not sure about drawing target segmentation of the market for the MSM business. I studied journals and discussed with my peers regarding the market segmentation. In this context, I had to relate the profitability of the business with that of the consumer purchase behaviour. I was aware of the theoretical concepts but not able to develop the interconnection in context to MSM. This was important since the next two assignments, the marketing mix and the determination of the marketing metrics. I studied the lecture notes, case studies and the materials provided to me in the course. It also helped by understanding a few cases studied to be able to relate the conditions of the MSM café completely. The journals I referenced helped in understanding the psychological and decision-making strategies of consumers. The position map provided an idea of the current situation of the MSM café in the Australian market and what needed to be done to improve its position in future. In the third assessment was relatively easier to determine the marketing policies for the café to ensure that the business could sustain in the future. I used my creativity to provide the best possible pricing and strategy for the MSM. In order to promote their business, it was essential to understand what the customer wanted and how it was possible to capture them. In my last assignment, I also learned about the importance of marketing metrics in business and how it could help improve business sustainability. Overall this assignment provided an important insight into developing a marketing plan.