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SITXMPR007 - Develop and Implement Marketing Strategies Assignment -

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Answer - Develop and Implement Marketing Strategies

Introduction

Developing an appropriate marketing strategy is one of the integral components that must be put down to a use for the proliferation of the organisation. The discussion provided below would be focusing on developing and implementing a marketing strategy for the internet based retailer named Temple & Webster. The primary products and services of this organisation comprises of Australian homewares and furniture.

PART A -

Step 1 - Conduct thorough research to collect and analyse information on:

The Internal business environment:

Q1. Describe the current core activities, customer base, business values and business direction.

Answer - The core activities of Temple and Webster comprises of providing online retail services of homewares and furniture. So far, their customer base includes almost 1 million Australians. The company operates in Australia, Europe and United Kingdom (Temple and Webster, 2018). The business values of the company comprise of having inspirational content in their products that allows them to provide best delivery experience with the products. Their business direction is headed towards the idea of global expansion.

Q2. Identify and analyse information relating to the effectiveness of current and past marketing efforts.

Answer - The past marketing range of the company always comprised of providing a wide variety of product portfolio and displaying in their website every time someone logged in to window shop or to make a purchase (Temple and Webster, 2018). However, their current marketing spree includes extensive amount of interaction with the customers to understand their preferences and the utilisation of social media marketing as well. They have continued their past marketing strategies too but the present ones are more effective.

Q3. Review business performance information to identify strengths, weaknesses, opportunities, threats and critical success factors.

Answer - The SWOT analysis of the company is as follows:

Strengths

Weaknesses

  • Accelerated growth in revenue
  • Active Customers
  • Online market leader furniture & Homewares
  • No product available other than homeware and furniture
  • Lack of enough sustainability

Opportunities

Threats

  • Implementing sustainable development goals
  • Global expansion, especially to developing countries
  • Extreme amount of competition from the market
  • Lack of sustainable measures enhancing environmental risks

Table 1: SWOT of Temple & Webster

According to About Us (2019), the CSF of the company are as follows:

  • Experienced designers and other management officials
  • Utilisation of core competencies and teamwork
  • Driving a strong market with the help of demographic and structural changes

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Q4. Identify and record current capabilities and resources including the need for specialist assistance.

Answer - The current capabilities and resources of the organisation are:

  • Advocating an appropriate returns policy in the case of dissatisfaction
  • Having an advanced team of designers
  • Enhancing the use of advanced technology
  • An advanced workforce with proper management experience

The special attention is required in the case of their personalised gift section as a very minimum range of people show interest in personalised furniture home décor.

The External Business Environment

Q1. Identify and analyse information on expected market growth or decline, along with the associated risk factors.

Answer - According to Temple and Webster (2018), the key information that has been identified about the market are as follows:

  • The age group of 22-35 are the core customers
  • The entry of new logistics such as SingPost, Japan Post and many more
  • Furniture and Homewares category in Australia is a $13.6 billion market

From the information above it is evident that the company needs to primarily focus on the application of marketing strategies that attract the millennials and make sure that the entry of new logistics causes positive structural change. Further, the focus should always be on making maximum amount of profit as well. The risks associated are as follows:

  • Inadequate brainstorming
  • Lack of cooperation with the logistics
  • Ineffective financial capability of the market

Q2. Analyse projected changes in the labour force, population and economic activity that would affect your marketing.

Answer - The key changes that might be noticed are as follows:

  • Labour Force: Their might be changes in the Labour laws and the wages for each of them might increase
  • Population: The constant fluctuation in the preferences of the millennials might be difficult to address
  • Economic Activity: Economic recession or the degrading value of the homeware and furniture sector might degrade the situation of the company

Q3. Current comparative market information which may include best practice information, benchmarking and competitor information.

Answer - The comparative market information are as follows:

  • Best Practice: New market entries accelerating online shopping, use of new technological advancements and others
  • Benchmark: Data driven marketing and being the first place in Australia where people tune in for purchasing home décor and furniture
  • Competitors: Hardtofind.com.au, Freedom and others

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Q4. Industry and customer trends, emerging issues and developments which may be: economic, ecological, environmental, government activities, social and cultural, demographic, technological or industrial.

Answer - The customer trends are as follows:

  • Furniture visualization such as 3D visuals, interactive room scenes and others
  • The use of Omni channel for a consistent experience
  • Innovative personalization of items

The emerging issues and developments are as follows:

Factors

Issues/Developments

Economic

The industrial value might face a downfall  

Ecological/Environmental

Avoiding the use of sustainable measures would raise a concern

Governmental

Frequent changes in the policies or legislation would pose as a barrier to the business

Socio-cultural/Demographic

Understanding the recent trends would promote development and targeting the millennials would be profitable

Technological

Initiating technological advancement would contribute to the development

Table 2: Issues and Development presented by the external factors

Q5. Legal, ethical and sustainability constraints of the market and potential business impacts.

Answer - The constraints and their impact are as follows:

Factors

Constraints

Impact

Legal

Legislations, political instability, intellectual property protection and more

Intellectual property theft, economic recession, non-acceptance of foreign companies

Ethical

Avoidance of discriminative nature, maintaining equality every time and more

Minimizing the positivity of the workplace, encouraging disgraceful environment

Sustainability

Using expensive technology for sustainable measures

Heavy pressure on the financial condition of the company

Table 3: Impact of external factors

Q6. Opportunities presented by new technologies.

Answer - The key opportunities presented by the new technologies are as follows:

  • Enhancing employment opportunities for the people
  • Introducing new opportunities for marketing
  • Enhancing the production capability of the organisation

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Step 2- Develop a Marketing Strategy

Q1. Detail the specific opportunities for your product, service, project or event based on your internal and external market analysis.

Answer - From the internal and external analysis conducted, it has been identified that the personalised furniture section of Temple and Webster requires more attention for improvisation. According to Style and Advice (2019), some of the key opportunities include:

  • Personalisation being one of the key trends, the millennials would be a key target
  • Appropriate detailing of the product and understanding the requirements would lead to sophisticated outcome of the item
  • Incorporating adequate technology would be suitable

Q2. Explore and list new and innovative marketing approaches and techniques that are appropriate to your product, service, project or event.

Answer - The new and innovative marketing approaches identified are as follows:

  • Social media marketing and making use of live interactive session
  • Association of company brand ambassador who is a popular face over the world
  • Inspiring and innovative advertisement content

Q3. Outline the Marketing channels and distribution networks you will use for communications and materials.

Answer - The marketing channels to be used include email marketing, Social media, print media and others. The distribution networks to be used are wholesaler, internet, dealer, online retailers and others.

Q4. Explain how you will integrate legal, ethical and sustainability considerations.

 

Answer - For a proper integration, legal compliance would be maintained keeping in mind all of the legislations and for the ethical consideration it would be made sure that a moral code of conduct has been developed prior to recruitment of every individual (Kaptein, 2017). It would ensure that the employees abide by the rule of maintaining mutual respect among one another. Also, the organisation would take up sustainable measures depending on their budget for environmental concerns.

Q5. Explain how you will consult with key stakeholders in this strategy development process.

Answer - During the strategy development process, the consultation with the stakeholders would be carried out with the help of board meetings, presentations and constant communication.

Step 3- Develop a Marketing Plan

Q1. In the template provided, outline the methodology used to clearly communicate all priorities, responsibilities, timelines and budgets.

Answer - A proper communication plan would be developed to convey all the priorities.

Deliverable/Key Marketing Priorities

Recipient

Method

Schedule

Individual Responsible

USP of the product

External Stakeholders

Social Media Marketing

As needed

Marketing Team

Pricing offers

Board Members  

Meetings

"

The Leader

Popularity of the Product

External Stakeholders

Television Broadcast

"

Marketing Team

Table 4: Communication Plan

Timeline

The timeline prescribed for causing strategic changes is 2 months.

Budget

The complete budget is $250,000.

Q2. Explain how you will provide opportunities to colleagues to contribute to this marketing plan.

Answer - Each of the individual involved would be assigned with an essential role to conduct or fulfil each of the task that has been cited in the marketing plan. One will be handling finances, the other social media marketing and more.

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Step 4- Prepare the Monitoring and Evaluation Strategies

Q1. Evaluation criteria to be used when evaluating the marketing initiatives.

Answer - Monitoring the sales and the calculation of the ROI (return on investment) would be the key mechanisms for the evaluation of the marketing initiatives.

Q2. Benchmarks you will use to evaluate success of methods/impacts.

Answer - The benchmarks that would be considered are as follows:

  • Comparison with the competitors
  • Reaching the active customer base of 300k
  • Have subscribers of about 5 million

Q3. Timeframes for evaluation

Given below is the timeframe:

Deliverable

Tasks

Expected Output

Time

Comparison of past and present sales

Determine the current sales

The present sales are higher

One month

Comparison of past and present ROI

Determine the current ROI

The present ROI is higher

"

Table 5: Evaluation Timeframe

Q4. Provisions for adjustment/continuous improvement

Answer - The following provisions would be undertaken in case of any adjustments

  • Use of continuous improvement models such as Just in Time (JIT), Kanban and other
  • Having a miscellaneous budget formed for extra expenses required for the changes

Q5. Communication requirements

Answer - Communication is one of the key aspects for a marketing plan (Cooper, 2015). The use of board meetings, presentations and other electronic mediums would be put to use for better communication.

Step 5- Prepare the Implementation Strategy

Q1. A detailed schedule of all required activities. This may include a Gantt chart or other suitable scheduling approaches.

Answer - Given below is the detailed scheduled of all the activities to be carried out in 4 weeks, i.e., a month.

Develop and Implement Marketing Strategies Assignment.png

Q2. An overview of monitoring procedures you will use, including the types of reports or data collection mechanisms.

Answer - The use of software such as SumAll, Hootsuite and others. The use of secondary data collection mechanism would be initiated for the framing of a special report focusing on the sales of the product.

Q3. Communication processes.

Answer - The key communication processes that would be used are advertising, publicity, salesmanship and sales promotion.

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PART B - Prepare a report detailing the success of your marketing strategy and marketing plans, based on the evaluation you have carried out.

Report on the Success of Marketing Strategies and Plan

Introduction

This report highlights the key success factors that have been utilised for the successful implementation of the marketing strategies and plan,

Key Aspects of the Research

A secondary research was conducted on the internal and external business environment. The research was conducted to identify the current situation of the market and the industry the organisation is operating in. The information generated was analysed from a theoretical perspective.

Development and Overview of the Marketing Strategy

The incompetent development and sales of the personalized gift section of the company computed the formation of a marketing strategy. Also, the recent customer trends had a key role to play as well. The marketing strategy identified the key opportunities and made proper utilisation of the technological advancements, a proper communication process and the use of a reliable distribution network and marketing channel has been put to use.

Components of the Marketing Plan

The key components of the marketing plan comprise of an appropriate schedule and budget that would allow in the proper implementation of the marketing strategies.

Monitoring and Evaluation

The use of proper monitoring software has been instigated to make sure that the desired results have been achieved and in case of any modifications occur during the time of evaluation process then the use of continuous improvement models would be initiated.

Conclusion

The report provided above presented with an accurate description of the factors that led to the identification of various methods that led to the successful implementation of the marketing strategies for personalized products of Temple & Webster.

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PART C - Present your report to the stakeholders identified in the marketing plan, your colleagues, or as instructed by your trainer.

Part C Obtaining Feedback and Acting on it

(For the responses generated from colleagues refer to appendix)

Suggested areas for Improvement

As per the feedback and the continuous evaluation, it has been identified that certain amount of improvement is required in the proper utilisation of technological advancements. Thus, instigating the fact that a strong IT team is required for a follow up and enhanced knowledge on the software and digital components. Some other changes are required in the publicity strategy as well.

Proposed Changes

Based on the feedback and other suggestions perceived by the colleagues, it has been initiated that some of the changes include targeting a much larger market than millennials, using a much proliferated distribution channel for the better distribution of the products.

Conclusion

The discussion presented above is an overview of the marketing strategy and plan that is to be used by the organisation named Temple and Webster for a thorough improvisation of their product. The strategies mentioned earlier made sure that the kind of appropriateness each one has is being effectively measured and that the value of the product is being effectively presented to the people by all means.

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