Evaluate marketing opportunity options

Question

Assignment 1:

Objective: To provide you with an opportunity to evaluate marketing opportunity options that addresses organizational objectives and evaluates their risks and returns in the selection process.

Question 1: What are your main organizational objectives?

Question 2: Give an example of a marketing opportunity related to your organisation.

Question 3: How can you evaluate the risks and returns of a marketing option e.g. product design and packaging or distribution?

Assignment 2:

Objective: To provide you with an opportunity to develop marketing strategies that address strengths and opportunities within the organization's projected capabilities and resources.

Question 1: What is a marketing strategy?

Question 2: What elements are most important for success (rate them on a scale of one to ten - one being least important and five being the most)?

Question 3: Now give your organisation a rating for each element and compare this to the likelihood of success (above).

Assignment 3:

Objective: To provide you with an opportunity to develop strategies which increase resources or organizational expertise where gaps exist between current capability and marketing objectives.

Question 1: What resources do you have?

Question 2: Give an example of a strategy that you could use to increase one of the above resources.

Assignment 4:

Objective To provide you with an opportunity to develop feasible marketing strategies and communicate reasons that justifies their selection.

Question 1: Draw a diagram that breaks down the process of developing a marketing strategy.

Question 2: What should you think about when justifying the selection of a strategy?

Assignment 5:

Objective: To provide you with an opportunity to ensure strategies align with organization's strategic direction.

Question 1: How can you align strategies with your organization's strategic direction?

Question 2: Summarize what your organization's mission, vision and corporate values are.

Assignment 6:

Objective: To provide you with an opportunity to develop a marketing performance review strategy, incorporating appropriate marketing metrics to review the organizational performance against marketing objectives.

Question 1: What may you want to compare when conducting a competitive analysis?

Question 2: What are the stages of a product life cycle and why is it important to know?

Question 3: What is a product portfolio analysis?

Assignment 7:

Objective: To provide you with an opportunity to detail tactics to implement each marketing strategy in terms of scheduling, costing, accountabilities and persons responsible.

Question 1: What should your action plan include?

Question 2: What tips could you give for managing time?

Assignment 8:

Objective: To provide you with an opportunity to identify coordination and monitoring mechanisms for scheduled activities.

Question 1: Choose one of the below elements and describe how you could monitor it:

• Advertising
• Promotions
• Distribution
• Finances.

Assignment 9:

Objective: To provide you with an opportunity to ensure tactics are achievable within organization's projected capabilities and budget.

Question 1: What do you need to ensure that tactics are achievable within organization's projected capabilities and budget?

Assignment 10:

Objective: To provide you with an opportunity to ensure tactics meet legal and ethical requirements.

Question 1: What type of legal and ethical requirements do you need to consider?

Question 2: What is social responsibility and how can you meet it?

Assignment 11:

Objective: To provide you with an opportunity to ensure tactics provide for ongoing review of performance against objectives and budgets and allow marketing targets to be adjusted if necessary.

Question 1: How can you review performance regularly against objectives and budgets?

Question 2: What is a good method to use to get ideas for adjustments?

Assignment12:

Objective: To provide you with an opportunity to ensure marketing plan meets organizational, as well as marketing, objectives and incorporates marketing approaches and a strategic marketing mix.

Question 1: What different types of marketing approaches are there?

Question 2: What is a marketing mix and what does it include?

Assignment13:

Objective: To provide you with an opportunity to ensure marketing plan contains a rationale for objectives and information that supports the choice of strategies and tactics.

Question 1: What should you include in your rationale?

Question 2: What are the advantages and disadvantages of one of the following tactics:

• Differentiated target marketing
• Direct marketing
• Direct response marketing
• E-business
• Mass distribution
• Mass marketing
• Personal selling
• Product variety marketing
• Promotion marketing

Assignment14:

Objective: To provide you with an opportunity to present marketing plan for approval in the required format and timeframe.

Question 1: If your organisation has a template for marketing plans attach it here. What information is needed when presenting your marketing plan for approval?

Question 2: What other format considerations are there?

Assignment15:

Objective: To provide you with an opportunity to adjust marketing plan in response to feedback from key stakeholders and disseminate for implementation within the required timeframe.

Question 1: Who are your stakeholders?

Question 2: What do you need to consider when implementing adjustments?

Skills and Knowledge Activity Exercise:

Objective: To provide you with an opportunity to demonstrate your knowledge of the foundation skills, knowledge evidence and performance evidence.

Question 1: The answers to the following questions will enable you to demonstrate your knowledge of:

• Reading
• Writing
• Oral communication
• Numeracy skills
• Navigating the world of work
• Interacting with others
• Getting the work done
• Organisational structure, products and services and overall strategic and marketing objectives
• Common marketing opportunity options
• Common marketing strategies and marketing approaches
• Processes to ensure marketing strategies, approaches and marketing mix align to organization's objectives and are legal, ethical and achievable
• Legislative and regulatory context of the organisation as relevant to the marketing plan.

Answer each question in as much detail as possible, considering your organizational requirements for each one.

Question 1: What tips can you give for communicating verbally?

Question 2: How can you demonstrate leadership skills?

Question 3: What codes of practice do you have to consider?

Question 4: Create an action plan in table form to help you set targets and goals.

Question 5: How can you monitor the effects of advertising?

Major Activity Exercise

Objective: To provide you with an opportunity to demonstrate your knowledge of the entire unit.

Question 1: Using your organization's objectives demonstrates how you could devise marketing strategies.

Question 2: Demonstrate how you could plan marketing tactics.

Question 3: Prepare and present a marketing plan (you could present this as part of a role play in groups or in the workplace).

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