The different types of marketing objectives which a company might have are listed below in point form:
The innovation matrix cam be defined as the framework which can be used by a business best for developing an innovation strategy for a business. The innovation matrix can be used effectively to develop an innovation strategy which best suits the needs and requirements of the business (Baker 2014). A business can effectively use this strategy to develop a new business model for the same and can use the same for creating competitive advantage for the business.
Portfolio analysis may be defined as the process of reviewing and assessing the various securities and bonds of the business for the purpose of analysis of risks and returns of the business, Portfolio analysis is undertaken by the management of the company for ensuring that the risks of the entire set of securities are effectively managed by the business (Thomas 2014).
Some of benefits which can be identified from branding are listed below from the perspective of marketing:
The acronym SMART stands for Specific, Measurable, attainable, realistic and timely set of goals. This is used for the purpose of setting of goals of the business. The goal which is set by the business needs to be specific and as per the visions of the management. The goal needs to be measurable in terms of certain standards (Christopher, Payne and Ballantyne 2013). The goal needs to be such that the same can be attained with effective management and pursuance of the business. Most importantly, the goal needs to be realistic which suggest that the management needs to have appropriate idea what they can achieve and what is just wishful thinking. The goals should be set in such a way that a time frame is set so that the management can plan to achieve the same within that time frame.
The short-term marketing objectives are set by the business with a view to enhance the current sales situation and thereby also enhance the profitability of the business but on the other hand long term marketing objectives are set by considering sustainable approach and puts emphasis on long term earnings of the business. The long term objectives are set by the management of the company for building a brand image and loyalty for the products which is offered by the business.
Balanced scorecard can be defined as a performance management tool which is used businesses for establishing goals of the business and also used by managers for supervising the activities which are carried out by the staff members and also analysis the consequences which are arises from these set of activities (Kotabe and Helsen 2014). Balanced scorecard is also used as a tool for monitoring the performance of a business.
Product differentiation strategy is used by companies with an objective to make the products which is offered by the business unique in every way so that the same can gain some competitive edge over its rivals. This strategy is effectively used by business in the markets which is highly competitive in nature.
One of the most common sources for making the products unique is to changes the physical attributes of the product or create a new formula for the product. Another method is to change the packaging and work on the presentation of the product which is on offer.
The disadvantages of using product differentiation strategy are listed below in details:
Competitive advantage is a situation which gives the business a superior position in the market over the competitors. Such are pursued by businesses for combating the level of competition in the market.
As per the case analysis of NatureCare Products Pty Ltd which is engaged in the business of providing nature care products to the customers of the business which are based in Australia. The marketing plan of the business is to target customers that want high quality, eco-friendly products. Market research has identified that around 70% of customers are professional women aged 25 – 55 and these will be target market of the business. The business would be following best quality model and would be offering best quality of nature products which are safe and skin protective even though the same might be a bit costly. The plan of the management is to expand in overseas as well following the same business model. In order to enhance the sale of the business, the management of the company has made significant investments in promotions of the products of the business (Hartmann et al. 2014). In addition to this, the management also would be offering products on online websites so that the management of the company can reach to more customers. The analysis of the marketing plan is appropriate and the management of the company can enhance the revenue of the business with such policies.
As per the market research findings, the market seems to be very much favourable in nature which suggest that the business can thrive in such a situation. The objectives of the business is to expand the scale of operations of the business in local markets and also expand overseas. The company wants to keep the performance going and also enhance the profitability of the business. In addition to this, the management also is aiming to build customer relationships and a build a brand for itself. The company also aims to enhance the level of quality of goods which is offered by the business.
The strategic market objectives which can be identified for the business are listed below in point form:
The business of NatureCare Products Pty Ltd is also affected by the economic factors which are present in the Australian market and some of the factors are given below:
As per the analysis of the current marketing mix of the business, the management of the company focuses on all the four aspects of marketing mix which are price, product, place, and promotion. The management of the company focuses on the products and is trying to develop new products so that the management is able to meet the needs of the consumers. The management also puts emphasis on the quality of the products which is offered by the management. The price factor is generally kept higher than its competitors as the business model of the company is to provide the best quality of product at reasonable price. On promotion terms, the management of the company invests extensively on promotion and promotes the products of the business in all media. The management of the company focuses on websites sales which generates around 30% in Australia. The place factors show that the management currently operates mostly in Australia but wants to expand its operation overseas.
The management of the company plans to use the social media as a tool for reaching out to more and more customers so that the business is able to generate a brand name and brand loyalty. Building customer relationship is one of the objectives of the business and the management plans to fulfil the same. The management would also be using other media such as billboards, newspapers and social media for promoting the products.
As per the analysis of the marketing plan which is developed by the business, it is clear that the business management of the company is planning to achieve growth and building a brand name for itself in the market. The management of the company is targeting the age group of 25-55 years and mostly the women populations. The following recommendations can be given to the management of the company for improving the business structure further:
|
Planned Update |
Areas |
Timeline |
Notes |
|
Deep knowledge of digital marketing and use of different marketing tool in business |
· Website knowledge · Digital Marketing tools |
15 days |
The knowledge would help in better handlings of digital marketing role and would provide a through understanding of the tools which can used |
|
Marketing legislations |
· Marketing laws applicable · Consumers laws |
15 days |
Appropriate understanding of marketing legislations |
As per the situation which is shown in the case, the management of the company is providing money in exchange for good review regarding the products of the business. This is illegal as this will be hamper the honesty of the review and therefore against the consumer laws. The role of the administration is to inform the same to the employees and improvise strict control so that the situation never occurs a second time.
Marketing Objective
The marketing objective which can be identified from the strategic plan which is formulated by the government of Australia aims to enhance the tourism in the market of Australia by the year 2020. The government focuses on certain countries which have contributed significantly towards the tourism of Australia.
Potential of Indian Markets
The Indian market is one of the target market of Australia and is currently the Indian market is 11 largest tourism markets in terms of arrivals of visitors. There were 148,200 arrivals from India in 2011, up 7% on 2010 and the total spend from India was A$867 million, up 6% on 2010.
Marketing Strategies
The marketing strategy for Australia is developed considering the target market of the tourism industry and then setting out appropriate plan for the same (Kumar, Rahman and Kazmi 2013). The Australian government has also planned to enhance the capacity of the aviation industry so that more travellers can be brought into the country and the tourism revenue can enhance.
Success Indicators for 2020
The key strategies which needs to be followed by the government of Australia are listed below:
Market Overview in 2015
The tourism industry is a developing business in Australia and a constant source of revenue for the government. The industry is on the rise and the revenue of the industry has increased significantly.
Performance Gap in Aviation Strategy
The aviation sector in Australia faces significant problems as associated with the travel distance from India to Australia. The passengers have to change two flights to reach australian when travelling from India. Then there isan issue which theoverall costs which can also hamper the tourism factor.
Performance Gap in Geographical Strategy
The performance gap in setting geographical strategy was to ensure that top cities which are there in Australia are targeted so that the tourist can derive the best possible pleasure. it is expected the Geographic Strategy will be reviewed in time to look at opportunities beyond these initial six cities.
In an overall estimate it can be said that the marketing plan which is devised is appropriate and can help the government to generate appropriate revenue for the business.
As per the survey of the market, around one third of the populations of Australia are born overseas. In 2016, there were over 300 separately identified languages spoken in Australian homes. More than one-fifth (21 per cent) of Australians spoke a language other than English at home. In terms of religion the country has diverse religion culture (Sabharwal 2014). Communities across the country, there is an increasing variety in terms of country of birth, languages spoken, whether people are of Aboriginal or Torres Strait Islander descent.
Diversity can bring about improvement in the workplace practice strategies and it is mostly seen that skilled employee can be retained easily in diverse working environment. Diverse environment breed loyalty, respect and uniqueness to out perform one another. In a global economy as well, diversity brings about necessary changes and means of radical thinking thereby bringing about development (Fujimoto, Härtel and Azmat 2013). Diversity is recognised as one of the key factors which brings about innovations as different minds meet together to generate ideas which are unique and can bring about change. The management of the company can provide special facility so that disable person can enter in a diverse environment. An example can be given that a normal employee can enter through stairs but a disable person who is on wheelchair cannot walk and therefore a flat path needs to be constructed for the same.
There are some acts which were introduced for the purpose of bringing about diversity in a business and the same are listed below:
Examples of Diversity policies
The management of a company can bring about equal treatment for employees of the business and also bring about gender equality. The management of the company can prepare a special treatment for disable persons. The management can also prepare special spots for the old and experience guys
The benefits of the diversity policies of a business is closely related to innovation and development of the entire business. The business objectives of a business are always aimed at achieving development in the business and diversity in a business helps ingeneration of ideas and setting of policies which can help business achieve appropriate policies (Wrench 2016). Some of the examples which can be followed for diversity policies are gender equality which provides equal chance to all employees, special quota for disable individuals so that skilled employees can be recruited, Salaries and other benefits based on the performance of the employee.
The management of Aus Accountancy wants to establish a policy which help them retain quality employee in the business. The management needs to set some criteria on which recruitment is to be made by the business in terms of competence and professional behaviour. The management also plans to set up ground rules which can facilitate critical thinking in the business and thereby also enhance the productivity of the business.
The plan which is developed by the management of the company aims to ensure that there is no discrimination between employees in the workplace on the basis of gender, caste, creed, religion, colour and thereby promote equal opportunities among the employees of the business. This is established so that no employee is felt left out and therefore feel motivated to perform well. The diversity policies also aim to set a standard on which recruitment for Aus Accountancy will be taking place so that it cam be ensured that quality employees are recruited in the organization. The management would also be providing promotion and better pay on the basis of credibility of the employee and solely based on performance.
Case Study 1
As per the case which is provided. Valarie is trying to apply for early leave on Friday afternoon for the purpose of meeting her religious commitments but the company in which she is working does not have flexible timings and therefore Valarie should not be getting such early leaves as this would hamper the workflow and other employee might also think that she is getting preferential treatments and claim for the same. Therefore, the manager of the company must decline the request which is provided by Valarie.
Case Study 2
As per the case, a Muslim employee does not shake hands with female co-workers and this is concern of the management that the same would hamper the interpersonal relationship. The shaking hands of employee is a sign of trust but the same is not a major issue and therefore the manager should just advise the employee to be more interactive in nature.
Case Study 3
As per the situation, Delores is of the opinion that one of her customers think that they are being threatened by her on the grounds of racism. The appropriate step should be to let other agents deal with that client as the business would not want to lose the business of the client.
Case Study 4
The case shows that Jackie is sexually attracted to Jill who is one of the co-workers of the business but Jill is into Lesbians and Gay people. Jill wants to maintain a professional relationship with Jackie and the same is correct. The sexuality of Jill is her personal choice and the management needs to ensure that the employee is comfortable in working with the business.
Case Study 5
The case shows that a staff member of a business went on a long leave due to declining health conditions and has returned but the issue which is arising is that the staff is unable to cope up with the work in hand and therefore the manger wants to give some time to the staff. The manager can motivate the employee and communicate with the staff whether she is comfortable or not. The manager needs to keep the work load less on her and observe whether she is a bale to cope up with the situation. She has been employment for a period of 5 years and therefore a long-term employee and therefore the manager needs to give in more efforts for ensuring that the employee is motivated and can work appropriately again. Termination of the staff should be the last option which the manager should not take initially.
The three benefits of business plan can be determined as follows:
Strategic Focus: It necessary for any business to set the relevant expectations which is seen to be associated to focus on target markets, special identities and service tailored to specific business.
Setting Priorities: It needs to be seen that businesses should to focus on the relevant changes to ensure keeping things on the right track and setting the most important things. This relates to actual analysis and planned analysis and making adjustment with the plan as required.
Manage Cash: A good planning of business connects deficiencies in the cash. A business plan assists in purchasing assets, repaying debts and cash flow planning and management (Sba.gov. 2019).
The five components of business plan are listed as follows:
Description of business
Sales Strategy
Requirements of Funding
Financial Projections
Organization Management
The purpose of the business planning process is usually considered with strategic planning which includes mission, vision and plan of the business.
The vison of the business what is to be achieved by a business. This is often referred as the common goal of the business.
The three areas which the planning process of the business may propose to achieve includes:
The SWOT analysis in a business plan is seen to be essential in planning for the various types of the requirement which relates to brainstorming, business planning, evaluation of the competitor, product development and getting an overall prediction of the market position. These aspects were considered under internal factors and eternal factors. Some of the other important feature of using this approach is depicted with providing necessary information on political factors, legislative change and technological changes. (Nibusinessinfo.co.uk 2014).
Use of performance measure in a business plan is conducive in alignment of strategic activities. This is often used by the management to ensure process efficiency in a rational basis for selecting the elements important for making the process improvements. The measurement of the process efficiency can be considered with taking rational judgements on business proves improvements. The performance measure is also seen with defining appropriate measurement system which supports better budget decisions. It needs to be further seen that the use of such an approach is conducive in providing a better visibility and accountability for taking subjective judgements (Balancedscorecard.org 2019).
The three performance measures which can be used to measure the customer satisfaction are stated below as follows:
Survey from the customers acts as an essential tool for evaluating the different preferences pertaining to the customer and show they are benefited by using the same.
Performance measures are useful in assessment of the competition
This is often useful in determining the areas where the companies are failing (Returncustomer.com. 2019).
The balanced scorecard approach is essential in communicating the main aspects which a business is trying to achieve in day to day work which are based on alignment of the strategy. Moreover, it is also able to prioritize the services, projects and services.
SMART (specific, measurable, achievable, relevant and timebound) is considered as the main acronym which is seen to be given for setting employee-performance management and personal development.
This is to inform you that after review of the business’s performance against the performance indicators there has been several numbers of residential customers who are not using the necessary services of the business due to lack of satisfaction with cleanliness. Due to this is important to setup a meeting with the contractors for investigating the situation and provide coaching on the expected level of performance. It is to be kindly noted that the meeting will be conducted on 10.02.2019 at 2 p.m.
The purpose of the meeting is aimed at identifying the significant areas of drawback of the cleaning services and know about the reasons why the residential customers no longer use the services. The overall minutes of the meeting will consider appointing Ozhouse Clean for ensuring expected level of performance associated to cleaning service. I have arrived at this decision after setting individual meeting with individual contractors.
It shall be clearly communicated to Ozhouse Clean that the main problem with the contract cleaner is identified with non-existence of satisfaction with quality of service which are specifically considered as per cleanliness. This will involve clearly communication of the issues with the residential customers as per questionnaire format. Some of the specific questions for the underperformance asked to the residential customers will be identified as per reasons specific areas which are seen with highest issues of cleaning. It needs to be further seen that the meeting will be able to discuss about the specific areas of problems which relates to regularity.
It needs to be identified that the rationale for selection of Ozhouse Clean has been identified with specific expected level of services in relation to cleaning services. This includes making sure that the floors, surfaces, shelves and bench tops are clean and free from any dust. The cleaning services performed by the contractor will be further able to ensure that the rubbish bins are cleaned and emptied. Moreover, the mirrors, shower screens will be free from any of soap build up and streaks. Ozhouse Clean will also ensure use of only cleaning products to be used while providing the cleaning services. The contractor will also ensure the cleaning services are provided at the allocated time.
As per the given details I would hereby request all members to be present at the meeting to take a prominent step in resolving such an issue in the organization
Reference
Baker, M.J., 2014. Marketing strategy and management. Macmillan International Higher Education.
Borland, H. and Lindgreen, A., 2013. Sustainability, epistemology, ecocentric business, and marketing strategy: Ideology, reality, and vision. Journal of Business Ethics, 117(1), pp.173-187.
Christopher, M., Payne, A. and Ballantyne, D., 2013. Relationship marketing. Routledge.
Fujimoto, Y., Härtel, C.E. and Azmat, F., 2013. Towards a diversity justice management model: integrating organizational justice and diversity management. Social Responsibility Journal, 9(1), pp.148-166.
Hartmann, M., Frey, B., Mayer, J., Mäder, P. and Widmer, F., 2015. Distinct soil microbial diversity under long-term organic and conventional farming. The ISME journal, 9(5), p.1177.
Kotabe, M. and Helsen, K., 2014. Global marketing management.
Kumar, V., Rahman, Z. and Kazmi, A.A., 2013. Sustainability marketing strategy: an analysis of recent literature. Global Business Review, 14(4), pp.601-625.
Sabharwal, M., 2014. Is diversity management sufficient? Organizational inclusion to further performance. Public Personnel Management, 43(2), pp.197-217.
Thomas, R.K., 2014. Marketing Healthcare Services. Chicago: Health Administration Press.
Wensley, R., 2016. The basics of marketing strategy. In The marketing book (pp. 75-107). Routledge.
Wrench, J., 2016. Diversity management and discrimination: Immigrants and ethnic minorities in the EU. Routledge.
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