This assessment will cover further questions:
- Discuss what the marketing mix is and when it is identified.
- Evaluate four statistical methods and forecasting techniques that can be used to evaluate marketing opportunities.
- In marketing, a sequence is known as a product life cycle that impacts an organisation’s marketing mix and strategies. Explain each stage of the life cycle.
Marketing opportunity refers to the leads that is provided by marketers through conducting the market research. This opportunity is mainly undertaken by the sales team through which they build the strong connectivity with the customer and also determines the latest trends which is emerging in market (Schaltegger and Burritt, 2017). It mainly carries to be the part of the business planning which is initiated by the company in relation to undertaking strategies to enhances the stability of the company at global level. Thus, this report carries various aspects relating to identifying the marketing opportunities, and secondly the task is based on Kogan company which deal in electronic products or also carries online retail products. It carries the investigation relating to the opportunities that give rise to marketing strategies. Further it covers with the information regarding the changes which is required to analyse the current market operations.
Ans: Under the Australian consumer law, such rules and regulation which are imposed by the government upon the company in respect of protecting the right of the consumer and business (Australian business and environment laws, 2019). In this act, it covers various laws such as
- Competition and consumer Act, 2010: In this act, the laws are mainly imposed upon the companies in relation to dealing in activities on the bases of fair terms. As trading of goods or services or carrying any contract must be based on fair agreement. Through these aspects it secures the right of the company and also reflect positive image in front of the customer.
- Product liability regulation: These laws are mainly imposed in relation to protect the liability of the shareholders in relation to any losses incurred or faces any injury while availing such products (Lee, Hallak and Sardeshmukh, 2016). Usually in this perspective, the responsibility is to be carried by the manufactures or vendors in relation to not taking care during manufacturing the products.
- Privacy laws: In these laws, the privacy is to be maintained by the company in relation to securing the customer information and not disclosing their detail with anyone.
- Environment regulation: These laws are regulated to protect the environment from any hazardous substances which occurs from the company during manufacturing any products. This company must carry proper polices or equipment to protect environment from harmful substances.
- Food and drug administration: In this the right of the consumer health are protected from any type of drugs or medicines or cosmetic which is not useful. They mainly undertake the matter related to food supply.
Ans: In these aspects, the marketers must abide the public rules, values and behaviours in relation to carrying the professional conduct. As it is important that every individual carry different values and norms regarding preferring the products, thus in such case it is the duty of the marketers to take care of the individual interest in better way (Kubacki and et.al., 2015). Abiding by the rules and principles is necessary as it determined the higher level of the standards which the individual carry and also the business is to carried to retain their interest.
Ans: The major aspects which is necessary in describing the marketing opportunities is relating to not differentiating between any person regarding promoting the business. As to retain the potential growth in business, it is examined that company must promote the products by keeping values and norms of the public. Thus, it carries importance in relation to identifying the market opportunities through identifying the needs and demands of the public in better way.
Ans: The terms which majorly carries equal importance in undertaking the market opportunities:
In relation to gaining market opportunities, the marketer uses the market penetration to focus on increasing the value of the current products. Through these aspects they can increase the market share of the company through increasing the rates or also including various offers to attract customer.
In these aspects, it mainly focuses on developing the new market through promoting the existing products. The company gets opportunity to attract new user towards their business (Kotler and et.al., 2015).
In relation to bringing new products in market, it results in targeting the customer through new and innovative concepts and also expand the business into new market segments. This helps the marketers to grab the opportunity in relation to conducting the market research and determined the needs and demands of the customer regarding preferring such products.
In these aspects, the market opportunities are undertaken in relation to targeting such market which is not previously visited or expanded by the company. This is one of the opportunities which is gained by the company in relation to expanding the business into the different countries.
Ans: In context of marketing, it mainly carries five stages of products life cycle through which the integrity of the products is determined. It includes the following such as:
- Development: In these aspects, the cost is decided regarding adapting such products or not. In this the research and development are carries regarding examining the needs of the products in market or to bring changes in existing products.
- Introduction: After carrying the market research, the products is promoted in market in which the marketing cost is high as it charges more time to reach to large number of people (Wang, Jie and Abareshi, 2015).
- Growth: This is examined through preferring the products by the customer. If there is growth in company regarding preferring the innovative ideas to promote the products, it results in increasing the market share of the company through attracting the customer at larger level.
- Maturity: In this stage, it results in increasing competitors in market which are promoting the same products with low pricing strategy. Thus, in such aspects it mainly carried the opportunity to the company to retain their position in market instead of facing higher level competition.
- Declines: In these stages, the integrity of the products is decided due to facing issues relating to changes in demand and taste of the customers. In these stages, company carries various option, either to dissolve the products or bringing new innovative products in market or choosing the new market segment.
Ans: Marketing mix refers to the tactics or any type of action which is initiated by the company in relation to promoting its own brand or products in market to retain the customer interest towards the company for longer way. It mainly carries 4 P's such as:
- Products: It carries such items or valuable thing which fulfil the customer needs in better way. It can be tangible or intangible things.
- Price: It refers to the prices which is undertaken by the company in relation to adapting their needs in right manner. Usually the demands of the customers to get best quality products at reasonable price (Liu, Wang and Wilkinson, 2016). In such case, company prefer to use the penetration pricing strategy which firstly build the strong connectivity with customer and then charges high due to increase in demand of the products.
- Place: It mainly carries with the physical stores so that customer personally visit to such place and prefer to purchase the products.
- Promotion: To attract the customer towards the services of the company, digital platform is one of the effective strategies to retain the customer interest. In this perspective, advertising or direct marketing build the strong base with customers (Cheers, 2019).
The procedure of the marketing mix is identified in relation to promoting the right products at right place. So that they can reach to large customer and interact with them personally. Through this manner, the marketing mix is undertaken in relation to applying the different P's so that they can interpret the effective planning strategies to gain more profits. Need essay writing help UK! Talk To our experts Now!
Ans: Marketing process is mainly undertaken in relation to analysing the market opportunities, preparing the strategies to target market and then imposing the strategies to build the large base of customer. It carries four major steps such as:
Discovery: It mainly carries the research and development regarding studying about the market performance. In these aspects it covers the matter relating to using the tactics to analyse the data or plan which is undertaken by the competitive business in relation to attracting the customer interest. Thus, discovery is undertaken regarding examining the customer choice and preferences regarding availing the particular products.
Strategy: After gathering information from discovery stage, it helps in making the strategy to plan the marketing planning and choosing the roadmap which resulting in bringing success to company (Subramaniam and et.al., 2015). In these aspects the goal, vision and objectives of the company is clarified before taking any decisions.
Implementation: After planning the set goal, it’s the time to implement the planning into right place or to choose right prices to attract the customer interest. It carries target market, cost management, marketing tactics to retain the customer towards the services.
Measurement: It is undertaken once the products is launched in market. Thus, measurement is applied by measuring the integrity of the products in market through the procedure used by company such as advertising effects or charging low prices on particular products (Lovelock and Patterson, 2015). Through these aspects it results in getting accurate information regarding adapting the marketing process.
Ans: Forecasting is mainly conducted in relation to determining the future approach which is adapted by company. It covers four forecasting methods which is used in holding the marketing opportunities such as:
- Buyers survey: In these aspects, the survey is undertaken regarding determining the intention of the buyers regarding pertaining the particular products. This helps company in relation to gathering information regarding the age of the customer, their needs in attaining the particular products or taste which they prefer in choosing such products.
- Sales data: This is mainly undertaken in relation to comparing the sales data with the actual sales and the predicted sales (Mathews and et.al., 2016). Through this procedure they get the relevant information which helps in taking the right decision.
- Business Intelligence tools: This tool is effective for the marketers to gather information such as by applying the customer relationship management. Through these aspects they gather more relevant information and also build strong links with them. This can be examining by analysing their taste or resolving any such issued which faced in attaining such products.
- Test marketing: This is also one of the important methods in relating to adapting the future tactics in better scale. In this the small quantity of the goods are sold in market and also the views of the customer are undertaken after using such products. Through these aspects, it gives the rough detail to the company regarding the products demands in market and also the customer segment to avail such products.
Ans: In context of examining the market growth rate for future perspective, it is undertaken to be as sales data. As to maintain the stability of the company in market it is necessary to manage the record of the sales in right manner. As sales are fluctuated due to changes in time or also there is changes in environment condition (Gibson and Connell, 2016). Thus, sales record is prepared by analysing the records of the past years and then the future data is prepared. Through this manner they get the rough ideas regarding promoting the products at which scale.
Ans: Return on investment mainly determines the amount of profits which is gather from the investment or after deducting the expenditure incurred by the company in the fiscal year (Bajada, 2017). Return on investment is calculated on the bases of following formula such as:
ROI = Net profits/ total investment * 100
Question 1) Relevance and competitor analysis for the plan
After going through the marketing plan of the Kogan it has been analysed that the organization is looking to offer the better website services to the customer in the market, with the help of improving the different bugs related to website.
This plan of the organization is very relevant as website of the organization is one of the key think which used to attract the eye of the customer toward the organization and also used to create good goodwill of the company in the market as website is the one think which used to create good impression (Mialon, Swinburn and Sacks, 2015).
As Kogan used to operate in the heavily competitive environment there are many competitors who can affect the operation of the business. Some of the competitor are as follows:
Amazon: Amazon is the organization which also used to operate in the same industry and sell the product with the help of the website. Amazon is one the best retailer in the market which used to sell the product with the help of the website.
Woolworths: Woolworths is an Australian chain of supermarkets and grocery stores owned by Woolworths Group. As this retailer also used to sell the product with the help of the store outlet it may not create that efficient decision by company to have a change on the website of the company.
Aldi: Aldi is another competitor which will be providing the good sort of competitor for the organization (Connell and McManus, 2016). Aldi is the one of the biggest retail stores and has able to build the good amount of the loyal customer with the help of quality offering of the company. This will eventually create the variety of obstacles for the organization.
Question 2) Different marketing opportunity
Different marketing opportunity which will be offered is that it will open a up a gate of touching the wider population from the market as compare to the past. As in the rapidly changing environment there is a good demand of e-commerce in the consumer in the market (Jackson and Wilton, 2016). The targeted customer for the company for this sort of the opportunity will be the new customer who were not using the services of the company in the past. Also, organization will look to target the teenager.
Another marketing opportunity which will be opened is that it will create the better impact of the company on the customer in the market as company will able to present the offering of the company in better way in front of all the consumer in the market (Jackson, 2015). In this opportunity also the company will be looking at targeting the new customer in the market b the help of the different promotional tool.
Company can also can offer the good sort of the customer care facilities to the customer in the market as efficient website can offer the option for the customer to have a chat with the customer care representative of the organization (Altman, Larsen and Buchanan, 2018). This sort of marketing opportunity will be opened for the existing customer in the market, who is looking for any solution.
The legal issues which is faced by company is relating to protecting the data and customer information to secure their interest towards the services for longer way (West, Ford and Ibrahim, 2015). The risk which is undertaken in this perspective is relating to promotion or branding of the products. As it is difficult to manage the company brand image in market if they are coming with some new products in market.
Question 3) Report of the Kogan company
In respective of attaining the matters related to Kogan company they mainly follow the hierarchy structure in which they assign task to different department which is managed by the manager or department head. In these aspects the owner of the Kogan assign work to the department with the set time and it’s the duty of the department to motivate employees to accomplish task within the stipulated time (Lupton and Pedersen, 2016). The products which the Kogan company is engaged is relating to carrying the electronic equipment, home products or also deal in fashion accessories. They also design the products according to the needs and demands of the customers. They also serve to the customer through the online platform, where they offer discount or any other services to their customers. The main business objectives which is carried by Kogan company is relating to focusing on managing the prices in better way and also dealing in providing the in-demand services to their customers at affordable prices (Kavanagh and et.al., 2015). This objective is the main motivational motive of the company and also, they are planning to expand the business into many countries.
The marketing plan which they are carrying to promote the services at global level is relating to offering more innovative website services o customer. This is covered with various positive aspects such as more secured company information, premiums discount to premium customer or also additional discount in respect of making payment through any of the specific modes. The target market is mainly committed to the most populated areas and also the customer segment which the company is focusing is relating to adults, youth and married couple. This helps them in gaining more varieties in single platform (Norton, Cherastidtham and Mackey, 2016). Due to changes in time, the digital media is now adapted by most of the person. Thus, choosing the innovative website attract the customer interest towards the services for longer time period.
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Question 4) Report to managing directors
To: Managing directors
Sub: List of ideas regarding the potential marketing opportunities
From the above report which is prepared is relating to identifying the ideas of the potential marketing opportunities is resulting in adapting the better website services to customer. As customer first preferences is judged through examining the creativity which the company initiated in promoting the services in market. Through the effective websites it also resulting in increasing the sales in company as by these aspects they get more leads in promoting the business. The ideas which is examined to grab the potential marketing opportunities is relating to improving the customer services as customer are attracted if they find new logo or new services of the renowned brand name in market. Thus, these are the major ideas which is examined from attaining the potential growth of the Kogan company to retain the customer needs at larger level.
From the above study, the report concludes that marketing opportunities arises in relation to conducting the market research and also explore the opportunities which is emerging in market. In this report it examined that various laws and regulation are imposed in relation to securing the right of the consumer and business. It also carries various potential opportunities which is adapted by the Kogan company in relation to retaining the customer interest towards the business for longer way. Need assignment writing service? Contact Now.