Unit QF 708 Strategic Marketing Assignment Sample

Unit Qf 708 Strategic Marketing Assignment

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INTRODUCTION

Strategic marketing is a direct method that is used by businesses to influence the customers so that there is a good approach. There has to be good planning so that there is a good working and direction which the company can have so that there is a better competitive advantage. Understanding of consumer’s behaviour, social media, marketing research, etc. which must be considered to make sure that the company is having a good working. The company is having good competition which is present in the market to make sure that there is a good operation. The further report would be discussing the tools, theories and methods to make sure that there is a good marketing plan and strategic objectives are being matched.

1. RELATIONSHIP BETWEEN MARKETING PLAN AND STRATEGIC OBJECTIVES

1.1 Marketing techniques and tools can support the strategy of an organisation

Marketing techniques and tools are developed to make the business be able to promote their products and services in the market. There are different tools in the market to make the business be able to make a strong place and higher sales. The tools which are present in the market are advertising, direct mail and market research to boost up the sales. Strategies having to be taken care of so that there is going to be right processing of the business (Folayan, Babalola and Abati, 2020). Competition is rising very quickly therefore taking the right technique is going to make sure that the company is having the right reputation in the market. Techniques would help the organization be able to have a better planning and make sure that there are fewer errors that are going to be present.

The impact on the organization for the marketing plan is to make sure that there are going to be better promotional methods to be made. There is an objective and aim which the company would be able to develop effectively so that the important factors are matched for the best. The actions are going to be right and make the working of the company be higher as well. There is a better satisfied environment as well as the environment of workplace is stronger to make sure that there is a good capital that is going to be there (Thrassou, Vrontis and Bresciani, 2018). Economic performance is going to be better of the company and more attraction of the customers can be gained as well for the long run.

1.2 Marketing methodologies and approaches that contribute to a marketing plan

Methodologies of marketing are processing the right data, listening to audience, common goals; etc which is present in the company to make sure that there is going to be right working. Internet marketing, social networking, email marketing, etc are going to be a great factor for the company to make sure that they are having the right marketing plan. Trends in the market of marketing are changing which has to be adapted by the organization in the market to make sure that they are having the right processing (Guercini, 2020). Customers are adapting and shifting to online marketing very quickly which is a great factor for the companies to adapt to.

Behaviour of the customers has to be understood so that there is a better planning of marketing which can be developed so that there are right strategies and working methods which are developed. Tesco, Sainsbury’s, etc have to make certain that they are having the right knowledge and understanding to make sure that there are right work that is going to be there (Banerjee, 2017). High effective techniques and methodologies have to be used by these large organizations in order to make sure that they are having the right portfolio and operations.

1.3 Risk associated with the marketing plan

There are a lot of risks that would come in the organization related to marketing plan since there are a lot of miscalculations and trends which are changing rapidly. It is very essential for the company to make sure that there are right risks. The GDP of countries is developing as the governments of countries are getting unemployment under control to make sure that there is going to be better sales and purchase. Daily basis have to be strong to make sure that the company is having a good reputation for them in the market (Schlegelmilch and Winer, 2020). Promotions are making on assumptions and a little data which is about the customers to make sure that the company is having for customers but the calculation can make the company not have a strong base.

Brand risks have to be made in the right direction otherwise the company would lose on their reputation and this factor has to be well maintained. Identifying the risks on time is going to make the information for the company be right. Exploiting any risk and not having the right practice is going to be very risky for the organization. Despite of this, the company is having a good reputation in the market there has to be well calculated actions which must be taken. Management must take care and make instant decisions in order to make sure that there is going to be right information.

2. PRODUCE A STRATEGIC MARKETING PLAN

2.1 Components of a marketing plan

There are components that are present for the marketing plan so that there would be right working and planning which can be done by the organization.

• Marketing mix

The target audience and investment can be developed on this factor so that there is going to be right working and make sure that there is going to be specific strategies which are present in the organization which is a great factor.

• Marketing budget

Expenditures of the company have to be fixed and well balanced so that there is good sourcing and make sure that the businesses are being able to gain the right working and functioning (Kirova, 2017).

• Monitoring and evaluating market response

Monitoring the marketing strategies is going to make certain of the plans and make sure that the organization have a better improvement which can be developed for the best.

• Market research and analysis

Strengths and weaknesses can only be gathered by the organization when they analyse the market. Accurate data has to be gathered to analyse and making the business be able to plan accordingly so that there are higher outcomes that they would gain. Marketing research team has to be strong like they are in large organizations like Tesco, Marks & Spencer, etc which makes certain of the business to gain the right standards and brand value in market

• Marketing and financial goals and objectives

The objectives have to be matched which are set to make sure that the goals being matched for the best. Money has to be used well in the company and desire working has to be present to make sure that there is good development that exists.

• Marketing plan checklist

The checklist is going to make sure that there is a good marketing plan and all the steps are being checked for the errors and risks in the company to be minimise (Varadarajan, 2018). Accomplishment has to be high of the company to make sure that there is going to be better planning that has to be present.

2.2 Mitigation strategies for high-risk components of the plan

Risks have to be analysed and assumptions of the further calculated risks have to be taken like they are taken in Tesla. The workforce would not have the right understanding till there is no direction which is being provided to them for the stability in market. There are a lot of risks which a business has to take in order to be able to gain the right understanding and operations in the market. Collaboration has to be good of the company to make sure that there is higher identification of the risk factor would be able to take the right strategies and assumed avoidance of damage (Chernev, 2018). Team members have to make sure that there is a good collaboration which the departments are having in the company to make sure that they are having the right operations and processing in the company.

Controlling of risk mitigation strategies has to be present in the company. Risk has to be transferred to the areas which can take care of them. Different departments like human resource, marketing, etc. are made in the company to make certain that the branding is not getting impacted. Specific risks have to be taken by the organization to make sure that there are not going to be higher negative impact (Gyenge and et.al., 2021). Safety is first for the company who must ensure that there is reduction in the negative influence in relation to the operations. Therefore the several risk components at the workplace must be able to mitigate by using a series of strategies by the company’s management and adequate training to their workforce for better results.

References

Books and Journals

Banerjee, S.B., 2017. Corporate environmentalism and the greening of strategic marketing: Implications for marketing theory and practice. In Greener Marketing (pp. 16-40). Routledge.

Chernev, A., 2018. Strategic marketing management. Cerebellum Press.

Folayan, B.J., Babalola, A.O. and Abati, M.O., 2020. Gratifications, national identity as strategic marketing variables and other promotional strategies in Big Brother Naija TV Programme. Babcock Journal of Mass Communication.

Guercini, S., 2020. Editoriale: The Actor or the Machine? The Strategic Marketing Decision-Maker Facing Digitalization. Micro & Macro Marketing. 29(1). pp.3-7.

Gyenge, B and et.al., 2021. A New Strategic Marketing Management Model for the Specificities of E-Commerce in the Supply Chain. Journal of Theoretical and Applied Electronic Commerce Research. 16(4). pp.1136-1149.

Kirova, V., 2017. Exploring the role of strategic marketing department. Journal of Marketing Development and Competitiveness, 11(2), pp.27-38.

Schlegelmilch, B.B. and Winer, R.S. eds., 2020. The Routledge Companion to Strategic Marketing Assignment. Routledge.

Thrassou, A., Vrontis, D. and Bresciani, S., 2018. The agile innovation pendulum: A strategic marketing multicultural model for family businesses. International Studies of Management & Organization. 48(1). pp.105-120.

Varadarajan, R., 2018. Advances in strategic marketing and the advancement of the marketing discipline: The promise of theory. Journal of Marketing Management. 34(1-2). pp.71-85.