BSBMKG609 Develop a Marketing Plan Answers

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• Subject Name : Marketing

Table of Contents

Project Work 3

1. Introduction 

2. Determination of marketing strategies 

3. Available marketing opportunities 

4. Risks and returns 

5. Strengths and opportunities 

6. Strategies to increase resources 

7. Justification of marketing strategies 

8. Marketing performance review strategy 

9. Marketing tactics 

10. Tactics to implement a marketing strategy 

11. Coordination and monitoring mechanisms 

12. Organization’s projected capabilities and budget 

13. Legal and ethical requirements 

14. Review of tactics 

15. Presentation of the marketing plan 

16. Feedback from stakeholders 

17. Assessment Task 2 

Project Work for Marketing Plan

Introduction

This marketing plan is based on the "Tandem" Company that outlines different opportunities in the telecommunications industry. Based on the objectives, goals and mission of the organization, several strategies can be developed in this paper. Identification and analysis of available marketing opportunities can help in establishing distinguished marketing strategies that can be applied in the business to achieve successful opportunities. This marketing plan aims at analyzing suitable marketing strategies, planning the marketing tactics and presenting the marketing in the group. 

Determination of Marketing Strategies

Marketing strategies are based on the objectives of the organization to target the customers effectively and increase revenue. Tandem is a leading company that works with exceptional customer outcomes to deliver effective service solutions. Different marketing strategies can be identified in the organization based on the available marketing opportunities to promote accessibility and enhancing customer growth in the telecommunication segment. Innovation is a major key in providing telecommunication services. The growth in this sector is increasing day by day that leads to high network speed. Tandem is a construction company but it can take benefit of emerging technology through its telecommunication sector. 

Available Marketing Opportunities

Innovation and technology bring a change in the telecommunication industry. Through the establishment of 5G mobile networks, Tandem can take the opportunity of better speed and target larger customer segmentation. It can promote fast signal speed and promote better connectivity. Several marketing opportunities can be identified through the analysis of the organization and new technological development. The available marketing opportunities for the selected organization are ‘Joint Venture and Strategic Alliance’. It can provide the following benefits:

• Increase in revenue 

• Larger customer segment

• High-speed internet

• Establishment of 5G mobile network

• Better connectivity

• High business opportunities for the company

• Increase in market growth based on faster connectivity 

Risks and Returns

The new opportunities bring several risks and returns for the organization. However, through the analysis, it can be identified that the major returns for the organization are based on the 5G network are higher revenue, increase in market share, better connectivity and business opportunities for the organization. It can provide a higher return in the market and promote financial opportunities to the organization while it can impact the organization through new infrastructure and additional resources that can lead to high expenditure in the business. The additional services are required for the 5G network such as fibre cables, satellite services and wireless service.

Strengths and Opportunities

The analysis of strengths and opportunities for Tandem company to the available marketing opportunities enhance new market share. The analysis of strengths and opportunities can be seen as follows:

The projected capabilities of the organization: 

Tandem can manage the payment supplies and terms easily through a guarantee of two years. 

Resource of the organization:

The organization is working with more than 350 contractors that work full time.

Strategies to Increase Resources

To increase the resources, Tandem can focus on social media channels and advertisements. Through significant social media channels, individuals can connect with the organization and provide a relevant benefit that can help the organization to serve its customers effectively. Facebook, LinkedIn, Instagram, Official website and other social media applications can be used by the organization to increase suitable resources. Part-time contractors can be hired by the organization to fulfil the needs of the project and manage the new marketing opportunities. 

Justification of Marketing Strategies

The identified marketing strategies for marketing opportunities derive several benefits to the organization and maintain effective outcomes. Tandem focuses on effective customer satisfaction and managing innovative approaches. The marketing mix is a major marketing strategy that can help to analyze the 4Ps of the organization and help in identifying suitable strategies. Product, place, price and promotion are different 4Ps of the marketing mix that helps to analyze the internal needs of the organization. Through the use of significant marketing opportunities, the organization can develop specified marketing strategies such as:

• Social media marketing promotes better outcomes through the understanding of social media tools and applications. The organization can easily connect to a wide range of customer segment and promote suitable information transfer.

• Search Engine Optimization can help to divert the traffic to the website and promote the needs of the marketing by attracting a larger customer segment. Global opportunities for the organization increases through joint venture and strategic alliance. 

Marketing Performance Review Strategy

Through the marketing performance review strategies, Tandem can analyze the fulfilment of the marketing opportunities and evaluate the performance. Marketing performance can be analyzed through different tools and techniques. Customer response, sales performance and market reaction can help in analyzing the marketing strategy performance to review the barriers and success. The following table represents the marketing metrics that help in reviewing the organizational performance against the marketing objectives:

Table 1: Marketing performance review strategy through metrics

Marketing Tactics

Marketing tactics are considered as strategic actions that help in the promotion of the product or service based on the defined marketing goals. It represents the high-level thoughts of an organization to promote the market share and fulfil the needs of the marketing opportunities. Different marketing tactics can be used by Tandem to manage the marketing strategies and promote its business growth that follows the strategic direction. Current capabilities of the project and relevant market resources help to maintain suitable marketing strategies. 

Tactics to Implement a Marketing Strategy

Marketing tactics are considered as a major element to implement a marketing plan. Through the right expectations and effective communication, the marketing plan can be implemented effectively that can benefit the organization and approach towards the desired results. Managing several tasks and timelines, set the regular monitoring process that can be adapted by the organization. Tandem can implement the marketing strategies through effective and clear communication procedure based on face to face and online process wherein the vision and objectives of the marketing are shared by the organization clearly to establish suitable opinions. Detailed tactics can be explained as below to implement the marketing strategy:

Table 2: Marketing tactics

Coordination and Monitoring Mechanisms

The scheduled activities are based on the priorities of tasks that promote the implementation of the marketing strategy. Identification of all the required activities and managing specific strategies help in maintaining organizational performance. Coordination and monitoring between each activity and individual can be identified by the marking manager. The responsible persons develop a suitable action plan that fulfils the needs of communication in the organization. Intrinsic and extrinsic coordination plan is managed by the monitoring committee for each action. A well-managed, transparent and active information system is suitable for the coordination that helps in sharing the messages and provide necessary feedback. Email communication and face to face communication will be used by the employees to promote clear and transparent information that allows the individuals to maintain the projected capabilities within the available resources.

Organization’s Projected Capabilities and Budget 

The projected budget of the organization is $20,000 that includes all the expenditures and projected capabilities. Through the understanding of the marketing tactics, the budget can be analyzed through required tasks. The projected capability needs to be expanded by 50 people that fulfil the needs of the new requirements.

Legal and Ethical Requirements

Tandem works through the legal and ethical requirements and maintains appropriate confidentiality for the internal information. The required standards are followed by the organization to meet the marketing needs and represents honest and fair information to the customers. 

Review of Tactics

The marketing tactics are aligned with the marketing objectives to achieve marketing opportunities and target maximum customers. Joint venture and Strategic Alliance are considered as the most significant opportunities to reach higher customers and work with another company to allow the adjustment of the marketing target. The defined budget promotes the application of suitable marketing tactics and helps the organization to meet the ethical and legal requirements.

Presentation of the Marketing Plan

The marketing plan represents the organizational opportunities can be attained through specific marketing strategies. It meets the organizational and marketing requirements aligned with the defined marketing approaches. Social media marketing is opted by the marketing manager to maintain the most suitable approach and work through an optimized plan. The strategic marketing mix is identified as the most effective marketing strategy that works with the 4Ps of the marketing mix. The desired requirements are fulfilled by the researcher that promotes the incorporation of the marketing plan needs. The performance of the organization can be analyzed with the help of the performance review strategy. 

This marketing plan consists of relevant information based on the defined objectives of the organization and meeting the needs of the plan. Visual presentation of the marketing plan allows strategic direction and supports the marketing strategies followed by several marketing tactics to analyze the necessary terms in the implementation of marketing tactics. A rationale for the objectives has consisted of the marketing plan that supports the marketing tactics based on specific information.

Feedback from Stakeholders

The key stakeholders of the marketing plan provided their approval with the required timeframe and specifications of the actions that are needed to be taken. The stakeholders do not ask for any changes or elimination of content. The strategies and tactics are aligned with the needs of the organization based on the telecommunication industry and apply to suitable implementation with the effective coordination and monitoring mechanism. Implementation of the marketing plan within the given timeframe represents the effective selection of marketing strategies and approaches that allows significant activities accomplished in the defined time. The presentation was effective to meet the requirements of marketing and organizational needs. 

Assessment Task 2

1. a

2. (i)

3. (ii)

4. (iv)