Marketing

Marketing ASSIGNMENT 2 WORKSHOP Source: emergencybeaconcorp.com 2 Preparation for Assignment 2 Before starting this assignment, you should have: ? Selected a current marketing issue which you feel would impact on Australian businesses/marketers (Assignment 1). ? Incorporated any feedback you receive from the report and/or presentation of your current marketing issue in weeks 4-7. ? Approached a company to obtain permission to analyse the impact of this current marketing issue on its operations. Source: marksanborn.com 10-Sep-15 3 Assignment 2 Instructions ? Write a report to be presented to the marketing manager or CEO of a commercial company which explains the current marketing issue which you believe through its adoption or integration would benefit the company. ? Explain the current marketing issue using the research conducted previously (Assignment 1 – BUT DO NOT COPY AND PASTE AS THIS IS PLAGIARISM) as well as examples of its application in a commercial setting (this may require additional research). ? Highlight the benefits and possible drawbacks of the current marketing issue and its implications for businesses. ? Suggest ways to integrate the current marketing issue into the business’s current marketing strategy. 10-Sep-15 4 Assignment 2 Format ? Typed, size 12 Arial or Times New Roman font, 1.5 line spacing, and pages are numbered. ? The report is proof read before submission, as marks will be deducted for spelling and grammatical errors. ? Details of all the articles and other sources of information (including any images that are copied from the internet) used in the report must conform with the ECU reference guide format (found on the library website). ? The report must incorporate the use of numbered headings and subheadings, which are to be included in the TOC. ? Clarity of the report: ensure the report is well written. It is to be clear, well organised, and professionally presented. ? The report must be visually appealing (i.e. include visuals for the strategies). ? All submissions are individual and will be submitted through Turnitin to check the originality of the work. 10-Sep-15 5 Assignment 2 Document Format (suggested but not limited to these sections) ? Cover page with your name and student number and the name of the business you are writing about. ? Executive Summary ? Table of Contents ? Introduction of the context of the current marketing issue ? Explanation of the current marketing issue from current research (DO NOT COPY AND PASTE) ? Examples of its application/implications in a commercial setting ? Explanation of the company’s current marketing strategies ? Explain how it can be implemented by the company you have selected (INCLUDE VISUALS) ? The advantages/disadvantages of applying this current marketing issue to the business ? Summarised the ideas and proposal (recommendations) ? Provided Implementation Schedule and/or budget ? Conclusion ? Reference List ? Appendices (if any) Source: proprofs.com 10-Sep-15 6 Executive Summary ? It is not “first I did this, and then I did that” approach. ? It is a concise overview of the contents of the report, that will enable a CEO to understand everything that is contained in the report without having the need to read it. ? It is one page in length. ? It is placed prior to the TOC, and after the student assignment cover sheet. ? It is not numbered. It has roman numerals for numbering. For example, with the cover sheet, it is page no. (ii). The introduction is page one. ? Contents of the ES include purpose of the report, key findings, objectives, recommendations and budget (if included). ? See next slide for a previous assignment example. Source: pa-group.us 10-Sep-15 7 10-Sep-15 Introduction (Co-creators Suggested Example) ? In Australia there are xxxx internet users, xxxx mobile users and xxxx social media users. ? These new technologies of the mobile, Internet and social media have created new technology-based communication channels………….. ? No longer can customers just download or search for information, but are able to engage and share their own content via social networks. By becoming active members in digital channels …………………………………, ? However, these new digital channels combined with increasing levels of digital literacy also allow customers to become co-designers and cocreators…………………… 8 Source: greenblog.com 10-Sep-15 Current Marketing Issue Research (Social Media Suggested Example) ? As customers are constantly engaging with technology, their expectations of companies have also changed……………… ? The exponential growth of data availability and the growing capabilities of digital technologies are providing companies with valuable information when making strategic decisions (Dumas, 2012)……… ? As a result, the traditional use of information technology in organisations has moved beyond functional applications, towards a more strategic role…………………… ? An example of a digital channel that has impacted all companies is social media………….. ? Literature has highlighted the use of social media as a way to engage with customers when they have a problem (Boyd and Ellison, 2007; Hoffman and Novak, 2012; Schultz and Peltier, 2013)……. ? However, Kaplan and Haenlein (2010, p. 65) advise companies to choose carefully when it comes to social media applications stating that “you simply cannot participate in them all, as being active is one of the key requirements” of a successful digital channel design…………… 9 Source: forbes.com 10-Sep-15 Applications/Implications (Technology Enabling Customers Suggested Example) ? Consumers have visibility into product availability and prices in local stores. ? Now, with smart phones, consumers carry the Internet with them in their pockets and purses. ? Any product that can be connected to the Internet will be, raising the “digital IQ” of products. ? Word-of-mouth has become social currency. ? With the explosion of data from a growing variety of sources, harnessing big data and mastering machine learning, algorithms and other tools have become prerequisites for companies to survive. ? Customer Experience matters with product and service design have been elevated to an art and science, with a wide gulf between the “masters”—Apple, Samsung, Disney, and so forth—and other companies. ? Given the uncertainty and volatility, marketers are learning how to apply agile methods and experimentation to shorten cycle time, make small bets, and rapidly adapt to changing market conditions. ? Companies are capturing and using digital traces to profile audiences, building on, and in many cases, replacing, geo-demographic and other classic segmentation schemes. ? With digital technologies, the massive auctions that underlie marketplaces such as Google Adwords are spreading to all digital media, fueled by real-time buying and demand-side platforms. ? Armed with digital technologies such as Fitbit, individuals are capturing, tracking, and using data about themselves to better manage their health, carbon footprint, and other important (but difficult to manage) aspects of their lives. 10 Source: Huffingtonpost.com 10-Sep-15 11 Current Marketing Strategies (Own Company Suggested Questions) ? What are the company’s current marketing strategies? ? Has the company implemented a marketing strategy on your topic? ? If not, why not? ? If it has, then has it been successful? ? If it has not been successful, then why not? ? Are there any barriers to implementing your topic i.e. internal as well as external environment? ? What is the recommended time frame for its implementation? ? What are the associated costs (if any) in implementing your topic? ? What marketing objectives will the implementation achieve? ? Who will be the target markets for these strategies? IMC Product Distribution Channels Relational Outcomes Customers CRM Price (The Value) Transactional Outcomes Source: Strauss & Frost, 2012 10-Sep-15 12 Company Implementation (Millennials Strategies Suggested Example) ? Marketers should join Millennials online, in their social networks, search engines, and other favourite sites. ? Companies must ?nd ways to pull this generation to their web sites and into a relationship. ? Marketing via the internet can level the playing ?eld between large and small companies. Millennials are responsive to online coupons; a company should use this form of online advertising extensively, as well as emails. ? Companies should not use pop-up ads; this generation hates them. ? Use video ads on YouTube as Millennials still enjoy them; however, this form of advertising seems to be decreasing in effectiveness so must be used effectively. ? Companies should spend the extra money to have superb graphics on a company web site. Graphics are the one feature that overwhelmingly catches the eyes of Millennials. ? Also make the web site interactive so that Millennials can interact with the company and possibly have a part in the promotion and advancement of products and brands. ? If you want Millennials to repeatedly visit your web site, make sure your pricing is competitive. They are looking for the best value, including good shipping rates, coupons, rewards, free gifts, and a favourable return policy. ? Millennials also appreciate up-to-date product information on a web site. ? Encourage Millennials to write online reviews by giving them a discount or coupon as an incentive. This generation responds well to rewards. A “freebie” may be a small price to pay in return for a positive review that is read by numerous internet shoppers. Companies can leverage consumer-generated content as a valuable digital marketing tool. 10-Sep-15 Previous Assignment Strategies Example 13 10-Sep-15 Advantages and Disadvantages of Issue (Social Media Suggested Example) ? Connectivity of the platforms (e.g. Facebook) allow people to engage with one another. ? Social media can enhance an organisation’s existing communications. ? Social networks can learn, debate, and share resources through social media. ? Customers can add comments, or read comments from other informed customers. ? Social media can allow customers to be invisible, or highly visible. ? The critical factor in this electronic environment is once a customer hits publish, post, or send, it’s there, somewhere, forever, even if they go back and delete it moments later. ? The line between a customer’s personal and professional life is paper thin, if discernible at all, thus no privacy. 14 10-Sep-15 Previous Assignment Advantages Example 15 Advantages Cost C2C are of the belief that although social media is a constantly evolving marketing trend it is essential to the success of ThinkQuick and the goals it wishes to achieve in the future. Social media networks are in the majority free services, so it is safe to say that a social media marketing strategy can be successfully activated on a limited budget (Weinberg, 2009). Social media and its ‘viral’ nature have the capacity of reaching a vast amount of potential customers in a short time period which can directly impact ThinkQuicks bottom line. Interaction Riegner (2007) suggests that the general population spend 25 percent of their time online interacting with others, social media platforms being the first destination for most participants. Information provided on these platforms is considered trustworthy and can determine whether a potential consumer will invest time and or money into a company (Huang, Lurie & Mitra, 2009). Becoming interactive with social media provides a company access to new information. It can also modify how a company engages with its customers and vice versa (Fiore, Kim & Lee, 2005). Target Market Social media provides companies the access they require to promote to their target markets. By understanding what customers want in real time and by the company acting swiftly to accommodate their needs, they can actively engage and target the areas of the market which they want to gain access to. 10-Sep-15 Previous Assignment Disadvantages Example 16 Disadvantages Time For a social media strategy to function correctly the company must be interactive and engage in two way conversation. Long term business relationships developed from a social media strategy can effectively generate business. The drawback is that there must be a staff member responsible for maintaining these relationships, answering questions and responding to comments. A considerable amount of time must be invested into a social media strategy for it to be a worthwhile exercise. Legal Issues A company must be mindful in protecting its trademark and copyright when engaging in social media activity (Steinman & Hawkins, 2010). Social media lends itself to promoting a company in real time with informal communication but also leaves the company open to third party misuse of the company’s intellectual property (Steinman & Hawkins, 2010). The company must monitor its own social media channels as well as others to help maintain its integrity. Negative Feedback Consumers are no longer bystanders in the market place; they are now, by proxy, advertisers and marketers. Customers can make positive and negative comments which will reflect accordingly on the company. Negative responses can be particularly damaging to a company’s social media strategy. Opposition companies or despondent customers can post unfavourable items about a company and there is very little that can circumvent the situation (Cheung, Lee & Thadani 2009) 10-Sep-15 Summary of Proposal/Recommendations (Suggested Example) ? Develop a web site that is creative, and displays all product offerings. ? Make sure your pricing is competitive, including good shipping rates, coupons, rewards, free gifts, and a favourable return policy. ? 17 Implement on-line retailing (e-commerce). ? Develop an IMC program using social media and YouTube video ads. ? Engage customers with social media to obtain feedback and co-creation of new products. ? Buy digital media space e.g. google adwords. ? Implement CRM strategies, including membership/loyalty cards. Source: forbes.com 10-Sep-15 18 Implementation Schedule (Suggested Example) ? This can be a step by step process OR can be in the form of a Table (see next slide for previous assignment example). ? For example: ? ? Step 1 – develop a strategic marketing plan ? Step 2 – develop an integrated media platform ? Step 3 – improve customer service ? Step 4 – implement and monitor The budget to implement these strategies is $???? Source: jongordon.com 10-Sep-15 19 Previous Assignment Implementation Example TACTIC JANUARY WEBSITE Build and redesign Update website content e-commerce website SOCIAL MEDIA Update content on Facebook to provide more information EMAIL MARKETING Create e-newsletter template & send January e-newsletter Create Instagram account Start uploading photos from Instagram to Facebook daily (Ongoing) Create Youtube channel Create and share posts on Facebook daily (Ongoing) Create first promotional video for Youtube – introduction to the Swan Animal Haven FEBUARY Send February e-newsletter Announce January e-newsletter subscription winner on Facebook and Instagram Announce February e-newsletter subscription winner on Facebook and Instagram Send March e-newsletter APRIL Announce March e-newsletter subscription winner on Facebook and Instagram Send April e-newsletter MAY Create second Youtube video – Rescue dog re-homing success stories Send May e-newsletter MARCH Build mobile version of website Announce April e-newsletter subscription winner on Facebook and Instagram JUNE Announce May e-newsletter subscription winner on Facebook and Instagram Send June e-newsletter 10-Sep-15 20 Conclusion (Suggested Example) Source: oldinsuranceguy.com ? Marketing problems can be traced to over marketing to certain segments(e.g., advertising, coupons, constant sales, too much reliance on internal sales forces, over built distribution systems), and under marketing or mis-marketing to other segments. ? With an increase in ability to determine the profitability of specific customers, marketers can better respond to the needs of their more profitable customers. ? Customer-centric marketing consistently entails two critical actions: understanding and meeting individual customers’ expectations. Doing so requires personalization—in terms of segmentation, targeting, and messaging for each customer interaction across traditional and digital channels including direct mail, email, mobile, social media, and websites. ? Companies that thrive in the future will have an intimate understanding of their customers. The practice of customer-centric marketing will be central to the achievement of effective efficiency in marketing processes. 10-Sep-15 Previous Assignment Conclusion Example 21 This report has identified notable gaps in the current digital strategy for marketing agency xxxx. The company risks an uncertain future, if it continues to neglect the many different social media platforms, in its ability to attract new customers and gain increased exposure. xxxx operates in a contested ‘red ocean’ market space and as a result, must adapt its business marketing strategy in order to compete with the many successful organisations that operate in the industry. This report highlighted that a number of competitors use social media effectively as a part of their own marketing and targeting strategy. xxxx must acknowledge these efforts as blue prints for their business as social media platforms are becoming increasing important and effective for businesses with a B2B focus. C2C believes that xxxx must action a five step process, which will enable the company to develop a strong strategy, which is integrated between each of the social media platforms. C2C also encourages xxxx to understand that social media is highly effective in generating B2B leads, which may result in potential business opportunities. In order to reach its target market, content on newly established social media pages is required to balanced, well timed, frequent and coordinated by a ‘first responder’ staff member. xxxx must also understand that social media posts can lead to a negative response in the public domain, so it is important for the company to focus on content that is socially acceptable. C2C believes that if xxxx can adapt their marketing strategy to incorporate social media platforms, then they will be best placed to meet the needs and demands of consumers into the future. 10-Sep-15