BSB60215 Advanced Diploma of Business
The concept and process:
o Marketing management
o Organisational structures, roles, responsibilities and policies
· Key provisions of relevant legislation from all forms of government: Overview
- Anti-discrimination legislation and principles of equal opportunity, equity, and diversity
- Australian direct marketing association (ADMA) direct marketing code of practice
- Australian e-commerce best practice model
- Australian government policy framework for consumer protection in electronic commerce
- Confidentiality requirements
- Copyright laws o Defamation laws
- Free TV Australia commercial television industry code of practice
- Privacy laws o Sweepstakes regulations
- Trade practices act
Based on your research, answer the following questions:
· Review and discuss samples cases from ATO legal database on marketing law contravention
· Research and compile the required legislative information code on one specific marketing method – e.g. Direct marketing.
Ans: Below is the sample cases of marketing law violations from the ATO’s legal database:
- For purpose under section 66(1) including its Superannuation Industry Act in 1993, this Governing clarifies whether an asset is obtained by either a trustee as well as a fund manager or even a privately directed superannuation fund from a related party of SMSF. The trustee/investment manager is prohibited from purchasing assets (except money) from some kind of relating party of the SMSF under section 66(1). Exceptions towards this ban are included in sections 66(2) and (2A) The trustee and investment manager should buy an estate from either a related party and not violate subsection 66 when an exemption applies. Subsection 66(3) forbids a citizen from engaging in a scheme to avoid the imposition of section 66(1) to both the SMSF via an acquisition Although Verdict does not go into detail about the ban of tax dodges in Section 66.
- Contributions to such a superannuation fund, its authorised deposit fund, or even a retirement bank account are covered by this Ruling. (Landau & Allen, 2019) It describes the Commissioner’s opinions mostly on the normal meaning of “contribution” in respect toward superannuation fund, authorised deposited fund, and retirement bank deposits in the Income – Tax Act in 1997. Elements of this Verdict are also pertinent to the interpretation of the term “contribution” throughout the Superannuation Industries Act in 1993 as well as Superannuation Industry Regulations in 1994. This should be observed, though, that only the SISR’s concept of “contribution” transforms the usual origin of the words “contribution.” Part A of that whole Ruling determines the origins in the work of contribution when to make a contribution, and how to make a contribution. The Second Part of this Verdict provides a few of the laws in Section 290 that apply when an individual employee superannuation donation or a specific initiative is also to be withdrawn.
- This Ruling clarifies how the Superannuation Sector Act in 1993 relates to the trustee or financial advisers of inner superannuation funds under paragraph 65(1)(b). The Commissioner’s opinions about how other SISA or Superannuation Association Regulations 1994 clauses apply to all the structures mentioned throughout this Ruling are not included in this Verdict.
When financial assistance is granted “using the fund’s resources,” when financial assistance is given to “a member of the fund or a relative of a part of a fund,” so when federal aid is given to “a part of the firm or a member’s relative of the fund.”
Legislative information code on Direct marketing:
The Code establishes a special code of behaviour for direct marketing participants throughout relation to persons and customers, and it acts as a reference point for resolving conflicts.
The Code’s standards are based on common sense and concern justice and honesty.(Ładyżyński et al, 2019) The Code is built to assist as a reference point of Management to know that they comply with all relevant state and Commonwealth legislation.
The need of this code is explained through the below specified points:
- Direct marketing is quickly growing in popularity. More people are opting to pay for goods and services via direct reaction channels, and thus more companies are turning to these platforms to satisfy the demand.
- Direct marketing’s future growth is contingent on players acting in an equitable, honest, or ethical way in contractual dealings with several other companies and customers. Only in this way will the company’s credibility be improved, resulting in increased consumer demand.
The objectives of the code are described through below-mentioned points:
- Ensure that businesses and customers alike have recourse to the product/process information they require to make well-informed decisions.
- create a sense among Representatives of operating their enterprises in a fair, honest, economical, and clearest way.
- Increase consumer and industry trust in dealing with ADMA Members.
- Landau, I., & Allen, D. (2019). Major court and tribunal decisions in Australia in 2018. Journal of Industrial Relations, 61(3), 421-437.
- Ładyżyński, P., Żbikowski, K., & Gawrysiak, P. (2019). Direct marketing campaigns in retail banking with the use of deep learning and random forests. Expert Systems with Applications, 134, 28-35.
· Managing Marketing Performance:
- Structure and components of a marketing plan
- Developing and analysing Key Performance Indicators (KPIs)
· Developing a coherent marketing process:
- Integrating marketing,
- Promotional and sales activities
- Setting and evaluating product
- Pricing and marketing communication policies
- Use marketing metrics to analyse marketing performance:
- Client Service Grid
- Key Client Matrix
- Decision Matrix
- Business Strategy Matrix
- Marketing Strategy Matrix
- Marketing Force
- Boston Consulting Group Matrix
· Principles of marketing, strategic analysis and strategic management
· Analysing economic, social and industry directions, trends and practices
· Using statistical and data evaluation techniques to measure marketing performance
· Managing marketing personnel:
- Developing and implementing communication strategies
- Defining roles, responsibilities and accountability of marketing staff
- Assigning and communicating responsibilities according to the marketing plan
- Providing support
- Providing training and development opportunities
- Understanding performance management systems
- Evaluating individual performance
- Evaluating team performance
Based on your research, answer the following questions:
- Compare two marketing plans and discuss their features
- Provide examples of marketing metrics
- Conduct a SPELT analysis on an organisation of your choice
- Develop KPIs to measure marketing objectives
- Case Study: Marks and Spence: The Role of Training and Development in Career Progression: Discussion
- Develop Metrics from sample marketing data
Ans: Market penetration: It’s a metric for comparing how often a service or product is used by consumers considering the actual estimated demand for that service or product. Market penetration can also be used to help devise strategies for increasing a product’s or service’s market share. (Alkasim et al, 2018) Consider the phone market, and for example, world leaders iPhone has a market growth percentage of 19.2 per cent, led by Samsung with 18.4 per cent, Huawei with 10.2 per cent, and a variety of local brands accounting for the remaining market share.
Market Development Strategy: Market development is a growth plan for existing goods that defines and expands new customer segments. – anti consumers in presently targeted segments are the focus of a market growth approach. It also aims to attract new clients from different demographics. Example of the scenario: A software firm has a new product portfolio.
SPELT analysis on National Australia Bank:
- It is Go To Market tactics for its goods have been extremely successful.
- Through mergers and acquisitions, I have a proven track record for successfully incorporating complementary businesses. In recent years, it has completely implemented a lot of technology firms to simplify operations and create a credible supply chain.
- Solid Brand Portfolio – National Australia Bank had worked hard to construct high brand equity over the decades. That fact is emphasised by Australia’s Central Bank’s SWOT analysis. (Chaikin, 2018) If the company needs to branch out into new markets, this strong brand can be incredibly helpful.
- National Australia Bank has formed a great distribution network out over decades that allows it to achieve the bulk of its market potential.
- Innovation has a strong track record for designing new products.
- The business has a large base of credible suppliers, allowing it to circumvent any supplier bottlenecks.
KPIs to measure marketing objectives:
Customer Value Over Time: The value of a customer to the company is just as strong as the amount of time people spend only as a customer. How high is the churn? What do you do to keep churn at bay? You should be aware of your turnover rates and constantly work to minimise them. To avoid churn, you must have a wide-angle view of the customer to actively monitor product quality and product usage.
Return on Investment in Online Marketing: Here, reports and analytics were extremely important. It is indeed critical to any sales business to be able to verify and examine website activities, and also where all the traffic was originating from. We can maximise web traffic which results in far more led activity, thereby boosting converts on the site, if you already have technology in place and evaluate this data.
Reach on Social Media: How many clients are you gaining through Google, Facebook, Twitter, Linkedin, and other social media platforms? You can concentrate on social marketing strategies most effectively and successfully when you understand how every other channel is doing.
Mobile Traffic: Today exist in a universe that is becoming highly mobile. As just a result, knowing the volume of traffic flowing in through mobile devices is critical. In the most recent bi-annual report, the 41percent of a total of commercial emails are opened on mobile devices. You’ll need tools to track and report on smartphone conversions. For example, you might decide to devote even more of its marketing budget to responsive design.
The Role of Training and Development in Career Progression:
The company and its customers both benefit from training and growth. Individuals’ technological skills and enterprise competencies are developed through a series of scheduled learning experiences. Training will also increase effectiveness and inspire workers to do their best work. This aids in the implementation of positive altering the way we make decisions. (Bocciardi et al, 2017) Individuals should tailor their education to address the specific needs and goals with the help of development. Marks & Spencer to achieve a competitive edge over its rivals by properly training and cultivating its employees.
It is critical to invest in training and development because-
- Assist in addressing employee flaws
- Increased worker productivity
- Consistency in duty execution
- Improving worker satisfaction
- Increasing productivity
- Improving product and service quality
- Lowering costs
Metrics from sample marketing data:
- MQL: The Marketing Qualified Lead is indeed a position who, as a result of marketing campaigns, has actively participated in what a product has to give and is thus more inclined to be a consumer than most other leads.(Mintz et al,2020) Examining buyer trips and current customer habits is among the most popular strategies to detect Retail Outlets Leads. Since not all Retail Outlets Contributes are about the same, within each sector, it’s critical to create your definition.
- SQL: A Sales Qualified Lead is a smart consumer who’s been vetted and is willing with your corporation’s sales department to approach them to close a deal.
- Brand recognition: Brand recognition is indeed an advertising term that refers to how well an item’s name is recognised by consumers. Brand loyalty is an important step in encouraging a new product or revitalising an old one. Inside an ideal world, brand recognition will include the attributes that set the product apart from the market.
- Customer Engagement: The emotional bond that exists between a brand and a customer is known as customer engagement. Customers who are highly involved buy more, advocate more, and show greater loyalty. In the customer experience approach, delivering an elevated customer experience is critical.
- Alkasim, S. B., Hilman, H., Bohari, A. M. B., Abdullah, S. S., & Sallehddin, M. R. (2018). The mediating effect of cost leadership on the relationship between market penetration, market development, and firm performance. Journal of Business and Retail Management Research, 12(3).
- Chaikin, D. (2018). A Critical Analysis of the Effectiveness of Anti-Money Laundering Measures with Reference to Australia. In The Palgrave Handbook of Criminal and Terrorism Financing Law (pp. 293-316). Palgrave Macmillan, Cham.
- Bocciardi, F., Caputo, A., Fregonese, C., Langher, V., & Sartori, R. (2017). Career adaptability as a strategic competence for career development. European Journal of Training and Development.
- Mintz, O., Gilbride, T. J., Lenk, P., & Currim, I. S. (2020). The right metrics for marketing-mix decisions. International Journal of Research in Marketing.
· Evaluating and improving strategic marketing performance:
- Analysing and revising marketing outcomes
- Review strategic objectives and marketing metrics
· Identifying and remedying marketing performance issues
· Setting and evaluating marketing targets
· Analysing marketing data and trends for strategic planning
· Evaluating marketing performance against KPIs
· Developing and implementing strategies to improve marketing performance
· Developing communication skills to consult with marketing managers, supervisors, and workgroup members
· Developing leadership and teamwork skills to effectively lead and manage the marketing team
Based on your research, answer the following questions:
Discuss: The Top-down approach to marketing performance analysis
Discuss: The marketing metrics continuum
Ans: Top-down approach to marketing performance analysis: Finally, a top-down business model always relies on the chief management personas. Top-down initiatives focus the message on offers so that they are relevant to particular target customers’ needs or sales goals. (Huang et al, 2019) Specific, numerical, and achievable marketing goals should be set. After an investment proposition or stock pick, a top-down review looked at the “big picture” first. After identifying stocks that are well-positioned to profit from their global trend, an analyst would investigate the specifics and financial statement of this subset before making a final financial decision.
Top-down strategies throughout the human health sphere involve HIV control and malaria eradication. In dealing with local problems like the utilization of healthcare centres.
Top-down pricing is a marketing strategy that examines macroeconomic factors initially, like GDP, employment, taxes, and interest rates, until moving on to macroeconomic variables, such as particular industries or enterprises. Beginning with both the project objective or final achievable and chopping it down into manageable planning chunks is the top-down process for determining project activities. They’re referred to as labour bundles. Work objects are allocated to teammates after each of these project tasks or “chunks” has been refined further.
The marketing metrics continuum: The advertising metrics continuum establishes the basis for classifying metrics as they progress from technical to strategic. Advertisers will move towards more efficient marketing evaluation and coordinate measurement of metrics for business results by avoiding this metrics spectrum, from activity-based to forecasting. (Ind et al, 2017) This type of measure, known as Activity-Based Metrics, entails counting. Monitoring takes centre stage as the imaginative side of advertising gave rise to the analysis information side. For several advertisers, the first move towards metrics is to search for alternative things that count and figures to report.
Action Metrics include monitoring website visits, demonstration downloads, attendees, leading numbers, company’s website hits, and analyst reporting scope. Though these are mostly positive steps, we do not connect marketing to corporate objectives. , Activity-Based Metrics do not meet the C-need Suite’s to know marketing’s role in the business. The marketing function is being run as a company at this point. And, because an advertising metrics framework must show how marketing helps the organisation achieve these goals, a shift to result in metrics is required, or marketing will simply now become a sales enabler, abandoning its capacity to affect organisational strategy.
Once an organisation has mastered Result Metrics, it’s just a short step to Major Metrics, which help businesses make strategic choices. And, when enough data is gathered, statistical models can be developed that allow Marketing can predict the effect of specific interventions on business performance with a high degree of confidence.
- Huang, Y. C., Chen, C. C. B., & Gao, M. J. (2019). Customer experience, well-being, and loyalty in the spa hotel context: integrating the top-down & bottom-up theories of well-being. Journal of Travel & Tourism Marketing, 36(5), 595-611.
- Ind, N., Iglesias, O., & Markovic, S. (2017). The co-creation continuum: From tactical market research tool to strategic collaborative innovation method. Journal of Brand Management, 24(4), 310-321.
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