Develop marketing strategies Essay

The assessment confinement is due on the date specified by your assessor. Any variations to this administration must be approved in writing by your assessor. Submit this document with both essential evidence attached. See specifications below for details.Performance objectiveIn this assessment task you atomic number 18 required to check out and evaluate selling opportunities for an shaping and rear marketing activities that reflect the strategic directions of the organisation.Assessment definitionFor the organisation outlined in the case study provided, identify two marketing opportunities and evaluate severally opportunity for risks, strengths, weaknesses and alignment with organisational objectives. After you have reviewed the opportunities, select the best fitting opportunity for the organisation and develop marketing strategies, approaches and activities to take expediency of the opportunity.ProcedureYou are required to submit a report that addresses altogether of the elements listed in the procedure. The report should be structured using the headings below.Organisational overview1. Develop an organisational overview thata. outlines the strategic direction and organisational objectives b. outlines the current size, capabilities and resources of the organisation, including any notable strengths and weaknesses c. identifies any gaps between the objectives, and the current capabilities and resources.Opportunities1. Identify two marketing opportunities that meet the objectives and evaluate the risks and benefits of each opportunity. 2. Recommend the opportunity that best addresses organisational objectives and a. develop a marketing mix outline that fits within the capabilities and resources of the organisation b. describe how your strategies align with the strategic direction of the organisation, and give justifications for your pick c. detail a marketing surgery review strategy using an appropriate tool (competitive analysis, life cycle mod el, value chain analysis, etc.) to review the performance of the organisation against marketing objectives d. include the metrics to be characterd in measuring marketing performance.Tactics1. Detail the tactics necessary to implement the strategy you have outlined, includinga. scheduling of activities to enact the strategyb. costingc. accountabilities and responsibilitiesd. a plan for coordinating and monitoring scheduled activities including KPIs.2. Outline any legal and estimable requirements that impact on the selected tactics. 3. Describe how the tactics fit within identified organisational resources and capabilities.SpecificationsThis assessment can be completed in your own time, as you work with the related topics in either the educatee Workbook, or under the guidance of your assessor. The assessment is due for completion at the completion of Section 2 of the Student Workbook unless another submission time/method is suggested by your assessor. Check with your assessor whet her it is appropriate to use a computer for the submission of the report (electronic), or if the assessor requires a hardcopy (printed) version. You must providea report containing documents that support all of the instructions outlinedin t he procedure above. Your assessor will be looking for whether you haveidentified a suitable marketing opportunityconducted inquiry to assess and analyse the marketprepared a report outlining your marketing strategies to best take advantage of the identified market opportunities organised your report under the headings suggested in the procedure.Adjustment for distance-based learnersNo variation of the task is required.A follow-up interview may be required (at the discretion of the assessor). Documentation can be submitted electronically or posted in the mail.Case studyHouzit is a chain of homewares stock certificates in Sydney that separate in bathroom fittings, bedroom fittings, mirrors and decorative items. They currently have 15 stores dis perse across the great Sydney area, with all stores being managed and coordinated from their head office in Milton. You have recently been appointed as the marketing manager and must now review the organisation and devise marketing strategies that will represent Houzit towards its strategic goals. The CEO has also asked you to consider some marketing opportunities that may assist Houzit in range its goals, and provide him with brief summary evaluating two alternatives, including the benefits and risks associated with each option, and making a recommendation for the opportunity about likely to produce results. You have gleaned the spare-time activity information about HouzitHouzit is close to entering its fifth socio-economic class of operation offering a wide range of home-ware items on easy-to-manage payment terms and supplies a tether year guarantee on every item sold. The typical cross customers have the following characteristics civilise people who are house proudshoppe rs who will drive to an easy-to-access storecustomers who require payment plans to spread their commitment over an extended period renovators and new home builders2050 year olds.Houzit recognises the following trends and focuses its efforts on them. Quality Preference for highschool quality items is increasing as customers arelearning to care for differences in quality. Unique items Customers want homewares that stand out from mass-produced, low quality items. Selection People are demanding a larger selection of choices, they are no longer accepting a hold selection of homewares. The typical Houzit store has the following characteristicsLocation A commercial, suburban neighbourhood, or urban sell district. purport Bright and functional.Size 1,0001,500 m2.Employees 1520 full time, plus several casualsTypes of transactions 60% cash, 40% on long-term repayment plan.Sales break-ups between the existing Sydney stores reveal30% bathroom fittings35% bedroom furnishings20% mirro rs and decorative items15% lighting fixtures (recent addition).A new customers counterbalance purchase is generally of mirrors and decorative items and this gives us the opportunity to sign them up to our loyalty program. In a brief discussion with the CEO, you asked about the changes taking place in legislation that could impact on Houzits operation. The CEO explained There is a big push by governments on the issue of sustainability. This focuses mostly on environmental issues of waste management and energy conservation. Houzit stores have been deliberately designed in the past to be bright and comfortable places to shop. This means a significant cost in electricity usage to express the lights and the air-conditioners. With the new regulations we are going to have to find ways to still provide customers with what they want without the high electricity usage.Strategic plan (extract)VisionHouzit will be a national retail brand, ply to the needs of home makers with a range of uniqu e, high quality homewares made accessible to all through our easy to manage payment plan.MissionBy 2020, Houzit will have a significant retail presence in homewares in every Australian capital city, starting with 15 stores in the greater Sydney areaand growing to 100 Australia wide.Objectives1. Increase sales from $15million per year to $20million per year in the next tercet years. 2. Increase our loyalty customers list from 10,000 to 15,000. 3. Establish brand recognition in Sydney so that at to the lowest degree 1 in 3 people recognise our brand in a random survey taken in 18 months time.SWOT AnalysisStrengthsExcellent staff who are highly good and knowledgeable about homewares. Great retail space that is bright, functional and efficient for a commercial urban district. High customer loyalty among repeat customers.Assortment of offerings that exceed competitors offerings in quality, range and accessibility.WeaknessesA limited marketing budget to develop brand awareness due to t he lack of critical mass and store cover. The struggle to continually fund the growing long-term repayment plans taken out by our customers.OpportunitiesA growing market in a high growth area with a significant division of the target market still not aware of Houzits offer. Increasing sales opportunities outside of our target area greater Sydney.ThreatsCompetition from local independent retailers can drive down prices, as proprietor operators have lover overhead costs than our staff-run stores. Competition from national chains moving into the Sydney market. A go down in the economy reducing customers disposable income spent on homewares.