Marketing Opportunity Proof Reading Services

Marketing Opportunity OZ Assignment Help

Marketing Opportunity Proof Reading Services

Part F – Evaluation of Marketing Opportunity Options

Marketing opportunity option	Feasible (YES/NO)	RATIONALE
Strategic alliance and cooperative business models	Yes	It is an independent agreement between two organizations which involves less complication and can be comes to an end by the mutual consent of both the parties.
New products or services to target specific markets	No	It may be not a good option due to some low cost competitors in the prevailing market.
Greater market penetration with existing products or services	Yes	It can be a good option as it opens a wide range of market and also the competition is quite low.
Take- overs	Yes	It proves to be a sound option as it can easily provide goodwill which is very beneficial in this field.
New Businesses and franchising	Yes	We can open market for new businesses and franchising as it stimulating public awareness about exercising (Hollenson, 2015).
Cooperative ventures	No	This may not be a right option as there is not much scope in establishing cooperative ventures.
Exports	Yes	It may be beneficial as it expand the international market for the business.
Joint ventures	No	Joint venture can lead to increase in the cost of the company which can be critical.

(Kotler, et al, 2012)

1.2 Develop Feasible strategies

Marketing Mix	Strategy	Rationale	Alignment
Product	To implement quality assurance programs Offer variety of fitness programs	These quality assurance programs will help in establishing standard quality of facilities, equipment, trainers and services at all the centres across the nation. A wide range of programs will provide competitive advantage.	This will align with the core business objective and mission which relates to promoting the quality of life in its services and become premium provider of quality services.
Price	Premium pricing Special discounts for special client segments and loyal customers	The company is providing value added services such as art facilities, top-notch equipment and high cost personal trainers. Special offerings will help in retaining high value customers.	This will align with the business objective of high profitability and financial growth.
Promotion	Advertisement through print media Customer loyalty programs	This will help the company in increasing its customer base and create high influence on customers through print advertisement	This will help in achieving 5% improvement in customer retention in next 5 years.
Placement	Nationwide fitness centres Multipurpose fitness venues	This strategy is adopted since it will help the company in increasing its market share (Ataman, et.al, 2010).	These strategies align with the objective of enriching the brand at the national scale

1.3 Plan achievable marketing tactics

Part A

Product
Tactics	Owner	Cost	Schedule	Accountability
Launch quality assurance programs	Manager	Remuneration to quality inspector	Every month	Quality Inspector
Identify range of fitness programs	Trainers	Research cost	Starting 5 days of each month	Trainers
Design customised packages	Trainers	Cost of services and facilities to be provided	As per the arrival of customer	Trainers
Price
Tactics	Owner	Cost	Schedule	Accountability
Research competitor prices	Research consultant	Research cost	15 days	Manager
Design discount coupons and vouchers	Finance manager	Discount offered	5 days	Manager
Communication to special client segments	Marketing manager	Cost of communication	Weekly	Manager
Promotion
Tactics	Owner	Cost	Schedule	Accountability
Printing flyers	Marketing manager	Cost of printing flyers	5 days	Marketing manager
Printing advertisement	Marketing manager	Advertisement cost charged by newspaper agency	Every month	Marketing manager
Design customer loyalty programs	Marketing manager	Discount or loyalty bonus	Every year	Marketing manager
Placement
Tactics	Owner	Cost	Schedule	Accountability
Acquire land for opening centres	Shareholders	Lease rentals	Within a month	CEO
Developing infrastructure	Manager	Fixed cost for installation	1 month	CEO
Procurement of resources	Finance manager	Acquisition cost of resources	1 month	CEO

Part B

Stages of Product life Cycle

1.Introduction – At this stage the fitness services will be launched by Fit life. This is the initial stage and therefore the services will not be become popular due to lack of trust among customers.

2.Growth –At this stage potential customers will become aware about the services through advertisement and the services will start gaining popularity (Stark, 2015).

3.Maturity – This stage will be best suitable for the fitness services launched by Fit life since at this stage the business will be able to effectively position its brand in the market and increase its customer base.

4.Decline – This is the last stage where the quality of services will decline and the customer retention ratio will decrease due to market saturation.

Part C

Introduction
Tactics	Owner	Cost	Schedule	Accountability
1.Adopt effective market entry strategy	Marketing manager	Cost of market entry	Prior to launch	Marketing manager
2.Promoting the brand before launch	Marketing manager	Advertisement cost	Prior to launch	Marketing manager
Growth
Tactics	Owner	Cost	Schedule	Accountability
1.Customer loyalty programs	Finance manager	Discount or loyalty bonus	Monthly/weekly	Finance manager
2.Modify services as per customer needs	Manager	Cost of additional resources and training of staff	Yearly	Manager
Maturity
Tactics	Owner	Cost	Schedule	Accountability
1.Revise the prices	Finance manager	Increased revenue	Every year	CFO

Decline
Tactics	Owner	Cost	Schedule	Accountability
1.Reduction of Fixed costs	Finance manager	Opportunity cost	Within a year	CFO
2.Divestment	Shareholders	Loss on shut down	2 to 3 months	CEO

Part D

Product: According to work health and safety act, 2011, it is the responsibility of the organisation to offer healthy products in the market.

Price:According to Trade Practices Amendment (Australian Consumer Law) Bill (No. 2) 2010, it is the duty of the organisation to check the quality of the product which they are offering in the market against the price charged by them.

Promotion:In context to the competition and consumer law act, 2010, there is a requirement to promote ethical products in the market considering the health of the citizens of Australia. The ethical consideration relate to the fair promotions with true disclosure in the advertisement (Cremer, et.al, 2011).

Placement:According to trade practices act, the organisation needs to verify that proper deeds and records are made to give effect to the transactions of the organisation.

1.4 Submit draft marketing Plan

To: Marketing Manager

From: Executive

Date: 4^th April, 2017

Subject: Marketing Plan

This is to provide information about the marketing plan of Fit life for launch of quality fitness services through nationwide fitness centres across Australia. The marketing plan will include the details of feasibility of market opportunity options, development of feasible strategies as per the marketing mix, stages of product life cycle, tactics for the marketing strategies and improving the stages of product life cycle and the legal and ethical considerations with regards to the strategies and tactics suggested.

The marketing strategies of the company include launch of quality fitness services, with premium pricing strategy, promotion in the form of advertisement through print media and by opening multipurpose fitness centres throughout the nation. The tactics include launch of quality assurance programs and customer loyalty programs. The detailed marketing plan is enclosed.

For the marketing plan your feedback is solicited to make modifications and submission of revised marketing plan for approval. I request you to provide feedback on the plan as soon as possible.

1.5 Measure marketing effectiveness

MARKETING METRIC	EXAMPLE OF IMPLEMENTATION
Customer acquisition cost(CAC)	If you spent $500,000 on Sales and Marketing in a month and added 50 customers that month, then your CAC is $50,000.
Marketing per cent of customer acquisition cost(M%CAC)	For a company like fit life which has more inside sales then the M%CAC would be 20@%to 50%.
Ratio of customer lifetime value to CAC(LTV:CAC)	It is the combined ratio of LTV and CTC and according to the provisions of fit life company it would be 5%.
Time to pay back CAC	The time to pay back according to the provisions of fit life would be 5 years.
Marketing originated customer%	The marketing originated customer% of fit life company would be around 10%
Marketing influenced customer%	The marketing influenced customer% of fit life company would be around 15%

(Varadarajan, 2010)

1.6 Finalise the marketing Plan

To: Marketing Manager

From: Executive

Date: 4^th April, 2017

Subject: Revised Marketing Plan

In accordance with the feedback on the draft marketing plan the changes have been made in the marketing plan and the revised plan is enclosed.

The pricing strategy for the launch of quality services is changed from premium pricing to price skimming. Also the customer loyalty programs are planned to launch monthly. The additional costs to be incurred and resources required are included in the revised plan enclosed.

Kindly approve the revised marketing plan for implementation.

References

Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2012). Marketing: an introduction. Pearson Prentice-Hall, London.

Ataman, M. B., Van Heerde, H. J., & Mela, C. F. (2010). “The long-term effect of marketing strategy on brand sales”. Journal of Marketing Research. 47(5). 866-882.

De Cremer, D., van Dick, R., Tenbrunsel, A., Pillutla, M., & Murnighan, J. K. (2011). “Understanding ethical behavior and decision making in management: A behavioural business ethics approach”. British Journal of Management, 22(s1).

Hollensen, S., (2015).“Marketing managemen: A relationship approach. Pearson Education.

Stark, J. (2015). “Product lifecycle management. In Product Lifecycle Management”. Springer International Publishing. pp. 1-29

Varadarajan, R. (2010). “Strategic marketing and marketing strategy: domain, definition, fundamental issues and foundational premises”. Journal of the Academy of Marketing Science, 38(2), 119-140.

Westwood, J. (2016). “How to write a marketing plan”. Kogan Page Publishers.