Reference no: EM132450944

BSBMKG608 - Develop Organisational Marketing Objectives - Choice Business College

Report - Develop marketing objectives

Performance objective

The candidate will demonstrate the skills and knowledge required to conduct a strategic analysis to develop organisational marketing objectives. This involves reviewing the organisation's internal and external environments, evaluating past and current marketing performance, and exploring and evaluating new marketing opportunities.

Assessment description
This assessment consists ofdeveloping marketing objectives for Kellogg's Australia.You may consult with your trainer/assessor if any additional support and guidance is required.

Procedure
You are the new junior marketing research officer for Kellogg's; you are to develop the organisations marketing objectives for a new product line cereal drink in Australia. This will be evidenced through the submission of a detailed document that is as follows:

The manager of the research team has asked you to develop a report on marketing opportunities for the Kellogg's organisation senior management team.

This will include answering the following:

Part a -  Develops the marketing objectives for your organisation including:
i. Identifying strategic direction
ii. Undertaking strategic analysis reviewing the current marketing performance
iii. Scope your marketing opportunities and formulate short and long-term marketing objectives

Part b - Developing a marketing risk management strategy

Specifications

This assessment task consists of 4 (four) Sections. You need to answer the questions given in each Section for you to make the right decisions about marketing opportunities.

Section A: Market Opportunities Potential

Question 1. What is the current size of the market in Australia? What is the potential size of the market? Will it grow or contract? Why?

Question 2. How much of the market share can Kellogg's conservatively take? What's that worth to the organisation, both financially and otherwise?

Question 3. How well does Kellogg's product fit into the current market? Can they create a new market for the product?

Question 4. Kellogg's are in the market already, what has made them successful and/or what has made them unsuccessful?

Question 5. What are the buying habits in the market and how can Kellogg's exploit them?

Question 6. What are the different segments of the market? Do Kellogg's want to compete in all of them or only some of them? Which ones are growing and which are contracting?

Question 7. Who are the competitors in the market and why do customers buy from them? What do Kellogg's need to do to get customers to buy from them in Australia?

Question 8. What kind of margins should Kellogg's expect in this market? How does that align with the overall margins for their organisation?

Question 9. Who are the customer organisations Kellogg's should be targeting first?

Assessing growth potential in existing or new markets requires some common sense, critical thinking and analysis. Don't over-think the decision. Review your answers to the questions above and then make an educated decision as to the best move to make.

Section B: Devise a research design identifying strategic direction that would answer the following questions:

Question 1. How to identify potential markets for the increased opportunities for Kellogg's in Australia? You are required to re- confirm the organisations mission, vision and purpose from their website and to make sure that when identifying these new opportunities that they align with the mission and vision statements of Kellogg's.

Question 2. How to reach these markets with the price, promotion, distribution and product as required by Kellogg's, please refer to their strategic organisational documents to identify the target markets and future directions of the company.

Question 3. How do you ensure supply by reviewing the company's market performance?

Question 4. How to organise the Kellogg's industry to be geared up to meet the Australian challenge with a new product line? Consider the previous lessons that have been learned from previous marketing launch campaigns. Such as nutragrain drinks in the USA, Special K Australia.

Question 5. Analyses and compare previous marketing positioning strategies and how your new market opportunity would differ to those that have been run before.

Question 6. Carry out a detailed SWOT analysis of the current cereal drink market in Australia and work if the new market opportunity would be profitable in the Australian market. Consider Kellogg's previous marketing opportunities and if they work or did not work and why.

Question 7. What has been Kellogg's marketing performance against pervious objectives and did they reach their target audience? Consider what their crucial success was and can these factors be used towards your new ideas of marketing opportunities.

Section C: Scope marketing opportunities

Question 1. From the SWOT analysis carried out in question 6, what do you believe is the market opportunity for the cereal breakfast drink entering the market now? Do you believe this new product line will contribute to the business in Australia? Please explain why or why not?

Question 2. External Influences arethe factors within the external marketing environment are fairly broad in nature and are usually beyond the control of the business.

Question 3. Using PESTLE discuss the market opportunity of the new product line of the cercal drink. Consider also the costs, benefits and risks for each opportunity. You may wish to include a table for this Section.

Question 4. Societal changes can have an enormous influence over the marketing plans of a business as they can influence the types of products consumers want. How does this new marketing opportunity fit with the organisational goals and aims of the company of Kellogg's in general? Consider analysing the marketing capabilities of the organisation and where your new product line would fit into overall goals. (use the internet to help answer this question)

Question 5. From the above question you are required to evaluate if the opportunity to market the new product line will have any current impact on the business and its current customers.

Section D: Formulate marketing objectives.

Presentation of report

Marketing objectives are important within a marketing strategy that creates attention among clients and also helps to grasp the attention of public to keep the business surviving. It helps to set out what a firm wants to achieve from the activities of marketing.

Short term objectives
• Managing brand awareness for the new product line.
• Work closely with joint ventures to advertise brand such as using athletes and celebrities to endorse product range.

Long term objectives

Question 1. Discuss how you would create brand awareness for the product over the next two years. Such as
• To increase market share by 20% in every Australian major city
• KPI awareness to achieve sale target.

Question 2. Discuss how the objective are consistent with the forecast needs of the business and how they link to the state of the market now and future aspirations.

Question 3. Describe with examples how the objectives for the new product line are compatible with the organisations projected forecasts for the future such as recourses and financial forecasts.

Question 4. Describe how the new marketing opportunities fit into Australian government regulation that are made up of laws and regulatory bodies that can influence business behaviour. Consider flair trading laws such as misleading or deceptive contact and government protection against the lager more economically powerful overseas business. How does your product meet the standards of ethics?

Question 5. Identify the current legal requirements that Kellogg's need to abide buy and what are some of the ethical factors that the organisation is a Section in. Consider Special K and how they got rid of the red bikini lady running along the beach.

Question 6. Explain from your research the strategic direction of the company and how this new venture may impact on its marketing activities for the future.

Question 7. Develop a risk assessment chart of how the market opportunity of the product line may affect the business in it opportunities in the next year. Describe at least three (3) contingencies that need to be put in place in case the risk factors come to fruition. Such as a downturn in the economy which can place financial strain on the company with a new product line.

Question 8. Does the market opportunity fit with the organisational capabilities in terms of manufacturing, marketing, technology, personnel, and financial requirements? Consider if the market fits with the organisational structure and design.

Questions to consider throughout your assessment, questions related to the market characteristics and organisational fit outlined below.
• Describe the unmet or underserved need. How will the organisation satisfy this need?
• What is the size of the potential market in both dollars and number of buyers?
• What is the growth rate of the market?
• What is the profitability of the market?
• What percentage of this market do the top buyers represent?
• How many suppliers (potential competitors) are serving this market?
• What is the extent of government or quasi-government regulation or support?
• Can buyers be identified and profitably served?
• Describe the near-term and long-term revenue streams. What threats exist to the sustainability of the revenue stream?
• What is the expected revenue and profit contribution over the next five years?

Your assessor will be looking for your ability to:
• develop marketing objectives for an organisation including:
» undertaking strategic analysis reviewing current marketing performance
» formulating short and long-term marketing objectives
• develop a marketing risk management strategy.

Attachment:- Develop organisational marketing objectives.rar