Customer Perception Ethical Norms Marketing -Myassignmenthelp.Com

Question: Discuss About The Customer Perception Ethical Norms Marketing? Answer: Introduction Strategic Direction and Organisational Objectives- Strategic direction is the layout of actions and steps that will gradually lead to successful accomplishment of the organisational goals (Olk, Rainsford and Tsungting 2015). Organisational objectives are the goals that the organisation is aiming to achieve. These goals may be short term or long term (Garrett-Jones, Turpin and Diment 2013). Houzit is set out to introduce a national retail brand tending to and satisfying the necessities of people with its high gauge of things and straightforward administer portion plan. Besides, the affiliation is needing to develop an immense market closeness in homeware in every capital city of the country. At the moment the association has 15 stores in better places over the Brisbane city. Houzit is wanting to open up new stores in other bits of the country taking the number to 100 and make an engaged market proximity. One of the genuine focuses of the company is to expand business to $ 20 million f rom $ 15 million. The Current Size, Capabilities and Resources of the Organisation- The company is presently keeping up its business over the Brisbane city with 15 stores. The company in each of its store has 15-20 permanent employees and a number of part time or causal delegates. Each of the shops are 1000 to 1500 m2 in size, and are designed in bright and spacious manner. Nevertheless, Houzit has a wide category of furniture and products. Additionally, to make the things and organizations all the more effective, the association various sort of payment options for the people who visit the shops to buy. Strengths- The company enjoys a high degree of goodwill in the customers mindset. The employees are skilled and highly dedicated. Weaknesses- The company is suffering from a cash restraint for marketing purposes. The company finds it difficult to fund the repayment plans of the customers. Gaps Between the Objectives and The Current Capabilities and Resources- The company faces a scarcity of budget to be allocated for the purpose of advertisements and marketing. However, the company has set its target of increasing sales by $5 million and increasing the number of stores at a very fast pace. These objectives can only be fulfilled if the company takes up a good promotional campaign that will increase the customer base (Andrews and Shimp 2017). This is the gap between the objective that is set by the company and its present resources available. Opportunities Two marketing opportunities that meet the objectives and evaluate the risks and benefits of each opportunity- The two marketing opportunities that can be adopted by the company can be, digital marketing, which will focus on the audience of the age group who are having the potential to buy the products of the company (Armstrong et al. 2015), and penetrative competitive pricing strategy that will focus on keeping the prices of the products very low in order to give tough competition to other players in the field. These two combined form of marketing will help the company to increase its sales. The hazard related with digital and social media marketing is that the patterns of such promoting regularly change with rivalry. Social media marketing just enables the advertisers when they to have a specialty business (Chaffey and Ellis-Chadwick 2016). On the other hand, the hazard related with penetrative valuing procedure is, the high volume of options that the customers can choose from. The client may change the brand when the cost of the items is increased than the competitors. The Opportunity That Best Addresses Organisational Objectives- Houzit could underline and focus on the demography to increase the business and earn more revenue. This infers that they could revolve around lifestyle of people, their age, wage, family traditions and other demography (Smith and Keyfitz 2012). Thus the customers could stratify their necessities acquiring those things that are arranged in perspective of their lives. A Marketing Mix Strategy That Fits Within the Capabilities and Resources of the Organisation- Product, Price, Place and Promotion are the four factors of marketing mix on which depends the outcome of the promotional plan (Huang and Sarigll 2014.). The company must give quality products to the customers and the products needs to be customised as per consumer need. The price has to be kept lower than the competitors, and the promotional media must target the proper audience who will buy the product, and this has to be done in the proper place (Gordon 2012). The Strategies Are Aligned with Strategic Direction of the Organization- The techniques are in line with progressive directions and objectives of the organization. The system of going into the overall market is in line with the method of growing volumes of sales. By keeping up the business in overall market, the company can increase its revenue and customer base which is the strategic direction of the organization. Marketing Performance Review Strategy- The company has been in business for long and has developed some much required marketing opportunities. The company has the inclination to keep itself a step ahead of its competitor by giving products and services which are better in quality. Houzit is present all over the whole Brisbane area with a number of stores. Here the marketing performance will be reviewed by the tool of Life Cycle Model. There are 7 stages of this model which defines a business from the initial stage of its inception to the last stage of maturity, it is similar to the life cycle of a product (Stark 2015). These seven stages are Seed, Start-up, Growth, Established, Expansion, Mature, and Exit. The seed stage is when the concept of the business is thought and the initial preparation takes place. In the start-up stage the business starts rolling in a small scale. The growth stage is the one where the business grows from being a start-up to a full-fledged company. The estab lished stage is the time when the company is financially stable, after which comes the expansion stage when the company expands into new geographical areas or new business ventures. In the mature stage the business possibilities of the company get stagnant after which the company finds out ways to exit the business to save itself from losses and for better opportunities. The Metrics to Be Used in Measuring Marketing Performance- A few of the metrics that are used often to understand the marketing performance are brand awareness, customer acquisition, engagement, and customer retention. Brand awareness is the degree to which the general population is aware about a particular brand(Davis 2012) . Customer acquisition is the process of acquiring new customers often from the existing customer base of the competitors. Engagement is the degree to which the customers feel connected to the brand, on the other hand customer retention is the rate of the customers that are loyal to the company, it is the capability of the company to hold back customers. The Tactics Necessary to Implement the Strategy Scheduling of activities- The strategies include extensive digital marketing activities and competitive pricing. The scheduling has to be done by the top management by understanding the need of the hour. The first thing which needs to be done is to do new pricing of the products that will be very competitive according to the present market rates, this can be done by cost cutting in other operational areas of the company. Next is to spread the news with substantial digital marketing activities across media. Costing- To execute the previously mentioned procedures, for example, extension of business in worldwide market, advanced market may require a lot of capital. For instance, the association may need to contribute close about $10000 every month for actualizing the marketing campaign that will be designed. Accountabilities and Responsibilities- Each of the responsibilities of different tasks will be assigned to different managers. The digital marketing manager, for example has to take care that the monthly targets of the audience reach is fulfilled. Monitoring scheduled activities including KPIs- The "key performance indicators" evaluates the accomplishment of Houzit and gives a clear indication of its performance over time. The KPIs could help the association Houzit to gauge the development in meeting advertising target, for example, boosting revenue volumes, and estimating the cost of securing the customers. Legal and Ethical Requirements That Impact On the Selected Tactics- The businesses have to follow strict rules and regulations imposed by the government and follow all the tax norms. The businesses have to pay taxes according the law of the land and any increase or decrease of taxation from the governments side has to be followed by the company (Ndubisi, Nataraajan and Lai 2014). Ethically the company has to do business taking into consideration the consumer rights. Tactics Fitting Within Organizational Resources and Capabilities- The tactics taken as marketing plan are digital marketing and competitive price policy. With the restricted spending plans, the organization could underline on meeting authoritative promoting target of expanding revenue. By executing computerized promoting, Houzit could focus on a tremendous populace through the wide reach of web. Executive Summary The company Houzit mainly deals with homewares and furniture and is based in Brisbane. The company has a chain of 15 stores presently which it plans to increase soon. The company mainly targets the customers who are of high income group and are sophisticated enough to buy fancy bathroom fittings and furniture sets for bedrooms. The company keeps itself ahead of the competition by providing high quality unique items to the customers. The stores are designed to be bright and spacious and are located at strategic commercial zones and urban or suburban retail areas. Each store employs about 15 to 20 permanent employees which takes the number to about 300 employees in the 15 stores of the company. The marketing tactic that has been devised for the company has two aspects, one is to go for competitive and penetrative pricing strategy, second is to advertise voluminously in the digital medium. The objective is to increase the sales by $ 5 million and increasing the store numbers to 100. The marketing plans have to be tailored so that such objectives can be achieved by the company in the stipulated time. SWOT analysis Strength- The store designs of the company keep it a step ahead of its competitors. The stores are very bright, decorative, spacious, functional and efficient. The employees are highly skilled and knowledgeable about the particular field and are efficient. High quality products are given in affordable price hence customer loyalty and goodwill of the company is high. Weaknesses- There is a scarcity of budget of the company that can be dedicated for the sole purpose of marketing. Therefore, the brand awareness of the product is low. The repayment plans given to the customers have to be paid by the company which is a burden. Opportunities- The market of decorative and designer furniture, homeware and bathroom ware is increasing. A large part of the market is still unaware about the low price and great offers given by Houzit due to lack of marketing initiatives. The company presently only operates in Brisbane; therefore, opportunity lies in the whole of the country. Threats- The local furniture shops pose great danger of competition to the company because the local shops can give away things in lower cost because of low overhead costs. The company runs a chain and hence there is operational and administrative costs. There are national and international chains of homeware that may pose tough competition. The economic slowdown may reduce sales to a considerable extent. Marketing Objectives Marketing objectives are the objectives keeping which in mind the marketing plan and mix is developed by the company. The primary objective of the organization is to increase revenue by increased sales volume (Ogunmokun and Tang 2012). The company aims at a revenue growth of $ 5 million, from the present $ 15 million to $ 20 million per annum to be achieved in the next 3 years of time. The company also aims at increasing the volume of loyal customers by 5000, from the present 10000 to 15000 in the coming years. By 2020 the company has the target to increase number of stores to 100, from present 15. Increase brand recognition is another marketing objective where 1 in 3 people of the country must be aware about Houzit. A marketing plan which includes penetrative pricing and voluminous digital marketing campaign has been designed as the first step to achieve the targets and objectives. Digital marketing will focus on the audience of the age group who are having the potential to buy the products of the company, and competitive pricing strategy that will focus on keeping the prices of the products very low in order to give tough competition to other players in the field. Strategies Penetrative Pricing Strategy- Penetrative Pricing Strategy is the act of offering a low cost for an item or service amid its underlying offering keeping in mind the end goal to attract clients from contenders (Ingenbleek and Van der Lans 2013). This advertising procedure depends on the possibility that low costs can help make a client mindful of and all the more eager to purchase that particular item. The reason why this particular strategy is selected because the company keeps innovating new products of unique category, hence to acquire new customers from competitors this strategy can be useful. Digital Marketing Strategy- After the penetrative pricing strategy has been implemented the low priced unique products can be marketed across the different social networking sites and the niche customers can be targeted. The social networking and digital mediums have a number of categories and sections, the choice of the category of digital media can be made depending on the target group (Chaffey and Patron 2012). The reason why digital media marketing has been included in the marketing plan is because almost every section of the society today uses social networking sites. The company can choose and select its target audience and start advertising. It is one of the most effective ways to reach the target audience. Implementation Penetrative Pricing Strategy- This can be implemented by the costing and pricing department after due consultation with the top management and recommendation from the finance team. The pricing has to be such that it remains low than the competitors but it is enough to generate revenue for the company. Cost cutting has to be done to effectively reduce price of the various products of the company. There has to be a process to review the performance of whether the tactic is helping in the process or not. This can be done by a KPI tool which will determine the percentage of increasing in customer base after this strategy has been implemented. Digital Marketing Strategy- The social networking sites give effective and easy process of uploading advertisements and easy payment options. The company needs to prepare high quality visual advertisements in order to attract the customers to view the advertisements and then come to buy the products from the shops. The monitoring process is easy as the digital mediums clearly show the audience reach levels in statistics and in the interactive comments section people can share their feedbacks. Referencing: Andrews, J.C. and Shimp, T.A., 2017.Advertising, promotion, and other aspects of integrated marketing communications. Nelson Education. Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015.Marketing: an introduction. Pearson Education. Chaffey, D. and Ellis-Chadwick, F., 2016.Digital marketing. Prentice Hall. Chaffey, D. and Patron, M., 2012. From web analytics to digital marketing optimization: Increasing the commercial value of digital analytics.Journal of Direct, Data and Digital Marketing Practice,14(1), pp.30-45. Davis, J.A., 2012.Measuring marketing: 110+ key metrics every marketer needs. John Wiley Sons. 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