71331 Marketing Management Level 7 Assignment Answer

These are the assignment answers of 71331 Marketing Management Level 7 Assignment Answer NZ.

This course will teach you the skills in marketing that are necessary to analyze a situation and come up with an effective plan of action.

You'll learn about analyzing markets, business strategy, planning for implementation as well as how it all ties into integrated marketing practices.

And also this online course is designed to equip students on understanding analytical skills needed for more advanced level management positions within their companies or industries where they can apply these techniques regularly.

Assignment Solution Of 71331 Marketing Management Level 7 Assignment

Assignment Activity 1. Evaluate marketing management theories and tools

The most popular marketing theories are the customer-focused school, which focuses on understanding and anticipating what customers want in a product.

This theory is based on thinking about how a product makes a person feel (in other words it's focused on feelings not facts).

Another popular theory is the branding school that tries to establish consistency across all aspects of the company.

Marketing management tools include pricing strategies like price skimming or penetration pricing. Pricing can also affect market reach and competition if you choose to have high margins so that no one else will compete with you.

Other tools include marketing channels where companies need to figure out what the audience is before deciding which media (TV, radio, or internet) they should use to connect with them.

Assignment Activity 2. Conduct in-depth situational analysis in the context of contemporary marketing management

Conducting an in-depth situational analysis in the context of contemporary marketing would involve understanding that marketing can be conducted on two levels:

Marketers need to know what their customers want. What they want is important because it will help the marketers make decisions. They ask, "What do my customers want to have happen?" This means knowing who the customer is and how they think.

To achieve this goal, marketers must have done considerable market research - conducting surveys for example - before embarking on any new strategy or campaign.

Assignment Activity 3. Apply financial problem-solving techniques to marketing opportunity analysis

Financial problem-solving techniques are used in marketing analysis. Any marketing professional needs to know these methods. For example, if we limit our expenses, what could the consequences be?

What would happen if we take on this new job and it also requires more money? How much of my current company's equity do I stand to lose if I do this other job?

A mentor can be seen as an investment. How much does it cost me? Does it give back more than what was invested into me in terms of time and skills? If someone goes to a university for their degree, they are often doing that because marketing managers see them as an investment for the future.

Assignment Activity 4. Develop sales and market forecasts using situational analysis information

Since it is hard to understand the market without understanding general market statistics, you will need to do a SWOT analysis for your product's category. This will show people in your industry how things are going.

Today's economy is changing and it can affect this forecast. Maybe we need a different target market or regional focus to reach more people.

For example, when gas prices go up, consumers will drive instead of taking trains or trucks which would reduce the demand for goods shipment.

If that trend continues, there might be less investment in these industries. That would mean companies might stop investing in these industries and start making bicycles instead.

Or they might change their transportation methods altogether. E-commerce could provide a new way of getting items to people without having to spend nearly as much money on shipping them around the country.

Assignment Activity 5. Formulate marketing objectives and strategies

Setting marketing objectives and strategies is like writing down your goals for the company. If you are a solo entrepreneur or small business owner then this will be the best way to start.

Marketing encompasses all that an organization does in pursuit of prospective and existing customers, including product design, pricing, advertising, publicity efforts, sales backup efforts (both phone and store).

In setting these marketing objectives keep in mind that it's important not to neglect any area of a company's marketing efforts if you want them to work together in harmony as well as possible.

It's also important to think about the objectives you are trying to achieve. You need to know the people who will buy your product or service. Otherwise, it might not work. For example, if you are marketing for children, your marketing is different than if you were marketing for middle-aged women.

Assignment Activity 6. Formulate marketing mix programmes to support the choice of marketing strategy

Marketing is a process of identifying the market and providing products to it. The marketing mix provides an overall framework for deciding which products are developed and how they reach potential consumers.

Companies need to sell their products in many ways. They need a product, they need to know how much it will cost, where it can be bought and what people will see when they think about buying that product.

The most common way is for companies to have 4 parts of their strategy: the Product (what you are selling),

Price (how much the company sells it for), how you get someone to buy your product (where it can be found) and Promotions or advertising.

But there are more than just these four parts in a company's marketing strategy. There are six other parts that make up a complete marketing mix, like price, promotion, economics commissions on demand-side etc."

Assignment Activity 7. Prescribe and justify control systems for effective implementation of marketing strategies.

Most control systems for marketing strategies are based on the environment. An organization can also decide which type of control system is best by looking at their objectives and resources.

They can use this information to pick an instrument that will best accomplish their goals given their limitations.

There are three types of control systems. The external feedback approach uses how people feel about the product; it doesn’t always work well depending on other factors.

Self-regulating mechanisms are like a thermostat that is set to maintain a certain temperature in your house so that you don’t have to worry about it.

Internal regulation is when something inside regulates itself without outside help, like the way your pancreas regulates how much insulin it makes.

Self-regulating approaches rely on managers to guide their implementation more.

But is tough for consumers to manage performance targets and can be difficult to interpret. Internal regulation is the most common approach in organizations because it solves both problems.

It delivers information that can help consumers, managers, and planners understand how well an organization is doing. The flexibility of the organization's structure makes it easy for them to do this.

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