OP700152 Marketing - Bachelor of Business Assignment Answer
This is the assignment sample Of OP700152 Marketing - Bachelor of Business.
A Bachelor of Business degree in Marketing will not only teach you practical knowledge for the real world but also encourage hands-on learning.
You'll take classes like Goods and Services Marketing to learn how marketing is used within specific industries or Consumer & B2B Marketings where you explore the differences between selling your products and services as a business versus consumers.
The program even offers Integration Project Solutions that forces students to solve problems they encounter with techniques learned in class!
Assignment Solution of OP700152 Marketing - Bachelor of Business.
In this course, there are many types of assignments. You can do group projects and individual assignments. There are also executive summaries and solutions report that you can do on your own. The best part about this course is that I will learn three things: accounting, marketing, and finance.
Assignment Activity 1. apply marketing concepts to solve marketing problems and create value for the organization and its stakeholders
Marketing is a business strategy for the organization and its stakeholders.
The service equilibrium theory incorporates marketing in the form of using customer relationship management to create service relationships with all stakeholders.
Marketing principles can also be used as frameworks to solve marketing problems including gaining share, measuring success, segmenting markets, and so forth.
The Metrics triangle directs marketers in developing metrics that will link measurable results to their value proposition such as quantifiable impacts on sales revenue, profits, or brand positioning. Within this triangle problem, there are three sections:
1) Value Proposition;
2) Quantifiable Outcomes, and
3) Proven Processes (People).
This means that if we want to achieve something specific like more targeted advertising it requires proving what works and putting processes in place to achieve desired results.
The triangle can help marketers gain a clear mind around their value proposition. It is the core of everything that we do as marketers and it's important to learn how to create value using your service or product offerings.
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Assignment Task 2. Critically examine the legal implications of marketing activities and recommend responsible actions
Marketing is a tough thing to do. There are a lot of risks, both for the person doing it and the people they are marketing to. If someone advertises their product in an inappropriate way or to an inappropriate audience, they may be fined 5% of what they sell every day.
As a marketer you need to not give messages to people that are too grown-up for them, not give alcohol to people who are underage, tell them any health warnings on the label or packaging, respect their family values and promote healthy living practices.
You also need to answer any questions they have about products truthfully if possible. And offline marketing is okay as long as it is truthful.
Every company should have clear policies about advertising, promotions, and marketing on the Internet.
This is because there are legal implications and spam can have harmful malware or viruses that can harm a computer system.
The marketers must be careful with their marketing campaigns to avoid lawsuits from consumers as well as comply with all applicable laws relating to content, privacy, data protection, competition law, etc.
Read More: NZ Assignment Answers- OP700109 Accounting - Bachelor of Business
Assignment Task3. Assess implications of consumer behavior and impact of other environmental factors on marketing activities
Consumer behaviors are changing and will continue to change. Technology constantly redefines what it means to consume products, which impacts marketing activities.
It's important for businesses to stay informed of the latest developments in consumer trends and understand how these factors affect marketing activities.
Businesses today need a new set of tools (e.g., data analytics) to connect with consumers, as well as new ways of interacting with them--through content or apps, for instance--as well as a whole new set of strategies (e.g., crowdsourcing).
Many big companies are using new technology to help them predict demand and talk with consumers. This is called 'connected intelligence' and it comes from platforms like Salesforce Einstein Platform.
Marketers must also be aware of the things that can affect their products, like what the government says and what is going on in healthcare.
These are some of the most common things that might affect a company's marketing activities.
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Assignment Task 4. Critically analyze the underlying theory and practice of marketing management
Marketing management revolves around both the theory of marketing management and practice. One without a balance of the two would be like balancing on one foot.
If you don't practice what you learn in theory, then it is not useful. Unless you know the theory, the application of theory is limited to blindly applying things without questioning the assumptions made.
Marketers can target people based on their shopping history. They can do this for free. This is called retargeting. You will see these ads every day, even if you don't click on them or use certain websites that are popular in your industry but not for you.
If you like to shop at stores that sell expensive items, tell the stores. Axe is a store that sells deodorant and they ran an ad campaign.
Customers can choose their favorite brands and the store will make the customer's favorite kind of deodorant.
Assignment Task 5. Prepare proposals and undertake marketing research projects to assist marketing decision making
Preparation of proposals and undertaking marketing research projects to assist in the process of decision-making is always a good career move when looking for future employment opportunities.
It's important to seek out companies that pride themselves in their customer service before starting any research by taking an objective look at their Yelp reviews, researching what they do online, and even reading some blog posts written about them (like this one!)
To narrow down your search, start with our list here. And if you prefer your information laid out more traditionally, well then as the old saying goes "information is power!" Just go for it! Get inside others' headspace by means of proving you can make good decisions and make full use of those pesky instincts!!
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Assignment Activity 6. Prepare operational marketing plans and contribute towards strategic marketing planning
Operational Marketing is much like planned marketing. It's used to generate leads and customers, but it doesn't usually involve thinking of new or innovative breakthroughs in a marketing campaign.
Think of operational planning as the nuts and bolts that get the job done. Outputs include budgets, suggested activities, deadlines, restrictions, and benchmarks for success.
Operational Marketing is more on the how rather than the why- how to execute a plan instead of what to do with a plan you've created. Operational marketing research often includes surveys and interviews which measure consumer attitudes towards specific products or services.
There are also many analytical tools used in operational planning such as split testing (to find out which words work well online) website analytics (measures which web pages on a site are most popular), and marketing mix modeling (a tool that helps companies understand their marketing ROI).
Strategic Marketing is when you plan in the way of what to do. It's about creating long-term visions and goals for a company, which leads to it implementing changes that generate customer value, increased sales, and profitability.
The goal of strategic marketing is to increase the company's competitive advantage by developing new products, services, or changes in existing ones that will benefit a target market and give them greater satisfaction.
This may include product development, changing pricing models, creating new distribution channels for sales, or redefining customer relationships.
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