FNSPRM603 Marketing Assignment-AAMC Training Group Australia.

In order for your assessment to be marked you must complete and upload all tasks and this cover sheet via the AAMC Training Group portal. Your assessment tasks must be uploaded in an electronic format i.e. Word, Excel, PDF or Scan. A maximum of five (5) attachments (maximum 20MB each) can be uploaded for this assessment. Please see the step- by-step instructions in your Member Area on how to upload assessments.
FNSPRM603 Marketing Assignment-AAMC Training Group Australia.

Task 1 – Short answers
1.What benefit to your business will a well compiled marketing strategy be?
2.List five areas you must include in your marketing research.

3.What are three questions may you also ask yourself as part of evaluating your strategies performance?

4.What are five areas that you should cover in your evaluation of strategies when marketing finance?

5.Market segmentation can best be described as?

6.Describe at least five strategies that you would employ from your EXISTING clients that would help you grow your practice.

a. Rank these strategies in order of effectiveness. Justify these rankings and state the criteria by which you have developed the rankings.

b. How would you implement these strategies in the form of a plan? Make sure you mention the role of other stakeholders who you may consult and collaborate with in developing the plan.

c. List all indicators that you would use as a benchmark to evaluate the success of the plan.

d. Describe some of the problems you may encounter once you start implementing the plan.

e. Would you stick with the plan or would you change it as circumstances change?

7.Who would you need to consult to develop a marketing plan?

Task 2 Marketing Plan Project
Using the template provided, complete the tasks below to create a Marketing Plan for a finance mortgage broking business. You will be required to provide detailed information within the template and remove all of the instructions and examples in the template.

FNSPRM603 Marketing Assignment-AAMC Training Group Australia.

Marketing Plan Guide
(Ensure you remove all of the instructions and examples within the template and replace with your own answers. Any submission where this has not been done will not be accepted)

1.Executive Summary (Done Last)
Keep in mind that not everyone will read every page of your marketing plan. Your executive summary should highlight the most important parts. It’s an overview of your marketing plan.

As you go through the process of writing your plan you will refine your ideas and develop new strategies. By writing the executive summary at the very last you will be able to provide a holistic overview of your marketing plan.

It is recommended that you include the following points in your executive summary:
 Brief description of products or services
 Define target market
 Competitive advantage

You need to tailor your offer so that your target customers believe that it is superior to what is offered by your competition – this is your competitive advantage.

Competitive advantage can come from any element of your marketing mix – creating a superior product, more attractive designs, better service, more effective distribution or better advertising.

Competitive advantage comes down to understanding what your customer values, delivering it and doing it better than your competitor.

Positioning statement
Positioning is the way your product or service is defined by consumers. For example a consumer would describe a Ferrari as a prestige, high performance sports car. This perception by the consumer is due to a strategy developed by Ferrari to position itself in the prestige segment of the car market with a competitive advantage based on high performance and exclusivity.

After you have worked on the rest of your marketing strategy you will know where your business is positioned in your market and how you are different to your competitors.

2.Market and Situation Analysis
Economic environment
Here you should look at the factors that affect your consumers’ purchasing power and spending patterns. What is the economic environment that you are operating in? Is it a growth, recovery or recession? Will it be easy to find staff? What is the current interest rate i.e. is it increasing or decreasing? What is consumer confidence like?

Social environment
What are the social and demographic trends? Is the population aging? Is there an increase in the number of people who have English as a second language? Are family structures changing? Are there changes in the level of
education?

Technical environment
The technological environment changes rapidly. You need to make sure that you are aware of trends in your industry and other industries could affect your business. New technologies create new markets and can influence
you consumers and competitors.

Industry environment
What are the trends in your industry? Are there new entrants in the market? Has a substitute product been introduced? Are there changes in industry practices or new benchmarks to use?

Competitive environment
What are your competitors doing? How many competitors do you have? What is your advantage over your competitors? Is the market large enough to support you and your competitors?

SWOT Analysis
Strength
 superior customer service
 excellent store location
 a unique product

Weakness
 poorly trained staff
 undifferentiated product or service
 poor stock management system

Opportunity
 entering a young developing market
 introduction of a government grant to
increase consumption of your product (eg: solar power)
 acquiring distribution rights for a complimentary product

Threat
 new competitor entering your market
 new regulations
 increased trade barriers

Political environment
Consider the political environment for the areas that your business will trade and operate in. Is there a stable political system? Are there any licences and regulations that you should be aware of? Do you need to win support to be able to operate?

3.Market Segmentation and Customer Analysis
Market segmentation
When you look closely at your market you’ll find that your consumers fall into different groups or ‘segments’.Although all of your customers use your product or service they will value different aspects of it such as price,
design, or ease of access. You can segment your market by customers that have shared values.

For example, if you were selling electronic calculators your market could be segmented by how consumers use it eg: scientific, office, student and general use. Each of these segments will have different requirements and may vary in price they are willing to pay.

FNSPRM603 Marketing Assignment-AAMC Training Group Australia.

By understanding the needs of segment you can tailor your marketing mix to deliver what your customer values. Each segment will offer growth and profit opportunities so the trick is to deliver the best offer to the best segment.

Target market/segment characteristics
You can profile your target market/segments using four categories:
Geographic: eg: location, population size or climate.Demographic: eg: age, gender, family size, family life cycle or income. Psychographic:eg: social class, lifestyle, motivation or personality.Behavioural: eg: product benefits, frequency of use or brand loyalty.

FNSPRM603 Marketing Assignment-AAMC Training Group Australia.

Market research findings
Provide an overview of your market research findings. This could include:
 products and services and their customer fit;
 customer profiles;
 customer characteristics; and
 customer needs and wants.