LENNOX COLLEGE

LENNOX COLLAGE OF BUSINESS AND MANAGEMENT

ACADEMIC YEAR 2021 – 2022

DEPARTMENT: MANAGEMENT & BUSINESS

UNIT TITLE: DEVELOP ORGANISATIONAL MARKETING OBJECTIVES

(BSBMKG608)

UNIT CODE: BSBMKG608

DATE OF SUBMISSION: 07-07-2021

PALWINDER SINGH TRAINER: MADHUSHIKA LANKANI

STUDENT ID: 11573
 TABLE OF CONTENTS

 IDENTIFY STRATEGIC DIRECTIONS THROUGH SOME ACTIONS

 REVIEW MARKETING PERFORMANCE

 SCOPE MARKETING OPPORTUNITIES WITH PERFORMING ACTIONS

 FORMULATE MARKETING OBJECTIVES

 DEVELOP ORGANISATIONAL MARKETING OBJECTIVES

INTRODUCTION
Developing marketing objective is being stated as must for every single
organization. With the help of this, it has been anlysed that company can gain
competitive advantages at marketplace and it also aid it attaining desired goals
and objectives. This consist of various elements and factors which needs to be
considered in an appropriate manner so that to sustain at both domestic and
international level.

IDENTIFY THE STRATEGIC DIRECTIONS THROUGH THE FOLLOWING

ACTIONS:
Confirm organization’s mission, vision, purpose and values from current
organization materials or from owners, directors or senior management
Mission and vision both relate to an organization’s
purpose and are typically communicated in some written form. Mission and
vision are statements from the organization that answer question about who
we are, what do we value and where we are going. (BART, C.K., &BAETZ,
M.C. (1998).
Mission statement communicates the organization’s reason for being, and
how it aims to serve its key stakeholders.

Values are the beliefs of an individual or group, and in this case the
organization, in which they are emotionally invested.

(RETRIVED FROM oct 27, 2008, from

http://www.starbucks.com/aboutus).
A Vision statement, in contrast, is a future-oriented declaration of the
organization’s purpose and aspirations.
 Analyze strategic organizational documents to identify
organizational directions and targets
The process of conducting research on a company and
its operating environment to formulate a strategy. The definition of strategic
analysis may differ from an academic or business perspective, but the process
involves several common factors:
1. Identifying and evaluating data relevant to the company’s strategy
2. Defining the internal and external environments to be analyzed
3. Using several analytic methods such as porter’s five forces analysis.

Complete a situational analysis identifying factors impacting

the direction and performance of the business
Situational analysis is defined as an analysis of the
internal and external factors of a business. it clearly identifies a business’s
capabilities. (By LAURA LAKE, December 02, 2020).

Factors to consider in situation analysis: when considering performing a

situation analysis of your business, it is important to look at several factors.
These are:

 PRODUCT SITUATION
 COMPETITIVE SITUATION
 DISTRIBUTION SITUATION
 ENVIRONMENTAL FACTORS
 OPPORTUNITY AND ISSUE ANALYSIS

Identify legal and ethical requirements for the organization

Legal obligations include duty of care and adhering to
the laws and regulations that govern your area of practice. Ethical obligations
include ensuring you understand and apply the ethical codes and practice
standard that apply to community services work.
Some are the examples of legislation and regulations:
1. ANTI DISCRIMINATION LEGISLATION
2. CONSUMER PROTECTION AND FAIR-TRADING LAWS
3. COPYRIGHT AND INTELLECTUAL PROPERTY LEGISLATION
4. WHS LEGISLATION
5. PRIVACY LAWS

Document and confirm strategic direction of the organization

with owners, directors or senior management, and identify its
impact on marketing activities
Strategic direction refers to the actions you are
taking to achieve the goals of your organizational strategy. Your strategic
direction includes the plans and actions you have put in place to work toward
this vision of the future for your company. (By MARK HAMMER, march 7
2017) ISO 9001 BLOG
If your strategic direction is your set of plans and actions that you are putting in
place to achieve your overall vision, why would you not use your quality
objectives as one of the ways that you implement your strategic direction
within your company? Because your quality objectives are intended to be
targeted statements that are used for continual improvement.

IN ORDER TO REVIEW MARKETING PERFROMANCE, COMPLETE THE

FOLLOWING ACTIONS
Evaluate effectiveness of previous marketing and positioning
strategies to identify lessons learned.
Evaluation is an important part of marketing: it helps
your company eliminate ineffective strategies and develop an overall plan that
helps build your business. by scheduling regular evaluations of your marketing
plan, you can save wasted money by modifying and eliminating campaigns that
are not reaching your target market or garnering the response you need.
(By: ELIZABETH SMITH, reviewed by: ELISA SHOENBERGER, M.B.A.
updated November 08, 2018)
PRINCIPLES AND CONCEPT OF MARKETING
MARKETING consists of all the activities of individuals and organizations
designed to identify, anticipate, and mutually satisfy the needs of all parties
involved in the exchange. Marketing cannot take place unless some sort of
exchange occurs. (By SETHUGHES June 22, 2020)

CONCEPT OF MARKETING:
There are 4 type of concept included
1. Product concept
2. Selling concept
3. Marketing concept
4. Societal concept
PRINCIPLES OF MARKETING ARE:
1. PRODUCT
2. PRICE
3. PLACE
4. PROMOTION

Analyze And Document Current Key Products or Services and

Major Markets for Strengths, Weaknesses, Opportunities and
Threats
To get a better understanding of your business and marketing
strategy you do a SWOT analysis. Swot is an acronym for strengths,
weaknesses, opportunities and threats, and conducting a SWOT analysis means
you’ll be researching and delving into each of these areas of your business as a
whole. Swot analysis in marketing is important for online business owners.

(By THERESE PALMERE august 5, 2019)

Questions for your marketing team
STRENGTH: 1 what does our team do best?
2 what makes our business unique?
WEAKNESSES: 1 what does our team do worst?
2 what do our employees need more training?
OPPORTUNITIES: 1 how do we take the negative feedback we’ve had
and use it in a positive manner?
2 where do our employees need more support?
THREATS: 1 what obstacles do we face in production, sales,
marketing, workplace environment, and other areas of our
company?
2 what changes in our industry should we be wary of?

Evaluate Previous Marketing Opportunities Captured by The

Organization, And Examine and Document Their Profitability
Marketing opportunity analysis is the process of
researching where and how you can reach more potential clients or grow your
revenue share. It involves identifying competitions, understanding your
audience and uncovering potential risks. (By SARAH CHAMBERS)

FIVE BENEFITS OF A MARKET OPPORTUNITY ANALYSIS

1. Make better long term strategic decisions
2. Evaluate product or service demand
3. Identify potential marketing strategies
4. Uncover areas for further research
5. Identify and navigate potential roadblocks
 Evaluate Marketing Performance Against Previous Objectives,
Targets to Identify Critical success factors, and areas for
improvement.
Reviewing your marketing activity as you go means you can
measure your numbers against your targets, and get a clear view of what you
need to do to meet them. Identify successful channels and problem areas
within your marketing mix. Compare the effectiveness of your channels against
your goals.

SCOPE OF MARKETING OPPORTUNITIES

Identify and analysis marketing opportunities for viability and
likely contribution to the business
According to the HARVARD BUSINESS REVIEW, “ as an
executive teams priority list grows, the company’s revenue in fact declines
relative to its peers.” But focusing on a small set of promising initiatives can
lead to above-average revenue growth.
There are five ways to evaluate the attractiveness of a new market opportunity
and start prioritizing your business growth initiatives:
1. Research your customers and competition
2. Get a high-level view of the market
3. Explore adjacent opportunities
4. Understand the business environment factors
5. Find the market research you need fast

(By SARAH SCHMIDT, on September 10, 2018)

Use an assessment of external factors, costs, benefits, risks and

opportunities to determine the scope of each marketing
opportunity
 When marketing opportunities become available, it is
always attractive to seize them. Marketing opportunity such as expanding the
target market, creating new partnerships and using technology to improve
business operations should be thoroughly studied and analyze to maximize the
benefits it will provide to the company.
In analysing and assessing marketing opportunities, the important questions to
ask would include the following:
1. Who will benefit from this?
2. What are the other alternatives?
3. What are the critical success factors?
4. What are the costs associated with the opportunity?
5. What external factors may help or hinder the opportunity?

Analyze and document opportunities for likely fit with

organizational goals and capabilities
by NORM SMALLWOOD and DAVE ULRICH
(june2004) organizational capabilities explained by using the word “ability”,
“competence”, and “capability” interchangeably, we make some distinctions.
In technical areas, we refer to an individual’s functional competence or to
organization’s core competencies; on social issues, we refer to an individual
leadership ability or to an organization’s capabilities.

Evaluate each opportunity to determine its likely impact on

current business and customer base
Business and marketing opportunity are those that can be
found outside the company which is generally referred to as the external
environment. The business external environment is composed of the
political landscape, economic conditions, social factors and technological
advancements.
Changes in economic conditions have their corresponding
impacts on the business’s increase and decrease in sales of products and
services. When more people get hired or when their salaries increase or
when they receive bonuses during the holidays, consumers have more
spending or purchasing power that would drive the increase in sales.
 FORMULATE MARKETING OBJECTIVES

Develop attainable and measurable objectives in consultation

with key internal stakeholders, and ensure they identify the
nature and extent of what is to be achieved
marketing objectives are essential for any
organization that wants to raise awareness about itself, its products or its
services. Great marketing objectives should help build organizational
awareness and grow customer loyalty. (By PAUL MCKINNEY, STEVEN SCALIA
ON 11/27/2019)
when setting objectives, it is very important to ensure that they are SPECIFIC,
MEASURABLE, ACHIEVABLE, REALISTIC AND TIME-SPECIFIC (SMART). This
approach allows a supervisor to effectively manage the marketing activities
and be able to determine how successful new objectives will be.

Ensure objectives are consistent with forecast needs of the

business and market. Documents how the objectives are
consistent
Effective marketing objectives have 5 key elements that
must be considered and such include the following:
1. Sales goals expressed in total dollars or as percentage increase
2. Market share target
3. Number of customers who need to buy the products and services to
meet sales objectives and market share target
4. Target percentage increase for each customer purchase
5. Target prices for each of the product and service
 ENSURE OBJECTIVES ARE COMPATIBLE WITH THE ORGANIZATION
strength of a company are highly dependent on its
THE
resources, capabilities and financial position. These are the factors that allow
the company and its business to exist.
Tangible resources are the physical assets of the company such as financial
resources, organizational resources, physical resources and technological
resources.
Intangible resources are the comprised of human resources, innovation
resources and reputational resources.

DEVELOP A RISK MANAGEMENT STRATEGY

THE risk management strategy is one of the key outputs

of the risk framing component of the NIIST risk management process.
Typically developed at the organization level, risk management strategy
specifies procedures and methodologies with which mission and
business and information system risk managers perform risk assessment,
risk response and risk monitoring activities.
(STEPHEN D. GANTZ, DANIEL R. PHILPOTT, in FISMA and the risk
management framework, 2013)

Managing strategic risk involves five steps which must be integrated

within the strategic planning and execution process in order to be effective.
1. Define business strategy and objectives
2. Establish key performance indicators to measure results
3. Identify risk that can drive variability in performance
4. Establish key risk indicators and tolerance levels for critical risks
5. Provide integrated reporting and monitoring
 DOCUMENT MARKETING OBJECTIVES

Marketing objectives are a brand defined goals. They outline the

intentions of the marketing team, provide clear direction for team members to
follow, and offer information for executives to review and support. ( KIM
KOSAKA)

EXAMPLE OF MARKETING STRATEGIES

1. Promote new product and services
2. Grow digital presence
3. Lead generation
4. Target new customers
5. Retain existing customers
 REFRENCES:-

 BART, C.K., &BAETZ, M.C. (1998).

 (RETRIVED FROM oct 27, 2008, from
http://www.starbucks.com/aboutus. PROVIDE STATEMENT ON
MISSION , VISION OR VALUES IN ORGANISATION
 (By LAURA LAKE, December 02, 2020) ABOUT SITUATIONAL ANALYSIS IN
ORGANISATION
 (By MARK HAMMER, march 7 2017, ISO 9001 BLOG). STATEMENT ON
STRATEGIC DIRECTION TO ACHIEVE ORGANISATIONAL GOALS
 (By: ELIZABETH SMITH, reviewed by: ELISA SHOENBERGER, M.B.A.
updated November 08, 2018) FOR EVALUATION EFFECTIVENESS OF
PREVIOUS MARKETING STRATEGY TO IDENTIFY LESSONS LEARNED
 (By THERESE PALMERE august 5, 2019) DETAILED NOTE ON SWOT
ANALYSIS
 WAYS TO EVALUATE THE EFFECTIVENESS OF A NEW MARKETING
OPPORTUNITY (By SARAH SCHMIDT, on September 10, 2018)
 (By PAUL MCKINNEY, STEVEN SCALIA ON 11/27/2019) FORMULATE
MARKETING OBJECTIVES
 by NORM SMALLWOOD and DAVE ULRICH (june2004) organizational
capabilities
 (STEPHEN D. GANTZ, DANIEL R. PHILPOTT, in FISMA and the risk
management framework, 2013) ABOUT RISK MANAGEMENT STRATEGY
CONCLUSION

IN THIS ASSESSMENT EXPLAINS THE SKILLS AND KNOWLEDGE REQUIRED TO

CONDUCT A STARTEGIC ANALYSIS TO DEVELOP ORGANISATIONAL MARKETING
OBJECTIVES. THIS DATA BRINGS INFORMATION REGARDING KNOWLEDGE
ABOUT DEVELOPMENT THE ORGANISATIONAL STRATEGIES TO ACHIEVE GOALS.