The Marketing Plan in NSW HSC Business Studies Stephen TEFAT
The Marketing Plan-NSW HSC Business studies Parts timing: part 1 intro till 21.10, part 2 - 21.10-30.00, part 3 economic factors affecting marketing, and the legal framework 30.00 time mark in statistics, primary data is direct data from the person doing the survey, secondary data is second-hand data collected by an external agency; for example Australian Bureau of Statistics (ABS) Marketing Strategies (marketing mix) - the 4 P's: product, price, place, and promotion an advertising puff is an outrageous, misleading claim about a product, common in the nineteenth century before the development of consumer laws so let the buyer be aware (caveat emptor) Has the marketing plan achieved its objectives? Check marketing outcomes against marketing budgets, sales forecasts in budgeted revenue statements Revise the marketing plan if it hasn't worked out sales is the actual transaction of goods and services, while marketing involves getting information about products and services out to consumers S Chapman et al 2000 marketing chapter ( I don't have this book anymore for exact page number and it's out of print) production only format in nineteenth century, customers simply ordered goods, then sales approach in 1920's with advertising and direct selling, broader concept of marketing developed from 1960's, information about products, why these are good for consumer below-the-line marketing is focusing on a target market, while above-the-line marketing is not focusing on a specific target market pricing terms: price skimming- charging high prices, price penetration- charging a low price, loss leader- price below costs, price lining-different price points Who are the customers? Where they are and features and traits about them, so a complete customer profile mass marketing is aiming the product at all people in the population e.g. toothpaste niche marketing is aiming products at a segment of market e.g. luxury cars for high income earners marketing-customer focused marketing more environmentally and socially responsible Marketing actuals against budgets, did we meet sales forecasts? when markets change, or we didn't meet our expectations, we need to revise our marketing plan product mix- our range of goods that we promote; for example, food offered on a restaurant menu product life cycle- new products, development of brand loyalty, product maturity there's not much more we can do with the product, so scaling it down, finally eliminating the product and look for a new product, maybe the technology has changed (Do you use a tape deck anymore? No!) SWOT analysis of marketing more often than not old products are superseded by products with new technology and new features, one reason why car manufacturers have to change the names of newer cars, because consumers identify with old brand names , but the features have changed substantially enough to release a new brand (model) perhaps add new flavours marketing teams with managers and logistical operations have to be set up in new regions market segmentation some movies have been used to market products, and music, the music may end up being more interesting than the actual movie which are forgotten, or a flop at the box office e.g. the movie Xanadu 1980
Have you seen children crying to their parents because they want confectionary at the cash register? some people in the community called for a sugar tax end of part 1, start of part 2 management accountants focus on budgeted income statements for each product, and actual performance of each product, so they know which products are performing well, and which aren't market share analysis to compare if your company has improved against other companies in the market perhaps the corporation has to assess whether they should use their capital in a completely new industry enterprise which can be part of microeconomic reform, selling completely new products the sales and marketing team works closely with the logistics team contact overseas trade commissions in different countries market research involves observation as well, such as observing how many motorists go through traffic lights which may need to be re-programmed, part of civil engineering, yet motorists consume the public infrastructure of the roadway system as well a do not call register is available for people who do not want cold calls on their telephone marketers set off peak, shoulder period, and peak pricing such as electricity pricing, or motorway tolls keep an open mind on marketing experiments, set up a hypothesis, test results on changes to dynamics perhaps it's better to outsource market research and advertising selling to governments through procurement (tendering) FAI Insurance breached the Corporations Law 2001, some directors received jail sentences, unbeknownst to me at the time, I was just a sales rep end of part 2, start of part 3-economic factors which affect marketing, and the legal framwork consumption and investment change with the business cycle, time on x axes, GDP (total goods and services in an economy on y axes), : economic recovery, boom, economic downturn, possible economic slump, even recession (two quarters negative movements in GDP, economic growth is the change in GDP figures) Government legislation: Fair Trading Act 1987 NSW, and Competition and Consumer Act 2010 Commonwealth make a complaint about products your not happy with through the NSW Department of Fair Trading, there is the NSW Civil and Administration Tribunal who can hear your matter for a legally binding decision, after lodging a $50 fee NSW Civil and Administration Tribunal for a legally binding decision after a $50 fee, enforced through local courts as well a sales promotion(a spiel and short audio-visual clip) is often identified with direct selling, one-on-one selling with customer by a sales representative, often marketing spiels are presented online now Australia Post has a sliding scale of parcel charges based on the weight of parcel and destination of parcel, couriers price like this as well marketing mix is the combination of different marketing strategies, teachers use teaching strategies with their students, as a comparison Recap and Summary, Quiz seasonal factors, so marketers need different products, and services for other seasons such as Xmas Warehouses, these people couldn't possible survive the year on this business, they need short term warehouse rental product differentiation-differentiating products based on different features and characteristics of products bleaching, oxygen in product, the product may not run dyes in fabric branding-familiar names Hills Hoist, Vegemite, Bex headache powder, (obsolete brand now), OMO washing powder house brand owned by manufacturer, generic supermarket brands trade mark-intellectual property right: also, licences, royalty, patents, copyright, franchising pricing strategies: market price-supply and demand, market clearing price, price to costs, price to competitors (but don't collude on price, fines with Australian Competition and Consumer Commission) look online for outrageous advertising puff examples from the nineteenth century, and even into the twentieth century there is an interesting documentary on Mojo Advertising about old ad campaigns: Mortein fly spray, Meadow Lea margarine, World Series Cricket 1977, Tooheys New beer which changed the marketing dynamics for a long time clear communication about the product, not too much detail, no noise (interruptions affecting thought patterns) selective distribution is more than one distributor, while exclusive distribution is only one distributor which might give that distributor prestige for a quality product a machine to secure the parcel with plastic straps, the plastic fumes were unpleasant and unsafe for lungs there is a formula for economic quantity of ordering optimum inventory, with a reorder point level of inventory to generate a new order to minimize costs (outside the scope of the BS syllabus) excessive transportation sparks environmental concerns of carbon dioxide smog and other greenhouse gases such as carbon monoxide, and heavy metal pollution NRL clubs are actively involved in merchandising, and Cricket Australia, so the fans can promote their heroes What security features are in place for credit card orders online? e.g. encrypting credit card numbers, CCV number Competition and Consumer Act 2010 replaced the Trade Practices Act 2010,a landmark piece of legislation at the time, the USA has the Sherman Act 1890, consumer laws slowly developed over time ethics is the formal implementation of morality, is something right to do yes or no? trees have to be cut down for those leaflets you get in your letterbox, just about every day National Consumer Credit Protection Act 2009 Commonwealth bait and switch selling, price discrimination, resale price maintenance, all illegal with ACCC, also some provisions for exclusive dealing Source for key concepts only as my memory prompter S Chapman, L Merritt, C Norris Business Studies in Action HSC Course 2000 John Wiley & Sons Australia Ltd Milton Qld, I taught Business Studies and Economics in my teaching career 2007-2021 Stephen Mak BA BComm Dip Ed Dip Accounting, a lecturer at Sydney Uni lectured to me about government procurement in 1986, one of my lecturers was Sir Herman Black Chancellor in the same unit. Stephen from Trifolium Economics and Financial Accounting Tutoring (TEFAT), Sydney Check the TEFAT Wix website (Wix is the website provider, Israel) for other presentations in HSC Economics, Business Studies, and Financial Accounting later in higher education
2021-11-12 23:16
