The marketing plan for Hoist stores was developed over 12 months ago and I am actively engaged in implementing the strategies to achieve the marketing objectives. Specifically, I am instigating those marketing activities that meet the marketing objectives off 12% market share (up from 11%) and an increase in sales by 8. 5% over last year’s result. Some of the marketing activities are listed below: magazine advertising and PR in-store promotions web based promotions. 2. Integration of organizational activities: Integration relates to how the different areas of the company coordinate their operations.
A highly-integrated company has strong connections between apartments and product lines, with each section working under a cohesive set of rules and strategies. Integrated companies are highly vertical and hierarchical in nature. These companies operate from a “topknot” mindset, where the management dictates the structure of each department rather than allowing the individual departments to set their own agendas. Some of the integrated of organizational activities for Hoist are: visual advertising links throughout web address on all material PR copy – used in all mediums key word throughout. . Monitor progress: In order to monitor the progress, it is in need to follow the timetable below: Month Jan Feb. Mar Par May June July Gag Seep cot Novo Activities magazine advertising Monitor by Marie Tony visual advertising links web based promotions Lambert 4. Distributing and pricing: Distribution pricing has a big impact on the final retail sales price of e product which is why it should always be an important point of consideration when pricing strategy is being made. The wholesaler’s prices are calculated by adding the cost of direct material, direct wages, overheads and delivery cost.
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Then, after adding a reasonable mark-up, the product is sold to the retailer. Hoist can try to sell the product by using the below channel: Online retailing a new distribution channel Price of imports to be monitored against competitors and exchange rate. 5. Kips: A performance indicator or key performance indicator (KIP) is a type of performance measurement. [l] Kips evaluate the success of an organization or of a particular activity in which it engages. Often success is simply the repeated, periodic achievement of some levels of operational goal (e. G. Ere defects, 10/10 customer satisfaction, etc. ), and sometimes success is defined in terms of making progress toward strategic goals For Hoist to achieve its goals, it is important to set the Kips and the KIPS is: market share = store sales/total estimated market sales Marketing cost of customer acquisition = cost of marketing/Total new business acquired. 6. Delegation: Delegation is the assignment of responsibility or authority to another person (normally from a manager to a subordinate) to carry out specific activities. It is one of the core concepts of management leadership.
However, the person who delegated the work remains accountable for the outcome of the delegated work. Delegation empowers a subordinate to make decisions, I. E. It is a shift of decision-making authority from one organizational level to a lower one. To work effectively and efficiently, delegation of work would be as below: I – in-store promotions Tony – web pages Marie – advertising/PR Lamberts consulting – market research and marketing audits. 7. For Summary notes, you must include the point below: Communication: Business communication can also refer to internal communication.
A communications director will typically manage internal communication and craft messages sent to employees. It is vital that internal communications are managed properly because a poorly crafted or managed message could foster distrust or stylist from employees. Hoist in short needs to communicate effectively and engage in two flow communication and need to perform the task below: shared emailing formal meetings informal meetings team visits – stores ASSESSMENT 2 1 . Strategies: A business strategy is the means by which it sets out to achieve its desired ends (objectives).
It can simply be described as a long-term business planning. Typically a business strategy will cover a period of about 3-5 years (sometimes even longer). Below strategies are applicable to Hoist for staffing its company: maintain enthusiasm use of wall charts to monitor progress informal chat armor weekly meetings. 2. Resources: Some important resources need to be enhanced by Hoist are such as: key person report greatest need greatest return to meet objective accounting information system % new customer acquisition cost. 3. Feedback: Hoist worker can provide feedback by using: store visits formal meeting. 4.
Performance: In order to have great performance, it is in need to carry out the activities below: feedback from team members audits by external consultants observation. Report responses to each scenario Scenario 1: 1. Maria – Coaching and mentoring Coaching and mentoring should: maintain confidentiality eve excellent listening and responding skills be non-judgmental have an objective outlook advise rather than tell have the menthe’s’ best interests at heart make no promises about outcomes have a high degree of integrity be practical and experiential give ‘real world’ experience provide confidence to make decisions. Revive unbiased, confidential support provide knowledge in web design and web marketing provide PR skills. Scenario 2: 2. Tony – Take corrective action – Attitude and Action Report from Maria that Tony rejected her sharing knowledge, treated her with disdain. Sees his knowledge as his own intellectual capital ever keen to share knowledge with anyone. Teaching Jargon learning difficult promoting unethical practices less keen to participant on store visits Lambert Consultant consultation company’s website has links to a home business that Tony’s friend operates links not authorized.
Corrective action Explain the reason for the meeting. Explain the areas of concern and ask if Tony wishes to comment. Show the Lambert report. Establish agreement about use of links not being authorized. Discuss ethics of action in light of policy. Agree on corrective actions. Agree to meet again as a follow up. ASSESSMENT 3 1. Analysis: Business analysis is a research discipline of identifying business needs and determining solutions to business problems. Solutions often include a software- systems development component, but may also consist of process improvement, organizational change or strategic planning and policy development.
For the organization, the analysis is presented as below: Market growth up from $million to $199 million, equaling in a 3. 75% increase. Company sales $220 million. Market share 11. 05%. Marketing expenditure $440,000. New business = $2. 75 million Marketing expenditure and % of new business = 440,000 / 2750000 = 16%. More web marketing to follow market trend. Change market share growth to 12% to maintain market share at 11%. 2. Kips: ;industry growth predicted at 10% Actual growth 13. 75% – caused by interstate migration, and demand for building and home-wares. Expected sales to grow at 8. 5% Actual growth at 16%. ‘Market share expected at 12%, actual growth was 1 1. 05%. Difficult to grow market share in a growing market. ‘Market expenditure to new business expected at actual 16%. Increase due to position for online business. 3. Targets: A target market is a group of customers towards which a business has decided to aim TTS marketing efforts and ultimately its merchandise. [l] A well-defined target market is the first element to a marketing strategy.