Provide answers to all of the questions below: 1. Discuss the purpose of setting marketing objectives 2. Discuss each component of the acronym SMART in relation to marketing objectives. 3. Discuss the...

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Provide answers to all of the questions below: 1. Discuss the purpose of setting marketing objectives 2. Discuss each component of the acronym SMART in relation to marketing objectives. 3. Discuss the Ansoff matrix and its application to developing marketing objectives. 4. Explain the difference between marketing strategy and marketing objectives. 5. Explain Porter’s model of competitive advantage and its relationship to marketing strategy and setting objectives. 6. Explain differences between the marketing strategies of market penetration, market development, product development and diversification. 7. Explain the balanced scorecard approach and its usefulness in assessing organisational performance 8. Define the term return on investment and outline how it is calculated. 9. Describe four statistical methods and/or forecasting techniques that can be used to evaluate marketing opportunities. 10. Briefly describe one method for forecasting market growth rate. 11. Explain the purpose of a SWOT analysis and a PEST analysis and the differences between each. 12. As a Senior Marketing Manager responsible for a team of staff, outline the anti-discrimination legislation you would need to adhere to. Provide one example of how you would implement legislation in daily practice. 13. Outline key legislation and regulations that apply to the marketing industry in Australia. Provide at least three examples. 14. Briefly describe the importance for marketers to abide by the provisions of the Australian Marketing Institute Code of Professional Conduct. 15. Describe one aspect of this Code that is important in relation to identifying marketing opportunities? Put the source for each question. Carefully read the following: Boutique Build Australia was established in 2014 and is a boutique building company based in Sydney. It specialises in the design and construction of high quality designer homes for the Sydney metropolitan and surrounding areas. The company currently employs a number of staff including CEO, Operations Manager, Marketing Manager, Administration Officer, Site Manager and two sales consultants. Boutique Build Australia has recently developed a Strategic and Operational Plan as part of a new focused approach to the business. There is a strong emphasis on green building services. The Strategic Plan will also be used to formulate a marketing plan as to date, limited investment and staff time have been put into marketing. The role of Marketing Manager (your role) has recently been established within the business, as it the importance of the marketing function has been recognised. The CEO has also indicated it may be possible to recruit a new marketing officer to assist with marketing functions. To date, most business is generated through word of mouth. The company has a website which has also generated some business. At the beginning of the year a SEO expert was employed with the objective of increasing web traffic by 20%. The most recent data about customers visiting the web site during the preceding six months is as follows: Jan Feb Mar April May June Number of web site visits 20 30 30 35 40 50 Number of email enquiries from customers about products 10 15 30 45 60 70 The company has also placed a number of advertisements in local community newspapers. The CEO has indicated that, during the time that the advertisement was placed (three times during consecutive three weeks), there were a number of enquiries about the company’s products and services but not leads. The CEO is unsure that this is the right medium for the company’s target group who are high income earners, seeking homes that are stylish, of high quality and innovative. Currently, about 1% of total revenue is spent on marketing. The company’s total revenue for the financial year 2014/2015 was $2,000,000 and gross profit was $40,000. Marketing costs to date comprise of ongoing website maintenance and the newspaper advertisements referred to. The CEO recognises that he is committed to spending more on marketing and has indicated that the percentage could rise up to 3% depending on your recommendations. Research shows that competitors are spending at least 5% of their budget Regarding awareness of the company, market research has recently been conducted which showed that 4 out of 30 customers interviewed recognised the Boutique Building Australia name. 1. Develop a risk management plan The purpose of the risk management plan is to identify and document risks for the marketing opportunities that you have identified and determine appropriate risk control measures. Include a description of the risk, likelihood, impact, priority and preventative action/contingency plan. Review the Strategic and Operational Plan to ensure that your risk management measures are in accordance with this, and the Risk Management Policy and Procedures to assess the likelihood and impact of the risks that you have identified. Use the Risk Management Plan Template to guide your work. 2. Send an email to the management team (your assessor). The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment and ask them to send you any feedback that they may have. Attach your Risk Management Plan to the email This document is Risk Management Plan Template. It is part of the supporting resources for Assessment Task 2 of BSBMKG608. Boutique Build Australia Risk Management Plan Risk description Likelihood of risk Impact of risk Priority of risk Preventative Action/Contingency Plan © RTO Works 2019