CMI 523 Assignment Example

Marketing products and services is an essential activity that applies to many different business situations. Whether using technology to create new processes and improve customer experiences or developing products and services to meet changing needs, the core principles of marketing stay the same.

CMI 523 Principles of Marketing Products and Services aims to help learners understand how marketing supports organisational goals. Learners will explore the marketing environment, learn how to effectively market a product or service, and understand how to evaluate the success of marketing efforts.

Assessment Questions

Learning Outcome 1: Understand the role of marketing to support the achievement of organisational objectives

AC 1.1 Evaluate the role of marketing to support the achievement of organisation objectives. 

Marketing is an essential part of any organisation. It helps create awareness about the organisation’s products or services, attracts potential customers, drives sales, and builds lasting relationships with clients.

For marketing to be effective, it must align with the organisation’s goals. For instance, if the goal is to increase market share, the marketing team would focus on strategies to attract new customers and promote the company’s offerings. If the goal is to enhance customer satisfaction, the team would work on campaigns and programs that improve the customer experience.

By aligning marketing efforts with organisational goals, businesses can ensure their strategies are effective and deliver positive outcomes.

Learning Outcome 2: Understand the factors in the organisation’s marketing environment which impact on the marketing of a product or service

AC 2.1 Evaluate the influence of stakeholders on an organisation’s approach to marketing a product or service.

Stakeholders are individuals or groups who have an interest in the success or failure of an organization. They can be internal, like employees and shareholders, or external, such as customers and suppliers.

Marketing involves many different stakeholders, each with its own priorities and objectives. For example, a manufacturer might focus on highlighting the features of a product, while a retailer may prioritize pricing and promotions. Understanding the needs and goals of each stakeholder is key to creating an effective marketing strategy.

It’s also important to consider how stakeholders interact with one another. For instance, a retailer is more likely to promote a product if they feel supported by the manufacturer. However, conflicts can arise when stakeholder interests don’t align. For example, a company may want to raise prices to boost profits, but this could lead to customers choosing competitors’ products.

In such situations, organizations must carefully evaluate the potential impact of their decisions on all stakeholders to strike a balance that benefits the business and its relationships.

AC 2.2 Examine the impact of an organisation’s strengths and weaknesses on the marketing of a product or service

Every organization, whether profit or nonprofit, has strengths and weaknesses that can affect its marketing efforts. For instance, a small company might not have the budget to compete with larger businesses in advertising. However, it could use its close, personal relationships with customers as a strength in its marketing approach.

On the other hand, a large company might benefit from strong brand recognition, but it could also be seen as less personal. This perception could impact how customers engage with its marketing efforts.

Therefore, it is essential for organizations to evaluate their strengths and weaknesses carefully. By understanding these factors, they can create a marketing strategy that plays to their advantages while addressing their challenges.

AC 2.3 Examine the impact of opportunities and threats in the marketing environment on the marketing of a product or service

The marketing environment is always changing, and businesses need to adapt their strategies to stay competitive. Successful businesses are those that can spot opportunities and threats in the market and respond effectively.

For example, a business might create a new product that fulfills a customer need no one else has addressed, or it might enter a new market first, gaining a strong position. However, businesses must also stay alert to potential threats. A new competitor could enter the market and take a large share, or advancements in technology might make a company’s products outdated.

To succeed, businesses must continuously monitor their marketing environment and adjust their strategies to respond to these changes.

Learning Outcome 3: Know how to market a product or service

AC 3.1 Recommend approaches to support the marketing of a product or service

There are several ways to market a product or service, and the most effective approach depends on the nature of the offering, the target audience, and the available resources.

Common marketing methods include advertising, public relations, direct marketing, and personal selling:

• Advertising involves paid promotions through various media channels to reach potential customers.
• Public Relations (PR) uses positive publicity to enhance the image of a company or product.
• Direct Marketing focuses on contacting customers directly, such as through mail, email, or telemarketing.
• Personal Selling involves one-on-one interactions to sell products or services directly to customers.

The best marketing strategy will depend on the unique features of the product or service and the specific needs of the target market.

AC 3.2 Develop a tactical plan to market a product or service using the marketing mix

Marketing a product or service requires a tailored approach, as there is no universal strategy that fits all businesses. A helpful framework for developing an effective marketing strategy is the marketing mix, which focuses on four key elements: product, price, place, and promotion.

The product refers to what the business offers to its customers, encompassing its features, benefits, and overall value. Price involves determining the cost of the product or service, striking a balance between competitiveness and reflecting its value. Place addresses how and where the product or service will be distributed, whether through physical locations, online platforms, or a combination of both. Lastly, promotion encompasses the various activities aimed at raising awareness and encouraging sales, such as advertising, public relations, direct marketing, and personal selling.

By carefully aligning these elements with the needs of their target audience, businesses can craft a marketing strategy that effectively drives customer engagement and supports their goals.

AC 3.3 Analyse resource requirements to market a product or service

When marketing a product or service, businesses must carefully consider the resources they will need. These resources can be grouped into two main categories: financial resources and human resources.

Financial resources refer to the budget required to support marketing activities, such as advertising, promotions, or campaigns. Human resources, on the other hand, are the people responsible for planning and executing these activities.

Both financial and human resources are crucial for the success of any marketing effort. Before launching a marketing initiative, organizations should assess their capabilities and ensure they have the necessary funds and skilled personnel in place to achieve their goals effectively.

AC 3.4 Analyse risks that could impact the marketing of a product or service

Marketing a product or service involves several risks that businesses need to manage to ensure success. These risks can be grouped into market risks, production risks, financial risks, and legal risks.

Market risk refers to the possibility that demand for a product or service might decrease. This can happen due to changes in consumer preferences, economic shifts, or the introduction of competing products. Production risk concerns potential issues in the manufacturing or delivering a product or service, which could affect quality and lead to customer dissatisfaction. Financial risk involves the uncertainty that changes in exchange rates or other economic factors could increase the cost of marketing activities, especially for businesses operating internationally. Lastly, legal risk includes the possibility of new regulations or changes in existing laws that could affect how products or services are marketed, such as stricter advertising rules or new privacy laws.

Understanding and managing these risks is crucial for businesses, as it allows them to adapt their strategies and avoid disruptions that could impact their marketing success.

AC 3.5 Examine methods used to measure marketing outcomes.

There are several ways to measure the results of marketing efforts. Common methods include sales data, customer surveys, and web analytics.

Sales data is the most widely used method. It tracks the number of products or services sold and the revenue generated. Customer surveys gather feedback from customers on various topics, like their satisfaction with products or their awareness of the brand. Web analytics help track website visits and evaluate how well online marketing campaigns perform.