Marketing Goals Assignment Help
Marketing is the process of creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.Traditional marketing tools such as television advertisements, radio, magazines and newspapers have impact on mass market. But In today’s highly competitive environment, most of the organizations are using these traditional tools to attract the customers to their products. As a result, there is a lot of clutter of the media like television which reduces the impact of marketing communications. Increased adoption of internet and digital media across the globe has led organizations to change the way they communicate with the customers. In 2010, Australia had more than 17 million active internet users. On an average they spend around 71 hours on websites monthly. Australia is ranked ninth in online internet penetration and it is likely to grow in coming years. Digital media is expected to take over as the biggest advertising medium in Australia. Reckitt Benckiser decided to move its marketing mix from mainstream television platforms to digital media marketing as a result of changing consumer behaviour. Reckitt Benckiser has synchronized their digital media campaigns with the existing television advertisement campaigns to increase the level of consumer engagement. Digital marketing helps in reducing the cost for overall marketing budget and increases the awareness levels among the customers. From the Airwick campaign, it is evident that combination of TV and online video increased sales and penetration by 6% compared to 5% for the TV group only. Interactive online video also helped in increasing sales more than linear offline commercial advertisements.
Marketing goals and objectives:
- To increase the customer satisfaction level by 10% over the previous level
- To increase the brand awareness level among the potential customers by 25% over the next year to increase the visibility of the bran
- To increase the sales volume by at least 15% from the previous year and increase the profits by 10%
- Increase the market share for Reckitt Benckiser by 10% over the next 3 years by introducing new products based on customer requirements
- Increase the use of digital media and social networking sites to increase the awareness level and create a buzz among the younger customer
- Maintain a consistent marketing mix over both traditional and digital marketing mediums
- Improve the service level provided to customers and increase customer loyalty
- Introduce new products in different segments to increase the consumption
- Increase the efficiency in supply chains by reducing the bottlenecks at the backend
- Develop digital marketing contents to increase the engagement levels of customers over the internet
In order to achieve the marketing objectives and goals set by Reckitt Benckiser, they need to take following actions:
- Be an innovative player in the market by investing heavily in the research and development of new products. Reduce the time to market for new products
- Provide loyalty cards in order to increase the customer loyalty and creating a dedicated customer relationship management program directed at existing customers
- Develop strong relationships with the suppliers and provide them discounts to stock more products
- Carry out market research at regular intervals to understand customer needs and desires
- Understand consumer perceptions about the brand and what changes they would like to see in newer products
- Increase the customer satisfaction levels by providing prompt and improved services every time
- Adopt digital marketing strategies such as e-mail marketing, online catalogues and mobile marketing to create awareness among the younger generation
- Increase the customer engagement by offering interactive websites, product information and videos showing product features
- Use social networking websites such as Facebook and Twitter to stay in touch with consumers and receive feedback from the customers. It will also help in creating buzz about upcoming new products and increase sales
- Create a dedicated online customer care center to solve any grievances faced by customers
- Brand Awareness – impact of digital marketing media with traditional marketing mix will be measured via brand awareness level among different customer groups.
- Customer satisfaction index – level of customer satisfaction would be measured though customer satisfaction index. If customer satisfaction levels are low then company needs to take drastic steps to improve their image.
- Sales revenue – it is important to track the incremental sales received as a result of marketing campaign to know the effectiveness of marketing and whether to continue the marketing campaign or not.
- Customer life time value – it is important to keep track of the customer life time value as it will have direct impact on the revenues. Customer lifetime value is calculated as:
(Average sale per customer)*(Average number of times a customer buys per year)*(Average retention time in months or years for a typical customer)
- ROI – calculating return on investment helps in keeping track of monthly and annual expense and sales or revenues generated on the investments.
Various resources will be needed for conducting this research. Human resources such as employees, sales staff and marketing manager would be required to successfully complete the research. Also, financial budgets would be created before the process starts and each of the expenditure would be tracked. A standardized reporting structure would be used to calculate overall expense for the entire project.
Time frame required completing the entire process would take at least 8-12 months.
- During the initial month, analysis will be done of the current marketing mix and digital media content to be developed.
- Also, market research would be carried out in the 1 month’s time to gather information about customers’ preferences, needs and benefits they desire. Data collection would be done in next 2 months
- Once the data is collected, analysis would be done. Based on the analysis new products and new marketing mix would be developed
- New marketing mix contents would be developed within 6 months of completing the analysis of the data. Digital marketing mix would be developed and released simultaneously to gauge the customer reaction
- By the end of 10 months, new products would be developed and launched in the markets
Stakeholders and Responsibilities
Key stakeholders who will be involved in the research project will be the research and development team who will need to come up with new product design and features as the company is struggling to come up with new ideas against their competitors.
Frontline sales team will also be a key stakeholder as they will be in direct touch with the consumers. They will be the one will get the feedback and responses from the consumers. Frontline sales team will try to understand the customer needs and benefits they want, level of service they expect and what feature they would like to see in the Reckitt Benckiser products. By understanding the consumer preferences, the inputs provided by the frontline sales will help research and development team to introduce new products.
Suppliers will help in increasing the awareness for the products by keeping the enough stock for Reckitt Benckiser products and providing line of sight visibility to attract the customers. Giving discounts to the suppliers will also strengthen this relationship which will help in getting more in-store promotions for Reckitt Benckiser.
Business analysis group will also play an important role as they need to understand the industry and the competition level. They need to study how competitors are able to gain more market share and increase their sales. Business analysis group need to make suggestions based on the changing competitive scenario.
Marketing director will be responsible for creating new communications to attract the customers to the Reckitt Benckiser products. He needs to find out the brand perception about Reckitt Benckiser among the customers and try to create a favorable image among the customers to increase the sales again. They need to put special emphasis on implementing digital marketing strategies to attract younger generation of customers who are switching to internet. Reckitt Benckiser should develop special online videos, social networking websites content and a dedicated website to create a buzz and increase awareness among internet users.
Chief Financial Officer will also play an important role as they need to make sure that the company stays afloat and reduce cost whenever possible. But he also needs to make sure that there is no impact on the marketing budget as the company needs to aggressively market its products.
(n.d.). Retrieved September 19, 2013, from Reckitt Benckiser: http://www.marketingpower.com/AboutAMA/Pages/DefinitionofMarketing.aspx
(n.d.). Retrieved September 19, 2013, from www.rb.com
Edelman, D. C. (2010). Four Ways to Get Moe Value from Digital Marketing .