MRKT60010 Marketing Management Report Sample

MRKT60010 Marketing Management 

What you need to do:

1. Briefly describe an organisation of your choice and a key marketing problem it’s currently facing.

Examples may be a supplier or distribution issue, a new product launch, re-branding activities, pricing issue, or a new promotional campaign. Assume that you are responsible for this project to assist the company (brand) solve this marketing problem.

Notes: Create a problem statement – see Spradlin (2012). It is easy to grab the first problem that comes to mind, but deeper reflection will often reveal the true problem.

2. Prepare an Active SWOT analysis for the brand or business unit involved. Do not simply provide a list of words for each element of the Active SWOT - the key to this section is to be able to draw a clear and logical link between elements in the Active SWOT components of the model and your proposed strategy in the Active sections of the model.

Note: you will be penalised if you provide a simple four-box SWOT.

3. Discuss the current position of your brand and a desired new position for the brand. What brand strategy will you use to implement the new position? What attributes are you using to position the brand and why? Create a multi-attribute positioning map to gain a clearer understanding of what is important to customers.

Note: it is critical that you correctly demonstrate your understanding of the positioning concept.

4. Design key marketing strategies using marketing tools (marketing mix: 4 Ps or a product and 7Ps for services) to address the marketing problem and meet the stated objective. For example, think about your current pricing strategy and prepare a pricing plan for your product range or one product in particular. The pricing plan should discuss short- and long-term pricing strategies, with outcomes and justifications. Another example is a marketing communication plan for this product, indicating the key objectives (related to influencing consumer decision-making and purchase activity), the communication mix elements to be used, and how these elements should be integrated (Gantt Chart will help).

Note: Explain how your strategy will contribute to a sustainable competitive advantage and not simply be copied by your competitors in the short term. Explain how your communication strategy aims to impact the current and future behaviors of your consumer(s).

Solution

Introduction 

Brief description of the chosen organization - Telstra 

Telstra is known to be Australia's largest telecommunications and tech corporation, providing a comprehensive variety of telecommunication services and operating in all telecommunication sectors. It offers 18.8 million retailer phone networks in Australia, as well as 3.8 million fixed broadband packages and solo internet services and 960,000 retail fixed freestanding phone services. MBA Assignment Expert, Telstra Corp. Ltd. provides information and telecommunications solutions to both local and international consumers (Telstra - Our Company, 2022). 

Telstra Consumer and Small Business, Telstra Enterprise, Telstra Wholesale, Networks and IT, Telstra InfraCo, and Others are its business sectors. Telstra Consumer and Small Business provide communications services, resources, and alternatives to individual and small corporate customers in Australia, including mobiles, fixed and mobile internet, telephone and play TV/IPTV, and online downloads. Telstra Enterprise offers and manages contracts for small to large corporate and government clients in Australia and throughout the world. The Networks and IT division is in charge of the entire system, technology, and information systems management, development, technical architecture, and installation (Telstra - Our Company, 2022).
 

Figure 1: Telstra Company
(Source: CompaniesHistory, 2020)

Current challenges faced by the Telstra 

The current challenge that Telstra is facing is a Marketing problem concerned with Retaining Customers and promoting their products and services. 

Problem statement 

The customer rate of Telstra is declining by 60% due to poor marketing strategies and no involvement of digital marketing techniques and channels. The company is facing trouble in retaining customers as the competitors have acquired the market with attractive deals and advertising them through social media platforms, while Telstra is still following the traditional marketing channels. 

ACTIVE SWOT ANALYSIS OF TELSTRA 

This section is focused on the SWOT analysis of Telstra. It evaluates the company and its offerings in terms of its relative strengths, weaknesses, opportunities, and threats. In a Telstra SWOT Analysis, internal variables include the company's strengths and weaknesses, while external aspects include opportunities and threats. Using the tried-and-true management framework of SWOT Analysis, a company like Telstra may measure its own strengths and weaknesses against those of its rivals. When it comes to telecommunications companies, Telstra is a household name (Benzaghta et al., 2021).

The SWOT analysis will help in identifying the key factors of telecommunication communication and will aid in identifying the major steps it can take in the marketing perspectives of Telstra through using the opportunities section. 

                                                  Comparative strengths               Comparative weaknesses

Table 1: TELSTRA Active SWOT Analysis

  

A PERCEPTUAL MAP OF TELSTRA MARKETING 

For the purposes of market analysis and advertising, a "perceptual map" is a diagram used to illustrate and comprehend how potential buyers perceive a certain brand or product. There are two names for these kinds of maps: perceptual and product positioning. Companies may learn where they stand in the market thanks to these charts. As an added bonus, they help businesses find untapped markets and make informed decisions by comparing customer-focused features.
The below-mentioned image is the perceptual map of Telstra company, depicting the range of other companies as well as clearly representing the competition. 

Figure 2: Perceptual map of Telstra
(Source: Author, 2022)
 

RECOMMENDATIONS

Marketing mix – 7Ps for services and their coherence 

A marketing mix is an analysis tool used in every company's business plan. It refers to strategies that assist a business in marketing its services and products. It consists of 7P's: product, price, place, and promotion. These are many characteristics that aid in selecting the company's marketing instruments. As part of a complete marketing strategy, a marketing mix encompasses many areas of concentration. The 7Ps of the marketing mix plays a crucial role in the marketing of Telstra as well as offer a perspective to the company and make the marketing goals align with the company’s goals (Kenton, 2022).

Figure 3: Marketing Mix
(Source: Claessens, 2020)

Below are Mentioned The Key 7 Ps of The Marketing Mix for Telstra- 

1. Product

- Telstra is one of Australia's largest telecommunications companies. It should classified its goods and services according to the consumer demand and needs. Individuals, small businesses, & Business and Enterprise has to be the major groups. 

- Telstra should  focus on offering mobile phones, laptops, pre-paid mobile phones, NBN, packages & internet, TV music & movies, mobile internet, and home automation within its personal segment (MBA Skool Team, 2018). 

2. Place

- The majority of Telstra's products and services sales must take place on digital channels and platforms where it will promote its service to the users and to a wide range of audiences (MBA Skool Team, 2018).

- Particularly notable has to be the company's websites, which feature and give details about the company's cell devices, calling rates, and numerous relevant sales promotions offers.

- There should be a dedicated counter for online bill payments and top-ups. It puts Wi-Fi hotspots in addition to its many brick-and-mortar locations to speed up its customers' online activities (MBA Skool Team, 2018).

3. Price

- Telstra should implement a highly smart pricing strategy that is based on a competitive pricing model as part of its overall marketing mix.

- Telstra must introduce discounted bundles of its services, including internet, cable television, movie streaming, and home phone service. Call rates and contracts range from a low of $420 per year to a high of $840 per year, making them accessible to a wide range of customers. Customers will become receptive to this price structure since Telstra offers value-added services, such as mobile data (Bhatti et al., 2018). 

- The present pricing strategy uses a price competition method to determine the subsequent price level. As a result of the high concentration of rivals, market share information is readily accessible.

4. Promotion 

- Telstra comes up with attractive promotional offers, such as when customers make their purchases through Telstra's online platform, they are eligible for promotions like double data (Bhatti et al., 2018). 

- It also causes sales promotions, most notably during the holiday season when many items, including mobile accessories, are offered at steep discounts.

- Telstra's marketing plan includes not just offering discounts on its goods but also making use of wi-fi hotspots to raise brand awareness and generate buzz.

5. People 

- When it comes to advertising, Telstra's sales force relies heavily on the support of those working beneath them. Salespeople in this role get training not just in persuasion skills, but also in how to treat business clients with courtesy and concern.

- Employees at retail locations are available to assist customers immediately, however there should be people available  to assist the customers (Totok, 2018).

- Raw materials has to be obtained via the cooperation of employees and suppliers. This group is essential in ensuring or enhancing the product's quality.

6. Process

- Telstra should participate in market research to better understand client requirements. In addition, it will learn what its customers want by listening to comments made in-store, through its hotline, or on its social media.

- The Telstra website has a shop finder so customers may find a local retail outlet. 

- It must start to use a customer forum to answer questions and take suggestions from users. Every product it offers is backed by round-the-clock online technical help, and customers can even see where their inquiries stand at any given moment (Totok, 2018). 

7. Physical evidence 

- Telstra's goods may be recognized by their brightly colored packaging on store shelves. These should be stored on company-supplied shelves, which have a unique appearance. This facilitates shopper navigation by making it simpler to identify these displays in crowded establishments.

- Its website needs to be simple to use, and it must has good quality product photos that can be seen from several perspectives (Essay48, 2018).

Figure 4: 7Ps of the marketing mix
(Source: Brooks, 2020)

IMC Objectives in Promotion 

The goal of integrated marketing communications shortly known as (IMC) is to increase client interest in a company's goods and services by spreading a consistent message across several distribution methods. The goal of integrated marketing is to provide a unified and customer-centric experience across all promotional and marketing forms of communication channels and mediums, including but not limited to traditional and non - traditional types of advertising, public relations, and social media. In reality, this means maintaining a unified brand voice and visual identity across all platforms (Flood, 2019). 

Figure 5: IMC
(Source: Medium, 2020)

The IMC objectives of Telstra in the promotion are as followed- 

- To create brand awareness and retain the customers to the company 
- To increase the sales and market share 
- To change the customer beliefs and perception about the company and its services 
- To employ social media channels as well as marketing channels for marketing the new services 
- To enhance the user experience and brand image 

IMC plan using a Gantt chart 

Figure 6: Gantt chart
(Source: Author, 2022)