As a manger of 15 Hoist home ware stores which is successfully running in its second year. I am looking to develop a management plan for marketing information to monitor and review its progress for period of time in our organization. As we are looking to cope with this advance online technology and growing market competition by providing standard home ware goods and service quality. We are also looking to increase our sale and revenue by finding the best solution or alternative by producing goods from resources that we get from local suppliers and outsider.
We are also aiming to develop our online shopping facility and provide the goods information to customer. I also included delegation roles to individuals within the organization and communication information. For this we need to develop a management plan for the marketing activities. Management plan may be, Marketing activities: it is always so crucial for business to cope with the up to date marketing strategy and activities. It directly affects our business and key factor for success.
Mostly we should consider on how we are keeping our public relation, gained advertising and promotion of our business either online or in store. Basically, there are different types of customer who collects their product information. Most of them they collect information from online on web where they can see and compare product with others. There are few customer who don’t bother to do online shopping and trust. So these people prefer shopping in the store. Most of the busy people who don’t have time to visit stores wants to gather information on magazine and online.
So it is important that we have facility of online shopping in reasonable price than our competitors. We should ensure we do magazine advertisement and keep good public relation with suppliers, customers and governing body. It is also important that we should manage to offer easy accessibility services to customer in store. Like labeling our product with price and keeping them in categories. Integration of organizational activities: The term integration plays vital role in business plan.
It is the most key factor for consolidate the identity of organization and our brand product which in other words says our identification. So there are different factors which directly affects our integration such as visual advertising links throughout, web address on all material, PR copy used in all mediums and key words throughout the products. Monitor progress: mostly people fail in business because lack of checking, updating and monitoring the implementation of plan and theirs Upton date progress.
Monitoring the product, distribution, pricing and marketing communication policies in relation to market changes, marketing plan, objectives and organizational requirement is always important to monitor and update to its needs. For example: change in price. We had priced our bathroom tube for $450 including fitting and delivery charge before 2 months. Our suppliers are running low on the raw product of tube and charge us extra money for product. Now it cost $530 for same product. Now it’s $80 in raise in product suddenly. In this scenario check our alternatives product from our suppliers.
Cage price = new price – old price (530-450) 80. Distribution and pricing: promoting or distributing or making the product available to the customer holds numbers of key procedures which directly influence the quality of services and product. So in this recent context most of the people are so busy that they can’t afford time for look around the things they needed. So basically they look on internet and compare the price and try to purchase the product. So it is important that we are facilitating our customer with on line retailing services.
Basically, online information of product, price, delivery service, discounts policy in online shopping and more. Apart from that price of imports from suppliers, competitor’s market price and exchange rate should me also monitored. Key Performance Indicators (Kepi’s): It is important to measure our performance targets. Generally, we evaluate our performance by using metrics of return of market investment, market share & sale growth. It helps us to measure the pace of organization sales. We should always record our past performance data so that we can determine where we are yet.
It is the key indicators for our failure and success. It’s also helps as to amend the implementation of new planning. For example: Market share = store sales/total estimated market sales Delegation of roles and responsibilities: Delegation refers to assign or transfer or give the authority to someone who is working under your organization for same goal and objectives. It is key factors of making our work easy, appropriate, systematic, logical and avoiding confusion. It is also subordination of thinking organizational goal is always bigger than individual goal.
Proper delegation results to success. It is also new way of teaching and building the team stronger. Setting goal in business and delegation applies same formula in organization. Basically, it explain it should be SMART which means Specific, Measurable, Agreed (Achievable), Realistic & Time bound. So I’m giving example of delegating role and responsibilities in my Hoist store. Me – manager-monitoring- in store promotions Tony – computer advertising like web page designing of our store Marie – Public elation and advertising Lambert consulting – market research and marketing audits.
Communication Strategies: Communication is the flow of information. It is the key factor for success. So basically, strategic communication procedures holds numbers of elements like shared emailing, formal meetings, informal meetings, team visits – stores and progress charts. So, using all this means with in organization we should be able to share our day to day information that guides us to our long term goal and objectives. We should be able to use right means of strategy at the right time.
For example if someone is out the store and there is no chance of attending the important meeting then we can facilitated him/her by letting him set on online meetings. It is information and technology world where everything is possible. Assessment 2 Report As a manager it’s my duties and responsibility to ensure sound environment internally and externally in the organization. As we are focusing on staffing and mentoring, training and strategy decision in this scenario. For me learning, teaching and monitoring responsibility always enthuses and its part of inspiration for me as ell.
My teacher always used to say best way of learning more is by sharing, willing and listening to others. So his words always are wisdom for me regarding my managerial career for staffing. I always ask my staff to focus on their team effort on only those that grows revenues, efficiency, company priorities and reduce expenses. For these there are number of procedures. A) Strategies: we can implement number of strategies like Maintaining enthusiasm, using of wall charts to monitor progress and organizing formal weekly meetings to achieve organizational goal. B) Resources:
Resources refers to any available forces that helps to easy your work and achieve the objectives. It may be key person report, greatest need, greatest return to meet objective, accounting information system and percentage of new customer acquisition cost. C) Feedback: For business feedback is very crucial parts either from customer or boss or co-worker or outsiders. It helps us to take corrective action and also motivation. It can be gain from store visits, informal chat and formal meeting. D) Performance: it is sorts of measurement of our doing. It should be always evaluated in work.
It can be feedback from team members, audits by external consultants and observation. Scenario 1: Maria – coaching and mentoring Regarding, Maria is a genuine student who passed her exam with goods grades. She is a person of thirst to learn more and be better. But she also lack decision making skills and hesitate to take responsibility. It can be to everyone who is fresh. Therefore I’m going to emphasis and train her in following points Maintaining confidentiality Developing listening and responding skills Habit of non-judgmental and more realistic Advise rather than tell Make no promises about outcomes
Have a high degree of integrity Be practical and experiential By Providing confidence to make decisions by giving her real world experience By Providing unbiased confidential support By providing knowledge in web design and web marketing and By providing PR skills. Scenario 2: Tony As Tony is my web designer for our organization. He is computer genius but lack the board news of mind. His attitude of limiting world with his education is not any convincing. For Maria he seems to be self-centered person having attitude of not sharing knowledge. And UN-trustful person who can breach the rule and regulation.
So in order to take corrective action I will explain the reason for the meeting, explain the areas of concern and ask him to comment, show him Lambert report, establish agreement about use of links not being authorized, discuss ethics of action in light of policy, agree on corrective actions and agree to meet again as a follow up. Staff Performance Management Plan Staff member name Performance management Results Satisfactory Very Good Areas for Improvement Strategies to continued success Management & Leadership Chitchat Staff management to achieve objectives and budgets of the firm.
Performance management Sales Target Team Development Mentoring skills Communication skills Rosy channel good Need often team visits Change Management Management issues Emotional Intelligence Emotionally fit and healthy Coaching Areas of improvement Mentoring Career Development External training Training course Tom Enhance skills satisfactory More extra practical on the Job training with new approach equipment. Assessment 3 Assignment- performance Report Possible Solutions As reviewing the implementation and progress of marketing plan, based on the established plan and metrics.
We are analyzing and measuring progress of the plan of KIPS and targets of marketing plan. So according to our past six months recorded data and information we are able to trace our outcomes. They are summarize in three categories as I told above. 1. Analysis: Company sales $220 million Market growth 3. 75% up from $175 to $199 in million. Marketing expenditure (250000+30000+60000+100000=440000) Market share 1 1. 05% New business is $2. 75 million Marketing expenditure and % of new business is 16% To follow market trend more web marketing To maintain market share at 11%, change market share growth to 12% 2.