2identify and Evaluate Marketing Opportunities

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Identify and Evaluate Marketing Opportunities
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Assessment Activity 1 Knowledge Questions
Question 1
Relevant legislation, codes of practice, ethical practices and national standards affect marketing
operations. It is expected that the best marketing operations should be undertaken to serve the
intended market region. Code of practice is set by professional bodies and gives the standards
that a member of such profession should adhere. While the marketing, a member of any
professional body should stick to its code of conduct. Ethical principles offer framework to
which some ethical dilemmas in marketing are analyzed. For example, a certain marketing
behavior may be unethical such as failure to disclose all products information to the clients.
Engaging in unethical marketing conditions may lead to self-guilty and may interfere with future
delivery of the target.
Question 2
Central tendency is a data analysis method and describe the way the group of data is spread
around a central value. In marketing, it is very important as it can be used to detect anomalies in
a certain set of products. There are three measures of central tendency, mean, mode and median.
Central tendency can be very important in analyzing how sales team has performed based on
variation from the mean of then group. If within a sales group we have huge variation, it is
important to analyze the cause. Game theory is an important concept in studying how
competitors will behave in face of uncertainty. Competitors in the market will react different to
issues like price changes and game theory is useful in understanding such uncertainty.
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Assessment two
Executive Summary
This report will require me to read the strategic marketing plan of FitLife Health Club for
the year 2015 to 2020. This is important in giving important current information on the status of
the company, future strategic direction and background. From reading the above report, I will
draw a report to identify and evaluate the marketing opportunities to determine if they meet the
objectives of the organization. The marketing strategy for FitLife Health Club is first to target
small-to-medium sized in northern sides of town. The first duty of the health clubs it to convince
senior executive on the benefits of this wellness program. This will be undertaken by
aggressively pursuing integration and mixing with the business professionals who would later
benefit from usage of this service.
Company background
We hope to establish a strong corporate image; FitLife Health Club will employ similar
strategy to expand the market for its services. To be more competitive, it is important for FitLife
Health Club to have a target market as opposed to the status in which the market is not
specifically segmented. The potential customers are generally all business located downtown
giving their staffs some king of medical cover. Segmentation will create a well-targeted market
which will be effectively served by putting relevant procedures in place.
External and Internal environment
External environment greatly affect the operations of any business and thus it should be well
monitored. The key components of external environments are the competitors, suppliers, government
agencies acting as regulators, economic and technological factors. Changes in any of those factors
affects the way a business operates and hence its revenue and profit generations. Such changes
are more so in emerging markets which are more prone to interference as opposed to developed
markets. To operate appropriately, it is important for companies in emerging markets to be
innovative to always have competitive products to offer. The external environment greatly
affected the FitLife Health Club strategy to come up with the new strategy. These emerging
trends are change in the market focus and the market preferences.
The internal barriers faced by FitLife Health Club include. Firstly, the organizational
issues like disagreement between its people who are involved in the mainstream work for the
organization and BOP products. There was tension on the working relation for these two
categories of managers on which business model is more profitable for the company. There was
need to have agreement between these two categories of managers to maximize the returns for
the company. Secondly, there were barriers on which systems and structures to adopt as an
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organization to maximize the returns. There was needed to make the company competitive by
ensuring that proper systems and structures were in place. The process of developing the correct
structure and system was not quite easy because different managers could not easily agree on
which is the best one.
The cost matrix is as follows
Cost Marketing Opportunity Details Cost in First Year $

Reposition to new audience incur development costs, 139,750
Free samples Give outs to potential clients 205,150
Promotional Bill board, fliers 65,000
Road show promotions Licensees, sound systems hiring 75,200
485,100
Marketing Opportunity Benefit details Benefit within 12 Months $

Benefits Repositioning to a new audience Improved customer retention from 305,500
Cost reduction High customers' value 250,200
Decreased overhead It is cheaper to serve clients 85,000
Enhanced revenue Repetitive customers buying 76,500
717,200
Payback Period 0.676380368

0.67 of year
The two external barriers are technological changes needed to maximize productivity and
competitive barrier. There was need to use the most recent technology to make the require
changes and at the same time become competitive. It was important for the company to change
its target market to the most competitive one. A target market that a company explores is very
important in that it helps in determining the competitive strategies and hence the market
penetration. GE Healthcare has developed one of the best market positioning strategies over a
long period. The company has believed that consumers need to differentiate their products from
many others. To develop appropriate target market, the managers of FitLife Health Club spend a
considerable amount of their time in studying numerous outdoor activities. Most of the
consumers know the goal of the company as set out by the founder sometimes back.
A target market that a company explores is very important in that it helps in determining
the competitive strategies and hence the market penetration. Being a maker and seller of outdoor
clothing, FitLife Health Club has developed one of the best market positioning strategies over a
long period. The company has believed that consumers need to differentiate their products from
many others. To develop appropriate target market, the managers of FitLife Health Club have
spent a considerable amount of their time in studying numerous outdoor activities. Most of the
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consumers know the goal of the company as set out by the founder sometimes back (Williamette
University, 2015).
Conclusion
The target market for FitLife Health Club include those on the downtown section so the
town. The company has designed its products to serve specifically those who love outdoors. To
narrow the target market, FitLife Health Club develops products for each markets category. This
is an important marketing aspect because it makes a client to feel personally appreciated.
Because of this planned target marketing, FitLife Health Club has developed brands that are
quite popular enough such that they appeal to clients looking for products with a lasting
experience. Because of the companys targeting, it has could attract non-consumerism sector.
Because of having a specific target market to appeal, it has been possible for FitLife Health Club
to enjoy reduction the in-marketing costs. This is because the company only markets to a portion
of the market making it possible and cheaper to reach its clients. Differentiation of the market
makes FitLife Health Club develops high-quality products because it knows what the clients
needs. Thus, by having a clear target market, a company can stand out from the rests.
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References
Arizon, C., (2013). Project Management Methodology & Step-by-Step Guide to Managing
Successful Projects. Retrieved from
http://www.chandleraz.gov/Content/PM000PMMethodologyGDE.pdf
Chard, D., (2009).Performance Measurement Baseline Reviews and Project Risk. Retrieved from
http://www.apm.org.uk/sites/default/files/APM-IRM_090709_Chard.pdf
Williamette University., (2015). Market Segmentation and Market Targeting. Retrieved from
http://www.willamette.edu/~fthompso/ManEX/Sem112_MktSeg/mts.html

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Partial Title 1

Identify and Evaluate Marketing Opportunities

Assessment Activity 1 Knowledge Questions

External and Internal environment

The cost matrix is as follows

Cost Marketing Opportunity Details Cost in First Year $

Marketing Opportunity Benefit details Benefit within 12 Months $

Payback Period 0.676380368

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