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AssessmentManage the marketing processBSBMKG603TASK 3ANALYSIS:Business analysis is a research discipline of identifying business needs and determining solutions to business problems. Solutions often include a software-systems development component, but may also consist of process improvement, organizational change or strategic planning and policy developmentFor the organization, the analysis is presented as below:Market growth up from $175million to $199 million, equalling in a 3.75% increaseCompany sales $220 millionMarket share 11.05%Marketing expenditure $440,000New business = $2.75 millionMarketing expenditure and % of new business = 440,000 / 2750000 = 16%More web marketing to follow market trendChange market share growth to 12% to maintain market share at 11%KPIS:Industry growth predicted at 10% Actual growth 13.75% - caused by interstate migration, and demand for building and home-waresExpected sales to grow at 8.5% Actual growth at 16%Market share expected at 12%, actual growth was 11.05%. Difficult to grow market share in a growing marketMarket expenditure to new business expected at 15% actual 16% Increase due to position for online businessTargets:A target market is a group of customers towards which a business has decided to aim its marketing efforts and ultimately its merchandise. A well-defined target
market is the first element to a marketing strategy. The marketing mix variables of product, place (distribution), promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace.The company target is:Sales growth to increase to 16% per annum –otherwise growth becomes uncontrollableMarket share to remain at 11% - maintain share in growing marketIndustry expected to continue growing at 13.75%Expenditure to acquire new business increase to 16% to accommodate new online distribution channel.