Business Performance, Strategic Objectives, and Marketing Trends - Essay Sample

Introduction

Business and strategic objectives are essential in forecasting appropriate marketing trends because they enable an organization to develop an effective marketing plan (Kotler, Burton, Deans, Brown, and Armstrong, 2015, p. 17). Also, strategic objectives provide the corporate mission for the organization.

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Marketing and other performances enable the enterprise to identify its competitive advantages based on its strengths. The business performances are used to determine the risks and weaknesses of the organization; therefore, promoting the ability to forecast the appropriate market trends.

The market information enables the company to identify its weaknesses and risks based on the strengths of its competitors. Also, the comparative market data help in setting appropriate marketing strategies.

Changes in technology quantify the techniques to be used by the company to promote online marketing. Technology also makes it easy for the organization to identify an appropriate plan that supports digital marketing and obtain useful information through the use of internet services.

Demographic changes enable marketing personnel to determine the actual target market based on the needs of the customers. For example, gender and age determine the market segmentation to be applied by the marketing team.

Social and cultural factors provided essential data for determining customer behavior in the marketplace. The cultural beliefs of the consumers ensure that the company offer products that satisfy their needs (Kotler et al., 2015, p. 25).

Economic trends are essential in budgeting for various types of marketing operations in different marketplaces. Also, economic trends help in determining the performances of the organization. Economic policies are also developed using market trends.

Legislations established by the government enable the marketers to develop marketing policies and protect the environment during their operations; therefore, promoting corporate responsibility.

The trends from the industry help in determining the appropriate activities that reduce the production costs and promote the development of quality marketing policies.

Supplier data help in determining the market forces and purchasing powers of the potential consumers. For instance, suppliers guide in the development of critical supply chains and distribution channels.

The purpose of the Australian Consumer Law (ACL) is to protect the rights of the consumers and ensure fairness in all trading activities conducted in Australia. An example of the implications of the Act is regulating all online advertising activities undertaken by marketers in Australia.

The Privacy Act 1998 enables marketers to protect the confidentiality of the consumers and how to handle personal information (Kotler et al., 2015, p. 25). The Act also protects personal information from unauthorized disclosure.

XLSTAT is the leading statistical and data analytical solution for Microsoft Excel. The model offers a lot of functions that enhance the analytical abilities of Excel. XLSTAT allows for data mining, testing, analysis, modeling, and visualization. The features of XLSTAT include marketing and forecasting.

SPSS is a flexible statistical model for analysis and management of data. It is the leading statistical package/tool that is capable of performing complex manipulation and analytical activities with ease (Kotler et al., 2015, p. 65). The package is designed for both non-interactive and interactive users. The features of SPSS include tools for opening data and creating charts and tables.

The Sales Conversation Rate is a metric that measures the effectiveness of the sales group in converting leads into new consumers during marketing operations. For example, the marketing team may organize and perform a conference sponsorship to create active operational prospects. Conversation rates are obtained from dividing the number of total conversations by the number of leads then multiplied by one hundred.

It is essential to determine the conversation rate because it provides a clear relationship between the sales made by the organization and the effectiveness of the policies applied by the marketing team.

The measures of central tendency include mean, median, and mode. They help in determining the single value in which all the data can cluster. Mean is obtained by dividing the sum of all observations by the total number of that data in the group. Median is the positional average of the dataset. The data are either arranged in an ascending or descending order. The mode is the most appearing value in the dataset.

The standard distribution curve is significant because it describes how the statistical values are distributed. Also, it provides the importance of having all data clustered at the central peak, making it easy to control all dependent and independent variables.

In the calculation of consumer lifetime, you need to determine the average purchase value and multiply the result by the average purchase frequency (Kotler et al., 2015, p. 22). The result is the customer value that is then multiplied by the average consumer lifespan to obtain the customer lifetime value.

The measures of dispersion show the scattering of the statistical data. It describes the variation of data from one another and gives a clear indication of the nature of the distribution. The measures of dispersion to describe the variability in the population or data sample. For example, the means of dispersion are also used with the standard of central tendency.

Delphi technique is a method used in the forecasting process based on the results from various rounds research questionnaires delivered to the panel of the experts. The results from the assessments made by the experts are then distributed.

Chi Squire is a statistical model used for determining the relationships between the categorical data/variable. This model is used for evaluating the independent variables through the application of a cross-tabulation.

The purpose of sampling is to get a representative of the data/small collection of units for the researcher to be able to study and analyze the smaller group and create generalized about the whole group.

Sampling is categorized into two types based on the determination of data probability. The probability sampling is a technique whereby the subjects of the population obtain equal opportunity to be used as the representative sample in the research study. Non-probability is a technique that does not take the issue as representative data. The basis of selection in probability sampling is random. In non-probability sampling, the data are arbitrarily selected. In most cases, the probability sampling is an inclusive method, unlike the non-probability approach that is exploratory.

Net present value is the difference between cash inflows and outflows over a given period (Kotler et al., 2015, p. 12). It is applied in investment planning and capital budgeting to analyze the number of profits obtained from a business project. The net present value to the customer is also used to determine the performances of an organization based on the purchasing powers of its consumers.

The positive correlation is the one that proceeds in the same direction (Kotler et al., 2015, p. 34). In a positive relationship, the increase in one variable also influences others in the same set. Also, the decrease in one variable minimizes others in the same category. A negative correlation is the one in which the variables exist in the opposite direction. In a negative correlation, the increase in one variable decreases the other one. For example, the demand for a particular product in the marketplace will increase when its price drops.

Causation has been used in business activities like marketing to mean the root of subsequent events. According to statistical research, causation accounts for both the cause of the effect of a particular event. For instance, causation enables people to identify how initiatives and events led to the given outcomes.

Frequency is an essential component of the statistical data analysis for determining the distribution of the variables. In most cases, the frequency distributions are used in summarizing the categorical variables during the analytical processes. Learning the frequencies in the statistical data analysis is essential because many metric variables typically have many different values (Kotler et al., 2015, p. 51). The differences in the benefits of the variables result in the use of charts and tables. The charts are used to represent relative frequencies in the statistical analysis.

Assessment Task Two: Marketing Analysis Report

King Edward VII College was established in 2010 as a Registered Training Organisation (RTO) (Kotler et al., 2015, p. 25). The institution provides quality training to students in business and management. The primary purpose of the King Edward VII College is to deliver quality training services that satisfy the needs of the students. The training services are nationally recognized and accredited to ensure quality educational and vocational standards. The courses offered are designed by qualified staff with extensive and appropriate training and experience to achieve learning and teaching. Also, the classes are intended to promote personal satisfaction and flexibility among the students. In its operations, King Edward VII College establishes strong relationships with all stakeholders, especially the industry. The ability of the institution to maintain good relationships ensures that the courses offered to satisfy the needs of the clients. The application of the compliance framework and continuous improvement system is essential in maintaining the quality of the services provided in King Edward VII College.

The main objective of King Edward VII College is to provide the appropriate knowledge and skills for clients on their premises. The knowledge and skills are essential in making the clients ready for their business jobs. The additional objectives include being the best provider of educational and vocational training. Another purpose is to establish and maintain the quality infrastructure that will support clients and the staff. Also, King Edward VII College focuses on being high performing, well-led, accountable, and profitable institution in the region. Lastly, King Edward VII College focuses on developing appropriate vocational and educational resources that empower people.

Statistical Analysis

The analysis of the market trends involves the assessment of the components that affect the performances of King Edward VII College in its industry of operation (Ladd, and Fiske, 2012, p. 102). The development of technology has been introduced in the college to promote learning and teaching activities. Information technology (IT) courses are also offered in King Edward VII College to support the achievement of quality educational and vocational services delivered to the customers. The Information Technology infrastructure to improve learning processes. The application of technology in King Edward VII College eases the workload makes it easy to track client information (Ladd, and Fiske, 2012, p. 98). King Edward VII College has been operating for more than five years in providing quality education at an affordable price in Melbourne. The management of King Edward VII College is focusing on using its financial resources to develop appropriate marketing policies and establish new branch campuses in Australia to improve their performance and profits. The business manager is responsible for keeping a record of all economic activities. The expenses of the college have been reduced to minimize the chances of making losses....