Statistics Management for Traditional and Modern - myassignmenthelp

Question: Discuss about theStatistics Management for Traditional and Modern Tools. Answer: Final Recommended Strategy It can be recommended that HM should make use of both traditional and modern tools for carrying out marketing of its products and services in Australia. The competition among businesses operating in fashion retail industry of Australia is highly intense, and thus, it will be very challenging to HM to penetrate the market and attract more customers(Sheth Sisodia, 2015). However, it can be critically argued that with the help of effective marketing practices, the brand can penetrate the Australian market and will be able to accomplish its objectives of international expansion. The company will be using traditional marketing tools such as advertisement through placing boards near malls, shopping areas and other public places. The rationale behind selecting this tool is that it will help the brand to create more and more awareness among people in Australia market. On the other side of this, the ads of HM products will also be displayed in different Australian newspapers and fashion magazines(Scott, 2015). The key benefit of using advertisement as a technique of marketing is that it will directly assist the company to increase its volume of sales and profitability. In addition to this, ads of HM products and services on different mediums will also play a critical role in creating demand among people in the market. Here, the brand will be looking forward to introducing new products and services in the Australian market at frequent intervals. In addition to this, messages regarding special discounts, new offers, and schemes offered by HM will also be communicated with the help of advertisement. Another benefit of using advertisement as a technique of marketing is that it will help the selected brand to expand its market and attract more potential customers. On the other hand, it is also suggested that the marketing of HM products and services needs to be carried out over internet so that the goal and objective of international expansion can be achieved in the best possible manner(Pasquier Villeneuve, 2017). Here, the company will be using techniques such as email and social media marketing will be used. HM will be forwarding emails regarding its new products and special offers to all its customers at regular intervals. The strategy will help in creating awareness among the existing customers and attracting them to buy the products of HM(Tuten Solomon, 2014). It can be stated that the company will be focusing more on delivering quality and innovative content to all customers with the help of feedback. In addition to this, an official page of HM Australia will be developed on social media platform such as Facebook. Here, the objective of the brand will be to interact with people in the market and understand their changing need and deman d(Olsson, Andreassen, Wathne, 2015). Based on the information collected, the brand will be developing and offering new products to meet the customer demand in the best possible manner. Furthermore, the selected business enterprise will also develop an official page of HM Australia on Instagram and Linked In. These platforms are going to play a critical role in marketing HMs products and services. However, it can be critically argued that the company will need to take care of the fact that response to queries, doubts and concern of people is provided in fast and accurate manner. Thus, a team of experienced professionals will be developed who will be responsible to manage and monitoring the online marketing activities of HM in the new Australian market(Hollensen, 2015). The rationale behind using online platforms for marketing and promotion of products and services is that it is a very cost effective. The organization will be able to carry out more effective marketing of its products and services in the new market in at very convenient cost. In addition to this, the use of online marketing technique will also support the brand to reach mass level of target audience in the best possible manner. It is recommended that HM will need to ensure that effective monitoring of all marketing activities is carried so that the loopholes can be identified and corrective measures can be taken to overcome the same. Implementation of Final Strategy In order to implement any type of specific strategy, it is must for the business to ensure that proper plans are being prepared so that it can surely bring favorable results for the enterprise in every possible manner. Further, the recommended strategy involves marketing with the help of traditional and modern modes(Hill, O'Sullivan, O'Sullivan, Whitehead, 2017). In traditional marketing, the promotion will take place with the help of banners that will be placed in different places within Australia that are quite popular. Further, modern tools will also be undertaken by the HM brand that involves marketing with the help of social media and email. For effective implementation, proper planning will be carried out where the marketing team of HM in Australia will ensure the key areas where banners can be placed so that overall promotion can take place in an effective manner(Armstrong, Kotler, Harker, Brennan, 2015). Further, the marketers need to find out the proper area like it has been witnessed that company can place its banners in shopping malls, college and in local streets so that people can easily know about the HM brand easily. Apart from this, the real cost of implementing these techniques will be identified so that budget can be prepared accordingly(Gummesson Gummesson, 2017). For effective implementation of both traditional and modern methods of marketing HM will undertake different stages that are as follows: In the first stage, company will set expectation like HM brand was to enhance overall awareness level in the market linked with its clothing items in the time period of 6 months. So, this is the real expectation of the company from this marketing strategy In the next stage, HM brand will develop a team where role and responsibilities will be assigned to every team member so that they can contribute to implementation of the strategies that are being decided Communication plan will be developed through which the objectives of this plan will be shared within the workplace so that every individual can know about it Timeline and tasks will be decided like planning will be carried out in 15 days, budget preparation in 10 days, etc. The overall team will decide to accomplish the tasks in set time period Tracking success will take place where HM will ensure where the efforts applied are effective or not. Through this, it is possible to know whether it is possible to know whether improvement is needed in the present plan or not So, all these stages will be followed by HM brand for implementation of these tactics, and this will surely bring favorable results for the company in terms of higher customer satisfaction, brand awareness and rise in the profitability level along with the market share in every possible manner. In short, it will allow to gain the competitive edge over the rivalry and will act as the development tool for the entire business in every possible manner. Monitoring and Control of Future Performance This stage is also considered to be most crucial where the team that will implement the new marketing strategies for HM brand will monitor the overall progress. Further, they monitor all the activities through the timeline set(Gummerus, Gummerus, von Koskull, von Koskull, Kowalkowski, Kowalkowski, 2017). It will analyze whether all the resources linked with the implementation of marketing strategies are utilized properly or not. For instance, if planning stage has to be carried out in 15 days time period then it will be ensured that this stage is completed within the time period or less than that. Apart from this, it will be ensured that all the practices are undertaken in the given budget, and no such variation is being present. Monitoring will take place stage wise by the entire team, and they will ensure that all the activities are carried out in the best possible manner within given time period. In short, it will have the positive impact on the brand image of the business and wi ll act as the development tool in every possible manner(Charter Polonsky, 2017). For effective monitoring, IT system will be used, and this will save a lot of time associated with the implementation of the marketing strategies within HM brand. On the other hand control activities will be carried out side by side where it will be ensured that each activity is under control and does not require improvement(Atwal Williams, 2017). For instance if large amount of funds are used in the implementation of marketing strategy as compared with the actual one then in such case control measures will be taken by the marketing professionals of HM brand where they will determine the key areas where it is possible to save cost, and this will have positive impact on overall performance of the business in the market where main operations are being carried out. References Armstrong, G., Kotler, P., Harker, M., Brennan, R. (2015). Marketing: an introduction. Hudson, New York: Pearson Education. Atwal, G., Williams, A. (2017). Luxury brand marketingthe experience is everything!. In Advances in Luxury Brand Management . London: Palgrave Macmillan. Charter, M., Polonsky, M. J. (2017). 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