Data Driven Marketing and Advertising †MyAssignmenthelp.com

Question: Discuss about the Data Driven Marketing and Advertising. Answer: Introduction: The Association for Data-driven Marketing Advertising (ADMA) has outlined seven key features that should be adhered to for direct marketing. The key responsibility for ADMA is to set acceptable standards that are to be followed by the stakeholders their direct beneficiaries for the purposes of future growth. Code of principles is one of the focuses of ADMA alongside ethical regulatory considerations, rules, resources and outcomes. The 7 core principles that have been developed by ADMA are discussed below. The consumer is put first, through protection and empowerment. This is the main principle which benchmarks all the others. Based on these principles, the members are advised and encouraged to reach out to the customers, which is not one on of the approaches based on the regulatory requirements. ADMA believe that respecting the customers increases the probability of influencing their purchasing decisions, hence favouring their underlying products and services. The expected outcomes after following and respecting the principles include compliance and confidence for the consumers, commercial growth and business focus. The second principle emphasizes the use of data as a basis for marketing and advertisements. This principle directs the businesses to responsibly collect, use, store and maintain data based on the regulatory rules. Also, the marketers/businesses are urged to avoid engaging in marketing strategies that are exploitative and intrusive to the consumer needs. A disclaimer has been developed by ADMA to let the companies take personal responsibilities for any actions. There are rules that should be adhered to base on the responsible use of data with respect to advertisements and marketing. Among the rules include compliance with the rules and regulatory provisions that are related to the data handling processes. It the obligation of the members to ensures sensitive handling of the data to maintain integrity and privacy of the information. All integrity issues that might arise from using data for marketing and advertising should be handled effectively to avoid hurting and misleading the cust omers. Customers should have the choice to make informed decisions on whether or not to provide their personal information. This indicates that all information obtained from the customers should be out of their willingness. The members have the obligations should provide a Value Exchange to the customers to persuade their adherence in giving personal information. The members have an obligation of using the collected customer data fairly without selection and intimidation. The customers have the right to efficient, prompt and courteous services to their customers. As a concern for promoting fairness, all the arising concerns and queries should be addressed effectively. Transparency is also another concern about how the information should be gathered from the customers. Every move concerning the collection and use of the information should open up to the customers. As a way of protecting the customers, they should be informed every detail concerning the data being collected and how the data will be used. Honesty: - the companies and members are obligated to honesty towards their customers. In this manner, they should always honour their promises, hence avoiding any misleading engagements. Therefore, any actions and decisions that can create a negative public view of the data-driven marketing focus should be avoided. Finally, the members and companies attached to ADMA should value the security and safety of the information acquired from the customers. In cases where the data is no longer useful to the company, it should be de-identified to avoid its connection to the customers, which lead to information leakages. Most of the customers stated that they bought a home theatre system at around $1, 200. The minimum price a competitor home theatre system was bought was $1,000 and a maximum of $3,499. The distribution of the competitors price of home theatre system is skewed to the right with most of them having a price below $2,000. Table 1: Mean and median of High-end widgets High end Widgets Market share 2008 Market share in 2009 Sep 0.288 0.288 0.439 0.424 0.199 0.192 Oct 0.281 0.225 0.414 0.329 0.187 0.149 Nov 0.262 0.253 0.384 0.371 0.174 0.168 Mean 0.292 0.267 Median 0.285 0.260 Time series analysis Has widget market share increased between September 2008 and 2009 According to figure 2 above, it is clearly seen that the market share for September 2009 was slightly higher as compared to September 2008. The market shares for both years were obtained by calculating the sales ($000) by market size ($000). The obtained variables were then plotted into a line graph hence generating the figure 2 above (Tsay, 2013). According to the data, the market share increased from an average value of 0.142 in 2008 to 0.156 in 2009 which accounted for 10.07% increase. The markets of low-end widget markets are generally below the mid-level widget markets from 2008 to 2009. Both markets form predictable time series with changes following specific patterns. For instance, low-end markets decrease significantly from September to some point before October, then a sharp increment to early October. Then the same series repeats in October to November, forming a predictable pattern for the general low-end markets time series. Mid-level time series trends behave in the same manner, though in a much predictable way. Within a month, the markets are constant in the first part, then increases sharply to around mid-period, then decreases sharply to the end. The same pattern is experienced through the entire period, hence creating a predictable series, hence generating more helpful information for administrative decisions (Business Victoria, 2017). According to figure 4 above, the television advertisement does not seem to have influenced the sales of high-end widgets because there does not seem to have any changes in the sales trends. High-end widget sales seem to have predictable trends for both 2008 and 2009. The television advertisement could have created a positive effect on the sales of the trends could have should significant changes in the sales patterns (Faisal, 2016). Table 2: Descriptive statistics for the three categories of widgets Low-end widgets Mid-level widgets High-end widgets Mean 0.080 0.130 0.292 Standard Error 0.011 0.012 0.033 Median 0.086 0.128 0.281 Standard Deviation 0.038 0.043 0.100 According to table 3 above, the market trends for the three categories seem to be approximately normal because the median and mean values have minimal deviation. However, high-end widgets have the highest standard deviation, which needs to be managed by improving their marketing strategies to normalize the sales patterns. Based on the range statistic, low-end widgets have a larger variation compared to mid-level widgets. Proper marketing strategies can also be helpful in improving the sales distribution. According to the line graph below, all the three categories experience seasonal effects on their market trends which can be smoothened by performing more organized marketing and advertisement strategies across all potential customers (Ryan, 2014). I have decided to use the line graph because the data is in form of series showing market shares for different categories of the widget. Also, the trends and changes in markets share are displayed using the line charts effectively. Other predictive models can also be developed on the basis of a live chart such as linear regression and exponential among others. These predictive models help in determining and predicting future occurrences (Business Queensland, 2017). According to the figure 6 above, the market share for high-end widgets can be predicted for September, October and November for the year 2010. The figure above displays a linear equation to be used in the prediction task and it also predicts displays an extended linear prediction line to show the possible markets share for 2010 (Anderson, 2011). The prediction calculations are shown in the table below based on the FORECAST() function in excel. Table 3: Predictions for High-end Widgets Market Share Year Time High-end Widgets Market Share Mean 2010 Sep 19 0.276 0.276 20 0.276 21 0.276 Oct 22 0.276 0.275 23 0.275 24 0.275 Nov 25 0.275 0.27426 0.274 27 0.274 The predicted values for September, October and November market shares for high-end widgets are reducing because the prediction equation has a negative slope coefficient (Brockwell and Davis, 2016). Also, observing the trend of the market shares for the high-end category shows a reduction in share values in time. Australian College of Specialist Make-up has been in existence from 1986 indicating that they have enhanced their skills and mode of passing knowledge to those who enrol for professional courses in their institution. They have gathered commendable experience in the make-up industry and that is what had influenced their unwavering trust from the Australians and the international community at large. The scope of the study is to understand the key factors that have made Australian College of Specialist Make-up succeed and maintain their positions ahead of other colleges offering the same courses and services within the country. The success of an institution is influenced by various factors including customer perception, information hovering the public domain about the institution, location and their marketing strategies among others. In this case, qualitative and quantitative information will be compared to Australian College of Specialist Make-up among other competitors such as Austral ian College of Beauty Therapy, Melbourne Polytechnic. The main tools used in this research is online research where qualitative and quantitative information about Australian College of Specialist Make-up and its immediate competitors mentioned in the section above. Information such as the level of experience, location, and amount of tuition fee, modes of advertisement and the quality of services offered will be researched and recorded for comparative purposes. Main sources of information will be their official websites for the colleges among other authentic sites. About Australian College of Specialist Make-up (ACSM) ACSM is a learning institution which is specialized in beauty makeup and it was founded in 1986 with experience of close to 31 years. They have only established one campus which is located on Stirling Street in Perth. The college has chosen to work with quality makeup products from Kryolan and MAC. They have customized and developed the learning areas, which provides the best experience to the students, hence producing qualified and experienced professionals. Their choice in using beauty products and specialists from the above-mentioned brands has improved the chances of employment for any graduate from the college. ACBT is a high education learning institution offering courses on beauty therapy. It was started in 1986 and it is located in Perth City. It is registered to Australian Skills Quality Authority and approved by Comit International dEsthtique et de Cosmtologie(CIDESCO), which is a global standards setter for beauty and SPA therapy. Although it is affiliated with other brands for beauty products, it has not fully initiated business relationships with these brands such as Lycon, MAC, AHAVA, and ULTRACEUTICALS. It could be better for the institutions marketing strategy which would both benefit the students and the college if there was a full affiliation with these brands (ACBT, 2017). Melbourne Polytechnic is a higher-learning institution offering various professional courses including beauty and make-up specialization. Therefore, make-up specialization is not the only professional course the polytechnic is focusing on, hence compromising its quality because of the time spent by the administration in developing a conducive environment for the students. Implications of Australian College of Specialist Make-up There are business opportunities that ACSM is facing in the current market of beauty therapy. There are a lot of individuals who are wishing to enrol in beauty courses because it is one of the thriving business in the contemporary world. One of the main opportunities is the fact that they have a huge following and people believe that it is one of the best in Perth City. The other advantage is that it offers part-time class, hence favouring individuals living in Perth city who are working or committed to other businesses and wish to study beauty. The main challenge and business threat ACSM is facing are that ACBT is located within the same locality and there is a big chance that compromising their quality of services might lead to deviation of their customers to the best available option. Therefore, ACSM has no option but to maintain the service quality, engage in better and improved marketing strategies such using their social media platforms to communicate and advertise their services. They should also continue engaging qualified professionals as they have always done and even increase the number of affiliated beauty products brands to improve the choices for their customers. As they have improved the employability chances for their students by creating beneficial business relationships with Kryolan and MAC, they should increase the list, which will also be a productive marketing strategy. This is because the students will opt to study in an institution whose certificate has a greater guarantee of winning in the job market. ACSM has also ensured that the number of students enrolled in a course per year is at its best size to allow best learning environment for every student. This is also another business opportunity that they should engage in to maximally to avoid losing customer trust. Australian College of Specialist Make-up Performance (ACSM) ACSM has performed great by training competitive professional who has flooded the beauty and SPA career. They has have also perfumed excellent by ensuring they create helpful channel which the students can effectively use to get employed after graduating. Based on the reports and replies observed in the social media platforms, their customers are adequately satisfied with their services. Also, their platforms have 5-star reviews, which is a clear indication that they offer quality services. Their Facebook page review is shown in the figure below. It is a good idea for business to keep their performance information highly confidential to avoid counter attacks by the competitors. ACSM has ensured that there is limited leakages for their business transaction information, hence the only information I could get was qualitative. The institution has strategically created their advertisement and scheduled their activities, hence ensuring the customers get the best information about their services. They develop brochures to inform the interested parties about the institutions and improvements in their services. They also create events that sensitize the community and the world as a whole about their focus. Below is an example of the upcoming event that will benefit the participants and showcase their competitiveness in the beauty market (ACSM, 2017). References ACBT (2017). About Us - Australian College of Beauty Therapy. [Online] Australian College of Beauty Therapy. Available at: https://www.acbt.com.au/about-us/ [Accessed 18 Nov. 2017]. ACSM (2017). About ACSM Specialist Make Course in Perth | ACSM. [Online] Australian College of Specialist Makeup. Available at: https://www.acsm.com.au/about/# [Accessed 18 Nov. 2017]. ADMA (2015). Adma.com.au. Available at: https://www.adma.com.au/sites/default/files/ADMA-Code-of-Practice-1-Sept-2015.pdf [Accessed 17 Nov. 2017]. Anderson, T. (2011). The Statistical Analysis of Time Series. New York, NY: John Wiley Sons. Brockwell, P. and Davis, R. (2016). Introduction to Time Series and Forecasting. Cham: Springer International Publishing. Business Queensland (2017). Develop a marketing strategy | Business Queensland. [Online] Business.qld.gov.au. Available at: https://www.business.qld.gov.au/running-business/marketing-sales/marketing-promotion/strategy [Accessed 17 Nov. 2017]. Business Victoria (2017). Marketing strategies and tactics | Business Victoria. [Online] Business.vic.gov.au. Available at: https://www.business.vic.gov.au/marketing-sales-and-online/increasing-sales-through-marketing/marketing-mix-strategies-and-tactics [Accessed 17 Nov. 2017]. Faisal, A. (2016). Marketing Strategies in Online/Digital Marketing. Account and Financial Management Journal, 3(1). Ryan, D. (2014). Understanding digital marketing: marketing strategies for engaging the digital generation. Choice Reviews Online, 52(05), pp.52-60. Tsay, R. (2013). Analysis of financial time series. Hoboken, N.J.: Wiley.