BSBMKG501 Identify And Evaluate Marketing Opportunities Assessment Task 1 Answer

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Question :

BSBMKG501 Identify and evaluate marketing

opportunities

Written answer question guidance

The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.

Note that the following guidance is the minimum level of response required.

Analyse – when a question asks you to analyse something, you should do so in in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.

Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long.

Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long.

Discuss – when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long.

Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long.

Evaluate – when a question asks you to evaluate something, you should do so putting forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.

Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.

Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long.

Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long.

List – when a question asks you to list something, this means that you are asked to briefly state information in a list format.

Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long.

Summarise  when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.

Assessment Task 1 Instructions

Provide answers to all of the questions below:

  1. Identify and outline five examples of legislation and regulations that apply to the marketing industry in Australia.
  2. Identify two relevant Codes of Practice for the marketing industry and outline the purpose of the Code and its key components.
  3. Explain each of following terms in relation to marketing opportunities: market penetration, market development, product development and diversification.
  4. Explain each of the phases of the product life cycle.
  5. Explain the purpose of the marketing mix and each of its components.
  6. Explain why the marketing mix is important in bringing a product or services to the market.
  7. Outline four key steps in the marketing process
  8. Describe four statistical methods and/or forecasting techniques that can be used to evaluate marketing opportunities.
  9. Describe a method that can be used for forecasting market growth rate.
  10. Define the term return on investment and explain how it is calculated.

Assessment Task 2: Marketing opportunities identification project

Task summary

This assessment task requires you to identify and evaluate marketing opportunities for a company of your choice. This will include conducting research and analysis to identify the marketing opportunities and investigating and reporting on those opportunities.

This assessment is to be completed in the simulated work environment in RSB.

Required

  • Access to textbooks/other learning materials
  • Computer with Microsoft Office and internet access
  • Meeting space with a presentation projector and screen

Submit

  • Email with marketing review report attached
  • Email summarising the three most viable marketing opportunities.

Assessment criteria

For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.

Re-submission opportunities

You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.

You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.

You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

Assessment Task 2 Instructions

This assessment task requires you to identify and evaluate marketing opportunities for a company of your choice, so you will need to identify a company and access its Marketing Plan.

You can choose a company by researching the internet for a Marketing Plan for a company that you are interested in. The marketing plan must include business goals, target customers, marketing/branding strategy, sales forecasts and marketing budget to provide sufficient information in order to be able to complete this assessment.

Before you start the assessment task, you should discuss your choice of company with your assessor who will need to approve your choice before you start the assessment project.

For the purposes of this assessment, assume that you are the Marketing Manager of the company that you have chosen and that your assessor is the Managing Director. Assume that the location of the business is in the city or suburb you are living in.

Complete the following activities:

1. Write a marketing review report.

Thoroughly review the marketing plan for the company you have chosen to ensure that you understand the business objectives, customers and current marketing strategies.

Conduct research on market trends and developments relevant to the business’s products and/or services, potential new and emerging markets, competitors and any other relevant factors. Make notes on your research to share at a meeting with the marketing team.

Based on your review of the marketing plan and your research, identify and assess at least three potential marketing opportunities for the company. Your assessment should focus on each opportunity’s likely contribution to the business. You should also focus on identifying entrepreneurial, innovative and creative ideas for marketing opportunities. Make notes on your ideas to share at the meeting.

Write a short report summarising your review of the marketing plan and research that, as a minimum, addresses:

  • A summary of business objectives, target customers and current marketing strategies.
  • Outline of current market trends and developments, potential new and emerging markets, competitors and any other relevant factors.
  • Explanation of three marketing opportunities that you have identified as being most viable, including your assessment of each of the marketing opportunities with regard to their contribution to the company.

You will be required to present and discuss your report at a meeting with your marketing team. Print out a copy of your report and the marketing plan for each person who will attend the meeting.

2. Send an email to the Marketing Team (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and ask for the time, date and place of the meeting.

Attach your marketing review report and a copy of the marketing plan to the email.

3. Conduct meeting

The next part of your assessment requires you to conduct a short brainstorming session with your team. Your assessor will have allocated a number of other students to be part of your team and your assessor will roleplay your Managing Director.

At the meeting, you will be required to discuss your report, and address:

  • A summary of business objectives, target customers and current marketing strategies.
  • An outline of current market trends and developments, potential new and emerging markets, competitors and any other relevant factors.
  • An explanation of the three marketing opportunities that you have identified.

You are then required to ask your team to share their ideas on the marketing opportunities you have identified and assessed.

Take note of their ideas and get your team to confirm that the three marketing opportunities are viable and align with the organisation’s objectives.

During the meeting, demonstrate effective communication skills including:

  • Speaking clearly and concisely
  • Using non-verbal communication to assist with understanding
  • Asking questions to identify required information
  • Responding to questions as required
  • Using active listening techniques to confirm understanding

4. Send an email to the Marketing Team (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should summarise the three marketing opportunities that were confirmed.

You will explore these three marketing opportunities in more detail in Assessment Task 3.

Assessment Task 3: Marketing Opportunities Evaluation

Task summary

This assessment task requires you to use investigate and report on each of the marketing opportunities that you identified in Assessment Task 2.

This assessment is to be completed in the simulated work environment in RSB.

Required

  • Access to textbooks/other learning materials
  • Computer with Microsoft Office and internet access
  • Marketing Opportunities Report Template

Submit

  • Email with marketing opportunities report and marketing plan attached

Assessment criteria

For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.

Re-submission opportunities

You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.

You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.

You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment

Assessment Task 3 Instructions

Complete the following activities:

1. For each of one of the three the marketing opportunities that you have identified as being most viable, develop a report (in the template provided by your assessor) that addresses:

  • Alignment with the business’ objectives and goals as described in the Marketing Plan
  • Target customers: describe them and identify whether they are new or existing customers
  • Overall benefits to the business of pursuing the opportunity
  • Anticipated effect of the marketing opportunity on sales, profitability, growth and market share. A cost-benefit analysis or existing data in the Marketing Plan could be used to help estimate this.
  • Additional resources that will be required, for example, additional funds, staff or equipment including finances, staff, equipment
  • Estimated effect on return on investment. This should be an approximate estimate taking into account how much the likely cost of the opportunity would be against anticipated return. Use the information in the Marketing Plan to help you answer this.
  • Potential competitors: these may be existing competitors or new ones depending on the marketing opportunity pursued
  • How any changes in economic conditions could impact on each marketing opportunity
  • Technological factors that may affect the marketing opportunities identified
  • Legal issues associated with each marketing opportunity, including legislation, regulations, standards and codes that apply
  • Risks associated with each marketing opportunity. A risk assessment must be completed for each opportunity.

Rank each of the marketing opportunities that you have identified from the most viable to least viable in terms of the potential contribution of each opportunity to business growth. Provide reasons for your rankings.

Evaluate and report on required changes to business operations in the event of the opportunity being pursued. Include the following:

  • What organisational changes would need to be made to current operations in order to take advantage of the opportunities identified?
  • Outline of additional resources that will be required for each of the viable marketing opportunities. For example, if additional staff are needed, how many or, if there are additional costs, what are they and what is the amount?
  • Recommended strategies to ensure that the quality of service to existing customers is not affected by changes made as a result of implementing new marketing opportunities.

Use the Marketing Opportunities Report Template to guide your work. The report should be approximately 3 to 4 pages long.

You may use charts, tables or graphs to illustrate data if desired.

2. Send an email to the Managing Director (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and request feedback on the marketing opportunities that you have identified.

Attach your marketing opportunities report and a copy of the marketing plan to the email.

Show More

Answer :

Answer 1. 

According to the Australian government, two business cannot compare the goods that misleads the customers as per two-price comparison advertising. The competitor firms can display the total cost of the goods and cannot post or circulate any negative opinion that is not verified. The organization will not refund money if the client finds the merchandise cheaper anywhere. The rival organization cannot use credence claims for the disadvantage of the company.

Answer 2. 

Two Codes of Practice for the marketing industry include that the marketers should employ best practices for collecting and handling the personal information for using it in marketing operations. The advertisements should encourage lawful and transparent practices for promotions. The main purpose of the codes is to maintain the integrity of advertisement practices and the key components include consumers, rules and regulations.

Answer 3. 

Market penetration: It is the business strategy to determine the reach of the products to the customers as compared to the total anticipated market of the good.

Market development: It is one expansion stratagem of the company, whereby the firm identifies a new market and develops it for their existing product assortments. 

Product development: The approach where the organization develops or alters the existing product for an updated version to satisfy the current needs of the consumers is product development.

Diversification: it is the stratagem adopted by the business to expand their market either by developing unrelated good or entering the new market to gain new clients. 

Answer 4.

The four stages of product life cycle includes introduction, growth, maturity and decline. In the initial stage, the new good is introduced in the market and follows lag phase and the stakes are high. The second marks the growth as the clients are increasingly using it and often pulls in the revenue. Maturity is marked by saturation in the market and decline is demarcated by fall is the sales of the product. 

Answer 5. 

The components of marketing mix enable the company to effectively communicate with the target market. The components of marketing mix include product, price, place, promotion, physical evidence, processes and people. Each of the element plays crucial role in success of the firm as it narrows and customises the promotions according to the target audience.

Answer 6. 

Marketing mix forms the essential part for creating appropriate strategy to introduce the product or service in the market. It helps in identifying the significant tactics for increasing the visibility of the product or service. 

Answer 7. 

The four key steps in marketing include discovery of the recent trend in the market, formulate strategy, implement the strategy and measure the outcome with the expected results. 

Answer 8. 

Statistical methods that can be used for forecasting marketing opportunities include economic analysis, time series method, statistical demand analysis and exponential smoothing.

Answer 9. 

Survey and judgement forecasting technique can be used for forecasting market growth rate. It comprises of survey done by the clients, expert opinion, and salesman estimates.

Answer 10. 

Return on investment is the measure to analyse the competence of the investments based on their returns. It is calculated by the formula: 

ROI = (Current investment value – investment cost)/ investment cost

Assessment Task 2

Answer 1

In this context, retail business has been selected. The business is of Waitrose. 

Business Objectives
Objective of Waitrose is to become the leading retail food market shareholder in UK 
Target Consumers 
The target consumers are between the age group of 27-45 years 
Premium and fresh food for people above the age of 55

Current Marketing Strategies 
Traditional marketing through banner, leaflets, TV Promotions and Radio
Online marketing through Website and Social Media statistics 
Promotional and offer codes


Current market trends and development 

The UK retail market is competitive in nature and Tesco, ALDI along with Marks and Spencer are ruling the major share of the market. However, the emerging trends of consumer aided technologies and requirement development are facilitating the companies to gain grip in the market. E-commerce has captured 20% of the retail sales since 2019. Thus, Waitrose need to concentrate on the e-commerce development to capture new marketers. Wages hit an 11-year high in June 2019 and business rates, commodity prices and pensions remain high. It is indicating the fact that the buying power of the people have increased. 

Explanation of three marketing opportunities

  • Waitrose has concentrated on the food quality maintenance as their primary concern and airing the fact through 60-second TV commercial.
  • Carefully curated reports & briefings from market specialists to make the strategies of the operation
  • The Waitrose managers are driving three kinds of business such as a traditional supermarket, a takeaway and eat-in hospitality business and a .com business 

Answer 2

Dear Team 

Please note, we are arranging a detailed meeting with the board of members on the marketing plan of the Waitrose. The meeting will be arranged on 15th Dec 2019 at 2 PM.It will be held on the conference hall.

We are attaching the marketing report of the previous quarter. We request you to study the report and please attend the meeting with your views.

Thanking you 

Regards

Waitrose Marketing Development Team 

Answer 3

The meeting has been held, the meeting outcomes have been recorded, and the written documents have been maintained for the meeting driven data tracking. Questions have been raised from the end of the brad members have been answered from the end of the marketing team and have been recorded for future steps and policies. The raised issues for the marketing opportunities has been discussed and the process by which it can be mitigated for market success. 

Answer 4

Dear Team,

From the success of the meeting on marketing opportunities following concerns have been confirmed-

  • Social media data analysis on consumer feedback and product related conversation to enhance the product quality and marketing reach to the new market segments 
  • Commercial advertisements must be crisp and full of content that can gather the attention of the people
  • We have decided to concentrate on traditional supermarket, a takeaway and eat-in hospitality business and a .com business

We consider these can be beneficial for the organization. However, we would like to listen from your end if any addition required 

Thanking you 

Waitrose Marketing Development Team 

Assessment Task 3: Marketing Opportunities Evaluation

3.1 Report for evaluating the e-commerce and traditional market plan 

The main purpose of the business is to expand their market reach and stay afloat in supermarket completion. The target market will include both new clients and retain the old customers. For gaining the new clients, it will concentrate on e-commerce business. When the business pursues the online platform the opportunity to reach the customers increases, thereby escalating the sales. Nonetheless, the old and existing purchasers prefer traditional brick and mortar superstore for their shopping. Takeaway counters generally target the students and the office goers’ youngsters. To strengthen the online mode of selling along with maintain traditional shops, the supermarket requires huge amount of investments, additional staff who are expert on handling online transactions and delivery equipments. Potential threats include ALDI, LIDL, Morrisons, Tesco, Iceland Foods, ASDA, and Kroger. Technological advancements will aid the supermarket in addressing the online e-commerce challenges and better the experience of the users, consequently attracting more number of clients. Economic situation in the country will have huge impact on the industry as it determines the level of expenses an individual can make. As government regulations are stringent the marketing strategies should adhere to the rules to avoid unnecessary legal actions against them. Online marketing strategy had high level of risk due to breach of data and security of bank details.

Most viable marketing opportunity include strategy to maintain three kinds of business, traditional, takeaway and e-commerce. This ranked at the top because to increase the customer base, focus of the company should be on enhancing the experience of the customers and easy availability of the products. Next, viable plan is maintaining the quality of food and commercial ad of 60 seconds. It has been ranked second as quality of the products will ensure repeated purchase of it.  Lastly, the briefings done to the specialists to develop marketing strategies. This will help in identifying the opportunities of the firm to expand and design effective strategy.

The organization need to hire the e-commerce experts to establish a user friendly platform for the proper expansion of the online website. Further, $4500 has to be allocated for conducting market research and setting up the online platform. Additionally, $1000 have to be spent for purchasing delivery trucks and small vehicles. 18 delivery boys should be hired for distribution of the online orders. It is recommended to enhance the experience of the customers, initially the new recruits should be trained as this form of marketing is new for the supermarket. Moreover, the traditional stores and takeaway counters have to distribute leaflets to the existing clients about the opening of online mode of supermarket. 

3.2. An email to the Managing Director 

Dear Sir,

Meeting has been conducted on 15th Dec 2019 at 2 PM for discussing various opportunities of the supermarket. The opportunities and the feedback has been summarized in the report and the marketing plan, which are attached here. Kindly review the documents and provide some valuable suggestions for the betterment of the project.

Thanking you 

Regards

Waitrose Marketing Development Team