College: Sydney Metro College
Task 1: Identify marketing opportunities
The candidate will demonstrate skills and knowledge required to investigate marketing opportunities.
You will analyse BBQ Fun simulated business to identify two marketing opportunities, research potential new markets, assess opportunities with respect to contribution to the business, and explore innovative approaches. You will then prepare a brief presentation for marketing peers to support and explain the two marketing opportunities you have identified.
Requires you to identify and evaluate two opportunities for BBQ Fun organisation.
In your analysis, consider types of markets and aspects of the marketing mix such as distribution, products and types of promotional activities, for example:
For example, if you identify an e-commerce opportunity, determine how to apply the e-commerce opportunity to the organisation including aspects such as media, web-design to appeal to target markets, integration with existing operations, marketing strategy and overall strategic directions.
Task : Identification of marketing opportunities
The given assignment wishes to identify and critically evaluate the various types of marketing opportunities which are adopted in the context of the organisational aspect of the company BBQfun. Consequently, the different sections of the study will focus its attention to assess the marketing needs of BBQ limited based on the parameters which are likely to be performances of the competitors, requirements of the clients, marketing development and trends, ethical and legal considerations and profitability. Thus, the business organization mainly aims to implement its strategic courses of action to order to keep in pace with that of the ever increasing demands and competition that is prevailing in the retail market. Various methods have been undertaken to evaluate the opportunities for marketing and at the same time, fruitful methods have been ascertained to deal with the new market scenario. The marketing and sales policy of BBQ fun runs on certain ethical principles and legislation which adheres to the definite code of conduct that is laid down by the Australian government. The company BBQ fun has been considering the implementation of strategic approaches to marketing in the process of enhancement and development of newer market shares.
1. Identification of opportunities and analysing information on BBQ fun
Identification of marketing opportunities of BBQ on the basis of following parameters:
i) Comparative market information
As per the case scenario that is presented in the study, the market of a national outdoor market has reached towards attaining a greater foothold in the long run. The market value of $300 million dollars was achieved in case of BBQ fun limited. The growth in the market share of the retail company happened as a result of the combination of several factors. It is expected that the sales for outdoor lifestyle have increased by leaps and bounds.
ii) Performance of the competitors’
The company BBQ fun has been facing intense rival competition from the retail industry that is currently operating in Australia. Moreover, the company has received competition from the national as well as from that of the local market. Mostly, the e-commerce section of the company has been subjected to competition as its competitors are having a larger network of distribution.
As per the local scene of the competitive market is concerned, outdoor lifestyles shops of Australia are coming up on a larger scale making it tougher for the company to survive in the future.
iii) Requirements of the customers
The customers' needs, tastes and preferences have constantly undergone changes over the larger period of time. So the company has to change their marketing strategies accordingly. They are choosing professional and modernised technique of decorating their houses. Thus, BBQ has to manufacture its products accordingly (Grant, 2016).
iv) Ethical and legal requirements
The company aims to follow an ethical work culture for which it adheres to the various set of principles and code of conduct that can be useful in achieving the various standards for meeting the needs of the people.
v) Market share
The market share of the company has also been increasing on a greater front thus complying with the needs and services of the people in the short as well as in the longer run. In Brisbane, the company has recorded a higher market growth rate in the long run scenario of the organisation. The Australian suppliers, as well as the manufacturers, have been adding greater market and economic value as far as the outdoor lifestyle products are considered (Vahlne & Johanson, 2017).
vi) New and emerging market
The marketing development and trends have been enhancing over the recent world scenario. Various opportunities are being created to diversify the market. This has attracted the targeted customers on a greater front thus widening the opportunities for further growth and developmental activities (Baker, 2014).
vii) Market trends and developments
The various trends and developmental activities for the company has mainly been diversified to enhance their sophistication in various ways which are clearly evaluated as follows:
i) The target customers are trying to be widening their selection of the different choices concerning the different trends of the market (Öztamur & Karakadılar, 2014).
ii) The quality of the items that are produced by BBQ organisation is developing a greater level of uniqueness.
viii) Sales figure
As per the current market growth of the company that is estimated, the figure tends to reach around 6%of the total revenue that is generated for the upcoming years. The revenue that was gained in 2009 was found to be $300 and the figure for sales will be coming to 300 + 18 = $300.
Though there has been an enormous struggle to maintain the profitability of the company due to certain unforeseen situations, several measures have been undertaken for enhancing profitability and maintaining a stable growth in the market. Thus, the profitability aspects of the company have been increasing to a greater level (Gummesson, Kuusela & Närvänen, 2014).
Thus, the two different marketing opportunities that were taken into consideration out of them were achieving a greater degree of market share and development of newer marketing trends and developments with a focus on the customer and marketing demands (Baker, 2014).
2. Potential new markets on the organisation
The potential markets may throw light on the various opportunities for the strategic marketing theories. Moreover, the company has been enhancing its market share and at the same time developing newer approaches to marketing. This has been possible with the help of the product diversification for the market. The products have been developed as per the diversification aspect that is determined by the company (Zeriti, Robson, Spyropoulou & Leonidou, 2014).
3. Usage of a suitable methodology to assess the different marketing opportunities
With the help of the suitable marketing tools that is gap analysis, the deviations in the performances of the business can be clearly ascertained in this particular context of the study. Basically, it aims to take note of the different gaps or deviations in the business processes in the long run scenario. The strategic gap analysis that has been indicated talks of the best usage of the technical aspects that can be used by BBQ to gain a much greater foothold in the marketing aspects.
4. Impact of the marketing opportunities on businesses
The growth of the company has been majorly relying upon the varied strategies of marketing that are being applied by them for ensuring smooth functional activities. This has been subdued mainly by the use of effective strategies of marketing in the long run scenario of its functioning aspects.
There has been seen an enormous increase in the volume of sales which has been consequently reaping greater results in the business. This has enhanced the revenue in the long run scenario.
The profitability of the company has been increasing on the greater run following the ethical principles of the businesses. This has attracted greater customers in the long run as well as in the short run scenario.
5. Usage of statistical methods to focus the impacts
The application of the statistical process of least square methods for forecasting the demand scenario has been dealt by the help of regression analysis. This will inculcate the differences between the independent as well as with that of the dependent variables. Thus, the regression equation that can be determined as under can be explained as under:
Where Y = estimated value that is ascertained for Y for the value of X
b= change that is determined for a variation in X
The a and b are found to be constant
Hence, the equation will be:
Hence, there evolves a positive relationship between the amount for X and Y. This clearly indicates the positive growth of demand for all kinds of the market with regards to BBQ.
6. Exploration and development of entrepreneurial, creative along with some innovative options
The entrepreneur needs to focus on their core products, which needs to have a successful entrepreneur in terms of e-newsletter has built their business within a Mantra. In addition, mantra states that prospects can also buy while they trust their value needs to be applicable to them along with believing their company needs to be stable (Dhaugoda & Dang, 2015). The entrepreneur needs to keep their pitch simple, stay true to who they are, mapping their capabilities along with the needs of their target client and they usually utilize the marketing tools, which work the best for the entrepreneur. Lastly, they need to implement the plan regarding their activities.
The project study has been mainly into describing the various marketing strategies that are undertaken by BBQ fun in order to explore the marketing prospects of the company. The usage of the different statistical methods has been evident in present the proper volume of sales, growth rate, a degree of profitability and market share of the company. Moreover, the development of the entrepreneurial activities has been evident in evaluating the different methods of profitability for the businesses.
Part b: PPT
Marketing opportunity refers to a lead that is accepted by the sales, which has been further qualified as there is need of the services or products (Plangger & Robson, 2014). The aim of this presentation is to identify along with evaluating the marketing opportunities. This presentation focuses on different creative or the innovative options for BBQ Fun in terms of selecting the marketing opportunities.
Describing two marketing opportunities
New marketing opportunities can spring from ranges based on possible sources including vary within their importance, size including risks
· Different utilizations for the established imaging or the document technology
· New vertical or demographic industry segments
For the marketers based on document equipment including imaging, supplies and the software, the tasks in terms of investigating the possibilities beyond the existing markets of BBQ needs more judgments, objectivity, creativity and energy. Furthermore, nothing is found to be more important for this enterprise than for finding and exploiting their new market opportunities. Even this business is robust; there are always the needs for hunting for the new turf, for guarding against their time when the strong service or product category might become declining or static.
Effect of opportunities on business
With the different implications for break-even analysis, the company has used the statistical methods to the greater extent. The results that have been quiet on the positive side. This has affected the parameters of growth profitability, sales volume and market share.
Supporting the choice based on marketing opportunities
· Vertical segmentation is chosen as an effective marketing opportunity (Weijo, Martin, Arnould & Ger, 2018)
· Segmenting BBQ Fun marketing refers to picking the specific niche
· It also includes a try for branding the BBQ Fun itself as the products or services
· Products specialize in the BBQ Fun's niche
The BBQ Fun needs to segment their market vertically, thus, they need to focus the information regarding their comparative markets, analysing the performance of the competitors and make the requirements of the customer as a base for marketing their products and services.
Describing the creative or innovative options
· Innovative practice of BBQ Fun contributes towards the development of an economy
· This can be achieved via fostering the development regarding the new markets including the existing market’s improvement
· The organization needs to carve their niche along with building the credibility of an industry
· They need to help the people in discovering their content
BBQ Fun needs to send out their irresistible e-coupons, wherein, the management of the chosen organization needs to use the brainstorming techniques for the innovation, including creative and the problem solving (Smith et al. 2014). In addition, all three key components for bringing the innovation can be taken as the business strategy for the chosen organization. Moreover, the operators of this company extend their core, business builders need to develop the new opportunities and the visionaries involved in creating the viable options.
After analysing the analysis towards identification and evaluation of marketing opportunities for BBQ Fun, it has been found that they have different options as well in relation to their new market opportunities. In addition, they have an alternative, an improved imaging, or the document technology, they can focus the new regions regarding the geographic segmentation and they go for the alternative offerings based on supplies, service models including other annuities.