Reference no: EM133138651
BSBMKG541 Identify and evaluate marketing opportunities
This unit describes the skills and knowledge required to identify, evaluate and take advantage of marketing opportunities by analysing market data, distinguishing characteristics of possible markets and assessing viability of changes to operations.
The unit applies to individuals working in a supervisory or management marketing or advertising role within a marketing or advertising team or media organisation.
Questions
1. Complete the table below:
a) Identify at least two legislations relevant to marketing operations.
Marketing operations refer to the activities and efforts performed by an organisation to achieve their marketing objectives and plans, and to take advantage of marketing opportunities.
b) For each legislation identified, outline at least three requirements which affect marketing operations.
2. Bounce Fitness is a premiere fitness centre with its head office located in Cairns. Besides offering fitness services, they also sell products such as pre-workout powders, protein powders, and glutamine tablets and powders. These are supplied by supplement manufacturers.
Learn more about Bounce Fitness in the link below:
Introduction
Access and review information about Bounce Fitness's products and services in the link below:
Bounce Fitness Products and Services
Answer the following questions about Bounce Fitness and the requirements that affects its marketing operations.
a. Specify the industry to which Bounce Fitness belongs.
b. Complete the table below:
i. Identify at least two codes of practice applicable to Bounce Fitness' marketing operations.
ii. For each code of practice identified, outline at least three requirements which affect marketing operations.
c. Complete the table below:
i. Identify at one national standards for food and workout supplements that affect Bounce Fitness' marketing operations.
ii. For identified national standard outline at least three requirements which affect marketing operations.
3 Answer the following questions on calculating financial viability of marketing opportunities.
a. In 50 words or more, discuss why long-term profitability of marketing opportunities is a measure of financial viability.
b. Identify the formula in calculating long-term profitability.
c. Discuss the three steps in calculating long-term profitability.
d. In 50 words or more, discuss why return on investment of marketing opportunities is a measure of financial viability.
e. Identify the formula in calculating return on investment.
f. Discuss the four steps in calculating return on investment.
g. Outline at least two different costs that must be identified when calculating the viability of marketing opportunities.
4 Answer the following questions on financial and marketing data.
a. Explain briefly what financial data is.
b. Explain briefly what marketing data is.
c. Listed below are the two types of data. Explain how each of the types of data listed can be used in evaluating marketing opportunities.
5 Access and review the following about Bounce Fitness's organisation structure, products and services through the links below.
• Bounce Fitness Corporate Marketing Plan
• Bounce Fitness Products and Services
• Hierarchical Structure - Centres
• General Manager Marketing
Answer the following questions about Bounce Fitness' organisation structure, products and services.
a. Outline Bounce Fitness' organisation structure for the following:
i. Their Head Office
ii. Each of their Centres.
b. Identify who is responsible for marketing activities based on Bounce Fitness' organisation structure.
c. Identify five specific skills that are required for the role of the General Manager Marketing.
d. Complete the table below.
i. Identify the two highest priced products of Bounce Fitness.
ii. Identify the health benefits in consuming each of these products.
e. Complete the table below.
i. Identify at least three services of Bounce Fitness.
ii. Describe the conditions and validity for each service.
6 Complete the table below.
i. List at least three principles of marketing.
ii. Explain how each principle can be followed when conducting marketing activities.
7 List and discuss the seven elements of the marketing mix.
8 Complete the table below.
a. List the three methods of statistical analysis.
b. Explain how each of the methods is used to analyse marketing opportunities.
9 Listed below are different statistical techniques used to evaluate marketing opportunities. For each technique, answer the following questions:
a. Define each technique in your own words.
b. Explain how each technique can be used to evaluate marketing opportunities.
Statistical Technique
a. Cluster
Analysis
b. Probability Assessment
c. Linear
Regression.
d. Extrapolation of Trends
10 Explain each Key Principle of marketing.
Value creation and delivery
Customer needs and behaviour
Competitive advantage
Resource management
Communications and engagement
Omni-channel experience
Information and data
New technology and tools
Innovation and improvement
Business Ethics
Privacy
Business sustainability
11 What is Porter's Five force model?
12 To apply the innovative approaches effectively, your organisation and in particular, your marketing team, must implement some practices. List some of the approaches for the development of marketing opportunities.
13 Explain what is meant by ROI and how it should be calculated.
14 List any three best practices when communicating the viability and potential of marketing opportunities to key stakeholders.
Project
Student Instructions:
1. You must complete the full project and provide enough information to demonstrate sufficient understanding of what has been asked to achieve competency
2. Your work on this assessment should be on a separate document using word processing software such as MSWord & or other software (handwritten submissions are only acceptable with prior approval from your Trainer)
3. Your document should be properly formatted and titled with the Unit Code and
Assessment number (e.g. BSBMKG541 Assessment 2)
4. Ask your trainer/assessor if you do not understand what is required in this assessment. Whist your trainer/assessor cannot tell you the answer, he/she will be able to offer you guidance in the requirements of the task or provide further assistance based on the Institute's "Reasonable Adjustment Policy"
5. The document you produce should primarily be your own words and not plagiarised, nor copied
6. Material taken directly from other sources must be presented in quotation marks (" ") and be suitably referenced
7. Assessment forms and templates are provided in each task in this Project Assessment, unless otherwise specified.
8. If you are currently in workplace, you may use similar forms and templates used by your organisation to complete the assessment. However, all requirements specified in the task must be included in your submissions.
PROJECT
This project assessment requires you to identify and evaluate at least three marketing opportunities.
This assessment is divided into four tasks:
• Task 2.1: Explore Marketing Opportunities
• Task 2.2: Select Marketing Opportunities
• Task 2.3: Seek Feedback on Current Operations and Viability of Changes
• Task 2.4: Incorporate Feedback and Identify Resource Requirements
This project requires you to complete the assessment tasks in a simulated environment where the conditions are typical of those in a working environment in this industry.
Each task comes with a set of instructions. You are to follow and perform these instructions while being observed by the assessor and/or submit any required documentation as evidence of task completion.
Before starting this assessment, your assessor will discuss with you these tasks, including instructions, resources, and guidance for satisfactorily completing them.
You are required to:
• Complete the tasks within the time allowed.
• Identify at least three marketing opportunities and analyse them for organisational compatibility.
• Create a Marketing Opportunities Analysis incorporating viability analysis, return on investment and potential competitors, and select two opportunities.
• Conduct a meeting with relevant stakeholders and communicate viability and potential of the selected marketing opportunities.
• Seek feedback from stakeholders on the opportunities and the required changes to current operations.
• Incorporate stakeholder feedback for changes to current operations and identify resources required.
Task 2.1 Explore Marketing Opportunities
ASSESSMENT INSTRUCTIONS
This task requires the students to identify and analysis of marketing opportunities, identify a potential new market, and apply innovative approach to develop each of them.
• Identification and analysis of at least two of each of the following:
o Market needs for the business
o Business needs for the business
• Identify at least three marketing opportunities.
• For each marketing opportunity, identification of the following:
o Needs addressed by the opportunity
o At least one unique target market
At least two of the target markets that you identify must be new target markets.
• Analyse each marketing opportunity for organisational compatibility according to:
o Organisation goals for marketing
o Organisation staff performance for marketing
o Organisation's performance of products or services
o Organisational policies and procedures for marketing
• Identify and apply at least one innovative approach for each marketing opportunity. Innovative approaches refer to using new ways to address the needs with the identified marketing opportunities, and can involve the use of the new technology, new products and services, new pricing models or creative communications.
Task 2.2 Select Marketing Opportunities
This task will require you to write a Marketing Opportunities Analysis by analysing viability of marketing opportunities you identified in Workplace Project Task 1, calculating the return on investment and identifying potential competitors, and selecting two marketing opportunities.
Use your workplace/organisation's template to complete this task or use the Marketing Opportunities Analysis template provided as Appendix 1.
• Complete the following steps for each of the three marketing opportunities identified in Project Task 2.1:
o Analyse each opportunity using SWOT analysis framework.
o Calculate the return of investment for each identified opportunity for a specific financial period.
o Identify at least two potential competitors for each opportunity, including the following for each competitor identified:
• At least one competitive advantage
• At least one competitive weakness
o Analyse viability of the opportunity, based on the information analysed above.
• Evaluate the marketing opportunities based on the outcomes of viability analysis.
• Select at least two marketing opportunities according to:
o Outcomes of viability analysis
o Organisational policies and procedures for selection of viable marketing opportunities.
• Write a Marketing Opportunities Analysis with the information identified above. You will need to access this information in Project Task 2. 3
Task 2.3: Seek Feedback on Current Operations and Viability of Changes
ASSESSMENT INSTRUCTIONS
This task requires the student to conduct a meeting with at least two relevant stakeholders to discuss and seek feedback on the selected marketing opportunities, changes to current operations and viability of the changes, while being observed by the assessor.
Relevant stakeholders refer to groups or individuals who are leaders, managers, or implementers of organisational and marketing operational processes and decisions.
Student can use their workplace/organisation's template to complete this task, or use the
Meeting Minutes Template provided as Appendix 2
Access and review the following:
• Marketing Opportunities Analysis Template Appendix 1 from Project Task 2. 2
• Organisational documentation on current marketing operations, including information on:
o Team members
o Processes involved
o Technologies to be used
o Physical resources required
o Budgets and financial resources required
You will be assessed on your practical skills to:
• Discuss and the viability and potential of at least two selected marketing opportunities from Project Task 2.2
• Discuss how current marketing operations can support the selected marketing opportunities
• Discuss at least one change needed to each of the following for each selected marketing opportunity:
o Team members supporting current marketing operations
o Existing processes
o Current technologies
o Existing physical resources
o Budgets and financial resources
• Seek feedback on the following:
o Selected marketing opportunities
o Required changes to current operations to carry out the selected marketing opportunities
o Viability of the changes to current operations.
You must complete a meeting minute during your meeting. Student can use their workplace/organisation's template to complete this task, or use the
Meeting Minutes Template provided as Appendix 2.
Task 2.4 Incorporate Feedback and Identify Resource Requirements
This task requires the students to review and incorporate the stakeholder feedback from Project Task 2.3 and determine resource requirements for the selected marketing opportunities and submit a written report to your assessor.
The student must submit evidence of incorporating feedback and resource requirements. Report must show that the student determines what is required for implementing these changes based on stakeholder feedback from Project Task 2.3, including:
• At least one action plan including:
o Action items
o Expected timeline
• At least one team member
• At least one technology resource
• At least one physical resource
• At least one item of financial support
Attachment:- Evaluate marketing opportunities.rar