Marketing Mix Establishment and Adjustment

This assignment focuses on establishing and adjusting the marketing mix according to various factors. Students are presented with a practical case scenario requiring them to analyze environmental influences, consumer preferences, and marketing objectives. They must then propose a suitable marketing mix that satisfies target market needs while aligning with organizational goals. The assessment also emphasizes monitoring and adjusting the marketing mix based on performance data and market feedback.

Assessment Cover Sheet
Assessment Week Seven Details
Term and Year Term 4 2017
Assessment Type
Due Date Class Room
Student Name:
Student ID No:
Date:
Qualification : BSB50215 Diploma of Business
Unit Code: BSBMKG502
Unit Title: Establish and adjust the marketing mix
Assessor’s Name
Student Declaration: I declare that this work has been
completed by me honestly and with integrity. I understand
that the Elite Education Vocation Institute’s Student
Assessment, Reassessment and Repeating Units of
Competency Guidelines apply to these assessment tasks.
Assessor Declaration: I declare that I have conducted a
fair, valid, reliable and flexible assessment with this student,
and I have provided appropriate feedback.
Name: Name:
Signature:
Signature:
Date: Date:
Student was absent from the feedback session.
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Assessment/evidence gathering conditions
Each assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only
achieve competence when all assessment components listed under procedures and specifications of the assessment
section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is
assessed as NYS is eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did
Not Submit (DNS) will be recorded.
Principles of Assessment
Based on Clauses 1.8 – 1.12 from the Australian Standards Quality Assurance’s (ASQA) Standards for Registered Training
Organizations (RTO) 2015, the learner would be assessed based on the following principles:
Fairness - (1) the individual learner’s needs are considered in the assessment process, (2) where appropriate, reasonable
adjustments are applied by the RTO to take into account the individual leaner’s needs and, (3) the RTO informs
the leaner about the assessment process, and provides the learner with the opportunity to challenge the result
of the assessment and be reassessed if necessary.
Flexibility – assessment is flexible to the individual learner by; (1) reflecting the learner’s needs, (2) assessing competencies
held by the learner no matter how or where they have been acquired and, (3) the unit of competency and
associated assessment requirements, and the individual.
Validity – (1) requires that assessment against the unit/s of competency and the associated assessment requirements
covers the broad range of skills and knowledge, (2) assessment of knowledge and skills is integrated with their
practical application, (3) assessment to be based on evidence that demonstrates tat a leaner could demonstrate
these skills and knowledge in other similar situations and, (4) judgement of competence is based on evidence of
learner performance that is aligned to the unit/s of competency and associated assessment requirements.
Reliability – evidence presented for assessment is consistently interpreted and assessment results are comparable
irrespective of the assessor conducting the assessment
Rules of Evidence
Validity – the assessor is assured that the learner has the skills, knowledge and attributes, as described in
the module of unit of competency and associated assessment requirements.
Sufficiency – the assessor is assured that the quality, quantity and relevance of the assessment evidence
enables a judgement to be made of a learner’s competency.
Authenticity – the assessor is assured that the evidence presented for assessment is the learner’s own work.
This would mean that any form of plagiarism or copying of other’s work may not be permitted and
would be deemed strictly as a ‘Not Yet Competent’ grading.
Currency – the assessor is assured that the assessment evidence demonstrates current competency. This
requires the assessment evidence to be from the present or the very recent past.
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Resources required for this Assessment
• All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint
• Upon completion, submit the assessment via the student learning management system to your trainer along with the
completed assessment coversheet.
• Refer the notes on eLearning to answer the tasks
• Any additional material will be provided by Trainer
Instructions for Students
Please read the following instructions carefully
• This assessment is to be completed according to the instructions given by your assessor.
• Students are allowed to take this assessment home.
• Feedback on each task will be provided to enable you to determine how your work could be improved. You will be
provided with feedback on your work within 2 weeks of the assessment due date.
• Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge.
You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of
competency.
• If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
• Please refer to the College re-assessment and re-enrolment policy for more information.
Procedures and Specifications of the Assessment
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The candidate must demonstrate the ability, knowledge and skills to evaluate each component of the marketing mix and
determine a suitable marketing mix for specific markets, as well as monitor and adjust the marketing mix.
The candidate is to write a brief on the marketing mix in their own workplace or a workplace that they are familiar with. The
brief should address the evaluation of all components within the marketing mix and marketing performance. The brief is to
be presented to the class.
The brief and the presentation should consider the key characteristics of the product, the promotion methods and each
component of the adjusted marketing mix. The brief needs to evaluate the contribution made towards the organisation’s
marketing objectives, strategies and desired positioning.
Your assessor will be looking for a brief that:
• addresses each point of the procedure described above
• establishes the marketing mix for a specific market
• evaluates each component of the marketing mix
• demonstrates the monitoring and adjusting of the marketing mix
• demonstrates culturally appropriate communication skills to relate to people from diverse backgrounds and people
with diverse abilities
• contains the literacy skills needed to analyse market information, write in a range of styles for different audiences
and interpret requirements
• contains the numeracy skills to interpret test results and to manage marketing budgets
• demonstrates organisational and time management skills to design and adjust a marketing mix.
Candidates must demonstrate their knowledge of:
• key provisions of relevant legislation, codes of practice and national standards that affect business operations
• organisational policies, procedures, products and services
• principles and concepts of marketing such as buyer behaviour and the analysis of elements of the marketing mix
• numeracy techniques.
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Assessment Week 7
1. Based on Assessment Week 5’s practical case scenario, identify environmental factors and assess their
potential impact on the marketing mix.
Politics
(how does this factor
impact the company’s
marketing mix)
The public health department discourages peoples from eating fast
foods, thus affecting McDonald in terms of customers.
Economics
(how does this factor
impact the company’s
marketing mix)
Economic factors such as high unemployment rate across the world
have caused people to spend less on fast food thus affecting the
purchase products from McDonald.
Social
(how does this factor
impact the company’s
marketing mix)
Products from McDonald such as fast food are been criticized for
their negative health effects on people leading to low sales.
Technological
(how does this factor
impact the company’s
marketing mix)
McDonald has improved its technology department by use of apps
and website thus being able to gain more customers globally.
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2. Provide a list of consequences for the organisation and customers/ clients in a SWOT analysis
Strengths Weaknesses
McDonalds has become a leading market
contender in the fast food restaurant chain.
McDonald has faced a negative publicity of
the food product about the brand.
Opportunities Threats
McDonald is giving attention on further
expansion of the brand globally. McDonald is facing stiff competition from
other fast food companies
3. Identify customer/consumer priorities, needs and preferences and the way they impact the marketing mix (relate
it to either Product, Price, Place, Promotions, People, Physical or Process).
Flexibility
(how easy-going is the
service)
McDonald has created a menu of what the company offers and prices
alongside.
Engagement
(how sincere is the service
given)
McDonald has come up with a strategy that which allows customers
to spend money the way they want.
Fairness
(Is the service free from
discriminatory treatment)
McDonald is transparent in its product and service production and
this has earned the trust by their customers.
Information
(Is there sufficient provided
during service)
Through various campaigns carried out by McDonald, it has been
able to reach provide enough information to a large base of
customers.
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4. If additional products or services or new products will be offered by the company, how would you evaluate
these against: marketing objectives, target market characteristics and desired positioning.
Marketing objectives
The new products needs to McDonald’s market goals of satisfying
the customer’s needs and requirements.
Target market
characteristics
McDonald targets all types of customers from the high income
earners to the low income earners thus introduction of this product
should achieve this.
Product/ service
positioning McDonalds ensures that new products introduced have different
packaging and it’s desirable to be different from its competitors.
5. How would it affect the company’s marketing mix (any adjustments required?)
Marketing Mix Yes No Adjustments required (if ‘Yes’, please state comment/s and if ‘No’, no
comment/s required)
Product ◻ ◻ Adjusting services and products helps McDonald to meet
the required customer’s needs thus increasing its number
sales.
Price ◻ ◻ McDonald should ensure that the products meet the
demands of different customers with different level of
incomes.
Place ◻ ◻ Changing third party companies who act as wholesalers,
transporters and retailers help improve the distribution
channel of product from the McDonald the consumer.
Promotion ◻ ◻ So as to achieve the success of the company’s brand,
McDonald needs to go a step further in terms of
advertising and sales promotion.
People ◻ ◻ McDonald concentrates more and spends more on training
of workers so as to provide better services to the customer.
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Physical environment ◻ ◻ McDonald is tirelessly working to improve its
manufacturing process and also ensure a clean environment.
Process ◻ ◻ To improve customer purchasing experience, McDonald
has created a mobile app that allows customer to order food
online.
6. Discuss how you would monitor the performance of the organisation’s products and or services in order
determine which components should be tested based on the following:
Monitoring activities Explain how does the method
works Review outcomes Review
period
Who would be
responsible
Revenue growth/
profitability
Revenue of sales is
mostly used to
determine the size of a
company.
Annual revenue
reports help
determines size
of company. The
higher the
revenue the
bigger the
company.
12
mont
hs
Account
ants
Customer retention rates
Customer retention
rate indicate how
effective a product or
service is.
The higher the
retention rate
indicates how
good the service
is.
6
mont
hs
Custome
r care
departme
nt
Cost of customer
acquisition
Customer acquisition
cost help indicate a
company’s
profitability.
If the cost of
customer
acquisition is
lower than the
sales then the
product being
sold is effective.
12
mont
hs
Marketin
g
departme
nt
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Social media reach
Social media greatly
assist in advertising of
a company’s product
or service.
The more the
number of
followers of a
company’s social
media, the higher
the rate of reach
of consumer.
12
mont
hs
IT
departme
nt
7. Evaluate the implications of altering one or more components of the marketing mix in response to market factors
and consumer response.
Communication
concerns
(would everyone know
what they are supposed to
do?)
Increasing campaigns will enable McDonald to interact more with its
customers thus understanding what they need.
Resources allocation
(would it be adequate?)
Increasing more resources such as employees to attend to customers’
needs leads to increased number of sales.
Costs
(budgetary requirements,
time and effort)
Developing new specific market that help the company to know the
time, effort and cost it requires to achieve success in the market
world.
Training
(are there sufficient
knowledge and skills for
staffing to undertake new
task?)
Investing more on employees training will equip them with skills will
enable McDonald to meet customer’s requirements.
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8. Ensure adjusted marketing mix continues to meet organisational, strategic and operational marketing objectives,
and desired positioning by addressing the following:
a. Summarise the key marketing objectives for the company (the objectives may be financial, with a goal to
increase sales, or marketing focused, to build awareness of the proposed new product or service). An effective
(and accountable) way to define the marketing objectives is to follow the ‘SMART’ acronym (Specific,
Measurable, Achievable, Realistic and Timely).
Specific The main goal of McDonald is to meet demands of customers from
all sorts of life depending on the high income earners and low income
earners.
Measurable McDonald has employed certain measuring metrics to be able to
determine the success of the marketing goals set.
Achievable By setting reasonable goals such as satisfying customers’ needs,
McDonald’s employees are motivated to work.
Realistic Realistic goals are determined by certain factors such as enough
number of employees and availability of resources and are vital when
setting up goals and this is what McDonald has focused on.
Timely McDonald has set a timeline when creating marketing objectives to
allow monitoring and adjustment processes.
b. Provide a short discussion on how the company would position itself within the market to meet its customers’
needs with the proposed product/ service in order to differentiate itself from competitors.
Product/ service
(what are the customer benefits,
unique selling proposition,
additional support to offer,
potential spin-offs)
McDonald should produce a service or product that benefits the
customers and meet customer’s requirements.
Pricing
(what is the pricing – low, medium
or high, what is the competitor’s
pricing, what unique value does
the product/ service offer/ deliver)
To attract more customers, McDonald should adjust its price of
products different and lower compared to its competitors.
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Place
(which distribution channel would
be used)
McDonald should take advantage of the internet and offer internet
facilities outlets and use it as a good distribution channel to satisfy
customer’s requirements.
Promotion
(online, public relations,
advertising, sales promotion,
packaging and branding)
Effective promotion such as sales promotions, advertising and public
relation will enable more brand recognition and sale.
People
(training in place to drive constant
improvement, communication
skills, ‘living’ the company brand)
McDonald should invest more in employee training for them to
acquire skills to be able to meet consumers’ needs.
Process
(what changes are to be made to
improve customer experience
during sales of product/ service?)
Investing more on online platforms and social media will enable
McDonald to reach out to more customers.
Physical environment
(what changes can be made to
improve the retail space?)
McDonald need to focus more on keeping the environment clean such
as buying of beef practices thus reducing deforestation.
c. Provide a summary on the following:
Critical success factors
(what are the considerations
needed to enable the new
marketing mix to be successful?)
For a company to be successful, it needs first to identify the overall
marketing goal and then identifying the target market.
Organisational
contingencies
(outline alternative options if plan
does not go as planned)
By focusing on market mix, a company needs to change the different
ways it carries on these various sections such adjusting its products
prices.
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Assessment Feedback Week Seven
Student’s name:
Trainer/ Assessor’s name: Date:
Unit name: BSBMKG502 Establish and adjust the marketing mix
Assessment Submission Checklist to be completed by the Trainer/Assessor
Did the student complete and provide evidence for the following: Yes No
1. Provide a discussion related to the practical case scenario on the short questions? ⬜ ⬜
2. Provide an analysis for the practical case scenario? ⬜ ⬜
3. Submit within agreed timeframe? ⬜ ⬜
Has the learner proven they can: Yes No
2.1. Identify and asses environmental factors for their impact on marketing mix ⬜ ⬜
2.2. Identify consumer priorities, needs and preferences that affect marketing mix ⬜ ⬜
2.3. Consider product, pricing, promotional, distribution and service variations, and evaluate these against
marketing objectives, target market characteristics and desired positioning ⬜ ⬜
2.4. Select marketing mix that best satisfies target market and meets marketing objectives ⬜ ⬜
2.5. Ensure marketing mix decision meets organisational, strategic and operational marketing objectives ⬜ ⬜
3.1. Monitor marketing mix against marketing performance and isolate components for testing ⬜ ⬜
3.2. Evaluate implications of altering one or more components of marketing mix in relation to market
factors and consumer response ⬜ ⬜
3.3. Adjust components of marketing mix in response to test results and evaluation of market response ⬜ ⬜
3.4. Ensure adjusted marketing mix meets budgetary requirements ⬜ ⬜
3.5. Ensure adjusted marketing mix continues to meet organisational, strategic and operational marketing ⬜ ⬜
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objectives, and desired positioning
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FEEDBACK TO STUDENT:
Assessment outcome ⬜ Satisfactory ⬜ Not Yet Satisfactory ⬜ Re-assessment
required
Student
Signature
The result of my performance in this unit has been discussed and explained to me.
____________________________ Date: ______________
Student signature
Trainer/
Assessor’s
Signature
Trainer/ Assessor’s declaration:
I hereby certify that the above student has been assessed by myself and all assessments are carried out as required by the
Principles of Assessments (Clause 1.8 of the Standards for RTO 2015).
____________________________ Date: ______________
Assessor signature
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