Developing Marketing Strategies and Opportunities

This assignment focuses on developing effective marketing strategies by identifying new market opportunities, analyzing their potential impact, and evaluating their financial viability. It involves conducting market research, assessing the fit with organizational goals and capabilities, and determining the return on investment for each opportunity. The process also considers the impact of these opportunities on existing customers and ensures the continued quality of service.

Assessment Summary Sheet
• This form is to be completed by the assessor and used a final record of student competency.
• All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet
before placing on the students file.
• Student results are not to be entered onto the Student Database unless all relevant paperwork is completed and
attached to this form.
Student Name:
Student ID No:
Final Completion Date:
Unit Code: BSBMKG501
Unit Title: Identify and evaluate marketing opportunities
Please attach the following documentation to this form Result
Assessment Week 1 Case study analysis S / NYS / DNS
Assessment Week 3 Case study analysis and presentation S / NYS / DNS
Final Assessment Result for this unit C / NYC
Feedback is given to the student on each Assessment task Yes / No
Feedback is given to the student on final outcome of the unit Yes / No
Student Declaration I have been assessed in a fair and
flexible manner. 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:
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Assessment Cover Sheet
Assessment Week One 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: BSBMKG501
Unit Title: Identify and evaluate marketing opportunities
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
The candidate will demonstrate skills and knowledge required to investigate marketing opportunities.
You will analyse a real organisation or 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.
You may base your analysis and report on BBQfun simulated business and requires you to identify and evaluate marketing
opportunities for your chosen organization or utilizing the BBQfun case study.Identify two marketing opportunities for the
organisation on your chosen organisation’s market and business needs in terms of:
a. comparative market information
b. competitors’ performance
c. customer requirements
d. legal and ethical requirements
e. market share
f. market trends and developments
g. new and emerging markets
h. profitability
i. sales figures
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Assessment Week 1
• Identify two marketing opportunities for the BBQfun’s market and business needs in terms of:
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Characteristics Overview What does it mean for BBQfun
• Queensland
overview
○ high population growth of
5% per year
○ new homes and
renovated homes growing
from a base of 50,000 per
year
○ low unemployment of
4.7%.
The economy of this state shows that it is performing well and
healthily. This in turn, means that retailers such as BBQfun,
would be able to see growth in its businesses as this is
supplemented by good purchasing power by consumers.
Geographic
○ our immediate geographic
target is the area of
Brisbane with a
population of 2,000,000
○ a 30 km geographic area
is the average store
market footprint
○ the total targeted
population is estimated at
450,000.
The chosen geographic area of Brisbane will help
the BBQfun to spread the popularity of the
business among wide group of population. It is also
possible for the company to target a wider groups
of population.
Demographic
○ male and female
○ ages 20–50
○ high percentage of young
professionals who work
in the central business
district
○ high percentage have
completed
undergraduate/postgradu
ate study
○ an average household
income of over $70,000.
It will be possible for the BBQfun company to
target a wide range of customers. Moreover,
as the average income of the people is high, it
is also possible to make good efforts in the
business.
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b. Characteristics Overview What does it mean for BBQfun
The Yard • Has a limited selection but
significant depth. All
Australian made. No
significant marketing or
promotion. The price point is
high, but the quality of
products is quite good. Not in
south east Queensland.
Considering e-commerce
options. Considered potential
treat for entering market
through e-commerce
because of large distribution
network
For BBQfun, the Yard is not considered a major competitor
as it is not in the same league of comparison as it is much
smaller set-up although it has the potential to grow in the
aspects of e-commerce.
By and large, consumers would prefer to go to a retailer
which offers greater range of products and has the
tendency to go to only a retailer which is considered as a
one-stop shopping convenience.
BBQ’s R Us • Broad range of outdoor
lifestyle products including
trinkets and furnishings. Lots
of cheap imports.
Concentrating on established
markets. Strong in the
replacements segment. One
store in Brisbane. Mostly in
Melbourne and Adelaide.
Considering e-commerce
options.
BBQ’s broad range of products in the
category of outdoor products makes them
one of the major brand in the given
category. As the company has wide range of
stores, hence, it is possible to provide better
level of customer care service. With greater
availability of the products, it is possible to
meet up with all types of demand for the
customers.
Outdoor • : Large operations of only a
few stores per city. Mass
markets outdoor lifestyles at
good value prices. No
imported goods. Extensive
advertising. Low to medium
quality. Strong in the
replacement segment rather
than new and refurbished
dwellings. Gaining strength in
Brisbane market. Considering
e-commerce options.
The operational strategy of BBQfun is
highly effective that can help in the process
of better level of customer care quality.
They are also implementing aggressive
marketing in order to target wide range of
products. With the application of e-
commerce business, it is possible to
increase the total sales volume.
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c. Factors What does it mean for BBQfun
● Selection – a wide
choice of options.
BBQfun is able to meet consumers’ demand in terms of providing a large variety of
BBQ equipment and its range is wide. As a result, BBQfun has a large number of
loyal customers who are happy with the store’s offerings.
● Accessibility – the
customer needs easy
access to the store
with minimal
inconvenience.
The company needs to recruit more number of people within
the system that is needed to provide high and effective quality
service,
● Customer service – the
customer needs expert
customer service to
help sort through
choices.
It is important for the company to deploy customer service
executives, who will have effective communication skills and
will have the ability to deal with all types of issues that are
encountered by the customers
● Competitive pricing –
the customer needs all
products/services to
be competitively priced
relative to comparable
high-end outdoor
lifestyle options
offered by competitors.
The company needs to deploy effective pricing strategy that
can help them to gain significant competitive advantage
(Afandizadeh Zargari et al. 2016). The company needs to
properly analyze the condition of the external market
environment and all types of threats before implementation of
any types of pricing theories.
● Flexible payment – the
customer needs easily
managed payment
plan.
The BBQfun needs to improve upon the technological
infrastructure that is needed to provide the option of online
payment to the customers.
● Quality guarantees –
the customer requires
three year product
guarantees (as offered
by most competitors).
The management of the BBQfun needs to implement effective
quality management department. The company needs to
provide authentic certificate for warranty that will help the
customers to gain their trust (Papp 2014).
In the case of BBQfun’s marketing performance, we can see from the table below suggesting its findings of survey of
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500 customers as follows:
Survey questions New builds Renovators Replacements What does it mean for BBQfun
Have visited
BBQfun in
previous month
70% 70% 50%
It is noted from the survey that customers who are
intending to build a new BBQ pit is 70% and those
who are intending to renovate their home to
incorporate a BBQ pit is also 70%. What this means
to BBQfun, is that most of its customers tend to
make new purchases as opposed to 50% of its
customers making a replacement for their old BBQ
unit. This suggests that BBQfun is able to sell more
new BBQ units.
Have bought a
BBQfun product in
previous month
70% 65% 50%
From the survey, it is clear that 70%
products that are sold from BBQfun is
of new builds and 65% is that of the
renovators. This figure is quite high
compared to that of 50% in the
category of Replacements. Hence, it
can be concluded that the sale of new
builds and renovators in the BBQfun is
more than that of the replacement
products.
Customer service
is essential 90% 95% 60%
As 90% of the new build customers
along with 95% of the renovator’s
products, it is essential for the
company management to improve
upon the customer care service. This
can be achieved with the help of
recruitment of more number of staffs
within the customer care department.
Price is most
important 10% 20% 95%
95% of the BBQfun customers of
replacement products considers pricing
part. Hence, the company has to
implement special pricing strategies to
deal to gain competitive advantage in
the category of replacement products.
On the other hand, the customers of
the new builds and renovators products
are not highly concerned about the
matters of pricing.
Australian made is
important 80% 65% 55%
80% of the customers of New builds
and 65% of customers of the
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renovators prefer Australian made
products. Hence, it is necessary for the
management to sell Australian made
products that is necessary to fulfill the
demand of the customers.
Will buy online 100% 100% 100%
From the result of the survey, it is
clear that all the customers of all
products category prefer to have online
shopping. Hence, it is highly essential
for the company to improve upon the
technological infrastructure to
introduce the strategy of online
shopping.
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Will pay for online
delivery if chosen 100% 100% 100%
From this survey, it is clear that all the
customers prefer the payment through
online shopping. Hence, it is essential
to improve the technological
infrastructure with high level of
security. This will encourage most of
the customers to make online forms of
payment.
Loyalty customer 30% 20% 10%
Very few percentages of all the
customers are not able to maintain
loyalty with the company. Hence, it is
essential to provide high level of
customer care support from the
company’s end
d. Types of legislation What it is about: How does it impact BBQfun
Competition and
Consumer Act 2010
The act was implemented by the
Australian Government in 2010.
The aim of the Act is to promote
free and fair mode of
competition in the business
environment of Australia
(Pearson 2017). The act is
monitored by the Australian
Competition and Consumer
Commission (ACCC)
It is important for the BBQfun to
implement the competitive
strategy in a proper way. This
will help to ensure that no unfair
marketing policies are being
implemented by the company
that can hamper upon the
company’s reputation.
Australian e-
commerce model
The e-commerce model of
Australia is meant to set the
standards that ensure the safety
for the online shoppers (Chen et
al. 2015).
Before implementation of the e-
commerce platform it is
important for the company to
provide extra protection from all
forms of cybercrime.
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Australian Direct
Marketing
Association - Direct
Marketing Code of
Practice
The code passed by Australian
Direct Marketing Association
that administers the guidelines
and legal matters related to direct
selling of consumer goods and
purchases. This also monitors the
quality of the goods that are
being sold (Becker 2015).
Implementation of quality
management procedures that are
needed to make good quality of
the products.
e. BBQfun’s comparative market information is largely determined by independent competition where they
focuses on locally produced products and they have a collective market share of 48%. In 2009, the national
outdoor lifestyle market reached $300 million. Outdoor lifestyle sales were estimated to grow by at least 6%
for the next few years. This growth can be attributed to several different factors:
Factors What does it mean for BBQfun
The greater disposable household
income from two income families
It means that customers have the ability to afford to make purchases at
a higher level, i.e. spend more, due to dual income within a family.
BBQfun can expect that its customers are able to accept a higher price
tag products if they deem it to be of higher quality and better features.
The greater availability of affordable
and interesting quality imports with
the high value of the Australian dollar
This means that the company will be able to easily
afford the imported items at lower price.
The marketing by popular TV lifestyle
program.
The company will be able to promote their products
more easily.
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f. Factors What does it mean for BBQfun
Item quality – the preference for
high quality items is increasing as
customers are learning to
appreciate the quality differences.
By having an array of quality-oriented products, BBQfun is able to meet
the needs of its customers while at the same time, they would also
stock lower-priced products to attract customers who are looking for
value-buy purchases.
Unique – our patrons appreciate the
opportunity to include outdoor
lifestyles in their home that stand
out from the mass-produced and
low-quality items.
The quality of the patron products are being increased
to deal with the issues of poor quality
Selection – people are demanding a
larger selection of choices; they are
no longer accepting a limited offer
in outdoor lifestyles.
This means the company will have to offer wide
range of choices to the customers that will help in the
matters of increasing the volume of sales.
g. Factors What does it mean for BBQfun
A growing market in a high growth
area with a significant percentage
of the target market still not aware
of BBQfun value proposition.
BBQfun would need to consider doing more promotions, i.e. advertising,
on various medias such as, TV, radio, billboards, social marketing…..
Increasing sales opportunities
outside of our store locations –
south east Queensland.
This means that the customers will be able to get wide
range of opportunity for the sales.
Growing opportunity for online
sales.
The company will be able to sale more number of
online products in the e-commerce business .
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h. Factors What does it mean for BBQfun
Economy - the real estate market in
south east Queensland continues to
rise in price, and with it the
disposable income of the
population.
This will help to improve upon the sales volume of
BBQfun as the income level of the population is high.
Political - the present Government
focus and emphasis in future
legislative direction will be about
growth and productivity
This steps will help in the development and focus on
the future growth of business in BBQfun.
i. 2014 2015 2016 How does it impact BBQfun
T
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$11,000,000 $12,000,000 $15,000,000
The earnings as seen over the years shows positive growth.
G
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$5,110,000 $6,500,000 $7,500,000
Positive earnings over the gross products
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Assessment Feedback Week One
Student’s name:
Trainer/ Assessor’s name: Date:
Unit name: BSBMKG501 Identify and evaluate marketing opportunities
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 case study on the short questions? ⬜ ⬜
2. Provide an analysis for the case study? ⬜ ⬜
3. Submit within agreed timeframe? ⬜ ⬜
Has the learner proven they can: Yes No
1.1. Analyze information on market and business needs to identify marketing opportunities ⬜ ⬜
1.2. Research potential new markets and assess opportunities to enter, shape or influence the market in
terms of likely contribution to the business ⬜ ⬜
1.3. Explore entrepreneurial, innovative approaches and creative ideas for their potential business
application, and develop into potential marketing opportunities ⬜ ⬜
2.1. Identify and analyze opportunities in terms of their likely fit with organizational goals and capabilities ⬜ ⬜
2.2. Evaluate each opportunity to determine its impact on current business and customer base ⬜ ⬜
2.3. Use an assessment of external factors, costs, benefits, risks and opportunities to determine the
financial viability of each marketing opportunity ⬜ ⬜
2.4. Determine probable return on investment and potential competitors ⬜ ⬜
3.2. Ensure organisational changes to service an increased or different customer base include provision
for continued quality of service to existing customers ⬜ ⬜
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FEEDBACK TO STUDENT:
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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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