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Identifying market Opportunities Assignment
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Added on 2021-05-27
Identifying market Opportunities Assignment
Added on 2021-05-27
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Running head: ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES Assessment Task 1&2 Identify Market OpportunitiesName of the Student:Name of the University:Author Note:
2ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES Table of ContentsTask 1.........................................................................................................................................5Introduction................................................................................................................................5Part A.........................................................................................................................................6Identify and evaluate two opportunities for BBQ fun business.................................................6Comparative market information...........................................................................................6Customer requirements..........................................................................................................7Legal and ethical requirements..............................................................................................7Market share...........................................................................................................................8Market trends and developments...........................................................................................8New and emerging markets....................................................................................................8Profitability............................................................................................................................9Sales Forecast.......................................................................................................................10Researching potential new markets for the organization.........................................................10Segments of the market not currently penetrated.................................................................10Considering strategic marketing approaches like................................................................11Increasing market share........................................................................................................11Developing new markets......................................................................................................11Developing new products.....................................................................................................12Diversification......................................................................................................................12
3ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES Using suitable methodology like gap analysis, market or marketing analysis or competitoranalysis, identify and decide on two marketing opportunities to focus on and investigatefurther.......................................................................................................................................13Considering types of market and aspects of the marketing mix like distribution, products andtypes of promotional activities.................................................................................................13E-commerce.........................................................................................................................13Business to Business Marketing...........................................................................................13Ideas marketing....................................................................................................................14Public sector marketing........................................................................................................14Services marketing...............................................................................................................15Telemarketing......................................................................................................................15Estimating the effect of the two marketing opportunities on the business..........................16Market share.........................................................................................................................16Profitability..........................................................................................................................16Using numerical analysis or statistical methods for forecasting effects..................................17Sales Forecast.......................................................................................................................17Expense Forecast..................................................................................................................17Exploring and developing entrepreneurial, innovative or creative options for applyingmarketing opportunities in the context of the organization.....................................................19Franchise..............................................................................................................................19Task 2.......................................................................................................................................20Part A.......................................................................................................................................20
4ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES Part B........................................................................................................................................27Reference..................................................................................................................................30
5ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES Task 1Introduction The main aim of the assignment is to identify the market opportunities within BBQfun and assess it at the same time. BBQ fun is one of the lifestyle retailer that caters to thegrowing needs for furnishing new as well as renovated dwellings in great Brisbane area. Inthis company, they offer outdoor furniture and by this the company is known for its best inclass outdoor lifestyle retailing. The company desire to reinvent the way individuals shop foroutdoor lifestyle products. In that case, BBQ fun aims at buildings its reputation by offeringfullest assortment of products to the extent possible in wide range of selected fields in termsof local and imported goods with products and will be managing with the long-term paymentplans. At BBQ fun, the after sales service is really good as they find traction with a marketdominated with low quality items and for this, it is needed to identify the opportunities,analyse the information on the selected market of BBQ fun and related business needs. Bythis, it can be seen that BBQ fun aims at providing their customers wide range ofmerchandize from where they can select from the given field. Therefore, BBQ fun believes infulfilling the various benefits that are significant to their customers. Some of the benefits arelisted below:Selection- BBQ fun aims at providing wide choice of options for their customers Accessibility- BBQ fun believes in providing easy access to the store with minimum waitingtime for their customers Customer service- BBQ fun believes in helping their customers and provide after-salesservices and guarantees at the same time
6ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES Competitive pricing- At BBQ fun, all the products or services will be competitively pricedrelative to high-end outdoor lifestyle lines. Part AIdentify and evaluate two opportunities for BBQ fun businessIn order to identify opportunities, it is necessary to analyse the information about themarket of the organization and its business needs, such as:Comparative market information In the year 2008, it can be noted that the National Outdoor lifestyle market was ableto reach to a level that crossed $300 million dollars. The sale of outdoor lifestyle estimatesgrowth by at least 6% for the next few years. It can be seen that the growth was obtainedbecause of various factors. The greater disposable household income from the two incomefamilies is one of the factor where it can be noted that greater availability of affordable aswell as interesting quality imports will be having high value of the Australian dollars(Stimpson and Smith 2015). This was done by marketing through popular TV shows such asHomes Beautiful as well as Better Outdoor-Lifestyles. Competitor’s performance National Competition In case of Yard, it actually has limited section but require significant depth ofanalysis. There is no significant marketing or promotion present. High pricing price can benoted, but the quality of the products is quite good as compared to others. BBQ fun operatesboth in Sydney and Melbourne. They offer wide range of outdoor-lifestyle products such as
7ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES trinkets as well as furnishings. There are lot of cheap imports but the company focus onestablished markets. They even are strong in the replacements segment.
8ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES Local competitor The stores in the area are operated by individual owner operators and the productsoffers varies based on the preferences of the owner. They have very little imports and mostlydominated by retailing Australia manufactured goods. In addition, the average item sale priceis approx. $250 collectively and enjoys a market share of 48% as well as it had been growingwith 8% each year. Customer requirements The Mission Statement of BBQ fun is to render customer with the most extensiveassortment of quality in the product such as outdoor lifestyle one and make an effort to offerit in the market. The after sales service of the company is taken into consideration by thecompany as they aims at managing the long-term repayment plans that make unique importedas well as high quality outdoor lifestyle products (Rogers and Davidson 2015). The productsare made available to the customer who wishes to purchase product that can bring pride totheir house with the products offered by BBQ fun. The company aims at providing servicesthat exceed expectations of the customers in the near future. Legal and ethical requirements It can be seen that all types of media are bounded by ethical as well as legal values,but at the same time, individual make use of those media that fails to meet either of theserequirements such as legal and ethical factors. Some of the issues that are present in the ethicsof entertainment media are explained below with proper justification:One of the issue noted in entertainment media is depiction of violence and use ofstrong language. Product placement Stereotypes
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