Identify and Evaluate Marketing Opportunities

BSBMKG501 Identify
and Evaluate
Marketing
Opportunities

Table of Contents
Assessment Event 1.........................................................................................................................1
Question 1...............................................................................................................................1
Question 2...............................................................................................................................2
Question 3...............................................................................................................................3
Task 1: Identify marketing opportunities.........................................................................................4
1.1 Analyse information on market........................................................................................4
1.2 Research potential new markets.......................................................................................6
1.3 Explore entrepreneurial approaches for their potential business application...................7
TASK 2: Investigate Marketing Opportunities................................................................................8
2.1 Analyse fit between marketing opportunities and organizational goals and capabilities.8
2.2 Evaluate opportunity to determine impact on business and customer base.....................9
2.3 Determine probable return on investment........................................................................9
2.4 Determine potential competitors....................................................................................10
2.5 Describe and rank marketing opportunities....................................................................10
TASK 3: Evaluate required changes to current operations............................................................11
3.1 Identify and document changes and resources required for current operations.............11
REFERENCES..............................................................................................................................15

Assessment Event 1
Question 1
Competition law Section 45 competition act ensures that different organisations are
conducting their business operations in ethical way as per according to
guidelines and measures set by the Australian Competition and
Consumer Commission (ACCC).
Consumer laws The Australian Consumer Law Act (ACL) a uniform legislation for
consumer protection and guarantees rights of customers when
purchasing services and products by offering many consumers redress
options.
Privacy law The privacy act 1998, enforced to duly promote as well protect
information of customers by ensuring safety of their personal data in
order to protect their privacy (Harris and Pomeranz, 2020). In this,
Office of the Australian Information Commissioner (OAIC) embedded
certain guidelines in order to utilize data in ethical and legal way.
Employment and labour law Employment and labour law 2020, ensure protection of workers or
employees in order to provide them safe and secure workplace
environment with many legislations covered in it like, employee benefit
security, workplace safety and health, work hours and more that are
necessary to be abide by organisations (Bhattacharjee and Pahari, 2020).
Advertising law The Australian Association of National Advertisers (AANA) set out
code of ethics with detailed guidelines that facilitate organisation to
engage in advertising and promoting functions in fair manner.
Negligence of this resulted into many legal obligations as well as
penalties.
Trademarks, patents, intellectual
property:
These assure protection of business identity, idea, design or product
legally.
1

ADMA (Australian Direct marketing
Code of Practice):
This code is enforced to duly set code of conduct and standards for
business marketers in order to lower down risk related to breaching of
any regulatory provision in order to duly promote culture of best
practice. It enhances customers trust as well as their commitment in
advertising and marketing industry. Along with this, it reduces risk of
non-compliance.
Australian eMarketing Code of
Practice:
It is set in order to ensure use of e-marketing in a responsible manner,
handling of complaints, keeping records of consent in order to
effectively monitor industry compliance in an effective manner.
Question 2
Product Now a day, consumers preferences are dynamically
changing and their purchasing behaviour is becoming very
selective. This facilitates entities to more emphasis upon
innovation in their services and products in order to attract
customer’s attention towards organisational offerings.
Product development allows fitness industry to widen their
area in order to ensure more bases of customers as well as
profitability.
Price In order to enhance overall sales and profitability
organisations in required to offer their services and
products to customers of every income group. It allows
them to gain maximum number of customers and market
holding capacity. In terms with fitness industry, by
providing their products and services to customers of every
income group facilitate more income generation sources.
Place It helps in bringing increase in overall revenue. Within
this, organisation expands their total business services area
by launching them in new geographical area in which they
are not currently offering their services. It enhances
2