BSBMKG401: Profile the Market - Student Assessment Workbook - FitLife

This document is a student assessment workbook for the unit BSBMKG401 Profile the Market. It comprises two assessment events: knowledge questions and a simulation. The knowledge questions cover topics such as the Australian Marketing Institute Code of Professional Conduct, relevant legislation affecting marketing researchers, data collection and analysis methods, the components of the marketing mix, and elements of marketing planning. The simulation involves tasks related to segmenting, targeting, and positioning products and services for FitLife, a fitness and wellbeing organization. The workbook includes tables for answering questions and provides resources such as the FitLife Strategic Review, Market Research Data, and relevant policies and procedures. The student is required to demonstrate their understanding of marketing concepts and their ability to apply these concepts in a practical scenario.

Student
Assessment
Workbook
BSBMKG401
Profile The Market

1. Assessment Information
Welcome to your Student Assessment Workbook for BSBMKG401 Profile The Market.
This Student Assessment Workbook is where you will write all your responses for the knowledge questions
and simulation tasks. Please refer to the Student Assessment Guide for more information.
This assessment has the following two events:
Assessment Event 1 – Knowledge Questions:
There are eight questions that will provide us with evidence of your general knowledge of marketing
concepts, relevant legislation and other industry benchmarks.
Assessment Event 2 – Simulation: FitLIfe Pro-tec
You will complete a number of tasks that will provide us with evidence of your skills with segmenting,
targeting and positioning current and new products and services offered by FitLife. These tasks will be
based on your role of Market Research Officer in a simulation with an organisation that provides programs
and services for fitness and wellbeing.
To complete the Simulation, you will need to refer to the following resources:
FitLife Strategic
Review
This a report developed by a consultant on the current situation of FitLife and
the planned marketing goals and objectives.
Market Research Data This is an Excel spreadsheet of data relevant to the FitLife market.
Policies and
Procedures for FitLife
This document is used throughout the implementation of Tasks 1-3 as they
outline how to work in a health and safe way.
Please note that your responses for both assessment events can (where appropriate) use dot point format. See
below an example of a dot point response and a full sentence response.
Dot point format Presentation Plan includes the following:
 outcomes
 needs of the audience
 context.
Full sentence format When you are preparing for a presentation, there are a number of tasks that must
be carried out. These are listing the outcomes that you want to achieve, followed
by the identification of the needs of your audience. When you have completed
these two tasks you then check on the room that you will be conducting the
presentation in.
To Achieve Competence
To be deemed competent for this unit, you will need to meet the following requirements:
 complete all of the questions and tasks listed in the Student Assessment Workbook
 meet all the requirements listed in this Student Assessment Guide
 your responses to the questions and tasks must be relevant, accurate and specific
 submit your completed Student Assessment Workbook to your Assessor within the set timeframes
BSBMKG401 Student Assessment Workbook | Page 2

 your work must be in your own words
 where you use an external source of information, you must provide citation.
BSBMKG401 Student Assessment Workbook | Page 3

2. Pre-assessment Checklist
Your assessor will go through the assessment for this unit, BSBMKG401 Profile The Market. It is important
that you understand this assessment before taking on the questions and tasks. To confirm that you have been
given this overview, we ask you to complete the following Pre-Assessment Checklist.
You are required to carefully read each checklist item provided below and tick either ‘Y’ to confirm your
understanding or ‘N’ if you disagree. In case you disagree with an item, please provide your reason under
the ‘Comments’ column.
When you have done this, we ask you to sign this Pre-Assessment Checklist. This acknowledges that your
Trainer/Assessor has discussed all of the information with you prior to undertaking this assessment.
Pre – assessment Checklist
C
o
m
m
e
n
t
s
Y   N I, the student, understand the purpose of the assessment.
Y   N
I understand when and where the assessment will occur, who
will assess and in what format the assessment will be
submitted.
Y   N I understand the methods of assessment.
Y   N I understand what resources are required to complete this
assessment.
Y   N I understand the performance level required for each
assessment event.
Y   N
I understand that it must be my own work. I have been
explained and understand the serious consequences in case this
work is found plagiarised.
Y   N I understand the process if I am deemed not yet competent.
Y   N I understand the feedback process and the appeals process.
Y   N The assessor has discussed with me if I have any special needs
and if so what arrangements have been made.
BSBMKG401 Student Assessment Workbook | Page 4

Student Full Name Student ID Student Signature Date
BSBMKG401 Student Assessment Workbook | Page 5

3. Assessment Event 1 – Knowledge Questions
The information contained in this section lists the questions that you will need to develop a written response.
These questions are theoretical and provide evidence of your understanding of legislation, industry
associations, marketing concepts and terms.
Note you must answer these questions in your own words. Remember, you must get a satisfactory result
with each question to be deemed satisfactory for the whole of Assessment Event 1.
1. Question 1
In the table below, identify relevant information relating to the Australian Marketing Institute Code of
Professional Conduct.
Write your response into the table:
Relevant requirements Applications
Integrity of data All the professionals working in the AMI shall not shared any confidential
information to the unauthorised person i.e., other employees, general
public etc.
No bribery It is prohibited in the AMI that no employees will not take any kind of
commissions or bribery in return of their illegal work.
2. Question 2
In the table below, outline requirements of legislation affecting the role of a marketing researcher.
Write your response into the table:
Legislations Requirements Impacts
Article 1:
Responsibilities to
Clients and Vendors
Work which is given to the company must not
change or modify without the consent of
clients. It is mandatory to work adhere to
specification provided by client.
If marketing researcher is
not working according to
the requirements provided
by client then it would not
be of no use, thus loss for
the company.
Article 2: Responsibility
to Respondents and
Prospective Respondents
It is essential for marketing researcher to take
the consent of client before asking any
questions.
If marketing researcher does
not follow this legislation
then it will affect the work
as information without
getting consent makes it
unauthentic and less
BSBMKG401 Student Assessment Workbook | Page 6

credible in nature.
3. Question 3
In the table below, explain data collection methods.
Write your response into the table:
Data Collection Methods Explanations Techniques
Primary research It refers to a technique in which
research collects the data for the
first time.
 Face to face interview
could be very effective as
it would assist to obtain
opinions and attitude of
the clients,
Secondary research It is a technique used to collect
data and information which is
collected in the past by other
researcher. Main aim is to
idneify previous research on the
same topic so that unresolved
queries and problem would be
solved.
 By reading government
sources, articles, books,
research paper which is
related to the current
research topic.
4. Question 4
In the table below, explain data analysis techniques.
Write your response into the table:
Data Analysis Techniques Descriptions Examples
Qualitative
Analysis
Content analysis Main idea is to find out overall
theme of the research and then
compare with the aim of the
research topic.
All the data collected in
the research process like
feedback of the clients,
interview data, open
anlaysis of clients etc.
Tone of the research
could be identify from it.
Quantitative Regression It is used by researcher to make For instance, if any
BSBMKG401 Student Assessment Workbook | Page 7

Analysis analysis prediction and future forecast for
the clients or research topic.
company is planning to
identify their future sales
according to the
environment so to make
the startegies accordingly
then regression analysis
is used.
5. Question 5
In the table below, identify the components of the marketing mix.
Write your response into the table:
Marketing Mix Components Components Issues to consider
Monetary value in exchange of
product
 Price  It must be important for
companies to set the price
according to consumer ability
to pay as customers are price
sensitive in nature. They does
not prefers to pay high price
to a product which they can
get from the other company
in a lower rates.
Needs and wants of customer
must be fulfilled
 Product  If product is not made
according to the needs and
demands of the customer then
would not buy it as customer
always prefers to get highest
value for the money they
have exchanged.
Higher brand awareness in the
market
 Promotion  It is essential for company to
make potential customer aware
about the product they are
launching as customers those
BSBMKG401 Student Assessment Workbook | Page 8

product which they have never
seen in the TV, newspaper or in
any store.
6. Question 6
In the table below, outline the elements of marketing planning.
Write your response into the table:
Activity Characteristics
Business goals Main motto of the business goals is to set the target of the company and then align
the activities accordingly so that they would be able to attain their goals thus
competitive advantage over others.
Target audience Final stage of the product life cycle is consumption of product by the customers.
So it is essential to identify the target market of the product. For instance, if
company of luxury car is targeting middle or low income of people then it would
be of no use, hence loss for the company.
Budget Highest productivity would be attain if highest utilisation of resources would be
attain, so while conducting marketing planning it is important to make the budget
of spending accordingly. As it would be risky to invest whole capital in to the
single marketing plan.
7. Question 7
In the table below, explain marketing communication concepts and processes.
Write your response into the table:
Communication
Concepts
Typical Process
Research Prior to the planning of the marketing activities for a product it is essential to
conduct the research so that product would be made according to the needs
and wants of the cutsomers. For instance, questions regarding their problem
faced by them will be idenftified and the product specification would be
made accordingly. So that all the problems would be resolved after using it.
Promotions It refers to a communication way through which product information would
be inculcate in the mind of customers so that lead would be generates in
future. Combination of promotions activities like offline and online
marketing, sponsorships to the events etc will be made so that information of
BSBMKG401 Student Assessment Workbook | Page 9

the product and company would be placed in potential customers.
8. Question 8
In the table below, outline relevant statistical terms used by the Australian Bureau of Statistics.
Write your response into the table:
Statistical Terms Definitions
Sample It refers to a study of specific population taken for consideration
with the aim of studying about characteristics related with the
research topic.
Sample survey It is a method of data collection from the sample taken in the
starting of the research. Motto of it is to collect the information
according to the questioner or surveys.
Mode Mode refers to a value which mostly occur in a set of numbers.
BSBMKG401 Student Assessment Workbook | Page 10

4. Assessment Event 2 – FitLIfe Pro-tec Simulation
In this assessment, you will undertake a number of tasks associated with profiling the market for new health
and fitness gadgets that could be used in FitLife Centres.
9. Task 1: Segment the market.
In this task you will analyse the Strategic Review on FitLife, then segment the market using appropriate
criteria.
10.1.1 Identify the criteria to segment the market
Insert your response here: For Fit-life centres, market will be segment on the basis of the Geographic,
demographic, Psycho-graphic and behavioural aspects. For new medical and health centres of the Fit-life,
customer shall be targeted on the basis of world, region, caste and culture from which they actually belongs
and also as per their taste and preferences about any specific services to be offered by the Fit-life. Here,
segmenting criteria is differentiate, because, it deals with an individual constituent, before profiling them for
Fit life gadgets. If a business is looking for new health services or gadgets in that condition, they must need
to identify income level and also nature of customer's at a bigger point. Here, criteria for segmenting is
measurable which plays a necessary in judging customer income level and also ability to pay. Profiling of
the customer is also necessary to get exact knowledge of the customer, we need to deliver.
11.1.2 Access sources of information for segmenting the market
Insert your response here: Fit-life centres is looking for new health gadgets and also they are looking for
prospective customer list, which they wants to target as per their choice of applying marketing tools and
technique to get attract customer's at given point of time. Sources for information will be previous customer,
past business operation, current fitness trends etc., which are necessary to generate relevant information to
gather it for segmenting the customer in the given point of time. Criterion such as measurable will be judge
on basis of customer income level or how they are capable of being spending on purchasing any particular
fitness products. Also, for criterion named as Differentiate, it will be judge on a basis of fitness issues of
customer's on basis of health and fitness issues. This information will be judge, after doing market research
and brief analysis out of it.
BSBMKG401 Student Assessment Workbook | Page 11

12. Task 2: Identify target markets.
In this task you will use the information provided to identify the most preferred target and then research
secondary data to develop profiles.
13.2.1 Define target market
Insert your response here: Target market is basically a subset of an total market for a product or service. In
business context, firm generally selects more than one segment as its highly focuses on its activities, in
which case, it would normally target such as primary and secondary research. In concept of Fit life, target
market will be middle level person to give them affordable services and in matter of gadgets such as Infrared
walker machine and muscular stimulator will be provides to customer at an affordable prices segment.
14.
15.2.2 Review factors to determine usefulness
Insert your response here: It has been determined that usefulness of target market will be judged on a basis
of how market is capacitative to gain business competencies for this new health fitness service and gadgets.
Usefulness of this target market will be judged on a basis of how customer of such are responsive for buying
new health based services and fitness gadgets. For Fit life gadget such as walker machine, its target market
will be customer who are suffering with leg and thigh based issue. The usefulness is that, target market will
get benefits from such gadget and lead higher level of product purchase.
16.
17.2.3 Review segments using usefulness factors
Insert your response here: This segment of middle level customer can be reviewed on basis of this targets
market is in reach of the customer and also they can be acquired to bring competencies into the business
operation by enhancing the level of satisfaction to the customer over given period. Given segment of the
customer's are facing with an issue of leg and thigh issue, which is the suitable factor for profiling marker
for Fit life. These factors has contributed a lot in deciding which gadgets is useful and for which segment.
BSBMKG401 Student Assessment Workbook | Page 12