Alpha Institute Student Assessment Workbook for BSBMKG501

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Student Assessment Workbook
BSBMKG501
Identify and Evaluate Marketing Opportunities
Student Full Name:
Student ID:
Date Submitted:
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Assessment Information
Welcome to your Student Assessment Workbook for BSBMKG501 Identify and Evaluate Marketing
Opportunities.
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 three questions that will provide us with evidence of your general knowledge of legislative
requirements in marketing operations, principles of marketing and marketing mix, and statistical
techniques to evaluate marketing opportunities.
Assessment Event 2 – Simulation: Emu Fitness
You will complete a number of tasks that will provide us with evidence of your skills with reviewing
then planning the implementation of marketing opportunities within the fitness industry. These
tasks will be based on your role as a Marketing Specialist in a simulation with an organisation called
Emu Fitness that operates in the fitness and health sector.
To complete the Simulation, you will need to refer to the following resources:
Strategic Marketing
Review
This document is used in Task 1.1 where you will review the current
market and potential opportunities.
ROI and Cost Template Excel template used in Task 2.3 where you will calculate the probable
return on investment for each of your proposed marketing opportunity.
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
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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
 your work must be in your own words
 where you use an external source of information, you must provide citation.
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Pre-assessment Checklist
Your assessor will go through the assessment for this unit, BSBMKG501 Identify and Evaluate
Marketing Opportunities. 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 Comments
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.
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Y   N The assessor has discussed with me if I have any special needs and if
so what arrangements have been made.
Student Full
Name
Student ID Student
Signature
Date
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Assessment Event 1 – Knowledge Questions
The information contained in this assessment event lists the questions that you will need to develop
a written response. These questions are theoretical and provide evidence of your understanding of
legislative requirements in marketing operations, principles of marketing and marketing mix, and
statistical techniques to evaluate marketing opportunities.
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.
Question 1
Outline key provisions of relevant legislation, codes of practice and national standards affecting
marketing operations.
Write your response into the table:
Legislation/Codes/Standards Summary of Key Provisions
1. Competition and Consumer
Act 2010
Makes sure that the organisations test their products so
that no harm is caused to the customers. It also makes
sure to provide for a fair and just completion in the
market.
2. Data Protection Act 2018 It allows a code of practice to be conducted in which
the rights of the public is protected and not leaked due
to use of technology (Phillips, 2018).
3. Australian Business Licence
and Information Service For advertising organisations put up posters at different
levels. To do this the need to have a licence to do so.
4. Privacy Act 1988
Direct marketing involves the use of customer’s
personal information which needs to comply with this
act. The personal information should not be used in any
other way.
5. Spam Regulations 2004
Marketing can be done through e-mails which provide
commercial information about the product. The
organisations must not spam the customer’s account
with too many e-mails.
6. Do Not Call Register Act
2006
This act is used in telemarketing in which if the
customer tells that they do not wish to receive such
calls regarding various products.
7. Spam Act 2003
Before the organisations can send any type of material
or information to the customers they need to get the
assurance of the individual to whom they are sending it
(Kigerl, 2015).
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Legislation/Codes/Standards Summary of Key Provisions
8. Australian Taxation Office
There are certain tax obligations which will have to be
followed by the organisations. There are benchmarks
which are present which will help organisations to
recognise these taxes.
9. Product safety rules and
standards
There are certain standards which have been set out by
the Australian consumer Law regarding safety of the
products.
10. Product labelling The product which is being marketed needs to have
proper labelling of the ingredients that were used to
make it.
11. Codes of practice There is a certain code of ethics that every business
must comply by which show that the business must
behave in a certain manner.
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Question 2
Explain principles of marketing and marketing mix.
Write your response into the table:
Principle
s Explanation of the marketing mix Industry-specific example
Product
Is an item which is built so that profit
can be achieved for the business and
customers can be satisfied. There is a
product life cycle which in involved in
this principle.
Apple.inc is one of the organisations
that has products to which every
person is attracted and wants to
purchase irrespective of its price.
Price
This is considered to be an important
decisions as it will consider how much
of sales will be done. This should be
set in a way that the customers choose
the firms product over the completion.
Coles supermarket is an company in
which all of the products prices are
not that high and every customer can
afford them.
Promotio
n
If proper marketing is done of the
product then the sales of it would
increase quickly. Also, advertising
would establish the start of a
relationship.
Samsung electronics is one of the
organisation which focuses on its
advertisements so that the people
would become more aware of its
products. It uses different strategies
like online advertisement or
promotional fares so that the
customers can get a better
understanding of the product.
Placemen
t
Distribution of the product should be
done according to the targeted audience
so that proper sale is done. Selling of
online products is another way to set
Amazon is one of the major retail e-
commerce industries which has
placed various products on its online
website for the customers to access
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Principle
s Explanation of the marketing mix Industry-specific example
the place form which customers can
buy the products. easily (Huang, & Sarigöllü, 2014).
Question 3
Describe statistical methods and techniques, including forecasting techniques, to evaluate marketing
opportunities.
Write your response into the table:
Statistical techniques and
methods
Industry-specific example
1. Multiple linear regression
Electronic companies use this method so that they can
find out what its revenue is going to be achieved in each
of the process that are occurring in the different products.
2. Moving Average
An organisation would use this to predict what the future
trends can be achieved in the forthcoming four to five
months.
3. Straight line
Banks use this method in which they take historical
financial data to predict what is about to take place in the
future in the market.
4. Drift Method
Electronics use this method so that it can identify what
changes may occur in the market that affects the product
(Hyndman et. al., 2013).
5. Time series
Manufacturing industries use its old data to predict what
the future market trends will be in order to see how much
of production should be done.
6. Indexing Retailing uses indexing method to see what factors can be
added to its products in order to see whether it will bring a
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Statistical techniques and
methods
Industry-specific example
positive result or not.
7. Least square methods
Construction industries use this method so that it can see
what each department has to offer in order to see what
decisions it has to make.
8. Regression analysis
Telecommunication industries use this method in order to
eliminate the errors that are occurring in its products
(Kaytez et. al., 2015).
9. Econometric
The public sector uses there original data and compares it
with the economy in order to see its marketing
opportunities.
10. Extrapolation The fashion industries see that a trend may continue for a
longer period thus increasing its marketing opportunities.
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Assessment Event 2 – Emu Fitness Simulation
In this simulation, you will take the role of Marketing Specialist for a fitness and health organisation
called Emu Fitness. In this role, you will show your skills in identifying, evaluating and taking
advantage of marketing opportunities. You will undertake an analysis of the market data and
information, review the characteristics and trends, and then assess the viability of changes to its
current operations.
Task 1: Identify marketing opportunities
In this task, you will focus on an analysis of the external market in particular variables such as
consumer interests, technology, competition etc. in an attempt to identify potential marketing
opportunities.
1.1 Analyse information on market
Insert your responses into the table:
Macro Facts Marketing Opportunities Rationale
1. Employment
Opportunities
If there are more
employment opportunities
that are present, this would
mean that the market is at its
development phase. The
industries would have to
capture the emerging
opportunities which are
arising from the growth of
the markets.
The rise in the employment
rate would mean that there
are various opportunities
that can be presented
regarding marketing. This
can be said to be vice versa
as the rise in the marketing
opportunities could have led
to the rise in the
opportunities for
employment.
2. Consumer Interests The organisation would
have to analyse what the
customer’s interest are in
order to find out what type
of market strategy it has to
use. If the customers are
The interest of the customers
is considered to be the main
focus of most of the
industries. If the industries
find out what the customer
wants then they would plan
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Macro Facts Marketing Opportunities Rationale
highly internet users then the
organisation could focus on
seeing marketing
opportunities online.
their promotional events
according to that.
3. Technology Technology has been one of
the most useful marketing
tool as organisations can
know promote their products
on.
There are various marketing
opportunities present as the
organisations can make their
products aware across
various different platforms.
4. Competition The marketing opportunities
are very low due to the fact
that there is very high
competition which is present
in the market. All of the
companies would be trying
to get the sales of their
products high by
promotional events.
Due to there being too much
of competition in the
market, the organisations
come up with new and
innovative strategies in
order to promote their
products to a new level.
5. Economy If the economy is
performing in the booming
phase then the there would
be rise in the purchasing
power by the customer thus
increasing the marketing
opportunities for the
companies.
The business environment is
dependent on the economy
because if the economy of a
country is not good then
there would be no
opportunities that would
arise for the businesses
(Venter, & Van., 2014).
Assessment – BSBMKG501