Marketing Opportunities Evaluation: BSBMKG501 Assessment Report

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BSBMKG501 IDENTIFY AND EVALUATE MARKETING
OPPORTUNITIES
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Table of Contents
Assessment Event 1 – Knowledge Questions............................................................................3
Question 1...............................................................................................................................3
Question 2...............................................................................................................................6
Question 3...............................................................................................................................8
Assessment Event 2 – Emu Fitness Simulation.......................................................................11
Task 1: Identify marketing opportunities.............................................................................11
1.1 Analyse information on market..................................................................................11
1.2 Research potential new markets.................................................................................12
1.3 Explore entrepreneurial approaches for their potential business application.............12
Task 2: Investigate marketing opportunities........................................................................13
2.1 Analyse fit between marketing opportunities and organisational goals and
capabilities........................................................................................................................13
2.2 Evaluate each opportunity to determine impact on business and customer base.......13
2.3 Determine probable return on investment..................................................................14
2.4 Determine potential competitors.................................................................................14
2.5 Describe and rank marketing opportunities................................................................15
Task 3: Evaluate required changes to current operations.....................................................17
3.1 Identify and document changes and resources required for current operations.........17
3.2 Communicate viability of changes to current operations...........................................17
3.3 Document newly identified report on marketing opportunities and required changes
to.......................................................................................................................................18
References................................................................................................................................19
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Assessment Event 1 – Knowledge Questions
Question 1
Outline key provisions of relevant legislation, codes of practice and national standards
affecting marketing operations.
Legislation/Codes/Standards Summary of Key Provisions
1. The competition and
consumer act 2010
 Identified customers rights and legal obligations
 Cover anticompetitive conduct
 Advertising
 Telemarketing and online sales
 Provide information for product safety and
measure goods, importing, exporting.
2. Spam act 2003
 This act is under Australian spam norms.
 Prevent obtrusion on individual privacy
 Promote charge of industry practices
 Secure the company privacy and security
3. Trademarks, patents property
 It helps to protect an idea, products, and design
 Support to secure trademarks and patents
 IP Australia support marketing companies
4. Privacy act 1988
 It regulates the management of personal
information stored, collect and shared
 Anti-spam legislation support to business
(Esayas and Daly., 2018).
5. ADMA
 Association in Australia
 Help in data-driven marketing and advertising
 Provide ideas innovation for the marketing
industry
6. ACMA  It is an Australian government statutory
authority
3

Legislation/Codes/Standards Summary of Key Provisions
 Responsible for ensuring media and
communication works
7. NSW fair trading
 Promote fair marketplace towards consumers
and traders
 Minimized direct financial harm as well as
material harm
 Investigate unfair and wrong practices
8. ACCC
 It promotes competition and fair trade within
the market
 Regulate national structure services
 Duties are to ensure fair trading and consumer
protection law
 Used in product safety rules and standards
9. Food labeling laws
 Used for product labeling and protection
 Aware of obligations within Australian
consumer law
 Helps in making claims
10. ABLIS
 Australian business license and information
services support business operators
 Permits allow and approvals for Australian
government license
 Manage compliance restrictions
11. Do not call register
regulations 2017
 It is a secure database.
 Helps individuals and organizations to register,
check and delete Australian calls, mobile, fax
numbers.
 Registration is free of cost
 Useful for telemarketers, fax marketers and
other types of business
4

Legislation/Codes/Standards Summary of Key Provisions
12. Telecommunications
industry standard 2017
 Set minimum required for telemarketing
 Useful for Australian numbers
5

Question 2
Explain the principles of marketing and marketing mix.
Principle
s Explanation of the marketing mix Industry-specific example
Product
 It may be tangible good and
intangible services which fulfil
the customer’s needs and wants.
 Its aims are to connect
customers for inventory.
Some people who are staying in a
short duration time take rents jet ski
by hours. Fix liability form should
be signed by people who take part in
services (Massingham and
Pomering., 2017).
Price
 Pricing transparency helps to
build the trust of the customers.
Price covers the number of end
users.
 If products prices are higher
than they will not sell
 If products prices are
reasonable than chances of sell
is high.
Low prices of jet ski trips convinced
to the travellers. 10% discount is an
offer by the jet ski trips travel
agency (Baker,2016).
Promotio
n
 Channels, inventory, logistics,
and distribution are the part of a
promotion
 Individual communication is
essential
For promoting business facebook,
Instagram, twitter helps the
company.
Paid promotions are also adopted by
travel agencies.
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Principle
s Explanation of the marketing mix Industry-specific example
 Corporate identity is necessary
Placemen
t
 Place decide how the product
will be provided to customers.
 Distribution plays an essential
role
 Placement strategy help to
decide which channel is
suitable for the product.
Place where easily access the
location towards the existing transit
framework.
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Question 3
Describe statistical methods and techniques, including forecasting techniques, to
evaluate marketing opportunities.
Statistical techniques and
methods
Industry-specific example
1. Delphi method
 This method is used by science and technology
foresight.
 Provide opportunities for a large number of people
involvement
 Focus on ideas
 Participation of people helps to make contribute
ideas.
 It allows for find out priorities (Datta, et. al.,
2017).
2. Market research method
 Used by Apple company
 The purpose is to find out what customers actually
want towards devices.
 The online survey, telephonic survey and mail
survey support to the industry
 Self-observation is also useful for market research
3. Panel consensus method
 It is based on the assumption
 Used by retailers companies for new products
sales
 Applied in forecasting the margins
 Advantages are industry gain the information more
than one experts
 It is a risky method for forecasting
4. Consumer survey method  Used by NEST company
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Statistical techniques and
methods
Industry-specific example
 The purpose is for marketing research
 Helps in identifying customer’s needs and wants
 Find out customers reviews and experiences
5. Sales foresting method
 Coco-cola and Asian paints companies used this
technique
 Provide the ability to identify trends of sales
 It is a combination of top and down approach
 Forecasting is based on the situations
6. Expert opinions
techniques
 It is used by retailers, distributors, and dealers
 Small companies adopt this technique for
consultation
 Helps to identify the risk and give support to
prepare for future risk.
7. Trend projection method
 It is used by NIDES business for long term
demand forecast
 Help in categorical data
8. Barometric method
 Used by group housing societies
 Helps in maximize housing loan distribution
 Demand explore towards cement, steel and many
construction materials.
 It is a statistical method which helps to calculate
by the meteorologists of the company.
 Useful in whether forecasting (Stead and
Hastings., 2018).
9. Regression method  Many multinational companies used this method
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Statistical techniques and
methods
Industry-specific example
 Forecast the financial statements of industries
 Useful to do multiple regression analysis
10. Test marketing method
 Used by many retailers shops for launching the
products
 Provide free samples to customers for testing
 Take feedbacks, reviews of customers
 Helps to identify various types of customers
experience
 Support to make strategy
 Helps the company to minimize the risk of failure
 Support to identify the weakness in products
through the marketing mix
 Expose the products and improve sales
performance
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Assessment Event 2 – Emu Fitness Simulation
Task 1: Identify marketing opportunities
1.1 Analyse information on market
Macro Facts Marketing Opportunities Rationale
1. Customer  Identify the customer
needs
 Understand the
customer
environment
 For attracting
customer rate in Emu
Fitness
 Spread awareness
among people
regarding fitness and
health
2. Technology  Offers new services
to the existing and
new customer
 Motivates consumer
to use their service
 Innovative and
creative method to
offer services (Yang,
et. al., 2019)
 To develop and
improve the existing
situation in the
fitness organization
 To build interest in
the area of fitness
area
 Use the innovative
machines and
technology and avoid
the traditional
methods
3. Competition  New industry
structure
 Identifies the key
point of competitors
 To evaluate and
measure its position
in the market
4. Company  Understand the
current company
environment
 To analyses the
external and internal
responsibilities
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Macro Facts Marketing Opportunities Rationale
(Arenas-Gaitán et.
al., 2019)
5. Management  Effective leadership
and management
styles
 To accomplish the
task from the
employees within
deadline
1.2 Research potential new markets
Research is used to analyse the future growth of the business. Is customer will take interest as
the current market offers? Profit and customer rate will not able measure the future fitness
perform the research by some ways like in the very first it needs to determine what is the
potential new market, then complete the primary and secondary research. In the primary
research, asked the questions from the customers and identify what the expectation from the
new market. Quality or cost which is most preferable by the customers and what kind of
promotional strategies attracts the customer? Evaluate the circumstances and risk which may
occur during the lifecycle of the business (Venkataraman, 2019).
In the secondary research need to review the government documentation, It helps to analyse
the experience of the same industry in the market. It also governs how management and
leadership are necessary to implement strategies in the organization. After these methods,
create market analysis according to the research. Identify the capabilities and weakness of the
new market. Mark prioritises and finds the entry option in the market (Schaltegger, 2016).
1.3 Explore entrepreneurial approaches for their potential business application
Focus on the core service: Emu Fitness needs to focus on the potential business application.
It needs to decide what assistance they need to offers to its customer. Identifies that is
customer appreciate the service and understand the approach of fitness organization. It
requires focusing on unique capabilities (Soetanto, et, al., 2018).
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