BSBMKG501: Marketing Opportunities Assessment: Wesfarmers Case Study

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BSBMKG501: IDENTIFY AND EVALUATE MARKETING
OPPORTUNITIES

Contents
Assessment Task1: Written question........................................................................................................... 3
Question1. Identify and outline five items of regulations and laws that apply to the marketing industry in
Australia................................................................................................................................................... 3
Question2. Briefly describe the importance for marketers to abide by the provisions of the Australian
Marketing Institute Code of Professional Conduct...................................................................................3
Question3. Describe one aspect of this Code that is important in relation to identifying marketing
opportunities............................................................................................................................................ 4
Question4. Briefly describe each of the following terms in relation to marketing opportunities: market
penetration, market development, product development and diversification...........................................4
Question5. Explain each of the phases of the product life cycle..............................................................4
Question6. Explain what the marketing mix is and when it is identified...................................................5
Qusetion7. Outline the steps in the four Marketing process....................................................................5
Question8. Describe four statistical methods and/or forecasting techniques that can be used to
evaluate marketing opportunities............................................................................................................. 7
Qusetion9. Briefly describe one method for forecasting market growth rate............................................7
Qusetions10. Define the term ‘return on investment’ and outline how it is calculated..............................7
Assessment Task2: Project- Identify and investigate marketing opportunities............................................8
Question1................................................................................................................................................ 8
Qusetion2................................................................................................................................................ 9
Question3.............................................................................................................................................. 12
Assessment Task3: Project- Evaluate and report marketing opportunities................................................15
Question1.............................................................................................................................................. 15

References................................................................................................................................................ 17
Assessment Task1: Written question
Question1. Identify and outline five items of regulations and laws that apply to the
marketing industry in Australia.
1. Misleading and deceptive conduct- while promoting products and services, branding,
quote, and statement or any other representation should not be misleading and false.
2. Before conducting direct marketing, compliance should be made with spam regulation and
privacy regulation.
3. Privacy Act, 1988 should be complied with while disclosing personal information of
customers.
4. Regulations of intellectual property along with the laws of trademarks should have complied
if the intellectual property of any person or business is used for selling or branding.
5. Pricing regulations need to be complied with when pricing of products or services is made,
and the price is advertised. Price to be displayed accurately and clearly (Government of
Australia, 2018).
Question2. Briefly describe the importance for marketers to abide by the
provisions of the Australian Marketing Institute Code of Professional Conduct.
The code of professional conduct is values, behaviour and principle’s public statement which is
expected by the Australian property’s Institute Limited’s members, as board determined. The
marketers are strictly abided by this code as the main aim of the code is ensuring observations
of individual and corporate behaviour of high standard by the members. Clarification and
assistance are provided, and it ensures the public confidence in the organisation. The company
can provide high-quality services to their clients by the use of these codes, the breach of the

same may constitute professional misconduct.
Question3. Describe one aspect of this Code that is important in relation to
identifying marketing opportunities
The Australian Marketing Institute established the code of professional conduct, and it is
essential for all the marketing companies to comply with the code. This helps the companies in
identifying marketing opportunities about the clients. All the member are required to execute the
professional duties honestly, in good faith without any personal bias, and ethically. All the rules
should be duly complied with, and changes should be made from time to time.
Question4. Briefly describe each of the following terms in relation to marketing
opportunities: market penetration, market development, product development,
and diversification
 Market Penetration- is the factor the activity of increasing the existing product’s market
share and promotion of a new product through different strategies such as advertising,
volume discounts, bundling, and lower prices.
 Market Development- in the market development, product’s or company’s total market
is expanded by entering in the new segment market, increasing usage per user, and
converting non-users into users.
 Product Development-series of steps are included in this conceptualisation, designing,
development, and product’s marketing which is newly created. This includes all the
process of bringing the product and launching it in the market.
 Diversification- it is a technique of risk management in which a wide variety of
investment is mixed within the portfolio. Capital allocation is done in such a way that the
particular risk and asset exposure are reduced (Benito-Osorio.et.alm, 2012).
Question5. Explain each of the phases of the product life cycle.
Product's life cycle consists of five phases as mentioned below-
 Product Development- at this stage, the product is on the research and

experiment table.
 Introduction stage- After the step of pre-launched product development, this
step is after launching. The product is launched by the company in the market
and starts its selling. Due to the product’s introduction heavy expenses, profits
are very low at this stage.
 Growth- in this stage the acceptability of product takes place in the market, and
it results in the increased profit. Heavy investment is made by the company in
marketing and advertising the product because of the high competition.
 Maturity- Product is on the top position and is mature and familiar with the market.
High profit is earned by the product and is at its peak. This is considered as the
last stage gaining more shares in the market (Garetti.et.al, 2012).
 Decline- falling off products takes place, and sales are also dropped.
Question6. Explain what the marketing mix is and when it is identified.
The marketing mix is the set of tactics and actions which is used by the company for promoting
its product and brand in the market. Marketing mix consists of 4 Ps including Product, price,
place, and promotion. Identification of marketing mix should be made at the time of bringing the
product in the market (Ria and Tanveer, 2012).
Qusetion7. Outline the steps in the four Marketing process
The successive steps of the marketing process-
1. Discovery- it is about doing research and performing customer, competitive analysis and
detailed market.
2. Strategy- the information gathered in step one is used for making decisions and creating
marketing plans and also in formulating the marketing strategy.
3. implementation- in this step the targeted and cost-effective marketing campaign and
strategies are put into action.
4. Measurement-results of the marketing campaign and marketing strategies are measured at
this step (A. Griffith.et.al, 2014).

Question8. Describe four statistical methods and/or forecasting techniques that
can be used to evaluate marketing opportunities
For evaluating the marketing opportunities four forecasting techniques and statistical methods
include the following-
1. Delphi Technique- questionnaire series are responded by the group of field’s experts.
Experts are kept apart and unaware of each other.
2. Scenario writing to generate different outcomes- by the different criteria for starting
different outcomes is generated by the forecaster. The decision-maker then decides the most
likely outcome from the numerous presented scenarios.
3. Subjective Forecasting approach- outcomes can be predicted by the forecasters by the
feelings and thought (Young, 2019).
4. Time-series forecasting- this is the technique of forecasting technique. For identifying the
trends, overtime data gathered are measured.
Qusetion9. Briefly describe one method for forecasting market growth rate.
Time Series forecasting is the method in which the observation is made of the sales patter. It
can be used for measuring the growth rate of sales in the past and extrapolate with the future. It
is most useful in a stable market.
Qusetions10. Define the term ‘return on investment’ and outline how it is
calculated
Return on investment measures the loss or gain generated on investment about the amount of
money invested. It is usually expressed in percentage and is used for making personal financial
decisions for comparing the profitability of the company and the efficiency of different
companies (PEAVLER, 2018).
ROI is calculated by dividing the net profit by cost of investment.
ROI= (Net Profit/ Cost of investment)*100

Assessment Task2: Project- Identify and investigate marketing
opportunities
For identification and investigation of the marketing opportunities the company which has been
selected is Wesfarmers Limited. It is an Australian conglomerate, headquartered in Western
Australia having predominant interest in Australia and New Zealand retail, fertilisers, safety, and
industrial products, chemicals, coal mining and coal mining.
Question1.
Following are the list of the marketing opportunities of Wesfarmers Limited –
 Social Media Use- this is the strongest tool which helps in increasing brand recognition,
ideal customers can be a target and retarget through it, inbound traffic also gets an
increase. It is essential to have a powerful strategy regarding the time, content and
money as this is a very competitive strategy.
 Trends in the behaviour of customers- Diversification can be made by Wesfarmers in
the types of product sold and services rendered by it due to the constant trends and
changes in the behaviour of the customers. By this, the new stream for the revenue will
be introduced and will attract many potential customers.
 Environmental changes and developments- New business opportunities are being
generated with the scientific and technological developments causing changes in the
environment. This opportunity can be used by Wesfarmers Limited and can enhance its
market share by making use of the new technological developments.
 A government with green drive- This will provide opportunities to Wesfarmers as the
state and the federal contractors will purchase the company’s’ products.
 Personalisation and customisation- it is a win-win perfectly if its execution is done
correctly. This will help the marketers of the Wesfarmers in aligning all the
communication programs and improving the experience of customers which will
correspondingly improve the performance of the company. With the successful strategy
of personalisation, valuable data will be identified and can be used in creating and
deploying the ultra-relevant marketing message (Kotler, 2012).

Qusetion2.
Basis Social Media Use Personalization and
customization
Trending in the
behaviour of
customers
Alignment with the
goals and objectives
of the company
Company's objectives
are creating more and
more potential
customers and
associating with many
customers as is
possible by making
effective use of the
platform of social
media Wesfarmers
Limited can target
huge customers (Fan
and Gordon, 2104).
One of the main
motives of the
company is to make
surety that the
customers’
satisfaction level
increases with time.
This will improve the
customer’s
experience and will
help in assuring them
satisfaction.
To provide the
products and services
as per the needs,
demands, and desires
of the customers and
stand at their
expectations. This will
help the company in
understanding and
analysing customer
behaviour trends.
Target customers People actively
making use of social
media will be the
target customers
People above the age
of 20 years
People above 20
years age group and
below 60 years
Overall benefits to
the business
It can emerge as a
strong marketing
strategy which will
build the customer
loyalty, brand
recognition and
goodwill of the
company and in the
long run, it will
increase the
profitability of the
company resulting in
Satisfied customers
emerge as a loyal
customer, and the
customer base of the
company will
enhance.
Company's profit will
get an increase
(Nykamp, 2012)

its growth.
Anticipated effect on
growth, sales,
profitability and
market share
By connecting with
more customers, the
company’s market
share will expand
increasing the sales
of the company which
will increase the
profitability ultimately
making growth for the
company.
Increase the profits,
growth and market
share
Some trends result in
the positive effect
while others
negatively affect the
company
correspondingly
affecting the sales,
profits and market
share of the company
Effect on return on
investment
ROI will increase by
about 25%
ROI will increase by
15%
ROI will increase by
20%
Potential
competitors
Incitec Pivot Limited Woolworths Group AECI
Impact by the
changes in the
economic
conditions
The changes in the
economic conditions
will not impact social
media
Customisation will be
preferred by the
customers
Trends of customer
behaviour will be
affected by this
Technological
factors
The platform will get
more popularity with
the increasing use of
internet and
technological changes
Personalisation will
become better with
technological changes
(Coelho, and
Henseler, 2012)
Trends can be studied
and analysed with the
use of different
technologies
Legal issues The content used for
marketing must
comply with the laws
applicable to the
company
Some of the features
of personalisation will
not be allowed by the
laws
Practices of
competitiveness can
be led to by this
(Verhoef, and Lemon,
2013).
Risks associated A little mistake in
content or any
negative point of the
company if it goes
viral on the internet
Company image and
recognition will be
badly affected by the
unsatisfied customers
Trends study and
analyses are difficult

then can damage the
goodwill of the
company

Question3.
Introduction
Marketing is the process of management which is responsible for anticipating, identifying, and
satisfying requirements of customers profitably. Product identification, demand determination
and price determination and selection of the channels of the distribution. In this management
report, the marketing plan of Wesfarmers Limited has been described, and recommendations
have also been provided for the same.
Overview of Wesfarmers Limited
Wesfarmers Limited is a diversified business which is operating in department stores,
supermarkets, office suppliers, resources, energy and fertilisers, safety and industrial products,
chemicals and home improvements. Its headquarter is in Perth, Western Australia. It was
originated 104 years ago as Western Australian farmers’ cooperative, this company has grown
into the largest listed company of Australia having employees of around 2, 10,000 and its
shareholders base is approx. 5, 00,000 (Thompson, 2014).
Company’s objectives
The primary objective of the company is to provide shareholders with a satisfactory return
through exceptional management and financial discipline of a diversified portfolio of business.
Marketing Plan of Wesfarmers Limited
Vision and mission
The Wesfarmers Limited vision is to deliver a satisfactory return to shareholders by anticipating
customers need and delivering competitive services and goods.
Objectives and Goals
The objective of the company is–
 To increase the profits by 15%
 To enhance the market share by 9%
 To increase the number of customers by 7%
Within one year