BSBMKG502: Establish and Adjust Marketing Mix - Written Questions

This BSBMKG502 assignment solution provides detailed answers to questions related to establishing and adjusting the marketing mix. It covers key characteristics of products and services, pricing strategies, distribution channels, promotional methods, and customer service levels. The assignment also delves into identifying potential customer bases, analyzing the impact of marketing mix components, and evaluating environmental factors through PEST and SWOT analyses. Furthermore, it addresses the importance of aligning the marketing mix with organizational objectives and budgetary requirements. Statistical techniques used for gathering marketing information, such as factor analysis and cluster analysis, are also summarized. The assignment concludes with a project report explaining the marketing mix according to ABC Company’s operational plan.

Business, Accounting and Finance
BSBMKG502 Establish and adjust the
marketing mix
Student Assessment
Student Name:
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Written Questions and Answers
Assessment is all about collecting evidence and making decisions
as to whether or not a student has achieved competency.
Students are required to answer all the questions. Evidence is
information gathered that provides proof of competency. While
evidence must be sufficient, trainers and assessors must focus on
the quality of evidence rather than the quantity of evidence.
1 Identify the key characteristics of products or services and
estimate their significance to the market. Please describe and
expand to include 4 & 7 Ps, 3 major pricing strategies, at least 2
distribution strategies, characteristics of service and the
products such as PLC Stages.
The key characteristics of products or services are perishability,
fluctuating demand, intangibility, inseparability, heterogeneity, service
quality and pricing of services. There is a major significance of these
characteristics to the market and these are parts of PLC stages.
Marketing mix is one of the most significant requirement for any product
or service and 7Ps are parts of this mix. These 7Ps are process, people,
physical evidence, price, place, product and promotion.
3 major pricing strategies are pricing for market penetration, pricing at a
premium and economy pricing. 2 distribution strategies are indirect
distribution and direct distribution. These are required for effectively
getting the product to consumers as well as end users. The firms could
sell their products directly or through intermediaries.
2. As a manager when you are reviewing the pricing policy and
analysing pricing variables to determine their effect on demand,
what are some key factors? You need to consider the pricing
procedure, 4Cs, what pricing variables support the pricing policy,
company considerations and pricing decisions associated with
costs.
The key factors that are to be reviewed the pricing policy and analyse
pricing variables are divided into two types, which are internal factors
and external factors. The internal factors can be stated as marketing
objective, marketing mix, cost as well as organizational set up. The
external factors can be stated as market or demand, competition and
other environmental factors. Moreover, 4Cs of communication,
convenience, costs and customer value are also considered here. The
effect on demand for reviewing pricing policy are checked by pricing
variables like revenue management, price discrimination, inventory,
dynamic pricing and forecasting.
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3. After an analysis on promotional methods in your organisation,
explain how you determine their importance to the marketing
outcomes.
Promotional methods are utilized for any product as well as family of
products. The elements of promotion mix eventually involve broadcast
advertising, merchandising, point of sale displays and direct marketing.
Marketing of brand and product is important for including separate
aspects of selling and promotion of products to the customers. The
importance of these specific promotional methods towards the
marketing outcomes include proper development of marketing plan,
understanding the clients, development of financial goals and strategic
business planning.
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4. Explain the results from a review on channels of distribution in
your organisation and estimate their significance to marketing
outcomes.
The channel of distribution is the chain of intermediaries and businesses
through which the good or service passes until and unless it could reach
the end user. It could involve the distributors, retailers, wholesalers and
also the Internet. There are eventually two major kinds of channels
within marketing, which are direct distribution channels and indirect
distribution channels.
The major significance of channels of distribution to marketing
outcomes would be that it is quite vital in any one place while the
overall consumption is scattered in many places.
5. Explain how you would identify and analyse the level of
customer service provision to determine its significance to
marketing outcomes.
Customer services are the service provisions to customers before and
after a purchase. The perception of success of these interactions is
eventually dependent on the employees for better execution of
processes. The five customer service levels are unacceptable, basic,
good, world class and trademark. There is a major significance of proper
analysis of levels of customer-service provision to the marketing results,
which is higher competition and reputation in the market.
6. What do you need to consider when identifying the
organisation’s potential customer base and key pressure points?
For identifying the organizational potential customer base and key
pressure points, at first, it is required to identify how the market is being
divided for the products and different customer groups like
demographics, benefits, behaviour and geography. Market segments
should also be evaluated and marketing goals are found out.
7. Part of an effective marketing plan, you need to analyse and
test effect of components of marketing mix on each other and
establish their relative importance to the customer base. What
are some of the things you need to do?
The major components of marketing mix are 4Cs and 4Ps. The 4Cs are
communication, convenience, cost and collaboration. The 4Ps are
product, price, promotion and place. The four broad levels off
independent and interconnected variables should be represented for
completing marketing mix and also to promote the brand’s unique
value.
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8. Identify and assess environmental factors, and their impact on
marketing mix by elaborating on an a) environmental analysis, b)
PEST analysis and c) SWOT analysis?
There are two types of environmental factors which are internal and
external. The internal factors are top management level, finance as well
as accounting, researching and development and finally brand equity.
The external factors are macro and micro factors. These factors have
major impacts on marketing mix by elaboration on environmental
analysis. As per this analysis, the organizational performance in respect
to external and internal elements could be checked. For PEST analysis,
the political, economic, social and technological factors could be
analysed. SWOT analysis is extremely helpful for identifying the
respective strengths, weaknesses, opportunities and threats of an
organization.
9. Explain how you identify the consumer priorities, needs and
preferences affecting marketing mix.
The proper identification of customer priority, need and preference
affecting the marketing mix should be done for effective organizational
marketing. This is required to ensure customer satisfaction and loyalty.
Each customer has unique needs and the customers’ need could bring
more profit. Correct products, services and solutions are required for
fulfilling customer demands.
10. Consider product, pricing, promotional, distribution and
service variations, and evaluate these against marketing
objectives, target market characteristics and desired positioning.
The product, promotional, pricing, distribution variation and service
variation should be considered as well as evaluated against the major
marketing objective, target market characteristic and even desired
positioning. 4Ps marketing mix offers an excellent way for ensuring that
the appropriate product is put in the correct place. The target market
characteristics and desired positioning are being considered for the
proper establishment of marketing in the organization.
11. Identify a marketing mix that best satisfies your
organisation’s target market and meets the marketing objectives
and explain the strategy.
Marketing mix should be identified that best fulfils the organizational
target market and for meeting the major marketing objective and hence
explaining the strategies. The best marketing mix that could satisfy this
target market is 4Ps or price, product, promotion, and place.
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12. How do you ensure the marketing mix decisions meets
organisational, strategic and operational marketing objectives?
The decisions of Marketing mix help to meet the various marketing
objectives in respect to organization, strategy and operation. These
objectives are to be fulfilled for ensuring the decisions are proper.
Product, promotion, place and price are required to be considered to
make the business processes and operations effective.
13. As a manager you need to monitor the marketing mix against
marketing performance and isolate components for testing.
Elaborate on how you would approach this.
The marketing mix is required to be monitored against marketing
performance in an organization. The structural constraints between
corporates and SMEs differ during marketing effectiveness
measurement. The strengths and weaknesses of marketing programs
should be identified for increasing sales, market share and marketing
ROI. The components of marketing mix like product, price, place and
promotion are isolated and do not need to be monitored.
14. What do you need to consider when evaluating the
implications of altering one or more components of the marketing
mix in relation to market factors and consumer response?
During evaluation of the implications of changing one and more
elements of this marketing mix like product, price, place and promotion,
the market factors and consumer responses are required to be
considered. The factors are geographic factor, demographic factor,
major competitors and industry. The consumer is the positive and
negative feedback that any organization receives regarding the
products.
15. What do you need to consider when adjusting components of
the marketing mix in response to test results and market-
response evaluation?
The components of marketing mix like product, price, place and
promotion are required to be adjusted in response to the test outcomes
and market responses evaluation. The return on investment, sales
number, customer response, market expansion and competitor
response are required to be considered.
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16. How do you ensure the adjusted marketing mix meets
budgetary requirements?
The adjusting marketing mix helps in outlining marketing strategies,
costs and tactics in a specific time period. The respective marketing
plan as well as budget is responsible for keeping the entire organization
to be focused on specified objectives. The budgetary requirements are
meeting financial goals, sales plan and detailed budget for the
respective organization.
17. What is involved in ensuring the adjusted marketing mix
continues to meet organisational, strategic and operational
marketing objectives?
The adjusted marketing mix of product, price, place and promotion
helps to meet the organisational, strategic and operational marketing
objectives within any organization. These above mentioned objectives
help in proper identification of overarching business related goals by
defining the set of marketing goals to effectively support them.
Promotion and place help in identifying the major operational marketing
objectives. Mission statement and focused strategy are required for
focusing on market segment as well as product positioning.
18. What statistical techniques are commonly used by business
organisations to gather marketing information? Summarise
several techniques and explain how you might use them to
identify markets and marketing opportunities. Conduct
appropriate research to answer this question.
The major statistical techniques that are majorly utilized by the business
organizations for gathering marketing information would be factor
analysis, cluster analysis, conjoint analysis, multiple regression and
discriminant analysis. These above mentioned statistical techniques are
termed as the most significant innovations in market research by
involvement of tool emergence. The factor analysis helps in establishing
the strongest underlying dimensions of inter correlated variables. Cluster
analysis is utilized for grouping a collection of data objects into
homogeneous clusters. Conjoint analysis helps in distinguishing how
market research respondents are evaluating different variables. Multiple
regression helps in predicting the variable value on the basis of changes
in two or more variables. Finally, discriminant analysis helps to predict
membership in a cluster on the basis of measured characteristics of
other variables. These techniques help in gathering relevant marketing
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information for successful execution of marketing operations.
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Assessment Outcome Written Questions
Question Correct ()
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Assessed by ______________________________________________
Assessor Signature_________________________ Date _________
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Project Report 1
Write a report to explain the marketing mix according to ABC
Company’s operational plan. Refer to BSBMGT517 Manage Operational
Plan. (Minimum of 200 words)
Include in the report –
Activities undertaken to establish a marketing mix in an organisation,
including information on each element of the mix, such as:
1. customer service levels (Refer to Q5)
2. product or service distribution (Refer to Q4 & Q10)
3. product or service pricing (Refer to Q2 & Q10)
4. additional products or services, if any (Refer to Q10)
5. product or service promotion (Refer to Q3 & Q10)
6. report on success of marketing mix activities developed, including
coverage of any necessary adjustments made (Refer to Q13 & Q14)
Introduction: Marketing mix comprises of 4Ps, which are product,
price, promotion and place and these are required to be considered
while completing marketing within any specific organization. The
following report outlines a brief discussion on marketing mix as per the
operational plan of ABC Company.
Discussion: The five customer service levels of unacceptable, basic,
good, world class and trademark are required to be considered at first
so that the customer services are being understood properly. The
second activity is for product or service distribution. The two distribution
channels are direct distribution channels and indirect distribution
channels. 4Ps are also ensure for appropriate product and place.
Product or service pricing is the third activity that includes 4Ps and
distribution channels. Moreover, the key internal and external factors
are identified for reviewing pricing policy. The promotional methods are
required to be considered for product promotion. The importance of the
promotional methods to the marketing outcomes include proper
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development of marketing plan, understanding the clients, development
of financial goals and strategic business planning. Finally, the
development of marketing mix activities is required for increasing sales,
market share and marketing ROI.
Conclusion: Therefore, from the above discussion, it can be concluded
that ABC Company has made their new operational plan for bringing
more success in the business. For this purpose, they have considered
the marketing mix with proper evaluation of every component. This
report has properly depicted the activities of marketing mix
establishment within ABC Company.
Assessor needs to use the below checklist to assess the Case Study 1.
Items Yes/
No
Comments
Report on activities undertaken to establish a
marketing mix in an organisation, including
information on each element of the mix, such
as:
 customer service levels
 product or service distribution
 product or service pricing
 additional products or services, if
any
 product or service promotion
 report on success of marketing mix
activities developed, including
coverage of any necessary
adjustments made
Assessed by ______________________________________________
Assessor Signature_________________________ Date _________
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Business, Accounting and Finance
BSBMKG502 Establish and adjust the
marketing mix
Assessment Outcome Record
In order to be deemed competent in this unit, the candidate must answer
all written questions correctly and satisfactorily complete all practical
tasks. In order to complete all practical tasks, all Observation Criteria
need to be satisfied, i.e. demonstrated and marked as an 'S'. The task
summary outcome must be noted as satisfactory to note the
demonstration of a satisfactory outcome for each practical task
requirement.
Student Name
 Not Yet Competent  Competent
Comments
Assessor
(Name)
Assessor
Signature
Date
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