BSBMKG501: Identify and Evaluate Marketing Opportunities Assignment

This document presents a comprehensive marketing assignment solution, addressing key aspects of the marketing field. It begins by outlining five examples of Australian legislation and regulations relevant to the marketing industry, followed by an identification of two relevant Codes of Practice. The assignment then delves into the concepts of market penetration, market development, product development, and diversification, explaining their significance in terms of marketing opportunities. The phases of the product life cycle are detailed, and the purpose and components of the marketing mix are explained. Furthermore, the importance of the marketing mix in bringing a product or service to market is discussed, along with the key steps in the marketing process. The assignment also covers statistical methods and forecasting techniques used to evaluate marketing opportunities, including a method for forecasting market growth rate. Finally, the concept of return on investment (ROI) and its calculation are defined. The second part of the assignment focuses on a case study of NIKE, analyzing its business objectives, target customers, and marketing strategies.

Running Head: Marketing Opportunities
Marketing Opportunities
Name of the Student
Name of the University
Author’s Note

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Assignment 1
Identify and outline five examples of legislation and regulations that apply to the marketing
industry in Australia.
The Australian Consumer Law (ACL) is the national fair trading and consumer protection
law that promotes competition and fair trade in the business that benefits the consumers,
community and the market (Lunny, Nelson & Steinemann, 2017). The five examples of
legislation and regulations that apply to the marketing industry in Australia are:
i. Every state of Australia has the fair trade regulatory and can administer
the Australian Consumer Law. The act sets the responsibilities and
consumer right which includes return, contracts, warranties, advertising,
funding and marketing.
ii. The code of practice is the voluntary guideline that develops the industry
or the organization in the way they want to behave within the premises.
iii. It is a crucial part for the industry to legally protect the idea, design,
product and the business identity. The important part is to find about the
Intellectual property such patents or as trademarks (Bant, 2015).
iv. The requirement of the environment is important as the local water,
electricity and drainage facility. The restriction was these resources would
be a challenge for the industry to commute.
v. The use of Privacy Act 1988 is important for the industry to follow and
restore the information, use and the data collected. Do not call register is

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significant to check before making the marking activity (Van & Tarr,
2014).
Identify two relevant Codes of Practice for the marketing industry and outline the purpose
of the Code and its key components.
Marketing codes of practice can be defined as the set of standards that are set for
marketing and advertising to consult with the marketers which can minimize the risk associated
with it.
There are no specified law related to the code of conduct but safety of the organisation
and the employees and secondly catering to the health of the employees should be the main
criteria of the organisation (Van et al., 2014).
The purpose for code of practice which provides a voluntary guideline has an intention to
develop an industry or a business that species how an organization should behave as a group.
The information should link to the code that the industry is performing. Consulting an industry
specified fact sheet is recommended or a peak industry or membership association that is related
to the same industry (Kralevska et al., 2017).
The components of marketing code of practice are Mobile marketing, e-marketing,
telemarketing and marketing claims.
Explain each of following terms in relation to marketing opportunities: market
penetration, market development, product development and diversification.

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Marketing penetration in terms of marketing opportunities can be defined as how much
a product or a particular service is used by the potential customer as compared to total estimated
market for the specified product or service. It can also be used in developing strategies that is
employed to raise the market share in a particular product or service.
Market development is the growth strategy that identifies and develop in the new market
segment for the recent products. The marketing opportunity that will cater in case of
development will build up the strategy to target the non-buying customer in the market (Valeri &
Danielis, 2015).
Product development will assist the development in diversifying the target audience in
ranges and expand the new market segmentation. When a new product is launch in the market
the strategies will help to connect to the market and before they are dispatched to the consumer it
will help to create an excitement and build an interest in the market.
Diversification of the product are used in case to expand the business and introduce new
product in the product line. The marketing strategy will help the business to operate in the
functioning area of product, services, production criteria and manufacturing. When the new
venture is interconnected to the marketing opportunity it is called concentric diversification.
Explain each of the phases of the product life cycle.

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The product line cycle of the product can be explained as the process from the time the
product is first introduced in the market till the time it decline and gets removed from the market.
The four stages of Product life cycle are: introduction, growth, maturity and decline.
The introduction phase of the product deals with the introduction of its item in the
market and at this stage the product is often at high stake and the company makes it a point that
they spend more on promotion so that customers are aware of the product (Bilir, 2014).
Growth stage can be defined as the product gains an attention in the market and the
customers are making an effort to purchase them. The product gains an attention and as a result
the revenue starts to increase.
The maturity phase of the product has gained all its popularity and the sales are affected
as there are more of rival competitors around the market. The sales start to drop and the prices at
this stage tends to be competitive and the demand of the product is recorded to be lower. The
companies tend to set up new pricing technique or alter the product to reach different market
segment.
The last stage that is the decline stage is generally attempted to keep the product alive in
the maturity stage until the product decline and is inevitable from the market. The product sales
fall significantly and the customer behavior are changed which alternatively lower the demand
completely from the market (Hellweg & Canals, 2014).
The life cycle of the product is very evident in case of all kinds of product that are
introduced in the market.

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Explain the purpose
of the marketing mix and
each of its components.
Marketing mix comprises of the 4 P’s of marketing that are Product, Place, Price and
Promotion of a particular product which is known as Product Mix. Attached to the 4 P’s of
marketing mix there are three more P’ attached they are: Packaging, People and Physical
evidence. It is a crucial tool that the product offers to the customers. The purpose of marketing
mix is to control the marketing plan of the business. The seven components attached to the
functioning of the marketing mix are all interconnected to each other (Gordon et al., 2013). The
function is a step by step process starting from the introduction of the product idea to its reaching
to the target audience. The main 4 P’s of marketing mix are discussed below:
Price is the value of the product that is set for teach unit. The cost is depended on the cost
of production, segment target, demand-supply and direct and indirect factors.
Product is the item that is sold in the market.
Place can be referred to the point of sale. The main aim of the market is to plan its
location of sale and distribute its product according to the place and time.

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Explain why the marketing mix is important in bringing a product or services to the
market.
Outline four key steps in the marketing process.
The tools of marketing mix is important for the right marketing strategy as it implement
the effective tactics to function in the market for a long period. The components of the marketing
mix is significant in the business as it plays a vital role in general marketing approach. The
creation of marketing plan facilitates the decision to have an impact in the positioning of the
product, in allotting its target audience and segmenting decision. The decisions taken in the early
stage has an impact on the promotion and price (Davari & Strutton, 2014).
The four steps in a successful market are:
Discovery of the market place and collecting information about the target audience, rival
competitors catering in the same market, researching about customers and planning the metrics
and reality.
Secondly the information that is gathered in the first step is used to make decision in the
marketing plan. This planning will allow the business to create a roadmap towards success. Well
defined strategies and goals, channeling appropriate marketing tool and planning the time of
distribution should be planned before- hand.
In the implementation stage the marketing process decides upon the potential target and
cost-effective marketing approach. Before the decision are take the marketer needs to be sure
that the pieces of the planning are well placed. The thinking process of the entrepreneur is
important before the third party gets its job done.

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Lastly, in the stage of measurement of the marketing process is where the marketer takes
a close look at the results of the product and its performance in the market. It makes the
entrepreneur experience about the measurement and allocation of the resources for the next set of
production in the coming days.
Describe four statistical methods and/or forecasting techniques that can be used to evaluate
marketing opportunities.
Marketing forecasting can be explained as the method that allows the company to
improve their product and overall business functioning. When the organisation uses the
technique for forecasting they are not only improving their product and service but also gaining
insight that allows the company to improve they procedure of functioning. The four methods are:
Buyer survey allows the owners of the business to understand the procedure for buying
intention of the customers. The marketers plan the product requirement according to the need
and preference of the customers (Ratten et al., 2016).
Business Intelligence Tools helps the marketers to understand the customer preferences
better. The companies uses the tool to capture important information affecting to the customer
wants.
Sales data is an excellent forecasting technique to use previous sales data to predict the
future sales of the companies. The analysis depends from economic evaluation till demand
analysis and time series method.
Describe a method that can be used for forecasting market growth rate.

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The method that can be adopted to forecast the market growth rate is the implementation of sales
data because it gives the approximate analysis of the future forecasting that determines the future
demand for the product by its potential and targeted customers. It provides valuable information
that requires changes and improvement for the company (Ma, Fildes & Huang, 2016).
Define the term return on investment and explain how it is calculated.
The return on investment can be termed as the measurement for loss and gains that is
generated on an investment relative to the sum of money that is invested. It is usually expressed
as a percentage format and is typically used for special financial decision, compare the efficiency
of different amount investment and compare the profit margin of different companies (Millar &
Hall, 2013).
The return on investment is calculated by:
The benefit or return of an investment is divided by the amount on investment. The result
is either calculated on a percentage or a ratio format. The “current value of investment” is
referred to proceed from the sales of the investment of interest.

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Assignment 2
The company chosen – NIKE
Review Report
Business Objective
The business objective of the chosen company for this report is NIKE. The aim and focus
of the brand is to manufacture the sports product that has a unleash potential. For three
consecutive year NIKE is ranked as the most admired company in America in the apparel
industry. It was second behind Apple after its innovation in the overall ranking of more
than three hundred companies (Paharia, Vohs & Deshpandé, 2013).
This year it is the objective of the brand to bring sports to a Somalian girl who are
growing as a refugee in Kenya. The second aim of the business is to diversify its product range
in the business and create a wider opportunity for the sport lovers. The company has embodied
its corporate social responsibility goal as one of the important strategy that they are inculcating
to achieve.
Target customer

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The target customer of the sport brand is starting from the kids section to the enthusiastic
youth who are lover of sports till the mid aged group and ending with the old section of the
society. The people who are not into sports also purchase the brand for its comfort level and
considers the brand that is ease to carry. The primary target of NIKE is the age group between15-
40 (Mahdi et al., 2015).
Current market strategy
The current market strategy of NIKE is to place its focus on the direct selling, internet
marketing, to build up public relation, to focus on the word of mouth advertising. It uses the
campaign to capture the market potential for various segments. The pricing strategy involves
high prices based on premium branding strategy that establish the product in quality and its value
than the competing products (Chung, Derdenger & Srinivasan, 2013).
Current market trend, new and emerging market, competitors
The current market trend of NIKE is styling the products with a purpose and objective
which is strategized by the company. The organisation does this because it aims to triumph with
the apparel section. There has always been a trend were a superstar or an athlete sponsors a
particular brand for sport shoes, the product will be related as victory. This has happened in the
previous years and this aim works as a miracle for the company.
The new and emerging market of NIKE is sponsored on high profile athletes and even
sports team throughout the world that has become one of the most recognized in the market. The
branding strategy of the NIKE is strong enough which makes it different and competitive in the

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market. There is a presence of innovation in the culture, international opportunity for revenue
expansion and significant pricing power.
The competitors of NIKE are Adidas, Reebok, Puma and Fila. All the mentioned brands
focus to create similar product which is comprised of same comfort level and with similar price
range.
Three marketing opportunities
The three major marketing opportunity for NIKE are:
 The aim of the brand is to run its business in the international market. NIKE generates
most of its sales from outside the country of its origin. The recent growth of the sales in
China has raised up to 17% over the years. NIKE’s biggest segment is present in the
Western parts of Europe that accounts up to 12% increase in sales. Nike is facing a head
on situation with its competitive brand for the participation of soccer.
 NIKE is focusing its investment in the digital marketing so that the sales are driven
through the website of Nike.com. The focus on online marketing has increased as they
feel that the customers who cannot visit the store can shop from the online website or
from a third party retailer. They maintain to collect valuable information from the
customers and benefit by catering to their needs. It has also launched its own app and a
social media account and featured to sponsor an athlete in the promotion technique as