BSBMKG501 Identify and Evaluate Marketing Opportunities Assignment

This assignment addresses key aspects of marketing, including legislation, codes of practice, and the marketing mix. It begins by identifying and outlining Australian legislation and regulations relevant to the marketing industry, followed by an explanation of codes of practice and their components. The assignment then explores marketing opportunities through market penetration, development, product development, and diversification strategies. It further delves into the product life cycle phases and the importance of the marketing mix (product, price, place, and promotion) in bringing a product or service to market. The document also outlines key steps in the marketing process and describes statistical methods and forecasting techniques used to evaluate marketing opportunities, such as factor analysis, cluster analysis, conjoint analysis, and discriminant analysis. The student's responses provide a comprehensive overview of marketing principles and practices.

Running head: IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
Name of the Student
Name of the University
Author Note

1IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
ASSESSMENT 1
Q1. Identify and outline five examples of legislation and regulations that apply to the
marketing industry in Australia.
The five examples legislation and regulations that apply to the marketing industry in
Australia are (Forsyth 2017):
1. Consumer Rights and Product Requirements: It is the primary requirement for
the marketing industry, where there is necessity to know about the rights of the customers as
well as the legal obligations. The Competition and Consumer Act 2010 includes the fixation
of price, advertising issues and anticompetitive product. Australian Consumer Law (ACL)
helps to regulate the corruption related to the marketing industry in Australia.
2. Codes of Practice – The business must comply with one or more codes of conduct,
codes of practice or codes of ethics. These are the voluntary guidelines which are made by a
company or a business industry to specify the ways of behaviour.
3. Trademarks, Patents and Intellectual Property – It is very much required in the
marketing industry to safeguard the products, ideas, business identities or designs legally.
4. Environment – The marketing industry also have to be aware about the
surroundings of the marketplace where they ae performing their business operations.
5. Privacy – The Privacy Act 1988 (Privacy Act) helps to regulate the personal
information gathered. Anti-Spam legislation is also in the place to avoid of sending the
unsolicited electronic messages.
Q2. Identify two relevant Codes of Practice for the marketing industry and outline the
purpose of the Code and its key components.

2IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
Codes of Practice helps to set out the standards of conduct in any kind of industry.
Normally, the Codes of Practice in the marketing industry of Australia are made with the
consultation with the representatives from the marketing industry as well as with the society.
They can be rather voluntary or mandatory:
Voluntary Codes - It can be termed as the design of industry self-regulation. These
kind of codes can be promoted by an association from the marketing industry or can be
formed a partnership with the government agencies. They are usually flexible and can be
changed quickly according to the changes in the needs and wants of the customers.
Mandatory Codes – These codes helps to provide a minimum or basis standard of
protection to the customers. They are recommended under the fair trading laws which can be
enforced.
Q3. Explain each of following terms in relation to marketing opportunities: market
penetration, market development, product development and diversification.
Market penetration – It can be termed as a marketing strategy which is used by the
marketing companies in order to increase the sales growth of the enterprise of the existing
products or services of the company to the existing market of that company on order to get
more market share. It can also be termed of selling the product or service in a particular
market by a particular company. It plays a vital role in the strategy of the business growth of
the organization.
Market development – It can be termed as a growth strategy which helps to identify
as well as develop new segments in for the current products and services. The non-buying
customers are targeted in the present targeted segment. It also targets fresh customers in fresh
targeted segments. A market development strategy encompasses of expansion of the potential
market through fresh users or fresh uses.

3IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
Product development – It involves the modification or changes of an existing
product or service or its presentation, or the formation of a brand new product that will satisfy
a newly targeted market or may be market niche. It includes brand new features and
characteristics that can offer new or additional benefits to the end customers.
Diversification – It is a corporate strategy used by the marketing companies which
will help them to enter a new market where the business does not operate currently. It also
includes of preparing a new product or service for the existing or new market. It is a growth
strategy that involves the addition of products or services in the core businesses of the
marketing companies.
Q4. Explain each of the phases of the product life cycle.
There are five phases in the product life cycle. They are (Stark 2015):
1. Introduction Stage – In this stage, the product developed according to the needs
and wants of the customers, and introduced in the market by starting the commercial
production of the product or service.
2. Growth Stage – In this stage there is a huge expansion in the sales of that product
or service as the aggregate effect of the promotional expenditure which helps the acc4eptance
of the product or the service in the marketplace as well as increasing in the reputation of that
product or service.
3. Maturity Stage – In this stage the growth rate of the product or the market
declines, though there is an increase in the volume of the sales. Here the product or the
service tends to lose some potential buyers in the market. The marketing companies have to
spend a good amount of money in the promotion of the sales of that product or service.

4IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
4. Saturation Stage – In this stage of the product life cycle, the volume of the sales of
the product or the service stops to grow. There is only one kind of demand in the market, and
that is the replacement demand.
5. Decline Stage – At the final stage, the volume of sales starts to shift down. The
competitors have entered by that tome in the marketplace with imitations as well as
substitutes. The product distinctiveness also starts to diminish. As a result, the sale of the
product or the service also starts to decline.
Q5. Explain the purpose of the marketing mix and each of its components.
Marketing mix can be termed as one of the most important marketing requirements in
the marketing plan of a company. It involves to the four areas of decision making which can
be termed as the four Ps, which helps to satisfy the needs and demands of the customers
present in the marketplace. They marketing mixes are:
1. Product – It is one of the four Ps which helps to create value to the customers.
Products can be termed as the most important and helps to earn profit to the companies. No
other Ps will exist if there is no existence of product. They help to attract the eyeballs of the
customer, which is one of the way to increase the profit of the company.
2. Price – It can be termed as the capturing value of a product or a service by the
customers. It is determined by the extent of willingness of the customers to pay and acquire
that product or service and helps to assess whether the company can earn profit at that
moment or not. It also depends on the marketplace where the product or services going to be
sold.
3. Place – It helps to deliver the value proposition and involves all the activities
needed to reach the product or the service to the right customers who wants to acquire it.
These activities are known as the supply chain management, and the effectiveness of an

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efficient and effective of supply chain helps to minimize the cost and maximize the profit, as
well as satisfying the level of services required by the consumers.
4. Promotion – In one word, it can be said that promotion is the communication of
the value proposition. Promotion helps to advertise the product or the service through
different modes of promotion like radio, television and newspaper. It is the communication
made by the marketing companies which helps to persuade, inform and remind the potential
buyers about a product or a service to influence the opinion of the consumers.
Q6. Explain why the marketing mix is important in bringing a product or services to
the market.
Marketing mix plays a vital role in the marketplace. It directly affects the decision of
a consumer whether they will but a product or service or not. It also helps to satisfy the basic
requirements of the customers according to their needs and wants. The concept of marketing
mix helps to manufacture a product or a service, setting a value of it and promoting that
product or service into the marketplace and setting up of a place where the product or the
service will be sold. It helps to strategize the plans and procedures in a structured way which
will help the marketing companies to run their business operations in an efficient and
effective way.
Q7. Outline four key steps in the marketing process.
The four key steps in the marketing process are:
1. Discovery – In this step, the company needs to know about the happenings in and
around the atmosphere of the business operations in the marketplace. It includes the
researches about the target market, about the basic requirements of the customer towards a
product or a service, and also the competitive analysis.

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2. Strategy – In this step, the company evaluates all the data gathered in the first step
and formulating the strategies accordingly, which will be the roadmap for the company to
taste the success in the marketplace. This will help the companies to properly plan about the
product or the service which they are going to be launched in the market. It includes the
overall marketing strategy as well as the campaign strategies for a particular firm.
3. Implementation – This can be termed as the most important step in the marketing
process. It means to put the strategies formulated in the previous step into actions in an
efficient and effective way to earn revenue for the company. The proper implementation of
the strategies will help to determine whether the product or the service will compete in the
market, or will it earn profit for the company or not.
4. Measurement - In this final stage, the company measures the performances of the
business organization who has sold the product or the service in the market. Refinement of
the strategies might be needed in this stage, if the company faces some stiff competition or
suffering from loss in the marketplace. This stage evaluates the performance of a company
whether the company is able to meet its aim and objectives or not.
Q8. Describe four statistical methods and/or forecasting techniques that can be used to
evaluate marketing opportunities.
The four statistical methods that can be used to evaluate marketing opportunities are:
1. Factor Analysis – This method can be used to organize the strongest dimensions
underlying of a broader set of variables which are interrelated. This analysis can be trimmed
to a few number of variables like dozens, which can be said to be more practical as well as
actionable.
2. Cluster Analysis – This method is used in the time of grouping a set of data
objects together into some homogeneous groups like cluster. These can be helpful to

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differentiate as well as finding the similarities between the clusters or groups in the market
segmentation of the marketplace of a product or a service.
3. Conjoint Analysis – This method is used when the aim is to differentiate the
process of respondents of the market researches perceive and evaluation of various variables
that are part of a service or a product. In some cases, this analysis helps in revealing the
insights that are even unknown to respondents themselves.
4. Discriminant Analysis – This method is used for predicting the membership in a
group based on the characteristics of other variables which are measured. In this analysis, the
advertising and marketing campaign can be designed to influence this awareness.
Q9. Describe a method that can be used for forecasting market growth rate.
There are many methods which can be used to forecast the market growth rate.
Among all these, one such method which can be used is Time Series Forecasting Technique.
This technique observes the sales pattern of the marketing industry. This technique can be
used to measure the rate of sales growth in the past and deduce it to the future. It is most
useful in a stable marketplace, as a marketplace which either fluctuates or frequently gets
disorganized, will not allow to lend itself properly to this method.
Q10. Define the term return on investment and explain how it is calculated.
Return on investment can be termed as a measurement of performance which is used
to evaluate the efficiency of the investments or comparing the efficiency of a bunch of
different investments. It is calculated on the benefit or return of an investment which is
divided by the total cost of investment. The result or the outcome is expressed as a ratio or
percentage. It can also be said as a ratio between the cost of investment and the net profit
earned by the company. A high return on investment it is favorable for the company. It

8IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
actually helps to evaluate the efficiency of the investment made as well as to compare the
efficiencies of many other investments (Millar and Hall 2013).

9IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
Assessment 2

10IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
Executive Summary
In this report, the aim of the discussion will be to identify and evaluate the marketing
opportunities of Virgin Australia Airlines, and to access the marketing plan of the company.
It will include the business goals, target customers, marketing or the branding strategy, sales
forecasts and marketing budget which will help to provide sufficient information in order to
be able to compete in the marketplace.

11IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
Table of Contents
Introduction..............................................................................................................................12
SWOT Analysis.......................................................................................................................12
Strengths...............................................................................................................................12
Weaknesses..........................................................................................................................13
Opportunities........................................................................................................................13
Threats..................................................................................................................................13
Situation Analysis....................................................................................................................14
Target Markets.....................................................................................................................14
Existing Market................................................................................................................14
Potential Market...............................................................................................................14
Business or Marketing Opportunities.......................................................................................15
Financial Objective..................................................................................................................16
Marketing Objectives...............................................................................................................16
Current Marketing Strategies...................................................................................................17
Conclusion................................................................................................................................18
Assessment 3............................................................................................................................19
Introduction..............................................................................................................................21
Marketing Opportunities..........................................................................................................21
Conclusion................................................................................................................................22