University Assignment: Identifying Market Opportunities for BBQ Fun

This report, prepared as an assessment task, focuses on identifying and evaluating market opportunities for BBQ Fun, a lifestyle retailer specializing in outdoor furniture and products in the Brisbane area. The report begins with an introduction to BBQ Fun, highlighting its mission to provide a wide selection of high-quality outdoor lifestyle products and excellent customer service. The core of the report involves analyzing the market environment, including comparative market information, customer requirements, legal and ethical considerations, market share, and market trends. The report then explores specific opportunities, such as export markets and untapped market segments, and considers strategic marketing approaches like increasing market share, developing new markets, and product diversification. The report also provides sales and expense forecasts and discusses entrepreneurial, innovative, and creative options for applying marketing opportunities, including franchising. The analysis covers both the identification and evaluation of market opportunities, providing a comprehensive overview of the BBQ Fun business environment and potential growth strategies.

Running head: ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
Assessment Task 1&2 Identify Market Opportunities
Name of the Student:
Name of the University:
Author Note:

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ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
Table of Contents
Task 1.........................................................................................................................................5
Introduction................................................................................................................................5
Part A.........................................................................................................................................6
Identify and evaluate two opportunities for BBQ fun business.................................................6
Comparative market information...........................................................................................6
Customer requirements..........................................................................................................7
Legal and ethical requirements..............................................................................................7
Market share...........................................................................................................................8
Market trends and developments...........................................................................................8
New and emerging markets....................................................................................................8
Profitability............................................................................................................................9
Sales Forecast.......................................................................................................................10
Researching potential new markets for the organization.........................................................10
Segments of the market not currently penetrated.................................................................10
Considering strategic marketing approaches like................................................................11
Increasing market share........................................................................................................11
Developing new markets......................................................................................................11
Developing new products.....................................................................................................12
Diversification......................................................................................................................12

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ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
Using suitable methodology like gap analysis, market or marketing analysis or competitor
analysis, identify and decide on two marketing opportunities to focus on and investigate
further.......................................................................................................................................13
Considering types of market and aspects of the marketing mix like distribution, products and
types of promotional activities.................................................................................................13
E-commerce.........................................................................................................................13
Business to Business Marketing...........................................................................................13
Ideas marketing....................................................................................................................14
Public sector marketing........................................................................................................14
Services marketing...............................................................................................................15
Telemarketing......................................................................................................................15
Estimating the effect of the two marketing opportunities on the business..........................16
Market share.........................................................................................................................16
Profitability..........................................................................................................................16
Using numerical analysis or statistical methods for forecasting effects..................................17
Sales Forecast.......................................................................................................................17
Expense Forecast..................................................................................................................17
Exploring and developing entrepreneurial, innovative or creative options for applying
marketing opportunities in the context of the organization.....................................................19
Franchise..............................................................................................................................19
Task 2.......................................................................................................................................20
Part A.......................................................................................................................................20

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ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
Part B........................................................................................................................................27
Reference..................................................................................................................................30

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ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
Task 1
Introduction
The main aim of the assignment is to identify the market opportunities within BBQ
fun and assess it at the same time. BBQ fun is one of the lifestyle retailer that caters to the
growing needs for furnishing new as well as renovated dwellings in great Brisbane area. In
this company, they offer outdoor furniture and by this the company is known for its best in
class outdoor lifestyle retailing. The company desire to reinvent the way individuals shop for
outdoor lifestyle products. In that case, BBQ fun aims at buildings its reputation by offering
fullest assortment of products to the extent possible in wide range of selected fields in terms
of local and imported goods with products and will be managing with the long-term payment
plans. At BBQ fun, the after sales service is really good as they find traction with a market
dominated with low quality items and for this, it is needed to identify the opportunities,
analyse the information on the selected market of BBQ fun and related business needs. By
this, it can be seen that BBQ fun aims at providing their customers wide range of
merchandize from where they can select from the given field. Therefore, BBQ fun believes in
fulfilling the various benefits that are significant to their customers. Some of the benefits are
listed below:
Selection- BBQ fun aims at providing wide choice of options for their customers
Accessibility- BBQ fun believes in providing easy access to the store with minimum waiting
time for their customers
Customer service- BBQ fun believes in helping their customers and provide after-sales
services and guarantees at the same time

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ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
Competitive pricing- At BBQ fun, all the products or services will be competitively priced
relative to high-end outdoor lifestyle lines.
Part A
Identify and evaluate two opportunities for BBQ fun business
In order to identify opportunities, it is necessary to analyse the information about the
market of the organization and its business needs, such as:
Comparative market information
In the year 2008, it can be noted that the National Outdoor lifestyle market was able
to reach to a level that crossed $300 million dollars. The sale of outdoor lifestyle estimates
growth by at least 6% for the next few years. It can be seen that the growth was obtained
because of various factors. The greater disposable household income from the two income
families is one of the factor where it can be noted that greater availability of affordable as
well as interesting quality imports will be having high value of the Australian dollars
(Stimpson and Smith 2015). This was done by marketing through popular TV shows such as
Homes Beautiful as well as Better Outdoor-Lifestyles.
Competitor’s performance
National Competition
In case of Yard, it actually has limited section but require significant depth of
analysis. There is no significant marketing or promotion present. High pricing price can be
noted, but the quality of the products is quite good as compared to others. BBQ fun operates
both in Sydney and Melbourne. They offer wide range of outdoor-lifestyle products such as

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ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
trinkets as well as furnishings. There are lot of cheap imports but the company focus on
established markets. They even are strong in the replacements segment.

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ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
Local competitor
The stores in the area are operated by individual owner operators and the products
offers varies based on the preferences of the owner. They have very little imports and mostly
dominated by retailing Australia manufactured goods. In addition, the average item sale price
is approx. $250 collectively and enjoys a market share of 48% as well as it had been growing
with 8% each year.
Customer requirements
The Mission Statement of BBQ fun is to render customer with the most extensive
assortment of quality in the product such as outdoor lifestyle one and make an effort to offer
it in the market. The after sales service of the company is taken into consideration by the
company as they aims at managing the long-term repayment plans that make unique imported
as well as high quality outdoor lifestyle products (Rogers and Davidson 2015). The products
are made available to the customer who wishes to purchase product that can bring pride to
their house with the products offered by BBQ fun. The company aims at providing services
that exceed expectations of the customers in the near future.
Legal and ethical requirements
It can be seen that all types of media are bounded by ethical as well as legal values,
but at the same time, individual make use of those media that fails to meet either of these
requirements such as legal and ethical factors. Some of the issues that are present in the ethics
of entertainment media are explained below with proper justification:
 One of the issue noted in entertainment media is depiction of violence and use of
strong language.
 Product placement
 Stereotypes

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ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
 Taste and taboos
Market share
It can be seen that BBQ fun enjoys a market share of 52% as well as it is even
growing at a rapid pace at about 7% each year. High level of growth can be noted in new
dwellings that has potential increase in customer by 10% in Brisbane area. In addition,
renovation growth in potential growth increases by 7% in Brisbane area in the year 2010 and
it amounts to 35000.
Market trends and developments
According to recent market trends, the outdoor lifestyle stores aims at attracting
sophisticated as well as informed customer. These customer are well informed about the
current market trends of these type of products and ask for good quality products so that it
can match up with their personality and stardom (Chow and Chan 2015). The customer look
for the following qualitative characteristics in the product offered by BBQ fun and these are
mentioned below with proper justification:
 Product quality
 Uniqueness
 Selection
New and emerging markets
In this report, proper analysis had been done on understanding the industry of outdoor
furniture for 10 European countries. After that, evaluation was done in order to gather
information about the performance of the sector, understanding the product trends as well as
destination types and distribution channels. It is essential to understand the competitive
systems as well as its major competitors in the industry as a whole. In this assignment, proper
emphasis had been given to collect data on production, consumption of outdoor furniture by

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ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
country, exports as well as imports at the same time. On analysis, it can be seen that each
country imports and exports had been further broken down by country as well as
geographical area of origin or destination. In addition to that, an overview of product trends
had been illustrated on the basis of materials and colours as well as understanding the
distribution system as provided by each specific country by breaking down the sales by the
distribution channel as by selected countries. For each country, list had been given about the
outdoor furniture distributors (Grace and Cohen 2015).
Profitability
Profitability Average price Gross Profit
BBQ $600 45%
Outdoor Furniture $900 50%
BBQ Accessories $50 60%
Total $450 50%
Sales figures
On analysis, it can be seen that the first year of plan need to be used for getting the
café established and then run in the second year. In this way, it can be noted that there is
gradually increase in the sales and the business will earn profits. The profitability will be
reached by the initial years and the anticipated gross profit arrives at 50%.

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ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
Sales Forecast
Sales Forecast 2009 2010 2011
Total Sales 11,000,000 12,000,000 15,000,000
Gross Profit 5,500,000 6,000,000 75,00,000
Researching potential new markets for the organization
Export markets
It can be seen that outdoor furniture is gaining popularity as the world economy is on
the upswing as well as growing pool of having cosmopolitan customers from the developed
countries. From the year 2004 to 2008, it can be noted that the compound annual growth of
the global market for outdoor furniture was 4.52%. After that, during 2009, the global market
for outdoor furniture was US $23.34 billion. Prediction was done and estimation was done
that it will increase by US $28.17 by the year 2015.
Segments of the market not currently penetrated
On analysis, it can be seen that there is large disparity noted between market analysts
estimates used for understanding the proportion of online transaction especially by the
Australian consumer who believes in conducting their business on overseas websites. In
addition to that, the estimates ranges from 20% to 50%. It is essential to note these difference
as it shows the extent to which domestic retailer’s shows interest in embracing online selling.
It is even important to look at the probable ramifications especially to view the retail output
as well as employment at the same time (Velliaris et al. 2015).

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ASSESSMENT TASK 1&2- IDENTIFY MARKET OPPORTUNITIES
Considering strategic marketing approaches like
Increasing market share
One of the objective of BBQ fun is to increase the markets share and position their
company as the premier outdoor lifestyle store in Brisbane areas that commands over
majority of market share for a time span of 5 years. In addition to that, the marketing strategy
adopted by BBQ Fun will be initiate customer awareness among the customers and provide
them with best services while they visit the store. This will overall help in building customer
loyalty. If a customer is happy with the service, then they will spread good word of
communication with families, relative and friends (Wirtz et al. 2014). The company even aim
at increasing sale from $15 million every year to $20 million each year within a time span of
3 years. The company aim at increasing the number of loyalty customer list from 10,000 to
16,000. The company even desire in establishing brand recognition in Brisbane area so that
the people can recognize the brand while conducting random survey method that will be
taken in period of 18 months’ time.
Developing new markets
 New Dwellings
 Renovations
 Unique and exotic over price concerns
 Replacement-basic functional products that will be replaced if the item is found
broken
 Single shopper
 Affordable prices products