Identifying Marketing Opportunities for BBQ Fun Business

Task 1 Assessment Specifications
Part A requires you to identify and evaluate two opportunities for BBQ fun business.
•    To identify opportunities, analyse information on organisation’s market and business needs, for example:
o    Comparative market information
o    Competitors’ performance
o    Customer requirements
o    Legal and ethical requirements
o    Market share
o    Market trends and developments
o    New and emerging markets
o    Profitability
o    Sales figures
•    Research potential new markets for the organisation, for example:
•    Export markets
•    Segments of the market not currently penetrated
•    Consider strategic marketing approaches such as:
•    Increasing market share
•    Developing new markets
•    Developing new products
•    Diversification
•    Using a suitable methodology, such as gap analysis, market or marketing analysis, or competitor analysis, identify and decide on two marketing opportunities to focus on and investigate further.
1.    In your analysis, consider types of markets and aspects of the marketing mix such as distribution, products and types of promotional activities, for example:
•    Business to business (B2B) marketing
•    Direct marketing
•    Marketing of goods
•    Telemarketing.
•    Estimate the effect of the two marketing opportunities on the business, for example:
•    Effect on sales volume
•    Growth
•    Market share
•    Profitability.
•    Use numerical analysis or statistical methods to forecast effects. For example, use estimated demand to calculate effect on sales and profitability.
•    Explore and develop entrepreneurial, innovative or creative options (one for each opportunity).
Part B
Prepare a presentation for marketing peers explaining and supporting the two marketing opportunities you have identified. Ensure you complete the following:
•    Describe two marketing opportunities and how you identified them. Describe the process you undertook to analyse your organisation to identify the marketing opportunities. Refer to current organisational marketing plan and products/services
•    Support your choice of marketing opportunities with reference to market information such as market trends and sales figures. Include relevant statistics.
•    Describe the effect of opportunities on the business, for example:
•    Sales volume
•    Growth
•    Market share
•    Profitability.

Task 1 Assessment Specifications

BBQ was established in the year 2009. The CEO of the company is Pat Mifsud. The product range that of BBQ is extensive in nature that comprises of local as well as imported products. The company comes under the sector of outdoor lifestyle products. It is very innovative in nature and the sector is emerging. As more and more people getting to know this sector, they are showing interest in the product. The quality and services that are being offered are of highest quality. Customers are being provided with excellent service, which create a difference from other companies (Antunes, 2016 )
In the recent past the company had few problems. The causes of the problems are:
1. Increase competition in the retail sector.
2. Change in Technologies.
3. Change in consumer buying behavior.
4. Changing needs of the consumer.

Increasing competition in the retail sector;
With the entry of new organization and new product over time is making the retail sector highly competitive. This competition is lowering the profit margin. Due to compete in this rough environment the company had no other option than lowering the price of their product thereby decreasing the profit margin. So the increase in competition is causing a threat for the company. As the competition increases with the increase in number of products or variants it has become a challenge to cope up with the situation and thereby coming up with the best possible product at best possible price (A.Wasling, 2016).

Change in Technologies
Technological changes that are happening around the globe are very rapid in nature and changing at a speed that is very hard to come up with the change. So this is one of the problems that the company is facing to constantly update its product technologically so that they can compete with the products that are being offered by their competitors. This change is very important for the organization and its product to keep them in the market. Consumers always look for better technological advancement so this problem is causing a great issue to cope up with the constant changes that are happening in the field of technology (Ajami, and Goddard, 2014).

Change in consumer buying behavior.
The consumer buying behavior is the preferences or attitude of the consumer. The intention or the decision that a consumer takes while purchasing a product comes under consumer buying behavior. The buying behavior of the consumer is dependent upon number of things which influences the buying behavior of the consumer in one way or the other. As human beings are complex creature so to understand the factors that influence the consumer buying behavior is also complex in nature. There are number of factors that can influence the consumer buying behavior, those are as follows:
1. Psychological factor.
2. Social Factor.
3. Cultural factor.
4. Economic factor.
5. Personal factor.