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BSBMKG401-Profile the Market

Question

Answered

Section A: Knowledge Activity

Objective: To provide you with an opportunity to show you have the required knowledge for this unit

The completion of the following activity will enable you to demonstrate your knowledge of developing product knowledge in the areas of:

a.Identify relevant information relating to the Australian Marketing Institute Code of Professional Conduct

b.Outline requirements of legislation affecting marketing roles

c.Outline relevant industry knowledge including:

d.components of marketing mix

e.elements of marketing planning

f.Explain marketing communications concepts and processes

g.Outline relevant statistical terms used by the Australian Bureau of Statistics.

Section B: Skills Performance Activity

Objective: To provide you with an opportunity to demonstrate the required performance criteria, performance evidence and foundation skills for this unit.

1.Segment market

1.1 Identify criteria for use in segmenting market in accordance with marketing plan

1.2 Identify and access sources of information for segmenting and profiling markets in accordance with marketing plan

1.3 Segment market in accordance with identified criteria

1.4 Review market segments for their usefulness in terms of factors such as their size, potential, distinctive needs, easy identification of members or distinctive media use patterns

1.5 Select market segments to meet marketing objectives, and choose and apply new segmentation criteria if required

2.Identify the Market

2.1 Evaluate approaches to determining and describing total market for a product or service

2.2 Define target market in terms of consumers to be included as prospective users of a product or service, and selected market segments

2.3 Use segment descriptors to describe target market 2.4 Identify available strategic marketing options and select targeting strategies that best meet requirements of the marketing plan 

3.Profile target audience

3.1 Describe total market and selected market segments using a consumer profile

3.2 Identify consumer characteristics in standard statistical terms and/or descriptive terms used in media selection in consumer profile

3.3 Use demographic and/or psychographic descriptions in consumer profile in accordance with requirements of the marketing plan

3.4 Describe consumer attitudes to products or services being offered 3.5 Ensure profile meets organisational requirements of language, format, content and level of detail

4.Develop positioning strategy

4.1 Identify available positioning strategies and choose a strategy to meet marketing requirements and consumer profile

4.2 Write a positioning implementation plan containing several options, in accordance with organisational requirements

4.3 Submit plan to supervisor within specified timelines and make appropriate adjustments based on feedback

Task 1 – Prepare a marketing positioning implementation strategy document

Your supervisor has asked you to prepare a marketing positioning implementation strategy document based on MYOW Marketing Plan (see Supporting documents in Moodle where you found this assessment).

Your trainer will take on the role of your supervisor and they will advise you when this document needs to be submitted. It is important that you meet this deadline so that you can demonstrate that you can work within specific timelines.

In this document you need to include the following information:

1.About the MYOW – These can be taken directly from the MYOW documents described above

above

a.Mission statement 

b.Marketing objectives 

c.Organisational structure, roles and responsibilities

2.Segmenting the market

a.MYOW’s market segmentation criteria 

b.Segmentation and marketing profiling information sources 

c.Possible market segmentations including: size, potential, distinctive needs, easy identification of members, and distinctive media use patterns

d.Recommended market segmentations – explaining how they meeting MYOW’s marketing objectives and segmentation criteria 

3.Identifying target market

a.Total market and selected market segments using MYOW’s customer profile 

b.Consumer characteristics using

standard statistical and descriptive terms

demographic and psychographic descriptions

consumer attitudes to healthy and ethically friendly products

4.Positioning strategy

a.Potential positioning strategies

b.Recommended positioning strategy 

c.Positioning implementation plan 

Task 2 – Update the marketing positioning implementation strategy document

Your trainer (acting as your supervisor) will review and return your marketing positioning implementation strategy from Task 1 above. Review the feedback that they have provided and update the document accordingly (30-150 words). Clearly highlight the changes you have made.

BSBMKG401-Profile the Market

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