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BSBMKG501 Identify And Evaluate Marketing Opportunities

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Questions

You to identify and evaluate marketing opportunities for your chosen organization or utilizing the BBQfun case study.

1. Identify twomarketing opportunities for the organisation on your chosen organisation market and business needs in terms of:
 
a. comparative market information
b. competitors performance
c. customer requirements
d. legal and ethical requirements
e. market share
f. market trends and developments
g. new and emerging markets
h. profitability
i. sales figures

Note: Some data in the BBQfun simulated business needs to be updated by you. For your chosen organisation or BBQfun, it is recommended that you use ABS data, for example, to determine demographic and consumer trends.

2. Research potential new markets for the organisation in relation to:
a. export markets (new geographic opportunities)
b. segments of the market not currently penetrated (customers within the market not tapped)
 
3. Based on Q2, provide an evaluation and analysis on:
 
a. the various strategic marketing approaches (such as; increasing market share, developing new markets, developing new products and diversification)that the company should consider in terms of expanding their business potential and discuss what are the likely options for implementation.
 
b. the types of markets and aspects of the marketing mix by ranking each of the following elements mentioned below in terms of their viability and likely contribution to the business such as distribution, products and types of promotional activities.
  • e-commerce
  • business to business marketing
  • direct marketing
  • ideas marketing
  • marketing of goods
  • public sector marketing
  • services marketing
4. 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.

5. Estimate the effect of the two marketing opportunities on the business, for example:
a. effect on sales volume
b. growth
c. market share
d. profitability
e. potential competitors

6. Discuss what are the consideration of external factors (legislations including privacy act, anti-discrimination, competition and consumer act; ATO regulations and GST implications; manufacturing standards; e-commerce best practices marketing codes of practices), costs, benefits, risks and opportunities to determine the financial viability of the selected marketing opportunity.

7. Based on the selected marketing opportunities, identify changes to current operations in order to take advantage of the opportunity. Ensure changes identified are adequate to:
a. service an increased or different customer base
b. ensure continued quality of service.
 
8. Estimate and justify resource requirements and costs for changed operations with considerations on the following areas:
a. additional staff
b. distribution costs
c. equipment
d. promotional costs
e. staff training.

9. Provide an assessment report on the viability of each opportunity by:
a. Exploring and developing entrepreneurial, innovative or creative options (one for each opportunity) to apply the marketing opportunities in the context of the organisation (For example, if you identify an e-commerce opportunity, determine how to apply the e-commerce opportunity to the organisation including aspects such as media, web-design to appeal to target markets, integration with existing operations, marketing strategy and overall strategic directions)
b. Identify and document changes needed to current operations to take advantage of viable marketing opportunities (in terms of inventory and stock, office space and software usage).
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