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BSBMKG501 Identify And Evaluate Marketing Opportunities

tag 0 Download 4 Pages / 994 Words tag 27-01-2021


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Instructions to students

1.Discuss each of the following terms in relation to marketing opportunities:  market penetration, market development, product development and diversification.

2.Explain each of the phases of the product life cycle.

3.Explain how to evaluate the size of a market.

4.Outline 3 information sources for determining market size.

5.Explain why is it important to review market trends?

6.Outline four (4) key financial indicators that should be reviewed in relation to evaluating possible marketing opportunities.

7.Explain the term return on investment?

8.Explain how is return on investment calculated?

9.Explain why it is important for marketers to abide by the provisions of the Australian Direct Marketing Association (ADMA) Direct Marketing Code of Practice?

10.Explain an aspect of this Code that is important in relation to identifying marketing opportunities?

11.Explain why it is important for marketers to abide by the provisions of the Australian Marketing Institute Code of Professional Conduct?

12.Explain an aspect of this Code that is important in relation to identifying marketing opportunities?

13.Outline the 4 P’s of the marketing mix.

14.Explain why is the marketing mix important in bringing a product or services to the market?

15.Outline 4 statistical methods and/or forecasting techniques that can be used to evaluate marketing opportunities?

16.Explain the purpose of sales forecasting?

17.Outline one method for forecasting market growth rate.

For this part of the assessment, you will need to use the work that you have completed in Project Activity A in order to investigate the marketing opportunities for Bounce Fitness.

1.For each of the marketing opportunities that you have identified, answer the following questions:

a.How does the marketing opportunity fit with Bounce Fitness objectives and goals as describe in the Business Plan?

b.Describe the target customers for each marketing opportunity.

c.What are the overall benefits to Bounce Fitness of pursuing the opportunity?

d.What is the anticipated effect of the marketing opportunity on Bounce Fitness sales, profitability, growth and market share as identified in Activity A?

e.What additional resources would be required including finances, staff, equipment, etc?  

f.What is the estimated effect on return on investment? This should be a rough estimate taking into account how much the likely cost of the opportunity would be against anticipated return?

g.Who are the potential competitors?

h.If there is any change in economic conditions, how will this affect the identified marketing opportunity?

i.Are there any technological factors that affect the marketing opportunities identified?

j.Are there any legal issues associated with the marketing opportunity?

k.What are the risks of pursing this opportunity?

Based on your answers above, rank each of the marketing opportunities that you have identified from most viable to least viable and in terms of the contribution of each opportunity to Bounce Fitness’s business growth.  Give reasons for your rankings.  

For each of the viable marketing opportunities identified in Part B, you will now need to evaluate the required changes to Bounce Fitness operations.  

1.What organisational changes would need to be made to Bounce Fitness current operations in order to take advantage of the opportunities identified?

2.Describe the additional resources that would be required for each of the viable marketing opportunities.

3.How would you ensure that the changes made did not affect the quality of service to existing customers?

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