Reference no: EM133096121

BSBMKG542 Establish and monitor the marketing mix - Rhodes College

Assessment 1:

Questions

1 Define the following marketing terminology.

1. Brand

2. Buyer Behaviour

3. Competitor

4. Competitive Advantage

5. Consumer

6. Customer

7. Customer satisfaction

8. Demand

9. Differentiation

10. Exchange

11. Market

Define the following marketing terminology.

12. Market Penetration

13. Market segment

14. Marketing

15. Marketing Environment

16. Marketing Mix

17. Marketing Objectives

18. Marketing Opportunities

19. Marketing Plan

20. Market Segment

21. Marketing Strategy

22. Needs

 Define the following marketing terminology.

23. Organisational Policy

24. Organisational Procedure

25. Products

26. Product Life Cycle

27. Promotion

28. Services

29. Statistical Analysis

30. Situation Analysis

31. Transaction

32. Target Audience

33. Target Market

34. Wants

2 Explain in your own words what the marketing concept is.

3 Outline the factors that have influenced and changed the focus of marketing over the past 60 years.

4 For each of the following Marketing Management concepts, explain how each reflect the different philosophies about the role of marketing activities within an organisation.

Production Concept

Product Concept

Selling Concept

Marketing Concept

Societal Marketing Concept

5 Select an industry with which you are familiar and list at least three (3) of the typical PRODUCTS that it offers to sell to customers.

6 Select an industry with which you are familiar and list at least three (3) of the typical SERVICES that it offers to sell to customers.

7 Describe each of the following marketing mix concepts outlined below, provide an example of each element and then outline the key differences between each of the concepts.

4P'S

5P's

7P's

Key differences between each of the concepts
8 Define the term ‘Actual product' and list its 5 core characteristics.

9 "In seeking to develop marketing strategies for their products and services, marketers have developed several product classification schemes. First, marketers divide products and services into two broad classes based on the types of consumers that use
them" List and outline below what each of these classes are.

10 Marketers further classify products based on how consumers go about buying them. Provide an explanation for each of the following product types, using an example where appropriate.

Convenience products

Shopping products

Specialty or Luxury products

Unsought products

11A Explain what Product Positioning is. Provide an example to help illustrate your response.

11B Provide an explanation and example for each of the following THREE (3) main forms of product positioning strategy.

Consumer Positioning

Competitive Positioning

Majority Fallacy Strategy

12 Using the Australian and New Zealand Standard Industrial Classification (ANZSIC) as a reference, list at least five (5) of the industries that make up the Australian services
sector.

13 "Several factors are cited as distinguishing ‘almost pure' services from ‘almost pure' goods". For each of the service based characteristics listed below, outline what they
mean and use an example to illustrate your point.

Intangibility of services

High involvement and personal nature of services

Variability of service encounters

Real time (synchronous) conversion, delivery and consumption

Perishability of services
14 Outline the key elements to be included in an organisational Pricing policy.

15 When developing a Pricing strategy, there are many variables to consider. List and describe below at least five (5) of the typical pricing variables marketers must take into account.

16 Explain each of the following pricing strategies:

Premium Pricing

Penetration Pricing

Cost Plus Pricing

Promotional Pricing

Price Skimming

Perceived Value Pricing

Standard Cost Pricing

17 What steps can you take as a marketer when setting pricing and monitoring the results of pricing strategies and tactics?

18 For each of the following forms of marketing communications, describe their function and provide at least two (2) examples for each from.

Mass Communication

Target Communication

In-store Communication

One-to-one Communication

19 Mach each of the following forms of Marketing promotion with their correct definition.
Promotional Method Answer Definition

Advertising 1. Is the building of good relations with the company's various publics by obtaining favourable publicity, building up a good ‘corporate image', and handling or heading off unfavourable rumours, stories and events

Direct Marketing 2. Is personal communication about a product between target buyers and neighbours, friends, family members and associates

Online marketing 3. Is the short-term incentives to encourage purchase of a product or service

Personal Selling 4. A form of one-to-one communication, as well as a step beyond mere marketing communication

Public Relations 5. Any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor

Sales Promotion 6. Refers to direct, person-to-person communication with prospective customers the process which may take place in a sequential manner, with sales being the end objectives

Word of Mouth Influence 7. Is an interactive system of marketing which uses one or more advertising media to effect a measurable response and/or transaction at any location

20 List and describe the two (2) main forms of Distribution channels.

21 Outline the 3 main functions that Distribution channels may perform.

22 For each of the following channels of distribution explain their relative significance in terms of their marketing outcomes

Retail

Wholesale

Dealer

Distributor

Digital Networks

Franchisee

Re-Seller

Mail-Order
23 List and describe the three (3) main elements of customer service provision.
24 Explain in your own words why it important for organisations to have strong customer service policies and procedures.
25A Explain the concept of Buyer Behaviour.
25B Provide an explanation for each of the following THREE (3) levels of problem solving during the consumer buying process

Routine problem solving

Limited problem solving

Extended problem solving

26 Explain the concept of Maslow's Hierarchy of needs.

27 Explain how each of the stages of Maslow's Hierarchy of needs relate to determining the needs and wants of a customer.

28 Outline and describe the considerations that should be taken into account when analysing and testing the effects of the following components of the marketing mix in relation to each other
• Customer service variables
• Product/Service variables
• Distribution variables
• Pricing variables
• Promotional variables

29 List the two (2) main types of environmental factors organisations need to be aware of.

30 Identify and describe at least four (4) internal factors which may impact on the marketing mix.

31 Identify and describe the two key external factors which may impact on the marketing mix.

32A What does the Consumer Adoption Process refer to?

32B Provide an explanation for each of the SIX (6)STAGES of the consumer buying process.

Stage 1:
Awareness / Need recognition stage

Stage 2:
Interest / Information gathering or search stage

Stage 3:
Evaluation of alternatives stage

Step 4: Trial

Step 5:
Purchase Decision

Step 6: Confirmation

33A Explain what Market Segmentation is. Provide an example to help illustrate your response.
33B For each of the following steps in the market segmentation process, provide an explanation of how each component is further broken down.

1. Market Segmentation

2. Market Targeting

3. Product Positioning

33C There are many ways a marketer can segment a market. Provide an explanation and example for each of the following THREE (3) methods of Segmentation.

Benefit Segmentation

Usage Segmentation

Behavioural Segmentation
34A Explain what Market Targeting is. Provide an example to help illustrate your response.

34B There are many strategies a marketer can use when selecting a target market. Provide an explanation and example for each of the following THREE (3) strategies for market
targeting.

Undifferentiated Strategy

Concentrated Strategy

Differentiated Strategy

35 Outline at least three (3) ways an organisation can ensure that marketing mix decisions meet organisational, strategic and operational objectives.

36A Explain how marketing controls can be used for the effective monitoring of plans and evaluation of the need for changes.

36B Identify two (2) possible ways of improving marketing performance.

36C What is ROMI and how can it be used when monitoring the marketing mix against marketing performance?

37A Outline at least three (3) aspects that should be taken into account in relation to the marketing mix and any evaluations that are performed.

37B What impacts need to be considered when adjusting components of the marketing mix in response to test results and market response evaluation.

37C Identify three aspects that should be taken into consideration when adjusting the marketing budget.

37D Detail the methods that may be used in order to ensure that the adjusted marketing mix continues to meet organisational, strategic and operational marketing objectives, and desired positioning.

38 For each of the following organisational marketing analysis techniques, outline the
concept, explain its context to the marketing planning process and provide examples of each tool where possible.
A. PEST Analysis
B. SWOT Analysis

39 For each of the following types of legislation and regulations that apply to the marketing, advertising and media industries, describe what they are, what they are used for and their relevance to the marketing process in terms of organisational policy and
procedural development.
A. Australian Competition and Consumer Act 2010
B. Privacy Act 1988
C. Spam Act 2003

40 Outline the key reasons statistics are used in marketing.

41 There are two main types of Marketing Data. List each below and outline their purpose.

42 Outline the TWO (2) main forms of data used in marketing and explain their function by using an example.

43 For each of the following statistical techniques used to gather marketing information, outline what they are and explain how they are used and applied.

Focus Groups

Observation

Interview

Search online

Survey

Non electronic materials

Literature review

44 For each of the following statistical techniques used to analyse marketing information outline what they are and explain how they are used and what potential pitfalls there are in their use.

Mean

Median

Mode

Standard Deviation

Regression

Sample Size Determination

Hypothesis Testing

45 Outline at least FOUR (4) methods that can be used to present Marketing data.

Assessment 2

You will be required to undertake ONE (1) assessment task in order to successfully complete this assessment. This Assessment will require you to demonstrate evidence of your ability to:

1. Report on activities undertaken to establish a marketing mix in an organisation, including information on each element of the mix, such as:
• customer service levels
• product or service distribution
• product or service pricing
• additional products or services, if any
• Product or service promotion

ASSESSMENT TASK 1: MARKETING MIX REPORT

You are to prepare a report based on any one of the following scenarios:
• A Business idea/opportunity of your own choice
• A Business/organisation you are familiar with
• Your current workplace
• The Cupcake Bar scenario outlines in Appendix One

Your report will need to outline the activities you and your marketing team have undertaken to establish a marketing mix (for your chosen organisation) based on the development of a product or service offer. The chosen offer can be either based on a new product/service or on the stretch or extension of an existing product or service.

The particular activities you are expected to prepare on should include the following:
1. Product, Price, Promotional, Distribution and any other marketing mix variations
2. Expected customer service levels based on changes to any of the marketing mix variables
3. Evaluation of these variables against the chosen organisations:
• Marketing objectives
• Target market characteristics
• Desired positioning
4. Proposed methods to collect statistical data including actual statistical data on:
• Segmentation,
• Customer targeting
• Market positioning including the following components:
o Geographic
o Demographic
o Behavioural
o Psychographic

Your report should be prepared based on the above criteria.

Your submission must be prepared using business software such as Microsoft Word, Excel, PowerPoint or similar software, with hard copies provided to your Trainer/Assessor. Hand written submissions - represented in filling templates and notes are acceptable.

Your documents should be professionally formatted and include:
a. Your Name
b. Your Student ID
c. Unit Code
d. Assessment Number (i.e. BSBMKG542 Assessment 2)

Assessment 3

You will be required to undertake ONE (1) assessment task in order to successfully complete this component. This Observation Assessment will require you to demonstrate evidence of your ability to:

• Report on the success of marketing mix activities developed, including coverage of any necessary adjustments made

Observation Instructions

Now that you have completed your initial report, you are ready to launch you product/service to your selected target market (s). In reality, you would be required to allow between 4 weeks and 3 months to be able to determine the success or otherwise of the marketing mix activities your team have developed and implemented.

So for the purposes of the next phase of this Assessment, you are now required to assume (refer to marketing assumptions below) that 3 months have passed since the initial launch and you are ready to report to Senior Management as to the success (or otherwise) of the marketing mix activities you have undertaken and any necessary adjustments you suggest need to be made based on at least ONE (1) of the marketing assumptions listed below:

Marketing Assumptions

The initial results reported after the launch have indicated a number of elements that will require further consideration for adjustments to the marketing mix
• Sales have been slower than initial forecast (assume approximately 10% lower)
• Customer feedback indicates pricing is approximately 5% higher than the equivalent competitor product/service
• Promotional Response rates are averaging 2% (for direct mail) and 20% open rate (for email)
• Some distributors (if applicable) have not been as engaged with the new product/service as was initially indicated

ASSESSMENT TASK 1: MARKETING MIX ADJUSTMENT RECOMMENDATIONS

You and your team are now ready to report back to Senior Management as to the success (or otherwise) of the marketing mix activities you have recommended and any necessary adjustments you suggest need to be made.

These marketing mix adjustment recommendations are to be in the form of a presentation using Microsoft PowerPoint or another suitable presentation-based computer software program.
The presentation should include the following content:

• A summary of the elements in your initial report which can be used to establish the context of your selected organisation and specific marketing mix elements including:
1. SWOT and PESTLE Analysis
2. Product, Price, Promotional and Distribution variations
3. Expected customer service levels based on changes to any of the marketing mix variables
4. Evaluation of these variables against the chosen organisations marketing objectives, target market characteristics and desired positioning
5. Outline the proposed methods to collect statistical data including actual statistical data on:
- Market and customer segmentation
- Customer targeting
- Positioning including:
- Geographic components
- Demographic components
- Behavioural components
- Psychographic components

• The marketing assumptions (at least ONE (1) that you have used to base your marketing mix adjustments on)

• Recommendations for the proposed adjustments made to any (or all) of the marketing mix activities developed and based on the assumptions made

Attachment:- Establish and monitor the marketing mix.rar