Reference no: EM133089765

BSBMKG401 Profile the market

Assessment Task 1: Profiling briefing report

This assessment task requires you to profile a target market for a business of your choice. You will need to identify a company and access its Marketing Plan.

Profile a target market for a business of your choice.

Choose a company and use its Marketing Plan by viewing the site or by searching the Internet for a Marketing Plan for a company that you are interested in. The marketing plan must include sufficient information in order to be able to complete this assessment. This means that the marketing plan must include business goals, target customers, marketing/branding strategy, sales forecasts and marketing budget.

Before you start the assessment task, you should discuss your choice of company with your assessor who will need to approve your choice before you start the assessment project. For the purposes of this assessment, assume that you are the Marketing Officer for the company that you have chosen and that your assessor is the Marketing Manager. Assume that the location of the business is in the city or suburb you are living in.

If you are having difficulty sourcing a suitable Marketing Plan, you should speak to your assessor who can assist you to source one.

When you have decided on a marketing plan to profile, complete the following activities:

1. Review the marketing plan for the company you have chosen. Identify the segmentation criteria referred to in the marketing plan and consider if there are other segmentation criteria that could be used to define the target customers. Note down your final segmentation criteria.

2. Identify at least 2 key information sources that can assist you to segmenting and profiling the target market. You will need to reference your information sources in the report you developed for this assessment task (see below).

3. Review the information sources you have identified to assist you with the segmentation and profiling.

4. Develop a profiling report in relation to organisational structure, role, responsibilities and plan in the template provided using information in the Marketing Plan and the information sources you have identified as follows:

Total market for the company's product/s or service/s
What is the total market for the company's products or services? Describe this in one or more of the following ways:
• Describe in dollar or unit terms such as gross sales of all other products or services similar to those offered by the organisation
• describing total market in prospect terms as those most similar to current customers
• identifying consumers with relevant needs
• identifying current users of a product or service
• identifying people with related characteristics
Segmentation criteria
• Describe the range of segmentation criteria that can be used by any business to segment markets.

Current segmentation criteria
• Discuss any segmentation criteria currently identified in the Marketing Plan for describing the target market/market segments.

Sources of information
• What sources of information can be used to segment and profile the market for the business? Include a list of references e.g. if it is a web site the URL and a description of the information provided.

Market segmentation
• Use the information sources you have identified for segmenting and profiling the market.
• Describe each of the market segments for the company. What is the size of the market segment? Who are the consumers within the segment? What potential does it have? How accessible is the segment to the company? What are the needs of consumers for each of segments?
• Based on your review of the market segments you have described, select the market segments or segment that you consider are the most viable especially in relation to the company's marketing objectives as described in the Marketing Plan. Describe these segments and say why you have selected the segment or segments.

Consumer profile information
• Describe your target consumers according to the segmentation criteria that you have identified. Ensure you use demographic and/or geographic and/or psychographic description in describing target customers.
• What are the main consumer needs in relation to the company's product or service?
• What are their attitudes towards using the company's products/s or services?

Assessment Task 2: Develop a marketing positioning strategy

develop and present a marketing positioning strategy for the identified market profile.

Complete the following activities:
1. Based on the research and analysis that you undertook in Assessment Task 1, develop a marketing positioning strategy using the template provided to you by your assessor.
2. Your marketing positioning strategy should address:
• A statement of the business's unique selling position.
• Market position. Describe the company's position, for example, where the products/ services fit into the market such as high-end, competitive or low cost.
• Discuss the range of positioning strategies that can be used and your recommendations regarding the most appropriate positioning strategy based on the consumer profile you developed in assessment task 1, as well as the objectives of the Marketing Plan.
• Describe options for the marketing mix (positioning implementation plan) for your business, including:
o A description of the product or service, including its key features and benefits to customers.
o A description of the distribution channels that could be used.
o Options for a pricing strategy.
o Options for promotional activities for the business and its product/services.
o Outline requirements of legislation affecting marketing roles
o identify relevant information relating to the Australian Marketing Institute Code of Professional Conduct and the relevant terms used by Australian Bureau of Statistics
Document at least two to three options for each aspect of the marketing mix.

3. When you have completed the marketing positioning strategy, send it to your Manager (your assessor) for feedback. The Manager will review your strategy and send it back to you with some feedback, which you will need to incorporate

Assessment Task 3:

Select a company or an organization for which you can access its Marketing Plan.

Profile a target market for a business of your choice.

You must submit:
1. Profiling briefing report
2. Marketing positioning strategy
3. power point presentation slides

Use the template provided in your E-learning.
Profiling Briefing Report

Introduction to report
State the purpose of the report

Total market for the company's product/s or service/s
What is the total market for the company's products or services? Describe this in one or more of the following ways:
• Describe in dollar or unit terms such as gross sales of all other products or services similar to those offered by the organisation
• describing total market in prospect terms as those most similar to current customers
• identifying consumers with relevant needs
• identifying current users of a product or service
• identifying people with related characteristics

Segmentation criteria
Describe the range of segmentation criteria that can be used by any business to segment markets.

Criteria's are:

1. Demographic- age, gender, education, generation, family size, income, religion, nationality, family life cycle, occupation, race, social class

2. Benefits sought- segmenting the market into groups of people based on the benefits they seek from a product or service.

3. Situation - groups people together based on their physical surroundings, economic situation, time perspective and social surroundings

4. Geographic - divides its market on the basis of geography, such as by city, county, state, region etc. or by rural, suburban, urban market segments, or by climate or total population in each area.

5. Psychographic - dividing your market based upon consumer personality traits, values, attitudes, interests and lifestyles. It allows you to develop and market products on a more precise match between the product and each segment's needs and wants.

6. Behaviour/usage - groups people based on their previous or intended use of a product, preferred buying channels, use of a response to media, response to direct marketing activities and general behaviour.

Current segmentation criteria
Discuss any segmentation criteria currently identified in the Marketing Plan for describing the target market/market segments.

Sources of information
What sources of information can be used to segment and profile the market for the business? Include a list of references e.g. if it is a web site the URL and a description of the information provided.

Market segmentation
Use the information sources you have identified for segmenting and profiling the market.

Describe each of the market segments for the company. What is the size of the market segment? Who are the consumers within the segment? What potential does it have? How accessible is the segment to the company? What are the needs of consumers for each of segments?

Based on your review of the market segments you have described, select the market segments or segment that you consider are the most viable especially in relation to the company's marketing objectives as described in the Marketing Plan. Describe these segments and say why you have selected the segment or segments.

Market segmentation - act of subdividing the market into a group or groups of people who have similar needs within the group but dissimilar needs across the groups.

Types of market segmentation
1. benefit segmentation - the subdivision of the market based on benefits the consumer hopes to derive from using the product

2. usage segmentation - based on how often a consumer uses the product. They will be categorized into those who do not use the product, those who use it a little, and those who are considered heavy users.

3. behavioural segmentation - based on various personality and behavioural traits.

actualizers
fulfillers
achievers
experiencers
believers
strivers
makers
strugglers

Consumer profile information
Describe your target consumers according to the segmentation criteria that you have identified. Ensure you use demographic and/or geographic and/or psychographic description in describing target customers.

What are the main consumer needs in relation to the company's product or service?

What are their attitudes towards using the company's products/s or services?

Consumer profile - a way of describing a consumer categorically so that they can be grouped for marketing and advertising purposes.

Marketing Positioning strategy

Attachment:- Profile the market.rar