Reference no: EM133089771

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?