Reference no: EM131565491 , Length: word count:5000
Market The Small Business Assessment Tasks
Assessment 1 - Portfolio of Activities
These activities are to be completed in a simulated workplace environment. Students are expected to conduct themselves in a professional manner at all times. Students are expected to observe the following requirements while in session:
- Use appropriate interpersonal skills
- Be respectful to fellow members
- Follow 'student code of conduct'
Activity 1 -
1. Select a small business with which you are familiar. Consider each of the areas below and comment on the business with regard to its strengths and weaknesses.
Activity 2 -
2. Why should small businesses profile their customers and potential customers?
3. How can profiling be carried out?
4. What questions can businesses ask customers or prospective customers in a profiling exercise?
Activity 3 -
5. Explain the benefits to a small business of sharing their marketing plan.
6. Discuss the following statement: 'It is never a good idea to share your marketing plans with people close to you and your business, as all they will do is interfere.' Would you agree or disagree? Why?
Activity 4 -
7. Describe the impact that good product mix, volumes and pricing can have on a business.
8. Discuss the factors that should be considered when determining the most appropriate product mix for a start-up business.
Activity 5 -
9. Explain the concept of a distribution channel and provide an example of a channel.
10. List 2 benefits and 2 costs of the following distribution channels:
11. Electronic channels have become increasingly popular in recent times. What are the advantages and disadvantages of this channel?
12. Give an example of a produce/service that is suitable for distribution through electronic channels and another that is not. Give reasons for the examples.
Activity 6 -
13. Explain why it is important to tailor promotional activities to a specific target market.
Activity 7 -
14. Choose a small business with which you are familiar. Briefly describe the business. List 3 factors that you consider will affect the needs and preferences of the customers' of this business. Explain your choice.
15. List 3 strategies that a small business could use to determine customers' needs and preferences.
16. What factors will be important for a small business to consider when determining which strategy they should use?
Activity 8 -
17. Why should a business consider its marketing mix?
18. Provide an example for each of the following pricing strategies:
Activity 9 -
19. Discuss the benefits of documenting your marketing plans when communicating with others.
20. List persons with whom marketing efforts could be communicated.
Activity 10 -
21. Discuss the following statement: 'A promotional activity cannot be effective even if it is expensive'. Do you agree or disagree? Why?
22. Create a sample implementation plan for placing an advert in your local newspaper.
Activity 11 -
23. Why is it beneficial for a small business to establish a monitoring strategy at the same time as they create the marketing strategy?
24. What is the advantage of using KPIs or some other arbitrary standard to evaluate marketing performance?
Activity 12 -
25. If a business detects a gap between actual performance and anticipated performance in their marketing campaign what steps should be taken?
26. Discuss the following statement: 'You should always increase your targets if they are exceeded'. Do you agree or disagree? Why?
Activity 13
27. Give 1 example of the type of marketing suggestions that each of the following stakeholder groups could provide a small business:
28. State 2 ways to encourage stakeholders to provide marketing suggestions.
Activity 14 -
29. Describe, in your own words, why smart small businesses constantly monitor and evaluate the way that customers perceive their marketing mix.
30. Provide an example of a business with which you are familiar and how it harnesses customer feedback on its marketing mix.
Activity 15 -
31. Why should scanning of the external environment be incorporated into market research programs?
32. What areas of concern should be included in environmental scanning procedures?
33. What is a 'forecast' and why is forecasting necessary?
Activity 16 -
34. Helen runs a small business as a travelling manicurist. She would like to diversify the type of work that she does, as well as gain more clients. Suggest at least 2 new business opportunities she could investigate.
35. Explain what potentially happens to businesses that do not identify and develop new business opportunities.
Assessment 2 - Written Questions
1. What is a marketing mix, and what are the main factors involved in developing one and how does it relate to promotional activities? Explain by using examples.
2. How does the budget you have effect your marketing strategy? Why should you consider value for money when selecting marketing strategies?
3. Why should businesses communicate with their customers? how can information from customers be gathered? How often should businesses communicate with their customers?
4. What promotional methods or marketing strategies might organisations use?
5. What is market research? Why is it important? What questions does market research ask and attempt to answer?
Assessment 3 - Projects
This project should be typed in times new roman, 12 font and should be justified align. You are required to address the dot points; your project should not exceed 1500 words.
Project 1
Choose a business on which to base these projects. The business can be your own business, a business in which you work, a sporting or social club to which you belong or any other business with which you are sufficiently familiar so as to be able to complete the project requirements.
Develop a draft marketing/ promotions plan. Your plan should be developed to the point where it is ready to be shown to your stakeholders.
It can take any form that you wish, but must include how you will:
- obtain input from stakeholders as you develop the plan
- undertake product/ service analysis
- undertake market research
- determine the most appropriate marketing mix
- ensure that the goals and objectives of the marketing plan are in line with the overall business goals
- establish the most appropriate distribution channel
- ensure that marketing plans are within your resource capabilities
- ensure all stakeholders are aware of the role they play in the execution of the plans
- manage the implementation of the plans effectively
- monitor the marketing activities
- analyse actual performance against the plan
- involve your stakeholders in ongoing evaluation of the plan
- capture the reaction of your customers
- identify opportunities for change and improvement
Project 2
Outline the core focus of your business as it will operate at start-up and then discuss the threats it faces as the market and customer preferences changes. Detail the strategies you will use to keep abreast of all changes that will affect your business and suggest at least 2 ways that you can identify new business opportunities.