Reference no: EM133145932

BSBMKG501 Identify and Evaluate Marketing Opportunities

Question 1
Outline key provisions of relevant legislation, codes of practice and national standards affecting marketing operations.

Question 2
Explain principles of marketing and marketing mix.

Question 3
Describe statistical methods and techniques, including forecasting techniques,to evaluate marketing opportunities.

Assessment Event 2 - Emu Fitness Simulation

In this simulation, you will take the role of Marketing Specialist for a fitness and health organisation called Emu Fitness. In this role, you will show your skills in identifying, evaluating and taking advantage of marketing opportunities. You will undertake an analysis of the market data and information, review the characteristics and trends, and then assess the viability of changes to its current operations.

Task 1: Identify marketing opportunities
In this task, you will focus on an analysis of the external market in particular variables such as consumer interests, technology, competition etc. in an attempt to identify potential marketing opportunities.

1.1 Analyse information on market
1.2 Research potential new markets
1.3 Explore entrepreneurial approaches for their potential business application

Task 2: Investigate marketing opportunities
In this task, you will review your two marketing opportunities for alignment with the organisations capability. This analysis will lead to an estimation of the return on investment and from this the development of a priorities matrix.
2.1 Analyse fit between marketing opportunities and organisational goals and capabilities
2.2 Evaluate each opportunity to determine impact on business and customer base
2.3 Determine probable return on investment
2.4 Determine potential competitors
2.5 Describe and rank marketing opportunities

Task 3: Evaluate required changes to current operations
In this task, you will develop strategies and resources to ensure that Emu Fitness can provide quality customer service to its current members which will take advantage of the planned marketing opportunities.
3.1 Identify and document changes and resources required for current operations
3.2 Communicate viability of changes to current operations
3.3 Document newly identified report on marketing opportunities and required changes to

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Assessment Event 1 - Knowledge Questions

The information contained in this assessment event lists the questions that you will need to develop a written response. These questions are theoretical and provide evidence of your understanding of legislative requirements in marketing operations, principles of marketing and marketing mix, and statistical techniques to evaluate marketing opportunities.Each question includes the requirements which indicate what you have to do and the depth of your response to achieve a satisfactory result.

Question 1
Outline key provisions of relevant legislation, codes of practice and national standards affecting marketing operations.
R 1. list five legislation, five codes and two standards relevant to marketing operations:
• correctly write the name and date of each item
• these names and dates must be current
R 2. for each list item, provide a summary of key provisions on marketing operations
R 3. word count is approximately 25 words per summary.

Question 2
In the table provided, explain principles of marketing and marketing mix.
R 1. explain each of the four principles of the marketing:
• include in your explanation a minimum of two factors that underpinned that principle
• word count is approximately 25 words per explanation
R 2. identify an industry of their choice and provide an example of how these four principles apply to it:
• clearly stateyour chosen industry
• include an example for each of the principles
• word count is not critical.

Question 3
Describe statistical methods and techniques, including forecasting techniques,to evaluate marketing opportunities.
R 1. listten statistical methods and techniques
R 2. a minimum of five must focus on forecasting
R 3. explain how these techniques can be used to evaluate marketing opportunities in the fitness industry:
• include an example for each of the techniques
• word count is approximately 20 words per example.
 
Assessment Event 2: Emu FitnessSimulation
In this simulation, you will take the role of Marketing Specialist for a fitness and health organisation called Emu Fitness. In this role, you will show your skills in identifying, evaluating and taking advantage of marketing opportunities. You will undertake an analysis of the market data and information, review the characteristics and trends, and then assess the viability of changes to its current operations.
Please ensure that you familiarise yourself with this set of requirements that underpin this simulation. This includes understanding the background of the simulation and the criteria you will be assessed on. These are located in the Appendix of this document.

Task 1: Identify Marketing Opportunities
In this task, you will focus on an analysis of the external market in particular variables such as consumer interests, technology, competition etc. in an attempt to identify potential marketing opportunities.
1.1 Analyse information on market
R 1. analyse the ‘Strategic Marketing Review' document:
• listand explain five macro facts
• list and provide a rationale of five opportunities arising from these facts
R 2. word count is approximately 400 words.
1.2 Research potential new markets
R 1. select and research two of these marketing opportunities, then describe their viability based on:
• size and growth of the opportunity
• amount of competition
• level of interest by customers and potential customers
• external costs of entering this market
• external risks of entering this market
R 2. word count is approximately 500 words per opportunity.
1.3 Explore entrepreneurial approaches for their potential business application
R 1. with each marketing opportunity, describe innovative approaches to increasing potential
R 2. word count is approximately 150 words per opportunity.

Task 2: Investigate Marketing Opportunities
In this task, you will review your two marketing opportunities for alignment with the organisations capability. This analysis will lead to an estimation of the return on investment and from this the development of a priorities matrix.
2.1 Analyse fit between marketing opportunities and organisational goals and capabilities
R 1. analyse and provide review on the two opportunities based on the following factors:
• fit with organisational goals
• fit with five organisational capabilities
R 2. word count is approximately 500 words.
2.2 Evaluate each opportunity to determine impact on business and customer base
R 1. evaluate the impact of each of the two opportunities based on the following:
• current business
• customer base
R 2. word count is approximately 250 words.
2.3 Determine probable return on investment
R 1. estimate ROI for each marketing opportunity:
• estimate the total annual costs required to implement each marketing opportunity
• estimate the total annual revenue for each marketing opportunity
• calculate the ROI for each opportunity
R 2. word count isnot critical.
2.4 Determine potential competitors
R 1. analyse competitors from the Strategic Review:
• list two potential competitors for each of your chosen marketing opportunity
• provide your rationale for each competitor
R 2. word count is approximately 200 words in total.
2.5 Describe and rank marketing opportunities
R 1. analyse and complete the Screening Matrix for contribution and viability
R 2. rank marketing opportunities on these factors
R 3. word count is approximately 200 words.

Task 3: Evaluate Required Changes to Current Operations
In this task,you will develop strategies and resources to ensure that Emu Fitness can provide quality customer service to its current members which will take advantage of the planned marketing opportunities.
3.1 Identify and document changes and resources required for current operations
R 1. develop a Change Management document that contains the following:
• a minimum of four strategies and their rationale
• a minimum of three actions and resources to achieve these strategies
R 2. word count is approximately 500 words.
3.2 Communicate viability of changes to current operations
R 1. deliver a collaborative session on the changes required
R 2. seek and note feedback
R 3. session must be completed in 60 minutes.
3.3 Document newly identified report on marketing opportunities and required changes to operations
R 1. review your notes made from the collaborative session:
• list and make adjustments if required, to the Change Management Plan
• attach the finalised version of the Change Management Plan
• include a rationale on why these changes were adopted or not used
R 2. word count is not critical.

Attachment:- Identify and Evaluate Marketing Opportunities.rar