Reference no: EM133658736

Identify and evaluate marketing opportunities

Question 1
Complete the table below:
Identify at least two legislations relevant to marketing operations.
Marketing operations refer to the activities and efforts performed by an organisation to achieve their marketing objectives and plans, and to take advantage of marketing opportunities.
For each legislation identified, outline at least three requirements which affect marketing operations.

Question 2
Bounce Fitness is a premiere fitness centre with its head office located in Cairns. Besides offering fitness services, they also sell products such as pre-workout powders, protein powders, and glutamine tablets and powders. These are supplied by supplement manufacturers.

Answer the following questions about Bounce Fitness and the requirements that affects its marketing operations.

Specify the industry to which Bounce Fitness belongs.

Complete the table below:
Identify at least two codes of practice applicable to Bounce Fitness' marketing operations.
For each code of practice identified, outline at least three requirements which affect marketing operations.

Complete the table below:
Identify at least two national standards for food and workout supplements that affect Bounce Fitness' marketing operations.
For each national standard identified, outline at least three requirements which affect marketing operations.

Question 3
Answer the following questions on calculating financial viability of marketing opportunities.

In 50 words or more, discuss why long-term profitability of marketing opportunities is a measure of financial viability.

Identify the formula in calculating long-term profitability.

Discuss the three steps in calculating long-term profitability.

In 50 words or more, discuss why return on investment of marketing opportunities is a measure of financial viability.

Identify the formula in calculating return on investment.

Discuss the four steps in calculating return on investment.

Outline at least two different costs that must be identified when calculating the viability of marketing opportunities.

Question 4
Answer the following questions on financial and marketing data.

Explain briefly what financial data is.
Explain briefly what marketing data is.
Listed below are the two types of data. Explain how each of the types of data listed can be used in evaluating marketing opportunities.

Question 5
Access and review the following about Bounce Fitness's organisation structure, products and services through the links below.

Answer the following questions about Bounce Fitness' organisation structure, products and services.

Outline Bounce Fitness' organisation structure for the following:
Their Head Office
Each of their Centres.

Identify who is responsible for marketing activities based on Bounce Fitness' organisation structure.

Identify five specific skills that are required for the role of the General Manager Marketing.

Complete the table below.
Identify the two highest priced products of Bounce Fitness.
Identify the health benefits in consuming each of these products.

Complete the table below.
Identify at least three services of Bounce Fitness.
Describe the conditions and validity for each service.

Question 6
Complete the table below.
List at least three principles of marketing.
Explain how each principle can be followed when conducting marketing activities.

Question 7
List and discuss the seven elements of the marketing mix.

Question 8

Complete the table below.
List the three methods of statistical analysis.
Explain how each of the methods is used to analyse marketing opportunities.

Question 9

Listed below are different statistical techniques used to evaluate marketing opportunities. For each technique, answer the following questions:
Define each technique in your own words.
Explain how each technique can be used to evaluate marketing opportunities.

Workplace Project Assessment
Project Overview
This workplace project assessment requires you to identify and evaluate at least three marketing opportunities.
This assessment is divided into four tasks:
Task 1: Explore Marketing Opportunities
Task 2: Select Marketing Opportunities
Task 3: Seek Feedback on Current Operations and Viability of Changes
Task 4: Incorporate Feedback and Identify Resource Requirements
This project requires you to complete the assessment tasks in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
Each task comes with a set of instructions. You are to follow and perform these instructions while being observed by the assessor and/or submit any required documentation as evidence of task completion.

You are required to:
Complete the tasks within the time allowed, as scheduled in-class roll.
Identify at least three marketing opportunities and analyse them for organisational compatibility.
Create a Marketing Opportunities Analysis incorporating viability analysis, return on investment and potential competitors, and select two opportunities.
Conduct a meeting with relevant stakeholders and communicate viability and potential of the selected marketing opportunities.
Seek feedback from stakeholders on the opportunities and the required changes to current operations.
Incorporate stakeholder feedback for changes to current operations and identify resources required.

Task 1: Explore Marketing Opportunities
Assessment Instructions
This task requires the learner to identify and analyse at least three marketing opportunities, identify at least two potential new markets, and apply at least one innovative approach to develop each of them.
To complete this task, you must:
Access and review the following workplace marketing documentation and resources:
Marketing plans and strategy
Competitor and market analysis reports
Organisational financial reports
Organisational marketing goals
Documents detailing your organisation's capabilities, including:
Staff performance
Performance of products and services
Organisational policies and procedures for marketing
Identify at least two of each of the following for your organisation:
Market needs
Business needs
Analyse each need to identify at least three marketing opportunities.
Identify the following for each marketing opportunity:
Needs addressed by the opportunity
At least one unique target market
At least two of the target markets that you identify must be new target markets.
Analyse each marketing opportunity for organisational compatibility according to:
Organisation goals for marketing
Organisation staff performance for marketing
Organisation's performance of products or services
Organisational policies and procedures for marketing
Identify and apply at least one innovative approach for each marketing opportunity.
Innovative approaches refer to using new ways to address the needs with the identified marketing opportunities, and can involve the use of the new technology, new products and services, new pricing models or creative communications.
Complete the table in the following pages with the information identified. You will need this information later, in Workplace Project Task 2.
Review Workplace Project Task 1 - Assessor's Checklist before starting this task. This form outlines the following:
Resources you are required to access to complete the task.
All criteria your submission must address to satisfactorily complete this task.
Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.
Submit the completed workbook responses to your assessor.
You must also submit evidence of application of innovative approaches for developing the marketing opportunities. Evidence must be any one of the following:
Copies of documents created or received during the application of innovative approaches.
Email correspondence
Video recording of learner completing steps to apply innovative approaches
Include any supplementary documents/sources used to complete the workbook responses, such as:
Organisational marketing plans and strategy.
Competitor and market analysis reports.
Organisational financial reports.
Organisational marketing goals.
Documents detailing your organisation's capabilities on performance of staff, products and services.
Organisational policies and procedures relevant to marketing.
Printed or online sources relevant to market data
Printed or online sources relevant to innovative approaches for marketing opportunities.

Task 2: Select Marketing Opportunities
Assessment Instructions
This task will require you to write a Marketing Opportunities Analysis by analysing viability of marketing opportunities you identified in Workplace Project Task 1, calculating the return on investment and identifying potential competitors, and selecting two marketing opportunities.
Use your workplace/organisation's template to complete this task, or use the Marketing Opportunities Analysis template provided at the Bounce Fitness site.
To complete this task, you must:
Access the following, relevant to marketing opportunities for your industry:
Legislation
Regulations
Standards
Codes of Practice
Complete the following steps for each of the three marketing opportunities identified in Workplace Project Task 1:
Analyse each opportunity using SWOT analysis framework.
Calculate the return of investment for each identified opportunity for a specific financial period.
Identify at least two potential competitors for each opportunity, including the following for each competitor identified:
At least one competitive advantage
At least one competitive weakness
Analyse viability of the opportunity, based on the information analysed above.
Evaluate the marketing opportunities based on the outcomes of viability analysis.
Select at least two marketing opportunities according to:
Outcomes of viability analysis
Organisational policies and procedures for selection of viable marketing opportunities.
Write a Marketing Opportunities Analysis with the information identified above. You will need to access this information in Workplace Project

Task 3
Review Workplace Project Task 2 - Assessor's Checklist before starting this task. This form outlines the following:
Resources you are required to access to complete the task.
All criteria your submission must address to satisfactorily complete this task.
Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.
Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task. Otherwise, use the Marketing Opportunities Analysis template provided at the Bounce Fitness site.
Submit the completed Marketing Opportunities Analysis to your assessor. Include any supplementary documents/sources used to create the Marketing Opportunities Analysis, such as:
Organisational policies and procedures for selection of viable marketing opportunities.
Organisational documents such as market reports, financial budgets and financial plans with relevant information to calculate return on investment.
Printed or online sources relevant to market opportunities, threats and competitors, such as industry analyst reports, social media analytics and data from the Australian Bureau of Statistics.

Task 3: Seek Feedback on Current Operations and Viability of Changes
Assessment Instructions
Your assessor will observe you as you as you conduct a meeting with at least two relevant stakeholders to discuss the selected marketing opportunities and seek feedback.
Relevant stakeholders refer to groups or individuals who are leaders, managers, or implementers of organisational and marketing operational processes and decisions.
Access and review the following:
Marketing Opportunities Analysis from Workplace Project Task 2.
Organisational documentation on current marketing operations, including information on:
Team members
Processes involved
Technologies to be used
Physical resources required
Budgets and financial resources required
You will be assessed on your practical skills to:
Discuss the viability and potential of at least two selected marketing opportunities from Workplace Project Task 2.
Discuss how current marketing operations can support the selected marketing opportunities
Discuss at least one change needed to each of the following for each selected marketing opportunity:
Team members supporting current marketing operations
Existing processes
Current technologies
Existing physical resources
Budgets and financial resources
Seek feedback on the following:
Selected marketing opportunities
Required changes to current operations to carry out the selected marketing opportunities
Viability of the changes to current operations.
You must complete a meeting minutes during your meeting. Use your workplace/organisation's template to complete this task, or use the Meeting Minutes template provided at the Bounce Fitness site.
Review the following before starting this task:
Workplace Project Task 3 - Assessor's Checklist
Workplace Project Task 3 - Observation Form
These forms outline the following:
Resources you are required to access to complete the task.
All criteria your submission must address to satisfactorily complete this task.
All practical skills you need to demonstrate to satisfactorily complete the observation task.
You assessor will discuss these resources with you, and the criteria outlined in these forms prior to this assessment.
Submit the Meeting Minutes to your assessor. Include any supplementary documents/sources used for this task, such as organisational documentation on current marketing operations, including information on:
Processes involved
Technologies to be used
Physical resources required
Budgets and financial resources required

Task 4: Incorporate Feedback and Identify Resource Requirements
Assessment Instructions
This task will require you to review and incorporate the stakeholder feedback from Workplace Project Task 3 and determine resource requirements for the selected marketing opportunities.
To complete this task, you must:
Access and review the following in the Meeting Minutes from Workplace Project Task 3:
Current marketing operations discussed with stakeholders that can support the selected marketing opportunities.
Stakeholder feedback on marketing opportunities, changes to operations and viability of changes.
At least two changes needed to current operations.
At least one of each of the following resources required for each of the selected marketing opportunities
Team members
Technology
Physical resources
Financial resources
Determine the steps and resources required for implementing each of the two marketing opportunities based on stakeholder feedback from Workplace Project Task 3, including:
At least one action plan including:
Action items
Expected timeline
At least one team member
At least one technology
At least one physical resource
At least one item of financial support
Review Workplace Project Task 4 - Assessor's Checklist before starting this task. This form outlines the following:
Resources you are required to access to complete the task.
All criteria your submission must address to satisfactorily complete this task.
Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.
Submit the evidence of incorporating feedback and resource requirements to your assessor. Evidence must be at least one of the following:
Written report
Email correspondence
Meeting minutes
Video recording