Module 5
Term and Year Term 3 2018
Qualification : BSB50215 Diploma of Business
Unit Code: BSBMKG501
Unit Title: Identify and evaluate marketing opportunities
Assessment Task 1: Case study & short questions
Task 2: Short questions
Student Name:
Student ID No:
Assessor’s Name: Andrey Loburets
Student Declaration: I declare that this work has been completed by me honestly and with integrity. I understand that the Elite Education Vocation Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.
Student Name:
Student Signature:
Date:
Assessment submission (new) requirements
Please save this file as PDF format (include your name to the filename) before uploading onto Moodle.
Assessment deadlines penalty
It is expected that unless a simple extension, special consideration or disability services adjustment has been granted, candidates will submit all assessments for a unit of study on the specified due date. If the assessment is completed or submitted within the period of extension, no academic penalty will be applied to that piece of assessment.
If an extension is either not sought, not granted or is granted but work is submitted after the extended due date, the late submission of assessment will result in a late penalty fee. For further information, please refer to the Assessment Policy.
Assessment/evidence gathering conditions
Each assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only achieve competence when all assessment components listed under procedures and specifications of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYS is eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did Not Submit (DNS) will be recorded.
Principles of Assessment
Based on Clauses 1.8 – 1.12 from the Australian Standards Quality Assurance’s (ASQA) Standards for Registered Training Organizations (RTO) 2015, the learner would be assessed based on the following principles:
Fairness - (1) the individual learner’s needs are considered in the assessment process, (2) where appropriate, reasonable adjustments are applied by the RTO to take into account the individual leaner’s needs and, (3) the RTO informs the leaner about the assessment process, and provides the learner with the opportunity to challenge the result of the assessment and be reassessed if necessary.
Flexibility – assessment is flexible to the individual learner by; (1) reflecting the learner’s needs, (2) assessing competencies held by the learner no matter how or where they have been acquired and, (3) the unit of competency and associated assessment requirements, and the individual.
Validity – (1) requires that assessment against the unit/s of competency and the associated assessment requirements covers the broad range of skills and knowledge, (2) assessment of knowledge and skills is integrated with their practical application, (3) assessment to be based on evidence that demonstrates that a learner could demonstrate these skills and knowledge in other similar situations and, (4) judgement of competence is based on evidence of learner performance that is aligned to the unit/s of competency and associated assessment requirements.
Reliability – evidence presented for assessment is consistently interpreted and assessment results are comparable irrespective of the assessor conducting the assessment
Rules of Evidence
Validity – the assessor is assured that the learner has the skills, knowledge and attributes, as described in the module of unit of competency and associated assessment requirements.
Sufficiency – the assessor is assured that the quality, quantity and relevance of the assessment evidence enables a judgement to be made of a learner’s competency.
Authenticity – the assessor is assured that the evidence presented for assessment is the learner’s own work. This would mean that any form of plagiarism or copying of other’s work may not be permitted and would be deemed strictly as a ‘Not Yet Competent’ grading.
Currency – the assessor is assured that the assessment evidence demonstrates current competency. This requires the assessment evidence to be from the present or the very recent past.
Resources required for this Assessment
• All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint
• Upon completion, submit the assessment via the student learning management system to your trainer along with the completed assessment coversheet.
• Refer the notes on eLearning to answer the tasks
• Any additional material will be provided by Trainer
Instructions for Students
Please read the following instructions carefully
• This assessment is to be completed according to the instructions given by your assessor.
• Students are allowed to take this assessment home.
• Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the assessment due date.
• Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.
• If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
• Please refer to the College re-assessment and re-enrolment policy for more information.
Procedures and Specifications of the Assessment
Task 1
The candidate will demonstrate skills and knowledge required to investigate marketing opportunities.
You will analyse a real organisation or simulated business to identify two marketing opportunities, research potential new markets, assess opportunities with respect to contribution to the business, and explore innovative approaches. You will then prepare a brief presentation for marketing peers to support and explain the two marketing opportunities you have identified.
You may base your analysis and report on BBQfun simulated business and requires you to identify and evaluate marketing opportunities for your chosen organization or utilizing the BBQfun case study. Identify two marketing opportunities for the organisation on your chosen organisation’s market and business needs in terms of:
• comparative market information
• competitors’ performance
• customer requirements
• legal and ethical requirements
• market share
• market trends and developments
• new and emerging markets
• profitability
• sales figures
Task 2
To complete the unit requirements safely and effectively, the individual must:
• Identify and document changes needed to current operations to take advantage of viable marketing opportunities
• Estimate resource requirements for changed operations
• Determine and communicate viability of making changes to current operations to key stakeholders
• Document newly identified marketing opportunities and required changes
Task 1
• Identify two marketing opportunities for the BBQfun’s market and business needs in terms of:
a. comparative market information Characteristics Overview What does it mean for BBQfun?
• Queensland overview o High population growth of 5% per year
o New homes and renovated homes growing from a base of 50,000 per year
o Low unemployment of 4.7%.
Geographic o Our immediate geographic target is the area of Brisbane with a population of 2,000,000
o A 30 km geographic area is the average store market footprint
o The total targeted population is estimated at 450,000.
Demographic o Male and female
o Ages 20–50
o High percentage of young professionals who work in the central business district
o High percentage have completed undergraduate/postgraduate study
o An average household income of over $70,000.
b. competitors ‘performance The Yard o Has a limited selection but significant depth.
o All Australian made and no significant marketing or promotion.
o The price point is high, but the quality of products is quite good.
o Not in south east Queensland and considering e-commerce options.
o Considered potential treat for entering market through e-commerce because of large distribution network
b. competitors ‘performance (cont.) Characteristics Overview What does it mean for BBQfun?
BBQ’s R Us o Broad range of outdoor lifestyle products including trinkets and furnishings.
o Lots of cheap imports and concentrating on established markets.
o Strong in the replacements segment.
o Has one store in Brisbane as mostly in Melbourne and Adelaide.
o Considering e-commerce options.
Outdoorz o Large operations of only a few stores per city.
o Mass markets outdoor lifestyles at good value prices as there are no imported goods.
o Extensive advertising and its goods are pitched at low to medium quality.
o Strong in the replacement segment rather than new and refurbished dwellings.
o Gaining strength in Brisbane market. Considering e-commerce options.
c. customer requirements Factors What does it mean for BBQfun?
Selection – a wide choice of options.
Accessibility – the customer needs easy access to the store with minimal inconvenience.
Customer service – the customer needs expert customer service to help sort through choices.
c. customer requirements (cont.) Factors What does it mean for BBQfun?
Competitive pricing – the customer needs all products/services to be competitively priced.
Flexible payment – the customer needs easily managed payment plan.
Quality guarantees – the customer requires three year product guarantees (as offered by most competitors).
In the case of BBQfun’s marketing performance, we can see from the table below suggesting its findings of survey of 500 customers as follows:
Survey questions New builds Renovators Replacements What does it mean for BBQfun
Have visited BBQfun in previous month 70% 70% 50%
Have bought a BBQfun product in previous month 70% 65% 50%
Customer service is essential 90% 95% 60%
Price is most important 10% 20% 95%
Australian made is important 80% 65% 55%
Will buy online 100% 100% 100%
Will pay for online delivery if chosen 100% 100% 100%
Loyalty customer 30% 20% 10%
d. legal and ethical requirements Types of legislation What it is about: How does it impact BBQfun
Competition and Consumer Act 2010
Australian e-commerce model
Australian Direct Marketing Association - Direct Marketing Code of Practice
e. market share BBQfun’s comparative market information is largely determined by independent competition where they focuses on locally produced products and they have a collective market share of 48%. In 2009, the national outdoor lifestyle market reached $300 million. Outdoor lifestyle sales were estimated to grow by at least 6% for the next few years. This growth can be attributed to several different factors:
Factors What does it mean for BBQfun
The greater disposable household income from two income families
The greater availability of affordable and interesting quality imports with the high value of the Australian dollar
The marketing by popular TV lifestyle programmes.
f. Market trends and developments Factors What does it mean for BBQfun
Item quality – the preference for high quality items is increasing as customers are learning to appreciate the quality differences.
Unique – our patrons appreciate the opportunity to include outdoor lifestyles in their home that stand out from the mass-produced and low-quality items.
Selection – people are demanding a larger selection of choices; they are no longer accepting a limited offer in outdoor lifestyles.
g. new and emerging markets Factors What does it mean for BBQfun
A growing market in a high growth area with a significant percentage of the target market still not aware of BBQfun value proposition.
Increasing sales opportunities outside of our store locations – south east Queensland.
Growing opportunity for online sales.
h. profitability Factors What does it mean for BBQfun
Economy - the real estate market in south east Queensland continues to rise in price, and with it the disposable income of the population.
Political - the present Government focus and emphasis in future legislative direction will be about growth and productivity
i. sales figures (forecast) 2014 2015 2016 How does it impact BBQfun
Total sales $11,000,000 $12,000,000 $15,000,000
Gross profit $5,110,000 $6,500,000 $7,500,000
Task 2
Complete the following activities individually.
1. Return on investment is the ratio of money of an investment relative to the amount of money invested. Provide a brief discussion on:
a. Average rate of return
b. Payback period
c. Net present value
d. Profitability index
2. Provide a brief discussions on what are the considerations for an investment appraisal of new opportunities:
a. Financial resources
b. The purchase of equipment or machines
c. Buildings
d. Other assets for the develop of new products
3. Discuss the various key investment considerations when deciding on new opportunities:
a. Scale of the investment
b. Length of time before investment yield returns
c. Length of time to pay back the investment
d. Expected profits from the investments
e. Alternative investment be better used elsewhere
4. New products and services have a direct effect on revenue generation which is the key reason for a business being able to stay competitive and enabling it to reach its goal of continually making a profit. It is therefore imperative that written plans keep the business and new product on track. Discuss the reasons for identifying and documenting changes needed to current operations to take advantage of viable marketing opportunities.
a. Identify what is to be achieved
b. SMART goals
c. Timeframes
d. Types of resources required
e. Risk analysis of resource requirements
f. Stakeholder communication strategy
g. Revised marketing plan
5. Ensure organizational changes to service an increased or different customer base including provision for continued quality of service to existing customers. Discuss the possible issues that may cause customer service to suffer:
a. Operational disruption
b. Customer inconvenience
c. Staff training to support services lacking
d. Incomplete infrastructure to support new product/ services
e. New product/ services information incomplete/ not sent
f. Equipment/ facility not working properly
g. Inaccurate marketing resources
6. Building on your answers to Assessment Week 1, your task now is to briefly draft out the newly identified marketing opportunities and required additional information to the company’s marketing plan.
a. Summary
b. Market analysis SWOT analysis
PEST analysis
c. Market segmentation New market
New business idea
d. New market objectives
e. Marketing strategies
Product New market
New business idea
Price New market
New business idea
Promotion New market
New business idea
Place New market
New business idea
f. Budget
g. Risk assessment
Assessment Submission Checklist to be completed by the Trainer/Assessor
Unit name: BSBMKG501 Identify and evaluate marketing opportunities
Assessment: Task 1
Did the student complete and provide evidence for the following (please ? ): Yes No
1. Provide and present a market development proposal?
2. Provide an analysis for a given case study?
3. Submit within agreed timeframe?
During the demonstration or observation of skills/ meeting the performance criteria, did the candidate do the following (please ? ): Yes No Assessor’s Notes (if any)
1.1. Analyse information on market and business needs to identify marketing opportunities
1.2. Research potential new markets and assess opportunities to enter, shape or influence the market in terms of likely contribution to the business
1.3. Explore entrepreneurial, innovative approaches and creative ideas for their potential business application, and develop into potential marketing opportunities
2.1. Identify and analyse opportunities in terms of their likely fit with organisational goals and capabilities
2.2. Evaluate each opportunity to determine its impact on current business and customer base
2.3. Use an assessment of external factors, costs, benefits, risks and opportunities to determine the financial viability of each marketing opportunity
2.4. Determine probable return on investment and potential competitors
2.5 Describe and rank marketing opportunities on their viability, and likely contribution to the business
3.4. Determine and communicate viability of making changes to current operations to key stakeholders
Feedback and result outcome for Task 1 (please ? )
Satisfactory
Not Yet Satisfactory
Re-assessment required
Unit name: BSBMKG501 Identify and evaluate marketing opportunities
Assessment: Task 2
Did the student complete and provide evidence for the following (please ? ): Yes No
1. Answered all questions sufficiently?
2. Provide a brief draft for the newly identified marketing opportunities and required additional information to for a given case study?
3. Submit within agreed timeframe?
Has the learner proven they can (please ? ): Yes No
2.3. Use an assessment of external factors, costs, benefits, risks and opportunities to determine the financial viability of each marketing opportunity
2.4. Determine probable return on investment and potential competitors
3.1. Identify and document changes needed to current operations to take advantage of viable marketing opportunities
3.2. Ensure organisational changes to service an increased or different customer base include provision for continued quality of service to existing customers
3.3. Estimate resource requirements for changed operations
3.5. Document newly identified marketing opportunities and required changes
Feedback and result outcome for Task 2 (please ? )
Satisfactory
Not Yet Satisfactory
Re-assessment required
Assessment Summary Result (please ? )
Task 1 Observation & demonstration S NYS DNS
Task 2 Short questions S NYS DNS
Final Assessment Result for this unit C NYC
Feedback is given to the student on each Assessment task YES NO
Feedback is given to the student on final outcome of the unit YES NO
The result of my performance in this unit has been discussed and explained to me (please place signature below)
Student Signature Date
Trainer/ Assessor’s declaration: I hereby certify that the above student has been assessed by myself and all assessments are carried out as required by the Principles of Assessments (Clause 1.8 of the Standards for RTO 2015).
Trainer/ Assessor’s Initials Date
Appeal Process (only for mitigating circumstances)
I would like to appeal the outcome of this assessment as per the appeals procedure in the Student Handbook
Student Signature Date
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