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Student Assessment Workbook
    
    BSBMKG501
Identify and Evaluate Marketing Opportunities
    
    Student Full Name:
    
    Student ID:
    
    Date Submitted:
    
Assessment Information
Welcome to your Student Assessment Workbook for BSBMKG501 Identify and Evaluate Marketing Opportunities.
This Student Assessment Workbook is where you will write all your responses for the knowledge questions and simulation tasks. Please refer to the Student Assessment Guide for more information.
This assessment has the following two events:
    Assessment Event 1 – Knowledge Questions:
    There are three questions that will provide us with evidence of your general knowledge of legislative requirements in marketing operations, principles of marketing and marketing mix, and statistical techniques to evaluate marketing opportunities.
    
    Assessment Event 2 – Simulation: Emu Fitness
    You will complete a number of tasks that will provide us with evidence of your skills with reviewing then planning the implementation of marketing opportunities within the fitness industry. These tasks will be based on your role as a Marketing Specialist in a simulation with an organisation called Emu Fitness that operates in the fitness and health sector.
To complete the Simulation, you will need to refer to the following resources:
    Strategic Marketing Review
    This document is used in Task 1.1 where you will review the cu
ent market and potential opportunities.
    
    
    ROI and Cost Template
    Excel template used in Task 2.3 where you will calculate the probable return on investment for each of your proposed marketing opportunity.
Please note that your responses for both assessment events can (where appropriate) use dot point format. See below an example of a dot point response and a full sentence response.
    Dot point format
    Presentation Plan includes the following:
outcomes
needs of the audience
context.
    
    
    Full sentence format
    When you are preparing for a presentation, there are a number of tasks that must be ca
ied out. These are listing the outcomes that you want to achieve, followed by the identification of the needs of your audience. When you have completed these two tasks you then check on the room that you will be conducting the presentation in.
To Achieve Competence
To be deemed competent for this unit, you will need to meet the following requirements:
complete all of the questions and tasks listed in the Student Assessment Workbook
meet all the requirements listed in this Student Assessment Guide
your responses to the questions and tasks must be relevant, accurate and specific
submit your completed Student Assessment Workbook to your Assessor within the set timeframes
your work must be in your own words
where you use an external source of information, you must provide citation.
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.
Note you must answer these questions in your own words. Remember, you must get a satisfactory result with each question to be deemed satisfactory for the whole of Assessment Event 1.
Question 1
Outline key provisions of relevant legislation, codes of practice and national standards affecting marketing operations.
Write your response into the table:
    Legislation/Codes/Standards
    Summary of Key Provisions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
Question 2
Explain principles of marketing and marketing mix.
Write your response into the table:
    Principles
    Explanation of the marketing mix
    Industry-specific example
    Product
    
    
    Price
    
    
    Promotion
    
    
    Placement
    
    
Question 3
Describe statistical methods and techniques, including forecasting techniques, to evaluate marketing opportunities.
Write your response into the table:
    Statistical techniques and methods
    Industry-specific example
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
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 cu
ent 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
Insert your responses into the table:
    Macro Facts
    Marketing Opportunities
    Rationale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
1.2 Research potential new markets
Insert your responses here:
1.3 Explore entrepreneurial approaches for their potential business application
Insert your responses here:
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
Insert your responses here:
2.2 Evaluate each opportunity to determine impact on business and customer base
Insert your responses here:
2.3 Determine probable return on investment
Insert your responses into the ROI and Costs Template Excel template which is a separate document provided to you by your Assessor, and attach a print output to your Student Assessment Workbook.
    
    
2.4 Determine potential competitors
Insert your responses here:
2.5 Describe and rank marketing opportunities
Insert your responses into the table below:
    Opportunity Name
    Fit with strategy?
    Market Size
    Potential
$
    Investment needed
    Capability of organisation?
    Time to profit
    Opportunity 1
    
    
    
    
    
    
    Score [1-10]
(10 highest)
    
    
    
    
    
    
    Opportunity 2
    
    
    
    
    
    
    Score [1-10]
(10 highest)
    
    
    
    
    
    
Task 3: Evaluate required changes to cu
ent operations
In this task, you will develop strategies and resources to ensure that Emu Fitness can provide quality customer service to its cu
ent members which will take advantage of the planned marketing opportunities.
3.1 Identify and document changes and resources required for cu
ent operations
Insert your responses here:
3.2 Communicate viability of changes to cu
ent operations
Not required. You will be holding a meeting with two stakeholders. Please refer to your Student Assessment Workbook for detailed instructions.
3.3 Document newly identified report on marketing opportunities and required changes to
Upon the receipt of the feedback from the stakeholders, make the necessary adjustments to your earlier findings where necessary.
    
    For Assessor Use Only
    
    
    
    
Task Outcome Sheets
The Outcome Sheet below is the assessment questions and tasks for each of the assessment events that the student is required to complete. Assessors, tick ‘S’ if the student achieved a satisfactory outcome for an assessment task and ‘NYS’ if the student does not meet these requirements. Also, you are required to write comments on the quality of this evidence under the ‘Comments’ column. For your judgement on the student’s overall performance, tick ‘Satisfactory’ if the student achieves a satisfactory outcome for all of the tasks or ‘Not-Yet-Satisfactory’.
Assessment Event 1 – Knowledge Questions
    Assessment Event 1 Knowledge Questions
    S
    NYS
    Comments
    Question 1
    
    
    
    Question 2
    
    
    
    Question 3
    
    
    
    The student’s performance for Assessment Event 1 is
    □ Satisfactory
    □ Not-Yet-Satisfactory
    Assessor Signature:
    Date:
    
Assessment Event 2 - Simulation
    Assessment Event 2
    S
    NYS
    Comments
    Task 1:
Identify Marketing Opportunities
    Sub Task 1.1
    
    
    
    
    Sub Task 1.2
    
    
    
    
    Sub Task 1.3
    
    
    
    Task 2:
Investigate Marketing Opportunities
    Sub Task 2.1
    
    
    
    
    Sub Task 2.2
    
    
    
    
    Sub Task 2.3
    
    
    
    
    Sub Task 2.4
    
    
    
    
    Sub Task 2.5
    
    
    
    Task 3:
Evaluate Required Changes to Cu
ent Operations
    Sub Task 3.1
    
    
    
    
    Sub Task 3.2
    
    
    
    
    Sub Task 3.3
    
    
    
    The student’s overall performance is
    □ Satisfactory
    □ Not-Yet-Satisfactory
    Assessor Signature:
    Date:
    
Assessment Outcome Sheet
    Student ID
    
    Family Name
    
    First Name
    
    Course Code
    
    Course Title
    
    Unit Code
    BSBMKG501
    Unit Title
    Identify and Evaluate Marketing Opportunities
    Assessment Outcome
Assessor, please tick and date the student’s final outcome of this assessment:
    Initial Submission
    Date
    Re-submission 1
    Date
    Re-submission 2
    Date
    ☐ C
    ☐ NYC
    ___/___/____
    ☐ C
    ☐ NYC
    ___/___/____
    ☐ C
    ☐ NYC
    ___/___/____
Assessor’s Feedback
Assessor, please provide your comments on the student’s final outcome of this assessment:
    
    Assessor Full Name
    
    Signature
    
    Date
    
    
    
    Receipt of Student’s Assessment
Assessor, you must provide the completed copy of this receipt to the student as an evidence of submission of their assessment to you.
    Student ID
    
    Family Name
    
    First Name
    
    Course Code
    
    Course Title
    
    Unit Code
    BSBMKG501
    Unit Title
    Identify and Evaluate Marketing Opportunities
    Due Date
    __/__/___
    Date Received
    __/__/___
    Extension
Approved
    Y ❒ N ❒
    Date Approved
    __/__/___
    Initial Submission ❒
    Re-submission 1 ❒
    Re-submission 2 ❒
    Assessor’s Signature
    
Assessment – BSBMKG501.V3

    
    Student Assessment Guide
    
    BSBMKG501
Identify and Evaluate Marketing Opportunities
    
Student Assessment Guide – BSBMKG501.V3        
Intellectual Property Statement
VET Fair (ABN XXXXXXXXXXis a provider of educational products and services for the vocational education and training (VET) sector.
By purchasing the ‘BSBMKG501 Identify and Evaluate Marketing Opportunities’ assessment resources (“Product”), you are entitled to use it for educational purposes only, but the intellectual property remains with VET Fair. This Product includes the following components:
· Assessor Guide
· Student Assessment Guide
· Student Assessment Workbook
· any other material to support the implementation of the Product (e.g. policy and procedures, templates, etc.).
VET Fair owns all copyright to the Product as subject to the provisions of the Copyright Act 1968.
This purchase grants you a non-exclusive, perpetual, non-sublicensable, and non-shareable right to use and contextualise this Product. You have the right to distribute unlimited copies of this Product to your students or internal staff, limited to only for educational purposes; however, you must not:
a) reproduce this Product or produce other assessment resources based on this Product
) share this Product with any other external person or entity other than your students and internal staff through physical or electronic including online access
c) use this Product for any other purposes than education (e.g. assessing student competency, conducting validation and moderation activities, etc.)
d) resell this Product to any party of individual
e) use this Product without affixing the following statement in each copy of a modified, adapted, customised or contextualised version of this Product that is distributed electronically or in a physical format to your target learner audience:
“The assessment activities and information in this guide are derived from the BSBMKG501 Identify and Evaluate Marketing Opportunities assessment resources provided by VET Fair. VET Fair owns all copyright to this information and
Answered 2 days AfterJun 23, 2022

Answer To : read the assessments intructions and read other related files complete all sections and questions...

Sandeep answered on Jun 25 2022
9 Votes
Student Assessment Guide
    
    BSBMKG501
Identify and Evaluate Marketing Opportunities
    
Student Assessment Guide – BSBMKG501.V3        
Intellectual Property Statement
VET Fair (ABN 44 983 956 589) is a provider of educational products and services for the vocational education and training (VET) sector.
By purchasing the ‘BSBMKG501 Identify and Evaluate Marketing Opportunities’ assessment resources (“Product”), you are entitled to use it for educational purposes only, but the intellectual property remains with VET Fair. This Product includes the following components:
· Assessor Guide
· Student Assessment Guide
· Student Assessment Workbook
· any other material to support the implementation of the Product (e.g. policy and procedures, templates, etc.).
VET Fair owns all copyright to the Product as subject to the provisions of the Copyright Act 1968.
This purchase grants you a non-exclusive, perpetual, non-sublicensable, and non-shareable right to use and contextualise this Product. You have the right to distribute unlimited copies of this Product to your students or internal staff, limited to only for educational purposes; however, you must not:
a) reproduce this Product or produce other assessment resources based on this Product
) share this Product with any other external person or entity other than your students and internal staff through physical or electronic including online access
c) use this Product for any other purposes than education (e.g. assessing student competency, conducting validation and moderation activities, etc.)
d) resell this Product to any party of i
ndividual
e) use this Product without affixing the following statement in each copy of a modified, adapted, customised or contextualised version of this Product that is distributed electronically or in a physical format to your target learner audience:
“The assessment activities and information in this guide are derived from the BSBMKG501 Identify and Evaluate Marketing Opportunities assessment resources provided by VET Fair. VET Fair owns all copyright to this information and the intellectual property of this resource remains with VET Fair.”
Breaches of this copyright will result in VET Fair claiming for loss of sales.
Table of Contents
Assessment Information    1
Assessment Event 1 – Knowledge Questions    2
Question 1    2
Question 2    2
Question 3    2
Assessment Event 2: Emu Fitness Simulation    3
Task 1: Identify Marketing Opportunities    3
1.1 Analyse information on market    3
1.2 Research potential new markets    3
1.3 Explore entrepreneurial approaches for their potential business application    3
Task 2: Investigate Marketing Opportunities    4
2.1 Analyse fit between marketing opportunities and organisational goals and capabilities    4
2.2 Evaluate each opportunity to determine impact on business and customer base    4
2.3 Determine probable return on investment    4
2.4 Determine potential competitors    4
2.5 Describe and rank marketing opportunities    4
Task 3: Evaluate Required Changes to Cu
ent Operations    5
3.1 Identify and document changes and resources required for cu
ent operations    5
3.2 Communicate viability of changes to cu
ent operations    5
3.3 Document newly identified report on marketing opportunities and required changes to operations    5
Appendix A: Emu Fitness Simulation    6
Simulation Background    6
Simulation Phases    6
Your Role in the Simulation    7
Phase 1:    7
Phase 2:    7
Phase 3:    7
Assessment Conditions for the Observation    8
Appendix B: Observation Check Sheet    9
Assessment Information
Welcome to your Student Assessment Guide for BSBMKG501 Identify and Evaluate Marketing Opportunities. This Guide provides you with information on the assessment particularly what you have to do and to what level of performance.
This assessment has the following two events:
    Assessment Event 1 – Knowledge Questions
    There are three questions that will provide us with evidence of your general knowledge of legislative requirements in marketing operations, principles of marketing and marketing mix, and statistical techniques to evaluate marketing opportunities.
This assessment is completed in your own time and by a submission date provided by your Assessor. You may use support material in the development of your responses, but you must indicate the source. In addition, you must not ‘cut and paste’ content from your source, rather, use your words, unless it is a direct quote.
    
    Assessment Event 2 – Simulation: Emu Fitness
    You will complete a number of tasks that will provide us with evidence of your skills with reviewing then planning the implementation of marketing opportunities within the fitness industry. These tasks will be based on your role as a Marketing Specialist in a simulation with an organisation called Emu Fitness that operates in the fitness and health sector.
To complete the Simulation, you will need to refer to the following resources:
    Strategic Marketing Review
    This document is used in Task 1.1 where you will review the cu
ent market and potential opportunities.
    
    
    ROI and Cost Template
    Excel template used in Task 2.3 where you will calculate the probable return on investment for each of your proposed marketing opportunity.
Remember, you do not type your responses in this Student Assessment Guide, but use the Student Assessment Workbook, which is a separate document. This document is simply a guide to explain what you are required to do, and by doing so, this will assist you to perform at your best.
Please note that your responses for both assessment events can (where appropriate) use dot point format. See below for an example of a dot point response and a full sentence response.
    Dot point format
    Presentation Plan includes the following:
· outcomes
· needs of the audience
· context.
    
    
    Full sentence format
    When you are preparing for a Presentation, there are a number of tasks that must be ca
ied out. These are; listing the outcomes that you want to achieve, followed by the identification of the needs of your audience. When you have completed these two tasks, you then check on the room you will be conducting the simulation in etc.
Performance required
· complete all of the questions and tasks listed in the Student Assessment Workbook
· meet all the requirements listed in this Student Assessment Guide
· your responses to the questions and tasks must be relevant, accurate and specific
· submit your completed Student Assessment Workbook to your Assessor within the set timeframes
· your work must be in your own words
· where you use an external source of information, you must provide citation.
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:
· co
ectly write the name and date of each item
· these names and dates must be cu
ent
Ans 1
    National Standards and Relevant Legislations Impacting Marketing Operations
    Codes of Practice
    ADMA (Australian Direct Marketing Associations) 2005
    · Observe Fair Conduct relevant to Telemarketing –Collection of Personal data, Acceptable calling conduct, calling frequency.
· Observe Unbiased behavior pertaining to E-mail marketing and E-commerce
· Impartial oversight relevant to M-marketing.
· Observe Fair conduct relevant to Consumer Data Protection.
    Australian Consumer Law –Central Law for Rationale trading and customer protection. It is managed and implemented by ACCC 2010
    Governs primarily following :
· Distorted or dishonest conduct, anti-competitive conduct ;
· Fraudulent or spurious claims
· Customer guarantees
· Prejudicial contractual terms
· Unwanted customer agreements and supply of goods.
· Handling of uncollected goods ;
· Unwa
anted customer agreements including point-to-point sales, Lay-Bys, pricing, Online pricing, and Telephonic sales ;
· Fines, prosecution powers and customer redressal options
    Australian Association of National Advertisers 2021 (AANA) Code of Ethics – It is supported by all pan Australia
    Advertisers shall abide with C Wealth law and the law of
the applicable State or Te
itory ;
Advertising shall not be pretentious or deceitful or be likely to be illusory or unreliable ;
Advertisement shall not consist of distortion, which can probably cause harm to the business or reputation of an opponent ;
.
Advertising shall not portray people or depict material in a way which discriminates against or vilifies a person or section of the community on account of race, ethnicity, nationality, gender, age, sexual orientation;
Advertisers will never depict violence unless justifiable.
Advertisers shall treat sex, sexuality and nudity with compassion it deserves.
Advertisers will apply dialect suitable under circumstances.
    ACA Best Practice Guide 2021 – Social Media and Online Commentary Code of Conduct
    · Public vs Private
· Transparency - Hiding identity
eaches Section 18 of the ACL.
· Costs should be supported by bills and capable of authentication.
· Privacy Act 1988, Spam Act 2003, and other laws applicable to industry or products/services must be strictly adhered to.
· Professional conduct and applying of sound Judgement before posting.
· Be aware of confidentiality – Never reveal personal or copyrighted info. to internal or external sources.
    The Privacy Act 1988
    · Activities relating to Anti-Money Laundering and Counter-Te
orism Financing Act 2006 and rules;
· Acts and Practices pertaining to RTD ;
· Consumer credit reporting info. including credit reporting Ombudsman, donor and other miscellaneous 3rd party;
· Tax file numbers confidentiality
· Personal information included in Personal property securities Register;
· Information contained in My Health Records Act 2012 and Healthcare Identifiers 2010 Act.
    Compliance with Work Health and Safety Act 2011 and Work Health and Safety Regulations 2011
    ·
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 state your chosen industry
· include an example for each of the principles
· word count is not critical.
Ans 2
    Principles
    Explanation of the marketing mix
    Industry-specific example
    Product
    Defining What company wants to sell is key to distribution. It should be different from competitor is selling. A company without product is journey without destination point.
Launch Innovative fitness and wellbeing products that helps increase Gross Revenue by 10% especially Gym gadgets like WIFI Wearable Technology as Fitbit Tracker-84% interest, Body Pump, Fat Burner ,Body Attack ,Zumba ,Bootcamp-82% favour, Health bar - 88% favour, Weight lifting programs-92% , Martial arts, Boxing, Cycle, Full body lift, Yoga, Pilates etc. Emu Fitness doesn’t have the internal competency to develop such products.
    Anytime Fitness, Goodlife Health clubs YMCA Australia, Fitness First Australia Pty Ltd and Snap Fitness are some of the clubs who are leading by example by adopting the Innovative technologies like Smartphone tech apps, Customised Apps, Yoga sessions, Online training tips.
    Price
    Assigning monetary value to the product to be sold or amount which consumers willing to sacrifice of their income to pay for product. Marketers must consider role of real and perceived value like discount and rebates in driving up sales volume.
Factors:
Reduction in discretionary household income can shift consumers to cheaper alternatives.
Competitors become active in price war.
Higher pricing structure attracts less international students than competitors.
In Customer satisfaction survey EMU fitness has got 7th ranking in Membership price segment.
    Anytime Fitness, Goodlife Health clubs YMCA Australia, Fitness First Australia Pty Ltd and Snap Fitness have also priced their subscription fee for gym facilities at affordable $ 850 AUD .Since price plays role in determining whether customer will switch to cheaper online training modules or choose offline options.
    Placement
    Deciding whether to choose
ick-and-mortar stores or Online medium for selling the product and how it will be displayed. E.g. Walmart vs Amazon
Factors :
· According to the Fitness Industry Survey 2015 (EZYPAY, 2015), 26.3% of people use apps to track runs, log calories and find healthy recipes, 13.5% use social media to keep up with diet and fitness blogs and 8.5% use devices that transmit their stats to their smartphone .
· 67.5% public didn’t use any Fitness apps.
· Availability of wide range of free health and wellbeing resources on the Internet that teach people how to exercise and eat properly without paying anything.
· Presence in major geographical areas of Sydney
    Organized Clubs dominate the market share in that because it has diversified range of offering services and ease of access owing to availability of centres across different states. Hence the placement of product and service offering to target audience at right price and right medium is very important.
    Promotion
    Communicate to Target Audience that this is right product for them, they need it and priced appropriately .It includes Advertising, PR & Media.
Factors :
More than 75% of respondents were interested in Online health coaching.
84% of surveyors interested in Wearable health and fitness apps.
Hence huge demand for digital content and online Gyms practices.
    Organized clubs play a very important role in the shaping the fitness landscape and influencing the healthcare policies of the land. Anytime Fitness, Goodlife Health clubs YMCA Australia, Fitness First Australia Pty Ltd and Snap Fitness have some of the best practices, policies and experience which they can share with the local clients to improve the health infrastructure .
Question 3
Describe statistical methods and techniques, including forecasting techniques, to evaluate marketing opportunities.
R 1. list ten 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.
Ans 3
    Statistical Methods and Techniques
    Explanation to how they can be used
    Multiple Regression
    Multiple regression is the widely used multi variate technique. It probes the connection between dependent variable and independent variables to assess potency of the association between an outcome (the dependent variable) and several predictor variables .For EMU fitness is useful to determine potential for including physiotherapy services to attract non-members.
    Logistic Regression
    Technique is an adaptation of multiple regression that enables the estimation of an event. It is permissible to use dependent variables, as the goal is to a
ive at a probabilistic estimation of a binary choice. The independent variables can either be isolated or persisting.
    Discriminant Analysis
    The objective of...
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