Student Assessment Workbook BSBMKG501 Identify and Evaluate Marketing Opportunities Student Full Name: Student ID: Date Submitted: Assessment Information Welcome to your Student Assessment Workbook...

Student Assessment Guide
    
    BSBMKG501
Identify and Evaluate Marketing Opportunities
    
Student Assessment Guide – BSBMKG501.V3        
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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 Current Operations    5
3.1 Identify and document changes and resources required for current operations    5
3.2 Communicate viability of changes to current 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 current 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 carried 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:
· correctly write the name and date of each item
· these names and dates must be current
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 ;
· Unwarranted 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 Territory ;
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 breaches 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-Terrorism 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 brick-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 arrive at a probabilistic estimation of a binary choice. The independent variables can either be isolated or persisting.
    Discriminant Analysis
    The objective of...