There are two assessment tasks and each to be answered separately according to the case study attached in the files. Thanks
Assessment Task 1 BSBMKG501 Identify and evaluate marketing opportunities Identify marketing opportunities Submission details Candidate’s Name Phone No. Assessor’s Name Phone No. Assessment Date/s Time/s The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved by your assessor. Performance objective The candidate will demonstrate skills and knowledge required to investigate marketing opportunities. Assessment description You are required to analyse BBQ fun business as given by your assessor. You are further required 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 be required to prepare a brief presentation for marketing peers to support and explain the two marketing opportunities you have identified. Procedure There are two parts to this assessment task. Part A requires you to identify and evaluate two opportunities for your chosen organisation. In part B, you will explain the opportunities to your peers in a 15–20 minute presentation. Part A Part A requires you to identify and evaluate two opportunities for BBQ fun business. · To identify opportunities, analyse information on organisation’s market and business needs, for example: · Comparative market information · Competitors’ performance · Customer requirements · Legal and ethical requirements · Market share · Market trends and developments · New and emerging markets · Profitability · Sales figures · Research potential new markets for the organisation, for example: · Export markets · Segments of the market not currently penetrated · Consider strategic marketing approaches such as: · Increasing market share · Developing new markets · Developing new products · Diversification · Using a suitable methodology, such as gap analysis, market or marketing analysis, or competitor analysis, identify and decide on two marketing opportunities to focus on and investigate further. 1. In your analysis, consider types of markets and aspects of the marketing mix such as distribution, products and types of promotional activities, for example: · Ecommerce · Business to business (B2B) marketing · Direct marketing · Ideas marketing · Marketing of goods · Public sector marketing · Services marketing · Telemarketing. · Estimate the effect of the two marketing opportunities on the business, for example: · Effect on sales volume · Growth · Market share · Profitability. · Use numerical analysis or statistical methods to forecast effects. For example, use the least squares method to estimate demand. Use estimated demand to calculate effect on sales and profitability. · Explore and develop entrepreneurial, innovative or creative options (one for each opportunity) to apply the marketing opportunities in the context of the organisation. For example, if you identify an e-commerce opportunity, determine how to apply the e-commerce opportunity to the organisation including aspects such as media, web-design to appeal to target markets, integration with existing operations, marketing strategy and overall strategic directions. Part B Prepare a 15–20 minute presentation for marketing peers explaining and supporting the two marketing opportunities you have identified. Ensure you complete the following: · Describe two marketing opportunities and how you identified them. Describe the process you undertook to analyse your organisation to identify the marketing opportunities. Refer to current organisational marketing plan and products/services · Support your choice of marketing opportunities with reference to market information such as market trends and sales figures. Include relevant statistics. · Describe the effect of opportunities on the business, for example: · Sales volume · Growth · Market share · Profitability. Note: You must use evidence to support your assertions, such as: · Refer to quantitative or qualitative data · Show/use results of statistical methods of forecasting demand · Show results of break-even or profit analysis. · Describe innovative or creative options (one for each opportunity) to apply the marketing opportunities in the context of the organisation. Refer to aspects of the marketing mix, i.e., product, price, promotion, place (distribution). Refer to principles of marketing that apply to your approaches to realising the proposed opportunities. · Prepare and keep presentation notes and other materials used in the presentation such as PowerPoint slides and handouts. Assessment Specifications You must: · Deliver a 15–20 minute presentation · Submit presentation notes and other materials used in the presentation such as PowerPoint slides and handouts. Your assessor will be looking for: · Culturally appropriate communication skills employed to relate to people from diverse backgrounds and people with diverse abilities · Literacy skills to identify and interpret market information · Numeracy skills to calculate and evaluate financial information on new marketing options · Research and evaluation skills to gather information on and interpret market trends to identify marketing opportunities · Knowledge of organisational marketing plan, and products and services · Knowledge of principles of marketing and the marketing mix · Knowledge of statistical methods and techniques to evaluate marketing opportunities, including forecasting techniques. Version: 1 Assessment Task 1 BSBMKG501 Identify and evaluate marketing opportunities Evaluate marketing opportunities Submission details Student’s Name Phone No. Assessor’s Name Phone No. Assessment Date/s Time/s The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved by your assessor. Performance objective The student is required to demonstrate skills and knowledge required to investigate marketing opportunities and evaluate required changes to current operations. Assessment description In response to the given case study on BBQ fun business, you are now required to evaluate three marketing opportunities that have been identified for you, rank them in terms of viability and likely contribution to the business, and assess the impact of the top-ranked opportunity on operations. You will then prepare a report for the board of directors (Assume your assessor as board of directors) documenting identified marketing opportunities and required changes. Procedure There are two parts to this assessment task. Both parts relate to three new opportunities that need to be evaluated. Part A requires you to read all materials and to evaluate and complete the information in the BBQ fun sales data worksheet. Part B requires you to prepare a report for a board of directors (Assume your assessor as board of directors) to outline, evaluate and rank the opportunities. Part A · You are required to read BBQ fun business case study, information in the below scenario, and information supplied in the BBQ fun sales data worksheet in Appendix 1. Scenario 1. You are the marketing manager at BBQ fun. You and your team have identified three marketing opportunities to evaluate. They are: · Manufacture and sell own brand · Sell products through e-commerce · Sell products at bargain prices The first opportunity is to manufacture and retail own-branded barbecues and products. Manufacture would take place at a leased plant in India as BBQ fun has no manufacturing capability. Also, manufacture in Australia would be too expensive. The second opportunity is to offer all products in an online store. Stock could be stored at no extra cost at existing stores. Customers would cover delivery costs. The third option is to aim to increase market share by cutting the cost of products and aiming at mass appeal. Further information is provided in the BBQ fun sales data worksheet. Each opportunity will be promoted through a $500,000 television, internet and email advertising campaign (cost accounted for in approved budget). You will need to review the BBQ fun information to determine organisational fit, profitability and operational implications for each of the three opportunities. 1. Based on the profitability index (opportunity cost estimated to be 8%) and a full appreciation of other, non-financial factors, you will need to rank these opportunities and choose one top-rated opportunity for further evaluation. 2. After ranking the three opportunities, you will complete your evaluation in terms of impact on operations. Information is provided in the BBQ fun sales data worksheet. You will then need to provide a report to the board of directors (Assume your assessor as board of directors) documenting your evaluation of identified marketing opportunities and required changes to operations. · Using all the information you have been provided with, fill in the blank spaces (shaded boxes) in the BBQ fun sales data worksheet in the following order: · Forecast the total market potential for 2016/17. · Use the market share for each opportunity and the total market potential to forecast the number of buyers in each category for the e-commerce market opportunity. · Use the number of buyers from market potential tables to calculate the unit sales volumes for the e-commerce and bargain market opportunities. · Calculate estimated total revenue and gross profit. · Use the additional fixed costs and the BBQ fun budget to determine the net profit for each opportunity. · Use gross profit and total fixed costs from each opportunity to calculate the profitability index for each opportunity. · Calculate total cost of operational changes. Part B · Referring to the BBQ fun business documentation, analyse the three opportunities outlined in the scenario in terms of likely fit with organisational goals and capabilities. Consider: · Organisational marketing plan, structure, products and services. · Principles of marketing and the marketing mix. · Additional marketing information such as survey results in the BBQ fun sales data worksheet. · Using information in the BBQ fun sales data worksheet, evaluate each opportunity in terms of impact to current business and customer base. Evaluation should include investigation of: · Sales volume for each opportunity in FY 2016/17 · Gross and net profit for each opportunity FY 2016/17 · Use numerical analysis or statistical methods to forecast, for example, the size of potential markets in FY2016/17. · Impact on growth plans · Market share · Knockout factors to rule out opportunities. · Assess external factors which may be relevant to each opportunity. Referring to BBQ fun policies and procedures, identify: · Codes of practice and models · Regulations · Relevant legislation. · Summarise major costs, benefits and risks associated with each opportunity, including risks associated with potential competitors. Identify at least two strategies or approaches to mitigate risk. · Using information in the BBQ fun sales data worksheet, assess the return on investment for each opportunity. Calculate the profitability index for each opportunity. · Rank each of the three marketing opportunities. Justify your ranking in terms of both financial and non-financial factors. · Using information from the BBQ fun sales data worksheet, for the top-ranked marketing opportunity, identify changes to current operations to take advantage of the opportunity. Ensure changes identified are adequate to: · Service an increased or different customer base · Ensure continued quality of service. · Ensure you can justify changes based on maintaining quality. · Using information from the BBQ fun sales data worksheet, estimate and justify resource requirements and