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BSBMKG501 Identify and Evaluate Marketing Opportunities

BSBMKG501

Identify and Evaluate Marketing Opportunities

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  • Student Assessment Guide
  • Student Assessment Workbook
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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.

  • 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
  • for each list item, provide a summary of key provisions on marketing operations
  • word count is approximately 25 words per summary.

Question 2

In the table provided, explain principles of marketing and marketing mix.

  • 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
  • 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.

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.

  • list ten statistical methods and techniques
  • a minimum of five must focus on forecasting
  • 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

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 current operations.

Please ensure that you familiarise yourself with this set of requirements that underpin this simulation. This includes understanding the background of the simulation and the criteria you will be assessed on. These are located in the Appendix of this document.

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

  • analyse the ‘Strategic Marketing Review’ document:
  • list and explain five macro facts
  • list and provide a rationale of five opportunities arising from these facts
  • word count is approximately 400 words.

1.2 Research potential new markets

  • select and research two of these marketing opportunities, then describe their viability based on:
  • size and growth of the opportunity
  • amount of competition
  • level of interest by customers and potential customers
  • external costs of entering this market
  • external risks of entering this market
  • word count is approximately 500 words per opportunity.

1.3 Explore entrepreneurial approaches for their potential business application

  • with each marketing opportunity, describe innovative approaches to increasing potential
  • word count is approximately 150 words per opportunity.

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

  • analyse and provide review on the two opportunities based on the following factors:
  • fit with organisational goals
  • fit with five organisational capabilities
  • word count is approximately 500 words.

2.2 Evaluate each opportunity to determine impact on business and customer base

  • evaluate the impact of each of the two opportunities based on the following:
  • current business
  • customer base
  • word count is approximately 250 words.

2.3 Determine probable return on investment

  • estimate ROI for each marketing opportunity:
  • estimate the total annual costs required to implement each marketing opportunity
  • estimate the total annual revenue for each marketing opportunity
  • calculate the ROI for each opportunity
  • word count is not critical.

2.4 Determine potential competitors

  • analyse competitors from the Strategic Review:
  • list two potential competitors for each of your chosen marketing opportunity
  • provide your rationale for each competitor
  • word count is approximately 200 words in total.

2.5 Describe and rank marketing opportunities

  • analyse and complete the Screening Matrix for contribution and viability
  • rank marketing opportunities on these factors
  • word count is approximately 200 words.

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 Current Operations

In this task, you will develop strategies and resources to ensure that Emu Fitness can provide quality customer service to its current members which will take advantage of the planned marketing opportunities.

3.1 Identify and document changes and resources required for current operations

  • develop a Change Management document that contains the following:
  • a minimum of four strategies and their rationale
  • a minimum of three actions and resources to achieve these strategies
  • word count is approximately 500 words.

3.2 Communicate viability of changes to current operations

  • deliver a collaborative session on the changes required
  • seek and note feedback
  • session must be completed in 60 minutes.

3.3 Document newly identified report on marketing opportunities and required changes to operations

  • review your notes made from the collaborative session:
  • list and make adjustments if required, to the Change Management Plan
  • attach the finalised version of the Change Management Plan
  • include a rationale on why these changes were adopted or not used
  • word count is not critical.

Appendix A: Emu Fitness Simulation

Simulation Background

Emu Fitness is a privately owned Sydney based health club chain with 15 health clubs and 15,000 active member. Emu Fitness serves as one of the minor to average players in the sport and fitness segment.

The health and wellbeing industry is a dynamic sector and plays a critical role in the Australian economy. The industry has grown substantially within the last decade, generating $2.2billion revenue on an annual basis (with 3.5% annual growth rate) through 3265 health clubs housing 32,875 employment opportunities across the country. The industry also plays a key role in improving the health and fitness of Australians. 

Emu Fitness has its base of operations in North Sydney (Health Club and Head Office), Sydney and operates throughout Greater Sydney:

Each health club offers the following facilities and services:

  • Gym for weightlifting and cardio
  • Gymnastics hall (martial arts, boxing and kendo)
  • Classes (Pilates, Yoga, BodyPump, Cycle, BodyAttack, Full Body Lift, and FatBurner).

The organisation has a number of goals which include:

  • to introduce innovative fitness and lifestyle products or services to include new markets
  • to reposition the image of Emu to that of a “Tiger”
  • to grow their employees for the future

These goals make up part of a Consultant’s Report titled Strategic Review, conducted by Sync-In Consulting. This report is a combination of primary research conducted by the Company and secondary research from their market sources. Note that Emu Fitness does not have a marketing department or a marketing plan and this Consultant’s report is the only documentation available.

These goals and objectives cited in the Strategic Review have resulted in the newly appointed Manager of Marketing to employ the student as a Marketing Specialist to review the market and identify opportunities that will provide growth over the next two years of operation. In particular, the Specialist will be required to investigate these marketing opportunities in terms of impact on the current business and put forward strategies that will support transition and or assimilation of these new products and services.

Simulation Phases

This simulation is divided into the following phases:

Phase 1:

analyse external market for potential opportunities.

Phase 2:

investigate the ability of the organisation to take advantage of these opportunities.

Phase 3:

communicate the strategies to maintain operations while developing new markets.

Your Role in the Simulation

You will be the Marketing Specialist of Emu Fitness in the simulation. Your roles and responsibilities in the simulation are as follows:

Phase 1:

Phase 1 occurs from Task 1.1 to 1.3. In Phase 1, your main duties in the organisation are as follows:

  • review issues and trends on the external market
  • analyse two marketing opportunities.

Phase 2:

Phase 2 occurs in Tasks 2.1 to 2.5. In Phase 1, your main duties in the organisation are as follows:

  • identify and analyse opportunities with organisational goals
  • review the capabilities of the organisation in terms of ability to use the opportunities
  • determine financial viability.

Phase 3:

Phase 3 occurs from Tasks 3.1 to 3.3. In Phase 3, your main duties in the organisation are as follows:

  • developed a Change Management document including resources required to implement the two marketing opportunities
  • communicate the viability of proposed changes to current operations to executives
  • document and finalise the proposed opportunities.

In Task 3.2, you will interact with two stakeholders. This session will have a duration of 60 minutes where you will elicit views and opinions from these stakeholders on your proposed opportunities and required changes. Note that your Assessor will not play a role in this observation activity as they will be observing your interaction with the stakeholders and documenting evidence in the Observation Check Sheet provided in Appendix B.

Assessment Conditions for the Observation

The information in this section outlines the assessment conditions for the Observation which occurs in Phase 3, Task 3.2 and involves your interaction with two stakeholders.

Before the Observation:

  • you must ensure that you have read and understood any documents required to undertake the Observation
  • you must ensure that you have read and understood all performance requirements listed under each task
  • you must ensure that you have read the requirements listed in the Observation Check Sheet as your performance will be judged based on these criteria (see Appendix B)
  • your Assessor will inform you of the date of your Observation.

During the Observation:

  • you will be interacting with the Chief Executive Officer and Marketing Manager
  • it has a total duration of 60 minutes
  • other students will not be observers during the session as this will give them an unfair advantage
  • these stakeholders will be role played by staff from Trinity Institute (Australia) or other externals
  • your Assessor will brief them on your topic so that they can carry out their actions in an appropriate manner
  • you cannot refer to the Observation Check Sheet while undertaking the Observation
  • your Assessor will:
    • observe you individually based on the criteria in the Observation Check Sheet
    • document their observations in detail on the Observation Check Sheet
    • provide extensive written feedback
    • ensure that the session will be free from distractions
  • you must comply with WHS requirements
  • you must demonstrate all the criteria in the Observation Check Sheet to achieve a satisfactory result for the Observation.

If you are not successful, after the observation, the Assessor will:

  • provide written feedback on the Observation Check Sheet explaining their justification in detail
  • communicate this feedback to you
  • arrange another suitable time to observe your second attempt

Appendix B: Observation Check Sheet

We have provided the Observation Check Sheet(s) for you to prepare for your assessment with the Assessor. Remember, you will not be able to use this Check Sheet(s) during this session. However, we recommend you use this as a planning tool so that you are fully prepared for the observation.

Note that you must demonstrate all the criteria listed in the following Observation Check Sheet(s) to be deemed satisfactory.

Performance Requirements

1.       Introduction

¨  welcome the stakeholders:

­   have a friendly tone

­   volume is appropriate

­   facial expressions are appropriate

¨  summarise the background of this session:

­   summary is concise

­   summary is clear

¨  outline the session:

­   state clearly what you will cover

­   explain how long this will take

­   seek confirmation of this process

2.       Body

o  summarise market issues and trends:

­   five macro facts

­   five opportunities and their rationale

­   provide detailed review of two marketing of these opportunities

o  summarise fit between opportunities and Emu’s strengths and weaknesses:

­   explaine fit with goals and objectives

­   summarise fit with organisational capabilities

­   evaluate impact on business and customer base

­   provide probable return on investment

­   rank opportunities based on these factors

o  evaluate required changes to current operations:

­   identify changes required

­   list resources to achieve these changes

3.       Conclusion

o  summarise the session:

­   overview what has been covered

­   summarise the issues raised

­   summarise the solutions

­   wrap up the session with a closing statement

4.       Time Management

¨  break the session was down into reasonable time blocks

¨  finish the session in 60 minutes

5.       Presentation Techniques

¨  body language:

­   give eye contact to the stakeholders

­   display appropriate facial expressions

­   posture is appropriate

­   gestures fit with the message

¨  present the content clearly and creatively:

­   explicitly state concrete facts rather and abstract ideas to support your arguments

­   express concepts with sufficient detail

­   use analogy to draw insight to message conveyed

­   use a range of visual aids such as handouts, whiteboard notations

¨  monitor non-verbal and verbal cues of the stakeholders:

­   conduct periodical checks

­   adjust delivery accordingly

­   confirm their understanding

6.       Language Techniques

¨  language uses basic jargon

¨  do not use filled pauses (e.g. ‘er’, ‘erm’, ‘uh’, ‘um’)

¨  tempo (pace) is easy to follow

¨  volume is audible

¨  pitch is low in general and high at times to grab attention

¨  avoid cliché statements

¨  language is simple and clear

¨  use signposts to clarify the message aimed (e.g. to move to the Conclusion – ‘in conclusion, …’)

7.       Listening and Questioning

¨  ask logical and targeted questions that seek input on your opportunities

¨  question are:

­   planned and purposeful

­   logically structured

­   clear and concise

­   proactive and simulated critical thinking

­   adapted to the audience

¨  validate input and encourage stakeholders to raise their queries

¨  direct open-ended questions and avoid ‘yes/no’ questions to draw the stakeholders to the discussion

¨  seek detailed response using funnel questions

(e.g.; ‘have you thought about this? Did it work? How was it?)

¨  actively engage in dialogue about alternative ideas

¨  take notes without losing focus

¨  listen attentively to responses:

­   provide appropriate facial expressions

­   provide appropriate body language

­   paraphrase understanding

¨  ask a minimum of five questions to probe input

¨  use pauses correctly to allow time for thought

(e.g.; a two second pause after a question)

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