Identify and evaluate marketing opportunities – Global Homework Experts

10904

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Diploma of Social Media

Marketing

BSBMKG541

Identify and evaluate marketing

opportunities

Module #7

Assessment Task 2 of 2

10904/16

Objective: To provide an opportunity for you to analyse information on market and business needs for

marketing opportunities.

For this activity, you are required to work on your own project to identify and evaluate a marketing

opportunity. This can be for your organisation or an idea of your own that applies to another organisation

or your chosen business industry.

You have two (2) options in choosing your project:

1. Choose an on -trend product in your relevant industry, which your company does not yet market.

You will assume you have done market research and this has shown that there is a definite market for

your product.

2. Use the case study provided in slide #7.

You will document all sections in the attached Marketing documentation template. Remember to

complete sections on:

Vision

Mission

Company type

You will submit this document in Part C. There are 3 parts to this activity.

PART A

Depending on which product/service you have chosen to market, research and report on all the laws

which are relevant to the marketing of the product. Detail each law and describe what the relevance to

the marketing of the product is.

Click here to add text

PART B

Describe the structure of your company and what your existing product range consists of.

Include a description of how you think the new product will be a natural fit with your existing inventory.

Click here to add text

PART C

In this section, you are asked to supply the following:

Your financial and marketing plan

Your calculation of financial viability of the new marketing strategy

Your estimated return on your investment

Your forecasting techniques

Establishing and following a timeline for completing your project

Reading and analysing research information on the market and the organisation/business industry

Identifying the need for marketing and what the opportunity may bring (the objective and goal)

Compiling one or more data examples about the market (such as customer profiles, market performance, or

pricing)

Evaluating opportunities and using an innovative approach to explore ideas

Deciding on an opportunity that can bring improvement through reasoned and critical thinking

Identifying resources and producing a basic/estimated calculation of costs.

Timelines are really important and it is suggested you use a Gantt chart for this.

Your work will be evidenced in writing. This should include your research, evaluations, and findings. The idea must be

explained and include the practical requirements for implementing this (resources, timelines, and activities). You may

use the Marketing documentation template provided. Feel free to add any documents that you used but not

included. No word count is provided; your documentation just needs to accurately show what you have found and

produced. All written work must be logically ordered and neatly presented. You must check your work before it is

submitted to make sure spelling, grammar, and meaning are accurate. You may upload your documents to the LMS.

Upon completion of the documentation containing your research etc., prepare a video presentation in which you will

then inform your assessor of your findings and how you came to them. See the video submission guidelines in the

notes below.

Case Study A – Meeting organisational fit

A financial organisation wants to promote its life insurance products to a new market. They

want to raise awareness of its products to a younger market (people under the age of

twenty-nine). The organisation is a small but reputable provider of such products; it has been a

business for fifty years.

The organisation wants to attract new customers to inform and provide insurance products

that are appropriate. It does not want to misinform, persuade, or sell if this is not required. It

wants to start building relationships, so potential customers from this market will refer to

them when they do want a life insurance product.

Although the organisation is relatively small, it has a stable and sustainable client base that

keeps it operating with a healthy profit. As with many organisations, it uses digital technologies

to reach its customers and has previously used a mix of traditional and digital marketing

strategies.

Objective: To provide you with an opportunity to show you have the required knowledge for this unit.

The answers to the following questions will enable you to demonstrate your knowledge of:

Key provisions of relevant legislation, codes of practice and national standards affecting marketing

operations

How to calculate the financial viability of marketing opportunities

Return on investment

Financial and marketing data

Organisational structure, products and services

Principles of marketing and marketing mix

Statistical methods and techniques to evaluate marketing opportunities, including forecasting

techniques.

Answer each question in as much detail as possible.

Q1

How does Australian Consumer Law impact marketing activities? (Identify three

things).

Q2

What is the main purpose of the Spam Act 2003?

Q3

What is a marketing code of practice based upon?

Q4

Identify three standards that will apply to marketing activities.

Q5

How is the financial viability of a marketing opportunity calculated?

Q6

What is return on investment and how is this calculated?

Q7

What is the value of financial and marketing data and how is this used in

marketing activities?

Q8

How can organisational structure impact marketing opportunities?

Q9

Identify two considerations that will need to be made when marketing products

and services.

Q10

What are the four basic principles of marketing?

Q11

Why are these principles also known as the marketing mix?

Q12

What is descriptive statistical analysis?

Q13

Identify two ways you can find the average in your data.

Q14

What are the two ways to perform data forecasting?

Objective: To provide you with an opportunity to demonstrate the required performance elements for

this unit.

This activity will enable you to demonstrate the following performance evidence:

Identify and evaluate at least three marketing opportunities.

In the course of the above, the candidate must:

Comply with organisational policies and procedures

Communicate and document potential of identified marketing opportunity to relevant

stakeholders.

Answer the activity in as much detail as possible.

Equipment needed:

A suitable work environment with equipment and access to other persons

Legislation, regulations, standards, and codes for marketing (as relevant to the workplace)

Workplace marketing documentation and resources.

Using the case study in slide 26, you must identify and evaluate three marketing opportunities for the

organisation. Check with trainer if more information is needed.

To do this you must:

Gather and analyse information on the market and the organisation’s business needs for marketing

(perform a market analysis, including market size and the target market)

Identify any potential new markets that may be relevant to marketing opportunities

Identify and analyse the organisation’s competitors to determine how they may impact the organisation

Use innovative approaches to develop marketing opportunities

Identify and assess marketing opportunities to ensure they fit with the organisation and its goals and

capabilities

Check that marketing opportunities are viable for the organisation

Determine the potential return on investment of marketing opportunities

Choose three marketing opportunities as a result of the viability analysis, the potential return on

investment, and business competition

Speak with stakeholders to obtain their feedback on current operations and the marketing opportunities

(as relevant to the situation)

Assess and incorporate stakeholder feedback to increase the viability of your marketing opportunities

Review current work operations and document any required changes according to organisational

requirements

Identify resources that are required for your marketing opportunities.

Continued on next slide…

You must create a report document that outlines what you have done and found. It should include your

analysis and explain your chosen marketing opportunities and the reasons for these. You should document

the viability of your chosen opportunities along with their potential and possible return on investment.

No word count is provided, it just needs to explain what you have done and found. You should use clear

and concise language, and make sure the document is checked for spelling, grammar, meaning, and layout

(this should be formatted according to organisational requirements). Upload a copy of your report to the

LMS once you are done.

Finally, you must communicate your findings and the three opportunities to your stakeholders. You will

simulate it by submitting a video recording of you as if you are reporting to your stakeholders. See the

video submission guidelines below.

Case Study – Product promotion

A Sydney events company is looking to expand into business events. It has previously worked

just within the leisure and tourism industry but sees an opportunity to break into a commercial

business environment.

In a team meeting, the marketing team leader explains there is a need to promote bespoke

business events packages, such as conferences, seminars, and networking events. Depending

on budgets and circumstances, businesses can have these events in different indoor and

outdoor locations.

The marketing team leader suggests the following ideas:

Create promotions on different types of business events and advertise them on the company’s

website

Create an email promotion to advertise and inform about business events, and send this to

clients and customers in the local area.