BSBMKG501 Identify Evaluate Marketing Opportunities

BSBMKG501 Identify And Evaluate Marketing Opportunities

Skills Assessment (Practical Tasks) BSBMKG501 Identify Evaluate Marketing Opportunities

ASSESSOR NOTE

These instructions must be followed when assessing the student in this unit.  The checklist on the following page is to be completed for each student.  Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements. 

This competency is to be assessed using standard and authorised work practices, safety requirements and environmental constraints.

Assessment of essential underpinning knowledge will usually be conducted in an off-site context.

Assessment is to comply with relevant regulatory or Australian standards' requirements.

Resource implications for assessment include:

•           an induction procedure and requirement

•           realistic tasks or simulated tasks covering the mandatory task requirements

•           relevant specifications and work instructions

•           tools and equipment appropriate to applying safe work practices

•           support materials appropriate to activity

•           workplace instructions relating to safe work practices and addressing hazards and emergencies

•           material safety data sheets

•           research resources, including industry related systems information.

Reasonable adjustments for people with disabilities must be made to assessment processes where required. This could include access to modified equipment and other physical resources, and the provision of appropriate assessment support.

Task 1 – Marketing Opportunities Identification and Evaluation

Using a simulated business, you are the marketing manager for the organisation. Briefly describe the organisation, its products or services and its current markets. Identify two opportunities to enter new market, with current or new products and two opportunities to introduce new products to your current markets.

Analyse and document these opportunities in terms of:

  • their potential contribution to the organisation’s business
  • their fit with the organisation’s goals and capabilities
  • likely impact on your current business and customers
  • external influences on the financial viability of each opportunity
  • probable return on investment
  • changes needed to current operations
  • changes needed to maintain current quality of customer service
  • resources required to make the necessary changes

Communicate your findings and recommendations to the key stakeholders in the organisation via a written report and presentation.

In your report, ensure you give detailed explanations of the legislation and codes of ethicswhich apply to its marketing activities. Present your findings within the written report andlist all the sources of your information.

The following attached Marketing Requirements Document may be used as a basis for thisassessment task. 

MARKETING REQUIREMENTS DOCUMENT

1. Executive Summary

Provide a concise report of the specific objectives for this Market Requirements Document (MRD), along with pertinent facts, assumptions, and recommendations noted throughout the document. Typically, it’s best to complete this section after all the other parts of the MRD document are finalized.

About the Book

BSBMKG501 Identify Evaluate Marketing Opportunities

Skills Assessment (Practical Tasks) BSBMKG501 Identify Evaluate Marketing Opportunities

ASSESSOR NOTE

These instructions must be followed when assessing the student in this unit.  The checklist on the following page is to be completed for each student.  Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements. 

This competency is to be assessed using standard and authorised work practices, safety requirements and environmental constraints.

Assessment of essential underpinning knowledge will usually be conducted in an off-site context.

Assessment is to comply with relevant regulatory or Australian standards’ requirements.

Resource implications for assessment include:

•           an induction procedure and requirement

•           realistic tasks or simulated tasks covering the mandatory task requirements

•           relevant specifications and work instructions

•           tools and equipment appropriate to applying safe work practices

•           support materials appropriate to activity

•           workplace instructions relating to safe work practices and addressing hazards and emergencies

•           material safety data sheets

•           research resources, including industry related systems information.

 

Reasonable adjustments for people with disabilities must be made to assessment processes where required. This could include access to modified equipment and other physical resources, and the provision of appropriate assessment support.

 Task 1 – Marketing Opportunities Identification and Evaluation

BSBMKG501 Identify Evaluate Marketing OpportunitiesUsing a simulated business, you are the marketing manager for the organisation. Briefly describe the organisation, its products or services and its current markets. Identify two opportunities to enter new market, with current or new products and two opportunities to introduce new products to your current markets.

Analyse and document these opportunities in terms of:

  • their potential contribution to the organisation’s business
  • their fit with the organisation’s goals and capabilities
  • likely impact on your current business and customers
  • external influences on the financial viability of each opportunity
  • probable return on investment
  • changes needed to current operations
  • changes needed to maintain current quality of customer service
  • resources required to make the necessary changes

Communicate your findings and recommendations to the key stakeholders in the organisation via a written report and presentation.

In your report, ensure you give detailed explanations of the legislation and codes of ethicswhich apply to its marketing activities. Present your findings within the written report andlist all the sources of your information.

The following attached Marketing Requirements Document may be used as a basis for thisassessment task. 

MARKETING REQUIREMENTS DOCUMENT

1. Executive Summary

Provide a concise report of the specific objectives for this Market Requirements Document (MRD), along with pertinent facts, assumptions, and recommendations noted throughout the document. Typically, it’s best to complete this section after all the other parts of the MRD document are finalized.

BSBMKG501 Identify Evaluate Marketing Opportunities

Business Objective

Summarize section 2.1.

Market Segmentation and Prioritization

Summarize section 6.

Financial Data

Summarize section 8.

Risks and Consequences

Summarize section 9.

2. Business Opportunity

Describe the market problem and resulting market opportunity.

2.1 Business Objective

Describe the product’s strategic purpose and how it helps meet the company’s long-term business objective (e.g., Will the product demonstrate new technology? Will the product penetrate new markets?). Clearly quantify and substantiate the market opportunity.

2.2 Market Problem

Keeping the customer’s perspective in mind, identify and justify any market challenges that exist in the marketplace that require change. List the customer pain points that your product or service can alleviate.

2.3 Market Solutions Available Today

Indicate how customers currently handle the pain points listed in section 2.2; explain how, why, where, and when they remain unsatisfied. Summarize primary competitive solutions as well as internal home-grown solutions.

2.4 Value and Benefits to Customers

Describe the value proposition and list the primary benefits for customers from your product or service. Explain how and why the company’s solutions are (or will be) better and different than other solutions currently available.

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