BSBMKG501 Identify & Evaluate Marketing Opportunities Assignment-Richmond School of business Australia.

Assessment Information
The assessment tasks for BSBMKG501 Identify and evaluate marketing opportunities are included in this Student Assessment Tasks booklet and outlined in the assessment plan below.To be assessed as competent for this unit, you must complete all of the assessment tasks with satisfactory.
BSBMKG501 Identify & Evaluate Marketing Opportunities Assignment-Richmond School of business Australia.

Assessment Plan

Assessment Preparation

Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions at all. When you have read and understood this unit’s assessment tasks, print out the Student Assessment Agreement. Fill it out, sign it, and hand it to your assessor, who will countersign it and then keep it on file. Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you.

Assessment appeals

If you do not agree with an assessment decision, you can make an assessment appeal as per RSB assessment appeals process. You have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.

BSBMKG501 Identify & Evaluate Marketing Opportunities Assignment-Richmond School of business Australia.

Naming electronic documents

It is important that you name the documents that you create for this Assessment Task in a logical manner. Each should include:

• Course identification code
• Assessment Task number
• Document title (if appropriate)
• Student name
• Date it was created

For example, BSBMKG501 AT2 Marketing Review Report Joan Smith 20/10/18

Additional Resources

You will be provided with the following resources before you begin Assessment Task 3

• Marketing Opportunities Report Template

Assessment Instructions:

Each assessment task in this booklet consists of the following:

Assessment Task Cover Sheet:This must be filled out, signed and submitted together with your assessment responses. If you are submitting hardcopy, the Cover Sheet should be the first page of each task’s submission.If you are submitting electronically, print out the cover sheet, fill it out and sign it, then scan this and submit the file.

The Assessment Task Cover Sheet will be returned to you with the outcome of the assessment, which will be satisfactory (S) or not satisfactory (NS). If your work has been assessed as being not satisfactory, your assessor will include written feedback in the Assessment Task Cover Sheet giving reasons why. Your assessor will also discuss this verbally with you and provide advice on re-assessment opportunities as per RSB re-assessment policy.

Depending on the task, this may include

• resubmitting incorrect answers to questions (such as short answer questions and case studies)
• resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task
• redoing a role play after being provided with appropriate feedback about your performance
• being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily completed the first time, after being provided with appropriate feedback.

Assessment Task Information:
This gives you:

• a summary of the assessment task
• information on the resources to be used
• submission requirements
• re-submission opportunities if required

Assessment Task Instructions

These give questions to answer or tasks which are to be completed.Your answers need to be typed up using software as indicated in the Assessment Task Instructions. Copy and paste each task’s instructions into a new document and use this as the basis for your assessment task submission. Include this document’s header and footer.If you are submitting electronically, give the document a file name that includes the unit identification number, the task number, your name and the date.

Checklist

This will be used by your assessor to mark your assessment. Read through this as part of your preparation before beginning the assessment task. It will give you a good idea of what your assessor will be looking for when marking your responses.

BSBMKG501 Identify & Evaluate Marketing Opportunities Assignment-Richmond School of business Australia.

Assessment Task 1: Written Questions

Task summary:
This is an open book test, to be completed in the classroom.
A time limit of 1 hour to answer the questions is provided.
You need to answer all of the written questions correctly.
Your answers must be word processed and sent to the assessor as an email attachment.

Required

• Access to textbooks/other learning materials
• Computer and Microsoft Office
• Access to the internet

Submit

• Answers to all questions

All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily.

Assessment Task 1 Instructions

Provide answers to all of the questions below:

1.Identify and outline five examples of legislation and regulations that apply to the marketing industry in Australia.
2.Identify two relevant Codes of Practice for the marketing industry and outline the purpose of the Code and its key components.
3.Explain each of following terms in relation to marketing opportunities: market penetration, market development, product development and diversification.
4.Explain each of the phases of the product life cycle.
5.Explain the purpose of the marketing mix and each of its components.
6.Explain why the marketing mix is important in bringing a product or services to the market.
7.Outline four key steps in the marketing process
8.Describe four statistical methods and/or forecasting techniques that can be used to evaluate marketing opportunities.
9.Describe a method that can be used for forecasting market growth rate.
10.Define the term return on investment and explain how it is calculated.

Assessment Task 1 Checklist

Assessment Task 2: Marketing opportunities identification project

Task summary

This assessment task requires you to identify and evaluate marketing opportunities for a company of your choice. This will include conducting research and analysis to identify the marketing opportunities and investigating and reporting on those opportunities.This assessment is to be completed in the simulated work environment in RSB.

Required

• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
• Meeting space with a presentation projector and screen

Submit

• Email with marketing review report attached
• Email summarising the three most viable marketing opportunities.

Assessment criteria

For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.

BSBMKG501 Identify & Evaluate Marketing Opportunities Assignment-Richmond School of business Australia.

Assessment Task 2 Instructions

Complete the following activities:

1.Write a marketing review report.
Thoroughly review the marketing plan for the company you have chosen to ensure that you understand the business objectives, customers and current marketing strategies. Conduct research on market trends and developments relevant to the business’s products and/or services, potential new and emerging markets, competitors and any other relevant factors. Make notes on your research to share at a meeting with the marketing team.

Based on your review of the marketing plan and your research, identify and assess at least three potential marketing opportunities for the company. Your assessment should focus on each opportunity’s likely contribution to the business. You should also focus on identifying entrepreneurial, innovative and creative ideas for marketing opportunities. Make notes on your ideas to share at the meeting.

Write a short report summarising your review of the marketing plan and research that, as a minimum, addresses:

• A summary of business objectives, target customers and current marketing strategies.
• Outline of current market trends and developments, potential new and emerging markets, competitors and any other relevant factors.
• Explanation of three marketing opportunities that you have identified as being most viable, including your assessment of each of the marketing opportunities with regard to their contribution to the company.

You will be required to present and discuss your report at a meeting with your marketing team. Print out a copy of your report and the marketing plan for each person who will attend the meeting.

2.Send an email to the Marketing Team (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment, and ask for the time, date and place of the meeting.
Attach your marketing review report and a copy of the marketing plan to the email.

BSBMKG501 Identify & Evaluate Marketing Opportunities Assignment-Richmond School of business Australia.

11.Conduct meeting

The next part of your assessment requires you to conduct a short brainstorming session with your team. Your assessor will have allocated a number of other students to be part of your team and your assessor will roleplay your Managing Director.
At the meeting, you will be required to discuss your report, and address:

• A summary of business objectives, target customers and current marketing strategies.
• An outline of current market trends and developments, potential new and emerging markets, competitors and any other relevant factors.
• An explanation of the three marketing opportunities that you have identified.

You are then required to ask your team to share their ideas on the marketing opportunities you have identified and assessed.Take note of their ideas and get your team to confirm that the three marketing opportunities are viable and align with the organisation’s objectives.
During the meeting, demonstrate effective communication skills including:

• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
  

3.Send an email to the Marketing Team (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite,business-like) style.It should summarise the three marketing opportunities that were confirmed.You will explore these three marketing opportunities in more detail in Assessment Task 3.

Assessment Task 2 Checklist

Assessment Task 3: Marketing Opportunities Evaluation

Task summary
This assessment task requires you to use investigate and report on each of the marketing opportunities that you identified in Assessment Task 2.

This assessment is to be completed in the simulated work environment in RSB.

Required

• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
• Marketing Opportunities Report Template
  

Submit

• Email with marketing opportunities report and marketing plan attached

Assessment criteria

For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.

Assessment Task 3 Instructions

Complete the following activities:

1.For each of one of the three the marketing opportunities that you have identified as being most viable, develop a report (in the template provided by your assessor) that addresses:

• Alignment with the business’ objectives and goals as described in the Marketing Plan
• Target customers: describe them and identify whether they are new or existing customers
• Overall benefits to the business of pursuing the opportunity
• Anticipated effect of the marketing opportunity on sales, profitability, growth and market share. A cost-benefit analysis or existing data in the Marketing Plan could be used to help estimate this.
• Additional resources that will be required, for example, additional funds, staff or equipment including finances, staff, equipment
• Estimated effect on return on investment. This should be an approximate estimate taking into account how much the likely cost of the opportunity would be against anticipated return. Use the information in the Marketing Plan to help you answer this.
• Potential competitors: these may be existing competitors or new ones depending on the marketing opportunity pursued
• How any changes in economic conditions could impact on each marketing opportunity
• Technological factors that may affect the marketing opportunities identified
• Legal issues associated with each marketing opportunity, including legislation, regulations, standards and codes that apply
• Risks associated with each marketing opportunity. A risk assessment must be completed for each opportunity.

Rank each of the marketing opportunities that you have identified from the most viable to least viable in terms of the potential contribution of each opportunity to business growth. Provide reasons for your rankings.

Evaluate and report on required changes to business operations in the event of the opportunity being pursued. Include the following:

• What organisational changes would need to be made to current operations in order to take advantage of the opportunities identified?
• Outline of additional resources that will be required for each of the viable marketing opportunities. For example, if additional staff are needed, how many or, if there are additional costs, what are they and what is the amount?
• Recommended strategies to ensure that the quality of service to existing customers is not affected by changes made as a result of implementing new marketing opportunities.

Use the Marketing Opportunities Report Template to guide your work.

The report should be approximately 3 to 4 pages long.
You may use charts, tables or graphs to illustrate data if desired.

2.Send an email to the Managing Director (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and request feedback on the marketing opportunities that you have identified.

Attach your marketing opportunities report and a copy of the marketing plan to the email.

Assessment Task 3 Checklist

BSBMKG501 Identify & Evaluate Marketing Opportunities Assignment-Richmond School of business Australia.