Intellectual Property Statement

FIND A SOLUTION AT Academic Writers Bay

 
Student Assessment Guide
 
BSBMKG501 Identify and Evaluate Marketing Opportunities
 
Intellectual Property Statement
VET Fair (ABN 44 983 956 589) is a provider of educational products and services for the vocational education and training (VET) sector.
By purchasing the ‘BSBMKG501 Identify and Evaluate Marketing Opportunities’ assessment resources (“Product”), you are entitled to use it for educational purposes only, but the intellectual property remains with VET Fair. This Product includes the following components:
Assessor Guide
Student Assessment Guide
Student Assessment Workbook
any other material to support the implementation of the Product (e.g. policy and procedures, templates, etc.).
VET Fair owns all copyright to the Product as subject to the provisions of the Copyright Act 1968.
This purchase grants you a non-exclusive, perpetual, non-sublicensable, and non-shareable right to use and contextualise this Product. You have the right to distribute unlimited copies of this Product to your students or internal staff, limited to only for educational purposes; however, you must not:
reproduce this Product or produce other assessment resources based on this Product
share this Product with any other external person or entity other than your students and internal staff through physical or electronic including online access
use this Product for any other purposes than education (e.g. assessing student competency, conducting validation and moderation activities, etc.)
resell this Product to any party of individual
use this Product without affixing the following statement in each copy of a modified, adapted, customised or contextualised version of this Product that is distributed electronically or in a physical format to your target learner audience:
“The assessment activities and information in this guide are derived from the BSBMKG501 Identify and Evaluate Marketing Opportunities assessment resources provided by VET Fair. VET Fair owns all copyright to this information and the intellectual property of this resource remains with VET Fair.”
Breaches of this copyright will result in VET Fair claiming for loss of sales.
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: outcomesneeds of the audiencecontext.
 
 
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 the RTO 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
Introduction
welcome the stakeholders:have a friendly tonevolume is appropriatefacial expressions are appropriate
summarise the background of this session:summary is concisesummary is clear
outline the session:state clearly what you will coverexplain how long this will takeseek confirmation of this process
Body
summarise market issues and trends:five macro factsfive opportunities and their rationaleprovide detailed review of two marketing of these opportunities
summarise fit between opportunities and Emu’s strengths and weaknesses:explaine fit with goals and objectivessummarise fit with organisational capabilitiesevaluate impact on business and customer baseprovide probable return on investmentrank opportunities based on these factors
evaluate required changes to current operations:identify changes requiredlist resources to achieve these changes
Conclusion
summarise the session:overview what has been coveredsummarise the issues raised summarise the solutionswrap up the session with a closing statement
Time Management
break the session was down into reasonable time blocks
finish the session in 60 minutes
Presentation Techniques
body language:give eye contact to the stakeholdersdisplay appropriate facial expressionsposture is appropriategestures fit with the message
present the content clearly and creatively:explicitly state concrete facts rather and abstract ideas to support your argumentsexpress concepts with sufficient detailuse analogy to draw insight to message conveyeduse a range of visual aids such as handouts, whiteboard notations
monitor non-verbal and verbal cues of the stakeholders:conduct periodical checksadjust delivery accordinglyconfirm their understanding
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, …’)
Listening and Questioning
ask logical and targeted questions that seek input on your opportunities
question are:planned and purposefullogically structuredclear and conciseproactive and simulated critical thinkingadapted 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 languageparaphrase 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)

Order from Academic Writers Bay
Best Custom Essay Writing Services

QUALITY: 100% ORIGINAL PAPERNO PLAGIARISM – CUSTOM PAPER