Assessment Materials BSBMKG501 IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES To achieve competency in this unit you must complete the following assessment items. All tasks must be submitted together. Tick the boxes to show that each task is attached. • Task 1. Short answer questions ☐ • Task 2. Research report ☐ NOTE: If this is a group assignment, each member of your group must individually submit a separate and complete copy. Student ID Student Name Click here to enter text. Click here to enter text. The other members of my group are: 1. Name:Click here to enter text. Student ID#:Click here to enter text. 2. Name:Click here to enter text. Student ID#: Click here to enter text. 3. Name:Click here to enter text. Student ID#: Click here to enter text.   PLEASE NOTE: SECTIONS HIGHLIGHTED IN THIS COLOUR ARE FOR TRAINER USE TASK 1 MARKING SHEET Did the candidate Competent Yes No Answer all questions and address all of the requirements specified in Assessment Task 1? ☐ ☐ TASK 2 MARKING SHEET Did the candidate: Competent Yes No Provide a research report and deliver a presentation to "stakeholders" addressing all of the requirements specified in Assessment Task 2? ☐ ☐ ASSESSMENT - SUMMARY Assessor's checklist – tick when finalized Task 1☐ Task 2☐ Task 3☐ ASSESSOR'S GENERAL COMMENTS (see individual tasks & marking guides for more detail) Assessor Name RESULT COMPETENT ☐ NOT YET COMPETENT ☐   Introduction To show competence in this unit - Evidence of the following is essential: • outline key provisions of relevant legislation, codes of practice and national standards affecting marketing operations • describe organisational marketing plan, structure, products and services • explain principles of marketing and marketing mix • describe statistical methods and techniques to evaluate marketing opportunities, including forecasting techniques • Identify and evaluate marketing opportunities to determine whether they can meet organisational objectives • Document how current business operations need to be modified, and list resources required, to take advantage of newly identified and evaluated opportunities. You have the opportunity to provide this Evidence by completing Tasks 1 and 2. Task 1 Theory exam Assessment Instructions Answer the questions below. Click in the space provided and type your answer. 1. Outline key provisions of relevant legislation, codes of practice and national standards affecting marketing operations in Australia. Click here to enter text. 2. Describe the structure and elements of a marketing plan. Click here to enter text. 3. a. Describe the function of a Marketing information systems (MIS); b. List 5 examples of where you might source and collect relevant data Click here to enter text. 4. a. Relate the purpose for keeping 'Internal reporting systems. b. Discuss how you would categorise this information so it can be useful for collating marketing activities. Click here to enter text. 5. Describe the purpose of having a 'Marketing research system. PC1.1 Click here to enter text. 6. a. Describe what information you would store in a 'Marketing intelligence system. b. Relate where you might obtain this information. Click here to enter text. 7. a. Describe what is unique about 'Marketing models. b. Discuss how a marketing manager uses this system as a primary function in marketing. Click here to enter text. 8. What are the principles of marketing? Click here to enter text. 9. Market research is the process of gathering and analysing information to help identify and define marketing opportunities and problems, as well as generate sales. Market research can be divided into two types: primary research and secondary research. Define the difference between these two types of market research. Click here to enter text. 10. a. Describe the function of a Marketing Mix. b. Identify the four (4) variables of a Marketing Mix. Click here to enter text. 11. Evaluating data. To make the best decisions, a marketing manager must understand the criteria used to evaluate data, including the primary and secondary data sources. The role of marketing in managerial decision-making can be explained through the 'decide' model. Identify and discuss the components of the 'decide' model. Click here to enter text. 12. Market trends and forecasting. The process of identifying trends is important for both long-term and short-term forecasting. a. Identify how trends may be discerned. b. Give an example of a sales forecasting technique. Click here to enter text. 13. Describe statistical methods and techniques you would use to evaluate marketing opportunities. Click here to enter text.   Task 2 Research report Assessment description You are to prepare a research report based on Cocoa Delights media plan and make a presentation to stakeholders who may prefer your complimentary condensed version to read and hear about rather than a reiteration of the entire Cocoa Delights media plan. Note: This is not a group activity Imagine that you are the Marketing Manager at Cocoa Delights. New marketing opportunities require that managers conduct analyses of the market environment to identify and evaluate the viability of opportunities. Proposed changes must be approved by a range of stakeholders including senior managers or a board of directors to gain final approval. For this assessment Task 2 your project is to analyse the case study organisation Cocoa Delights in appendix 1 of your Student Work Book; and undertake an analysis of the organisation and then identify and evaluate their new marketing opportunities. The Cocoa Delights media plan is to be used to discuss the opportunity with key stakeholders. Your research report and presentation should include the following information and include details extracted from the Cocoa Delights media plan such as: Note: This is not a template – do not insert your responses into these procedure directives – you are required to produce a word document with the following headings and insert in the appropriate place as directed at the end of these procedures. Procedure Company overview In your own words, provide a brief summary overview of the case study company Cocoa Delights and their new products. Investigating Marketing Opportunities Read the Cocoa Delights business description. Identify some of the changes that Cocoa Delights has made since 2000. Based on the business description; relate what are some opportunities that Cocoa Delights has identified and begun to explore. Read the competitive analysis completed in the Cocoa Delights media plan as well as the opportunities identified in the SWOT analysis. Discuss: How the opportunities could be used by Cocoa Delights to help them meet their business objectives? Business objectives The SMART approach is an effective way to develop a strategy that will clearly define the team's objectives and goals. Relate Cocoa Delights' strategies. In your own words, summarise the business objectives from the information Cocoa Delights provides under 'business objectives'. Consider and list some ways in which the business objectives might influence the marketing activities of Cocoa Delights. Expanding into new markets -Read the customer analysis and product benefits and unique selling proposition. Reiterate what Cocoa Delights identified from its research with consumers that you think would provide an opportunity for the business. -Give an example of how each of the four marketing approaches – market penetration, product development, market development and diversification into new business approaches could be used by Cocoa Delights. -Read the marketing objectives of Cocoa Delights (listed in the section 'main objectives') Determine which marketing approach Cocoa Delights is using. Target market segments What are the main target markets this company operates in? Methods of evaluating opportunities The elements of evaluating new opportunities include: understanding and planning for external factors, identifying the marketing approach and gap analysis. Explain the benefits of using these three methods. Based on the case study, in your own opinion how well did Cocoa Delights evaluate the new opportunities? Do you think there were other methods of evaluation that could have been helpful in uncovering valuable information? What further evaluation would you recommend? Calculating break-even for a new product Calculate the break-even point for a new product. Cocoa Delights is considering adding a new item to their sales inventory. For example: We have fixed costs of $12,000 per week. The sales revenue of the new item will be $5 per item and the variable costs on the item are $1.20 per item. How many items do we need to sell to break-even? Discuss, when considering these cost factors, if this product be a financial viable or not. Competitor comparison Reiterate what selling points we have identified that we need to heavily promote in order to compete with Lindt. Evaluating Required Changes to Current Operations Read Cocoa Delights' vision for the future. Outline some of the weaknesses and threats that Cocoa Delights may face in the future. External factors affecting Cocoa Delights Identify the external factors such as: Economic, Technological and Political and legal affecting Cocoa Delights. External environment List the ways Cocoa Delights can use to maintain up-to-date knowledge about relevant legislation to ensure their marketing activities do not breach laws or codes of conduct. ________________________________________ Please note: ILSC can use third party software to detect plagiarism. ________________________________________ UPLOAD THIS FILE FILE TO MOODLE WITH TASK 1 and UPLOAD A SEPARATE FILE TO MOODLEWITH YOUR COMPLETED REDEARCH REPORT ________________________________________