Identify and evaluate marketing opportunities answers

IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES

Identify marketing opportunities

Submission details

Candidate’s name Phone no.

Assessor’s name Phone no.

Assessment site

Assessment date/s Time/s

The assessment task is due on the date specified by your assessor. Any variations to this

arrangement must be approved in writing by your assessor.

Submit this document with any required evidence attached. See specifications below for

details.

Performance objective

For this task, you will demonstrate the skills and knowledge required to investigate

marketing opportunities.

Assessment description

You will analyse a real organisation or simulated business to identify two marketing

opportunities, research potential new markets, assess opportunities with respect to

contribution to the business, and explore innovative approaches. You will then prepare a

brief presentation for marketing peers to support and explain the two marketing

opportunities you have identified.

You may base your analysis and report on:

● an organisation you are familiar with, such as a current or previous workplace, and

from which you can access organisational strategic and marketing plans to identify

and evaluate marketing opportunities

Note: You should ensure enough information is available for the organisation and

relevant markets to complete the assessment task to specification

● BBQfun simulated business.

Assessment Task 1 BSBMKG501 Identify and evaluate marketing opportunities

© 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1

Page 2 of 5

Procedure

There are two parts to this assessment task. Part A requires you to identify and evaluate

two opportunities for your chosen organisation. In Part B, you will explain these

opportunities to your peers in a 15–20-minute presentation.

Part A

Part A requires you to identify and evaluate two opportunities for your chosen

organisation.

1. Choose an organisation to analyse. Identify two marketing opportunities for the

organisation you have chosen.

To identify opportunities, analyse information on your chosen organisation’s market

and business needs, for example:

a. comparative market information

b. competitors’ performance

c. customer requirements

d. legal and ethical requirements

e. market share

f. market trends and developments

g. new and emerging markets

h. profitability

i. sales figures.

Note: Some data in the BBQfun simulated business needs to be updated by you.

For your chosen organisation or BBQfun, it is recommended that you use ABS data,

for example, to determine demographic and consumer trends.

2. Research potential new markets for the organisation, for example:

a. export markets

b. segments of the market not currently penetrated.

3. Consider strategic marketing approaches, such as:

a. increasing market share

b. developing new markets

c. developing new products

d. diversification.

Assessment Task 1 BSBMKG501 Identify and evaluate marketing opportunities

© 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1

Page 3 of 5

4. Using a suitable methodology (such as gap analysis, market or marketing analysis,

or competitor analysis), identify and decide on two marketing opportunities to focus

on and investigate further.

In your analysis, consider types of markets and aspects of the marketing mix, such

as distribution, products and types of promotional activities, for example:

a. e-commerce

b. business-to-business marketing

c. direct marketing

d. ideas marketing

e. marketing of goods

f. public sector marketing

g. services marketing

h. telemarketing.

5. Estimate the effect of the two marketing opportunities on the business, for

example:

a. effect on sales volume

b. growth

c. market share

d. profitability.

6. Use numerical analysis or statistical methods to forecast effects. For example, use

the least squares method to estimate demand. Use estimated demand to calculate

effect on sales and profitability.

7. Explore and develop entrepreneurial, innovative or creative options (one for each

opportunity) to apply the marketing opportunities in the context of the organisation.

For example, if you identify an e-commerce opportunity, determine how to apply the

e-commerce opportunity to the organisation including aspects such as media, web-

design to appeal to target markets, integration with existing operations, marketing

strategy and overall strategic directions.

Part B

Prepare a 15–20-minute presentation for marketing peers explaining and supporting the

two marketing opportunities you have identified. Ensure you complete the following:

1. Describe two marketing opportunities and how you identified them. Describe the

process you undertook to analyse your organisation to identify the marketing

opportunities. Refer to the current organisational marketing plan and

products/services, as well as organisational procedures and protocols.

2. Support your choice of marketing opportunities with reference to market

information such as market trends and sales figures. Include relevant statistics.

Assessment Task 1 BSBMKG501 Identify and evaluate marketing opportunities

© 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1

Page 4 of 5

3. Describe the effect of opportunities on the business, for example:

a. sales volume

b. growth

c. market share

d. profitability.

Note: You must use evidence to support your assertions, such as:

a. refer to quantitative or qualitative data

b. show/use results of statistical methods of forecasting demand

c. show results of break-even or profit analysis.

2. Describe innovative or creative options (one for each opportunity) to apply the

marketing opportunities in the context of the organisation. Refer to aspects of the

marketing mix, i.e. product, price, promotion, place (distribution). Refer to, and

explain, principles of marketing that apply to your approaches to realising the

proposed opportunities.

3. Use appropriate language and level of formality to satisfy needs of your audience.

For example:

a. professional but semi-formal language

b. technical vocabulary; potential need to define more obscure marketing terms

or statistical methodologies

c. assume no knowledge of specific organisational policies or marketing

strategies

d. elicit views and opinions of others by listening and questioning

e. provide for response and feedback.

4. Prepare and keep presentation notes and other materials used in the presentation

such as PowerPoint slides and handouts.

5. Deliver your presentation as per specifications (below).

6. Submit presentation notes, PowerPoint slides, etc. to your assessor. Keep a copy of

all documentation for your records.

Specifications

You must:

● deliver a 15–20-minute presentation

● submit presentation notes and other materials used in the presentation, such as

PowerPoint slides and handouts.

Assessment Task 1 BSBMKG501 Identify and evaluate marketing opportunities

© 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1

Page 5 of 5

Your assessor will be looking for:

● culturally appropriate communication skills employed to relate to people from

diverse backgrounds and people with diverse abilities

● literacy skills to identify and interpret market information

● numeracy skills to calculate and evaluate financial information on new marketing

options

● research and evaluation skills to gather information on and interpret market trends

to identify marketing opportunities

● knowledge of the organisational marketing plan, and products and services

● knowledge of principles of marketing and the marketing mix

● knowledge of statistical methods and techniques to evaluate marketing

opportunities, including forecasting techniques.

Adjustment for distance-based learners

● No variation of the task is required.

● A follow-up interview may be required (at the discretion of the assessor).

● Documentation can be submitted electronically or posted in the mail.

● Presentations may be conducted and observed live or via an appropriate

teleconferencing tool.