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BSBMKG501 – Identify and evaluate marketing opportunities
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Observation Checklist (Task 1, Step 2)
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Unit code and name BSBMKG501 – Identify and evaluate marketing opportunities
Tasks to be observed Satisfactory Not satisfactory
Identified at least 3 new market opportunities ? ?
Discussed legislative and regulatory requirements of the business ? ?
Ranked marketing opportunities based on feasibility and viability ? ?
Identified changes needed to current operations ? ?
Deliver a convincing presentation on reasons for change ? ?
Provide documentation to support such change ? ?
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Task 1 Research report
Assessment description and task instructions
Step 1 - You are to prepare a research report based on the “Cocoa Delights” media plan. The report (individual) should be approximately 1500 words in length.
Step 2 - Make a presentation to stakeholders (your Trainer) who may prefer your complimentary condensed version rather than a repeat of the entire Cocoa Delights media plan. Document these new marketing opportunities and make recommendations to your trainer in a presentation (which should be approximately 10 minutes). Refer to the sample “Observation Checklist” for the assessment criteria.
Report Requirement & Structure - 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 at least three (3) new market opportunities. Proposed changes must be approved by a range of stakeholders including senior managers or a board of directors to gain final approval. Some of these changes will result in necessary changes to the business. You will need to address costs associated with implementing these changes.
Your research report and presentation should include the following information and include details extracted from the Cocoa Delights media plan such as:-
(a) Company overview
In your own words, provide a brief summary overview of the case study company Cocoa Delights and their new products. Also include details of regulation and legislation applicable to the marketing efforts of Cocoa Delights.
(b) Investigating New 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.
(c) 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’). What changes will this necessitate to the business structure?
Determine which marketing approach Cocoa Delights is using.
(d) Target market segments
What are the main target markets this company operates in?
Where are the new opportunities for the business?
What costs are associated with making these changes?
(e) Methods of evaluating opportunities
The elements of evaluating new opportunities include: understanding and planning for external factors, identifying the marketing approach and gap analysis.
Describe what options within the marketing mix have been used and justify why these were chosen.
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?
Cost out these changes to assist in ranking these options
Rank these options based on feasibility and viability
(f) Competitors
What business operational changes are necessary to attract different customers or increase service to existing customers to maintain market share?
Instructions to student
Step 2 requires you to make a presentation – tell the stakeholders (your trainer) about the marketing opportunities and make recommendations.
The trainer will be observing your presentation and will be marking you against the following criteria:-
? Identified at least 3 new market opportunities
? Discussed legislative and regulatory requirements of the business
? Ranked marketing opportunities based on feasibility and viability
? Identified changes needed to current operations
? Deliver a convincing presentation on reasons for change
? Provide documentation to support such change
If you have any questions about this task please speak with your trainer as soon as possible.
Please note: ISLC can use third party software to detect plagiarism.
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