Recent Question/Assignment

STUDENT ASSESSMENT
Establish and Adjust the Marketing Mix - BSBMKG502
Instructions
You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided.
1. All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer.
2. Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment.
3. All written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions are not provided in the assessment.
4. Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation.
5. You may refer to your student learning resources or any other relevant resources when completing your assessment.
6. Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission.
7. You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility.
8. Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence.
9. You must achieve a satisfactory result for all tasks to achieve competency in this unit.
10. All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required).
Assessment Schedule
Task Due Date
Learning Activity Only Week 1
Learning Activity Only Week 2
Task 1 Week 3
Learning Activity Only Week 4
Task 2 Week 5

Task 1: Evaluate and determine the
marketing mix
Performance objective
You will demonstrate the ability, knowledge and skills to evaluate each component of the marketing mix and determine a suitable marketing mix for a specific product/surface and its target market.
Assessment description
You will write a report on a simulated or real organisation. The report should address the key characteristics of a product or service and estimate its significance to the market, the promotion methods and each component of the marketing mix. Assess the marketing mix that the organisation has selected for its specific market and evaluate each component’s contribution to the organisation’s marketing objectives and strategies.
Procedure
Scenario
You are a marketing manager or external marketing consultant who has been asked by senior decision makers in an organisation to write an evaluation of the marketing mix for a product or service.
Research and prepare the report.
1. Identify and agree with your assessor on a real or simulated business for evaluating and determining the marketing mix for a product or service.
a. You will need to meet with your assessor to ensure your chosen business is suitable and that you have access to enough information to complete this task, for example, access to:
i. applicable market research
ii. a marketing plan, or at least, branding and strategy, target market or segment information, marketing mix information
iii. demand and revenue projections
iv. a marketing budget
v. operational planning
vi. relevant policies.
2. Identify the key characteristics of the business’s products and services and their significance to the market.
3. Consider the impact of at least two changes to pricing on resulting consumer demand. Prepare to briefly explain in your report your methods and calculations. Prepare to explain the impact on, for example, profitability or other business goals.
Note: You will need to agree with your assessor on demand and revenue assumptions in order to calculate the effect of pricing on demand in several ‘what if’ scenarios.
4. Analyse the importance of the following elements to marketing outcomes:
a. the promotional methods
b. the channels of distribution
c. the level of customer service provided.
5. Identify the business’s potential customer base and keys to success in reaching them.
6. Identify the components of the marketing mix, including information on how each element of the marketing mix has been used, their significance to each other and their relevance to the customer base.
7. Identify external environmental factors and assess their potential impact on the marketing mix.
8. Identify consumer priorities, needs and preferences and the way they impact the marketing mix.
9. Evaluate products or services against marketing objectives, target market characteristics and desired positioning. Prepare to explain and justify your evaluation.
10. Assess the marketing mix in relation to the organisational, strategic and operational marketing objectives and complete the following:
a. Select the most appropriate mix and prepare to explain your assessment.
b. Consider the integrated effect of each component of the marketing mix on each other.
c. Identify specific objectives, for example, financial objectives, customer satisfaction objectives or operational efficiency objectives.
11. Identify at least two pieces of legislation, codes of practice, or organisational policy relevant to implementing your recommended marketing mix.
12. Document your evaluation of the marketing mix in a written report. Ensure your report:
a. identifies, defines and examines the product or service’s key characteristics
b. examines promotion methods and marketing mix components
c. evaluates the marketing mix
d. defines the business’s marketing objectives and strategies.
Note: Ensure also that your report is written in a formal style appropriate to a managerial audience.
13. Submit your report in the agreed format and within the agreed timeframe to your assessor.
Specifications
You must submit:
? a three-to five-page written report evaluating the marketing mix.
You assessor will be looking for a report that demonstrates:
? reading skills to research and evaluate marketing mix information from a range of sources, including, for example, marketing plans, market research reports and online sources
? writing skills to write reports in a formal style, using language appropriate for a managerial audience
? numeracy skills to evaluate and explain pricing scenarios and calculations
? workplace navigation skills to consider own role (as marketing consultant or manager, in this case, writing a report to further the aims of the business) and legal and policy implications of marketing mix recommendations
? marketing skills to evaluate marketing options and assess impact on strategic aims
? knowledge of:
? principles and concepts of marketing such as consumer or buyer behaviour and elements of marketing mix
? key provisions of relevant legislation, codes of practice and national standards that may affect aspects business operations.
? organisational policies, procedures, products and services.
Appendix
Case Study - BBQ Fun
Task 2: Monitor and adjust the marketing mix
Performance objective
You will demonstrate the ability, knowledge and skills to evaluate each component of the marketing mix and determine a suitable marketing mix for specific markets, as well as monitor and adjust the marketing mix.
Assessment description
In a follow-up to Assessment 1, you will monitor the performance of recommended elements of the marketing mix against business objectives. Given performance results against objectives, you will prepare a written report that: outlines and explains your rationale for a suitable adjustment to the marketing mix in response; outlines changes to planning and budget required to implement adjustments; and outlines a brief monitoring strategy for the new changes.
Procedure
Scenario
You are a marketing manager or external marketing consultant who was asked by senior decision makers in an organisation to write an evaluation of the marketing mix for a product or service. You made several recommendations on the marketing mix to be implemented and monitored.
Six months have passed. Initial recommended changes to the marketing mix have been tested and you now have enough data to review the effectiveness of the marketing mix against business objectives.
You will need to prepare a report to evaluate performance and recommend adjustments to the marketing mix in response to market testing and changes to planning and budget to allow for such adjustments to be implemented.
You will need to ensure changes are monitored effectively over the next two financial quarters.
1. Meet with your assessor to discuss performance of the marketing mix against objectives. Such objectives may be, for example, operational, customer-satisfaction related, or financial.
2. Evaluate performance against objectives.
3. Identify areas of poor performance to be adjusted and monitored. Evaluate the implications of altering one or more components of the marketing mix in relation to market factors and consumer response.
4. Consider possible adjustments to components of the marketing mix in response to performance, ensuring that the final mix meets:
a. budget requirements
b. organisational strategic objectives
c. operational marketing objectives
d. desired market positioning
e. internal and external requirements of the organisation.
5. Prepare a written report to:
a. outline performance of the marketing mix against objectives
b. outline proposed changes, using the results of monitoring performance to argue for changes
c. outline and explain impact of changes on planning and marketing or organisational budgets
d. explain relevance of organisational policies and relevant legislation, regulations and codes of practice
e. outline a monitoring strategy to ensure changes to marketing mix meet objectives, including clear objectives, performance benchmarks, responsibilities, and regular monitoring activities within a set timeframe.
Note: Ensure your report is written in a style and uses language appropriate to a senior managerial audience.
6. Submit your report, including planning, budget changes and monitoring strategy, to your assessor in the agreed format and within the agreed timeframe.

Specifications
You must submit:
? a written report:
? evaluating the performance of the marketing mix against objectives
? including:
– recommended adjustments
– planning considerations or changes to operations
– changes to budget
– monitoring changes.
You assessor will be looking for a report that demonstrates:
? reading skills to analyse, for example, marketing plans, operational plans, organisational policy, or online information on legislation
? writing skills to write reports in a formal style, using language appropriate for a managerial audience
? numeracy skills to make changes to budgets
? workplace navigation skills to consider your own role (as marketing consultant or manager, in this case, writing review of performance) and legal and policy implications of marketing mix recommendations
? marketing skills to evaluate marketing options and assess impact on strategic aims
? planning skills to:
? assess impact of changes to the marketing mix to operations
? plan monitoring activities
? knowledge of:
? principles and concepts of marketing such as consumer or buyer behaviour and elements of marketing mix
? key provisions of relevant legislation, codes of practice and national standards that may affect aspects business operations.
? organisational policies, procedures, products and services
.

References / recommended resources
Establish and Adjust the Marketing Mix - BSBMKG502, 2015, 1st Edition, Version 1, Innovation and Business Industry Skills Council Ltd Australia, East Melbourne, VIC, Australia
Recommended reading
Some recommended reading for this unit includes:
? Kotler, P., Adam, S., Denize, S., and Armstrong, G., 2012, Principles of marketing, 14th edn, Pearson Education Australia, Frenchs Forest.
? Maritz, A., de Waal, A. and Verhoeven, B., 2011, ‘Entrepreneurial and innovative marketing: a systematic review of the literature’ in Innovative marketing, vol.7,
no. 4. http://businessperspectives.org/journals_free/im/2011/im_en_2011_
04_Maritz.pdf .
? Perreault, W., Cannon, J. P., and McCarthy, E. J., 2013, Basic marketing: a marketing strategy planning approach, 19th edn, McGraw-Hill, Roseville.
? Russell, E., 2010, The fundamentals of marketing, AVA Academia, Worthing.
Print resources
? Kotler, P., Adam, S., Denize, S., and Armstrong, G., 2012, Principles of marketing, 14th edn, Pearson Education Australia, Frenchs Forest.
? Maritz, A., de Waal, A. and Verhoeven, B., 2011, ‘Entrepreneurial and innovative marketing: a systematic review of the literature’ in Innovative marketing, vol.7,
no. 4. http://businessperspectives.org/journals_free/im/2011/im_en_2011_
04_Maritz.pdf .
? Perreault, W., Cannon, J. P., and McCarthy, E. J., 2013, Basic marketing: a marketing strategy planning approach, 19th edn, McGraw-Hill, Roseville.
? Russell, E., 2010, The fundamentals of marketing, AVA Academia, Worthing.
Online resources
Websites:
? Braaap, viewed January 2016, http://www.braaapmotorcycles.com .
? Learn marketing, viewed January 2016, http://www.learnmarketing.net .
? Small business notes, viewed January 2016, http://www.smallbusinessnotes.com .
Documents within websites:
? Braaap, ‘About’, Braaap, viewed January 2016, http://www.braaapmotorcycles.com/about .
? Know This.com, ‘Identify marketing strategy’, Know This.com, viewed January 2016, http://www.knowthis.com/principles-of-marketing-tutorials/how-to-write-a-marketing-plan/identify-marketing-strategy/ .
? Learn Marketing, ‘Marketing environment’, Learn marketing, viewed January 2016, http://www.learnmarketing.net/environment.htm .
? Learn Marketing, ‘Marketing mix: product, price, place and promotion’, Learn marketing, viewed January 2016, http://www.learnmarketing.net/
marketingmix.htm .
? Learn Marketing, ‘Marketing plans’, Learn marketing, viewed January 2016, http://www.learnmarketing.net/marketingplan.htm .
? Learn Marketing, ‘Service marketing’, Learn marketing, viewed January 2016, http://www.learnmarketing.net/servicemarketingmix.htm .
? Learn Marketing, ‘SMART objectives’, Learn marketing, viewed January 2016, http://www.learnmarketing.net/smart.htm .
? Learn Marketing, ‘The marketing environment’, Learn marketing, viewed January 2016, http://www.learnmarketing.net/environment.htm .
? Small Business Notes, ‘Marketing plan: marketing objectives and strategies’, Small business notes, viewed January 2016, http://www.smallbusinessnotes.com/
planning/marketingplan/marketplanobjectives.html .
? Small Business Notes, ‘Target market’, Small business notes, viewed January 2016, http://www.smallbusinessnotes.com/marketing-your-business/target-market.html .
Print
? Project Management Institute, 2013, A Guide to the Project Management Body of Knowledge (PMBOK Guide), 5th edn, Project Management Institute, Newtown Square, Pennsylvania.
? Standards Australia, 2002, AS 4915-2002 Project management – General conditions, SAI Global.
? Standards Australia, 2003, AS ISO 10006-2003 Quality management systems – Guidelines for quality management in projects, SAI Global.
? Standards Australia, 2009, AS/NZS ISO 31000:2009 Risk management – Principles and guidelines, SAI Global.
? Great Britain Office of Government Commerce, 2009, Managing Successful Projects with PRINCE2, Stationery Office Books, London.
Online
? Accounting Tools, 2014, ‘Functional organizational structure’, Accounting Tools, viewed August 2014, http://www.accountingtools.com/functional-org-structure .
? Bond, C., 2009, ‘Realising project benefits: the Tasmanian Government approach’, Tasmanian Government, viewed August 2014, http://www.egovernment.tas.gov.au/__data/assets/pdf_file/0005/78314/
Realising_Project_Benefits_Tasmanian_Government_Approach_Presentation.pdf .
? BusinessMate, 2010, ‘What is a functional organizational structure?’, BusinessMate.org, viewed August 2014, http://www.businessmate.org/Article.php?ArtikelId=184 .
? Egeland, B., 2009, ‘Five key steps to closing down the project’, Project management tips, viewed August 2014, http://pmtips.net/key-steps-closing-project/ .
? Haughey, D., 2010, ‘Avoid failed projects’, Project smart, viewed August 2014, http://www.projectsmart.co.uk/avoid-failed-projects.php .
? Haughey, D., 2010, ‘The project management body of knowledge (PMBOK)’, Project smart, viewed August 2014, http://www.projectsmart.co.uk/pmbok.php .
? Hutchings, R., 2014, ‘RegPM (Registered Project Manager) – Project Manager level certification’, Project Management, viewed August 2014, http://www.projectmanagement.net.au/index.php?id=7 .
? Inter Agency Policy and Projects Unit, 2008, ‘Project management fact sheet: why project management?’, Tasmanian Government, viewed August 2014, http://www.egovernment.tas.gov.au/__data/assets/pdf_file/0004/78187/Why_Project_Management_Fact_Sheet.pdf .
? Jordan, A., 2012, ‘Your project’s approved ... now what?’, ProjectManagement.com, viewed August 2014, http://www.projectmanagement.com/articles/275421/ Your-Projects-Approved---Now-What- .
? Kozak-Holland, M., 2009, ‘The history of project management’, Lessons from history, viewed August 2014, http://www.lessons-from-history.com/history-project-management/history-project-management-page .
? Microsoft, 2014, ‘Project’, Office, viewed August 2014, http://office.microsoft.com/en-au/project .
? Office of Government Commerce, United Kingdom, 2011, ‘PRINCE2 methodology’, PRINCE2.com, viewed August 2014, http://www.prince2.com/prince2-methodology .
? Project Management Institute, viewed August 2014, http://www.pmi.org .
? Project Management Office, 2007, ‘Project management templates and FNL examples’, National Cancer Institute – Frederick: Project management resources, viewed August 2014, http://ncifrederick.cancer.gov/Staff/ProjectManagement/ Templates.aspx .
? Shrewsbury, L., 2011, ‘What is an agile project?’, Project manager.com.au, viewed August 2014, http://projectmanager.com.au/agile-project/ .
? Stanleigh, M., 2010, ‘Combining the ISO 10006 and PMBOK to ensure successful projects’, Business Improvement Architects, viewed August 2014, http://www.bia.ca/articles/pj-combining-iso-10006-pmbok-to-ensure-successful-projects.htm .
? Tasmanian Government, 2013, ‘Risk management’, Tasmanian Government, viewed August 2014, http://www.egovernment.tas.gov.au/assets_for_review/ supporting_resources/toolkit/risk_management .
? TechMediaNetwork, 2014, ‘Mac Project Management Software Review’, TopTenReviews, viewed August 2014, http://mac-project-management-software-review.toptenreviews.com/ .
? Wallace, S., 2007, ‘Project structure and organisation’, The ePMbook, viewed August 2014, http://www.epmbook.com/structure.htm .
? Walsh, A., 2011, ‘5 Why’s’, Chart it now, viewed August 2014, http://www.chartitnow.com/5_Whys.html .
? Wideman, M., 2002, ‘Wideman comparative glossary of project management terms v3.1’, Max’s project management wisdom, viewed August 2014, http://www.maxwideman.com/pmglossary

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