Recent Question/Assignment

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
The candidate will demonstrate 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 employment, 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 market/s to complete the assessment task to specification
? BBQfun simulated business.
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 the 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.
a. To identify opportunities, analyse information on your chosen organisation’s market and business needs, for example:
b. comparative market information
c. competitors’ performance
d. customer requirements
e. legal and ethical requirements
f. market share
g. market trends and developments
h. new and emerging markets
i. profitability
j. 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
c. Consider strategic marketing approaches such as:
d. increasing market share
e. developing new markets
f. developing new products
g. diversification
3. 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.
4. 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.
5. 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.
6. 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 current organisational marketing plan and products/services
2. Support your choice of marketing opportunities with reference to market information such as market trends and sales figures. Include relevant statistics.
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 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. be prepared to answer questions
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.
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 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/role-plays may be conducted and observed live or via an appropriate teleconferencing tool.
Manage personal work priorities
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
The candidate will demonstrate the ability to establish personal work goals. The candidate will also demonstrate the ability to set and meet work priorities.
Assessment description
Using a position description, you will set work goals and prioritise work goals. You will then develop two work plans to achieve two work goals. You are required to keep a journal containing your reflections on and explanation of the process of managing work priorities.
Procedure
1. Review your job description and your organisation’s business plans, business goals, policies and procedures.
In your journal, provide a list of the organisation’s policies, procedures and plans that will inform team and personal goal setting.
2. Based on your job description (and following your organisation’s business plans, goals, and applicable policies and procedures), establish four to five goals (including both personal and team goals).
In your journal, describe how and why you established goals. Explain the value of personal and team goal-setting in an organisation.
3. Develop KPIs to measure performance related to work goals.
In your journal, describe:
a. How the KPIs will be used to measure goal-related performance.
b. How you will maintain performance under varying conditions and contingencies. Give specific examples.
c. How, given your own personal strengths and weaknesses, you will capitalise on or minimise the effect of these personal traits in your work plans.
4. Consider a range of activities to advance work goals. Prioritise possible activities. Choose two work goals to develop work plans for.
In your journal, describe the process you undertook to prioritise activities. Describe competing demands and how you plan to manage these to achieve goals.
5. Referring to the template provided in Appendix 1 as an example, use Microsoft Word to develop two work plans to achieve the two goals you have prioritised.
In your journal, describe the process of developing your plans to manage work priorities. Describe how you have used the plans to manage time efficiently.
6. In your journal, describe:
a. How you will ensure you serve as a positive role model through work planning and organisation. Give examples. Describe how your work plans serve as examples to follow in your workplace.
b. How you will maintain appropriate work–life balance, manage stress and maintain health.
7. Submit your position description, work plans and journal to your assessor as per the specifications below. Ensure you keep a copy of all work submitted for your records.
Specifications
You must provide:
? a position description
? two work plans produced using Microsoft Word ? a journal.
Your assessor will be looking for evidence of:
? use of literacy skills to interpret written job descriptions, business plans, policies and procedures, etc.
? use of organisational skills to set and achieve priorities
? application of principles and techniques of performance measurement:
? identification of personal behaviour to assist in managing work priorities and work–life balance
? goal setting
? time management
? application of organisational policy, plans or procedures to setting or planning the achievement of work goals
? application of knowledge of work practices to improve personal performance.
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.
Assessment Task 1 BSBWOR501 Manage personal work priorities and professional development
Appendix 1 – Work plan
Work activity Description Goal/s KPIs Timeframe Person responsible
© 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1
Page 4 of 4
Evaluate 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
The candidate will demonstrate skills and knowledge required to investigate marketing opportunities and evaluate required changes to current operations.
Assessment description
In response to a simulated business scenario, you will evaluate three marketing opportunities that have been identified for you, rank them in terms of viability and likely contribution to the business, and assess the impact of the top-ranked opportunity on operations. You will then prepare a report for the board of directors documenting identified marketing opportunities and required changes.
Procedure
There are two parts to this assessment task. Both parts relate to three new opportunities that need to be evaluated. Part A requires you to read all materials and to evaluate and complete the information in the BBQfun sales data worksheet. In part B you will prepare a report for a board of directors to outline, evaluate and rank the opportunities.
Part A
1. Read all materials required for this activity: this procedure, BBQfun simulated business, information supplied in the scenario, and information supplied in the BBQfun sales data worksheet of this assessment task.
Scenario
You are the marketing manager at BBQfun. You and your team have identified three marketing opportunities to evaluate. They are:
? manufacture and sell own brand
? sell products through e-commerce
? sell products at bargain prices
The first opportunity is to manufacture and retail own-branded barbecues and products. Manufacture would take place at a leased plant in India as BBQfun has no manufacturing capability. Also, manufacture in Australia would be too expensive.
The second opportunity is to offer all products in an online store. Stock could be stored at no extra cost at existing stores. Customers would cover delivery costs.
The third option is to aim to increase market share by cutting the cost of products and aiming at mass appeal.
Further information is provided in the BBQfun sales data worksheet.
Each opportunity will be promoted through a $500,000 television, internet and email advertising campaign (cost accounted for in approved budget).
You will need to review the BBQfun simulated business information to determine organisational fit, profitability and operational implications for each of the three opportunities.
On the basis of the profitability index (opportunity cost estimated to be 8%) and a full appreciation of other, non-financial factors, you will need to rank these opportunities and choose one top-rated opportunity for further evaluation.
After ranking the three opportunities, you will complete your evaluation in terms of impact on operations. Information is provided in the BBQfun sales data worksheet.
You will then need to provide a report to the board of directors documenting your evaluation of identified marketing opportunities and required changes to operations.
2. Using all the information you have been provided with, fill in the blank spaces (shaded boxes) in the BBQfun sales data worksheet in the following order:
a. Forecast the total market potential for 2012/13.
b. Use the market share for each opportunity and the total market potential to forecast the number of buyers in each category for the e-commerce market opportunity.
c. Use the number of buyers from market potential tables to calculate the unit sales volumes for the e-commerce and bargain market opportunities.
d. From this information, calculate estimated total revenue and gross profit.
e. Use the additional fixed costs and the BBQfun simulated budget to determine the net profit for each opportunity.
f. Use gross profit and total fixed costs from each opportunity to calculate the profitability index for each opportunity.
g. Use information from this assessment task and the BBQfun simulated business to calculate total cost of operational changes.
3. Complete your own research to supplement the information you have been provided with. Ensure that you have all the information that will enable you to address all the requirements of the report.
Part B
1. Complete a report according to the following requirements.
2. Referring to the BBQfun simulated business documentation, analyse the three opportunities outlined in the scenario in terms of likely fit with organisational goals and capabilities. Consider:
a. organisational marketing plan, structure, products and services
b. principles of marketing and the marketing mix
c. additional marketing information such as survey results in the BBQfun sales data worksheet.
3. Using information in the BBQfun sales data worksheet, evaluate each opportunity in terms of impact to current business and customer base. Evaluation should include investigation of:
a. sales volume for each opportunity in FY 2012/13
b. gross and net profit for each opportunity FY 2012/13
c. use numerical analysis or statistical methods to forecast, for example, the size of potential markets in FY2012/13.
4. consider also:
a. impact on growth plans
b. market share
c. knockout factors to rule out opportunities.
5. Assess external factors which may be relevant to each opportunity. Identify all of:
a. codes of practice and models
b. regulations
c. relevant legislation.
6. Refer to relevant BBQfun policies and procedures.
7. Referring to BBQfun simulated business documentation, summarise major costs, benefits and risks associated with each opportunity, including risks associated with potential competitors. Identify at least two strategies or approaches to mitigate risk.
8. Using information in the BBQfun sales data worksheet, assess the return on investment for each opportunity. Calculate the profitability index for each opportunity.
9. Based on your analysis so far, rank each of the three marketing opportunities. Justify your ranking in terms of both financial and non-financial factors (such as organisational fit).
10. Using information from the BBQfun sales data worksheet, for the top-ranked marketing opportunity, identify changes to current operations in order to take advantage of the opportunity. Ensure changes identified are adequate to:
a. service an increased or different customer base
b. ensure continued quality of service.
11. Ensure you can justify changes on the basis of maintaining quality.
12. Using information from the BBQfun sales data worksheet, estimate and justify resource requirements and costs for changed operations. Consider:
a. additional staff
b. distribution costs
c. equipment
d. promotional costs
e. staff training.
13. Prepare the report for the board of directors to document your evaluation of the three marketing opportunities and operational changes for the top-ranked opportunity. Ensure you include the following in your report:
a. An executive summary.
b. The results of your investigation of marketing opportunities in steps 3–8. Document the results of your investigation at each step. Consider documenting each step separately, under its own section heading.
c. For the top-ranked opportunity, the results of your evaluation of required changes to operations in steps 9–10. Document the results of your evaluation at each step. Consider documenting each step separately, under its own section heading.
14. Appropriate language and level of formality to satisfy needs of your readers:
a. formal language
b. technical vocabulary; no need to define terms such as ‘marketing mix’, for example
c. assume knowledge of organisational policies, marketing strategies.
15. Submit your report as per specifications below. Keep a copy of your report for your records.
Specifications
You must submit:
? evaluation report for the board of directors that covers all of the listed requirements.
Your assessor will be looking for:
? literacy skills to identify and interpret market information, to write in a formal style appropriate to a professional audience and to document outcomes and requirements
? numeracy skills to calculate and evaluate financial information on new marketing options
? knowledge of key provisions of relevant legislation from all forms of government, codes of practice and national standards that may affect aspects of business operations such as:
? anti discrimination legislation and the principles of equal opportunity, equity and diversity
? ethical principles
? marketing codes of practice and conduct such as the Australian Direct Marketing Association (ADMA) Direct Marketing Code of Practice, The Free TV Australia Commercial Television Industry Code of Practice, and the Australian E commerce Best Practice Model
? privacy laws
? Competition and Consumer Act
? knowledge of organisational marketing plan, structure, 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.
BBQfun sales data worksheet
Performance
Market share (Projected*):
Assume market share constant across all products.
Financial year (FY) Local independents The Yard BBQ’s R us Outdoorz BBQfun
FY2009/10 30% 0% 25% 23% 22%
FY 2010/11 30% 0% 27% 23% 20%
FY2011 /12 30% 0% 22% 25% 23%
*FY2012 /13 30% 0% 22% 24% 24%
Sales performance:
Financial year (FY) Total sales
FY2008/09 8,500,000
FY2009/10 10,000,000
FY2010/11 9,000,000
FY2011/12 9,500,000
Estimated total market potential for 2012/13 (SE Qld)
Calculate potential sales for marketing opportunities.
Total market potential (with potential online sales included)
Use to calculate potential sales with e-commerce included in FY2012/13.
Financial year (FY) BBQs Outdoor Furniture BBQ Accessories Total
FY2008/9 25,000 13,000 42,000 80,000
FY2009/10 35,000 15,000 58,000 108,000
FY2010/11 40,000 17,000 68,000 125,000
FY2011/12 45,000 19,000 75,000 139,000
FY2012/13
Own Branded products
Assume market share of 24% for BBQfun to calculate projected number of units to sell for each item in 2012/13.
BBQs Outdoor Furniture BBQ Accessories
Number of buyers 30,000 13,000 56,000
Quantity 1 1 3
Average price $600 $850 $50
Bargain market
Assume market share of 25% for BBQfun.
BBQs Outdoor Furniture BBQ Accessories
Number of buyers 40,000 20,000 70,000
Quantity 1 1 3
Average price $500 $650 $40
With E-commerce
Assume market share of 24% for BBQfun.
BBQs Outdoor Furniture BBQ Accessories
Number of buyers
Quantity 1 1 3
Average price $620 $880 $55
Opportunities and profit figures for calculation
Own brand E-commerce Bargain market
Sales volume (units) BBQ: 7200 BBQ: BBQ:
Furniture: 3120 Furniture: Furniture:
Accessories: 40,320 Accessories: Accessories:
Price BBQ: $600 BBQ: $620 BBQ: $500
Furniture:$850 Furniture: $880 Furniture: $650
Accessories:$50 Accessories:$55 Accessories:$40
Unit contribution margin BBQ: $500 BBQ: $300 BBQ: $200
Furniture: $600 Furniture: $420 Furniture: $220
Accessories: $40 Accessories: $20 Accessories: $10
Total revenue
Total gross profit 2012/13
Additional fixed costs Add lease: $1,000,000
Add labour: $500,000
Add plant (depreciation): $500,000 Add training: $50,000
Add online store development:
$100,000
Add new plant and equipment (depreciation): $150,000
Add labour: $250,000
Add reconfiguring of warehouse/office: $50,000 See approved budget (no change in fixed costs)
Total net profit 2012/13
Profitability index figures for calculation
Own brand E-commerce Bargain market
Cash flow 2012/13 (Use gross profit) (Use gross profit) (Use gross profit)
Opportunity cost 8% 8% 8%
Present value of future cash flows
Present value of initial investment (Use total fixed costs) (Use total fixed costs) (Use total fixed costs)
Profitability index
Operational changes
After consulting with the management team at BBQfun, you determine:
? high risk of customer service quality problems for online customers
? high risk of staff misunderstanding changes and considering online sales as threat to jobs
? eight online sales and customer service people will be needed to manage increased online customers
? since stores are overstaffed, need for online people could be met from drawing from existing employees at the two stores
? currently no staff have online customer service skills
? management would like to develop people through retraining rather than hire new staff to handle online sales
? six delivery trucks needed to enable distribution
? website will take 50 days to develop
? three forklifts needed
? four additional warehouse workers needed
? six additional drivers needed
? office space may need to be reconfigured.
Available resources and costs
Resources Costs
Additional staff $25,000 year average Additional staff costs:
Plant and equipment depreciation ? Delivery trucks
($20,000 each)
? Forklifts ($10,000 each) Plant and equipment costs:
Promotional costs $500,000
Website developers Contractors ($2,000/day) Website development cost:
Staff training $ Online customer service training $3,000 per staff member Staff training cost:
Management change leadership training for store managers and team leaders $3,000 each Management and leadership training cost:
Warehouse and office reconfiguration Reconfiguration cost:
Total
Develop and maintain professional competence
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
The candidate will demonstrate the skills and knowledge required to develop and maintain professional competence.
Assessment description
You will develop a professional development plan with career objectives and an action plan. To assist in the development of your plan, you are required to seek feedback on your professional competency. You are required to keep a journal containing your refection on, and explanation of, the process of planning professional development.
Procedure
1. Assess your personal knowledge and skills against competency standards such as enterprise specific competencies or nationally endorsed units of competency.
In your journal, describe the process you undertook to assess your professional competency.
2. Meet with two people who are familiar with your work and can assess aspects of your professional competency, such as employees, colleagues, clients or supervisors to seek feedback on your work performance. Take notes to submit as evidence of your meeting.
In your journal, describe the meeting, and the questioning and active listening techniques you used to elicit the feedback.
3. Using the template provided in Appendix 1, or one from your workplace, develop a professional development plan. You should include:
a. development opportunities, such as training; include opportunities to undertake within one year and within five years
b. new skills you aim to acquire to achieve or maintain a competitive edge
c. planned participation in networks or professional associations to enhance professional development
d. timeframes in which to achieve development opportunities, new skills, participation in networks.
In your journal, you should discuss:
a. how you analysed and applied feedback to your professional development plan
b. the process you undertook to identify, evaluate and select the development opportunities included in your professional development plan – discuss learning styles and application to your planning
c. new skills you plan to acquire – explain how acquiring these skills will provide a competitive edge
d. examples of networking you have undertaken or are currently undertaking to enhance knowledge, skills or work relationships
e. how these plans align to relevant organisational policies and procedures and how they align to organisational goals and your work role.
4. Submit your professional development plan, feedback notes and journal to your assessor as per the specifications below. Ensure you keep a copy of all work submitted for your records.
Specifications
You must provide:
? a professional development plan
? meeting notes ? a journal.
Your assessor will be looking for evidence of:
? communication skills to receive, analyse and report on feedback
? application of principles and techniques of planning professional development
? knowledge of management development opportunities
? knowledge of types of learning styles and application to professional development planning.
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.
Appendix 1– Professional development plan
Name
Date of development Date to be reviewed
Discussed with mentor/colleague Discussed with manager
? ?
Name: Name:
Professional development opportunities/ training
Timeframe Description of opportunity/training Skills/ competency to develop
Timeframe Description of opportunity/training Skills/ competency to develop
Networking activities
Timeframe Description of networking activities Opportunity/professional advantage
Timeframe Description of networking activities Opportunity/professional advantage