Identify and evaluate marketing opportunities
Procedures and Specifications of the Assessment
Task 1
The candidate will demonstrate skills and knowledge required to investigate marketing opportunities.
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 BBQfun simulated business and requires you to identify and evaluate marketing opportunities for your chosen organization or utilizing the BBQfun case study. Identify two marketing opportunities for the organisation on your chosen organisation's market and business needs in terms of:
- comparative market information
- competitors' performance
- customer requirements
- legal and ethical requirements
- market share
- market trends and developments
- new and emerging markets
- profitability
- sales figures
Task 2
To complete the unit requirements safely and effectively, the individual must:
- Identify and document changes needed to current operations to take advantage of viable marketing opportunities
- Estimate resource requirements for changed operations
- Determine and communicate viability of making changes to current operations to key stakeholders
- Document newly identified marketing opportunities and required changes
Task 1
- Identify two marketing opportunities for the BBQfun's market and business needs in terms of:
Task 2
Complete the following activities individually.
1. Return on investment is the ratio of money of an investment relative to the amount of money invested. Provide a brief discussion on:
a. Average rate of return
b. Payback period
c. Net present value
d. Profitability index
1. Provide a brief discussions on what are the considerations for an investment appraisal of new opportunities:
a. Financial resources
b. The purchase of equipment or machines
c. Buildings
d. Other assets for the develop of new products
1. Discuss the various key investment considerations when deciding on new opportunities:
a. Scale of the investment
b. Length of time before investment yield returns
c. Length of time to pay back the investment
d. Expected profits from the investments
e. Alternative investment be better used elsewhere
1. New products and services have a direct effect on revenue generation which is the key reason for a business being able to stay competitive and enabling it to reach its goal of continually making a profit. It is therefore imperative that written plans keep the business and new product on track. Discuss the reasons for identifying and documenting changes needed to current operations to take advantage of viable marketing opportunities.
a. Identify what is to be achieved
b. SMART goals
c. Timeframes
d. Types of resources required
e. Risk analysis of resource requirements
f. Stakeholder communication strategy
g. Revised marketing plan
5. Ensure organizational changes to service an increased or different customer base including provision for continued quality of service to existing customers. Discuss the possible issues that may cause customer service to suffer:
a. Operational disruption
b. Customer inconvenience
c. Staff training to support services lacking
d. Incomplete infrastructure to support new product/ services
e. New product/ services information incomplete/ not sent
f. Equipment/ facility not working properly
g. Inaccurate marketing resources
1. Building on your answers to Assessment Week 1, your task now is to briefly draft out the newly identified marketing opportunities and required additional information to the company's marketing plan.
a. Summary
b. Market analysis SWOT analysis
PEST analysis
c. Market segmentation New market
New business idea
d. New market objectives
e. Marketing strategies
Product New market
New business idea
Price New market
New business idea
Promotion New market
New business idea
Place New market
New business idea
a. Budget
b. Risk assessment
Attachment:- CASE STUDY.rar