BSBMKG502 Establish and adjust the marketing mix

ASSESSMENT ACTIVITY 1 - Marketing Mix Component

Performance Evidence

Evidence of the ability to:

• use leadership techniques and strategies to facilitate team cohesion and work outcomes including:
• encouraging and fostering shared understanding of purpose, roles and responsibilities
• identifying and resolving problems
• providing feedback to encourage, value and reward others
• modelling desired behaviour and practices
• develop policies and procedures to ensure team members take responsibility for own work and assist others to undertake required roles and responsibilities
• establish processes to address issues and resolve performance issues
• support team to meet expected performance outcomes including providing formal and informal learning opportunities as needed
• develop performance plans with key performance indicators (KPIs), outputs and goals for individuals or the team which incorporate input from stakeholders
• communicate effectively with a range of stakeholders about team performance plans and team performance
• facilitate two-way flow of information between team and management relevant to team performance
• evaluate and take necessary corrective action regarding unresolved issues, concerns and problems raised by internal or external stakeholders.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

• explain how group dynamics can support or hinder team performance
• outline strategies that can support team cohesion, participation and performance
• explain strategies for gaining consensus
• explain issue resolution strategies.

Activity 1 – Marketing Mix Component

1. Summary including; identification, size & scope of workplace. (e.g. ABN, Legal name & trading name, form & function of the enterprise where you work (Word count: 50 words)
2. Describe your Key Product or Service (Be specific). (Word count: 50 words)
3. Identify one (1) key feature and one key benefit of your product or service in your workplace?
   • ii. Feature i
   • ii. Benefit
4. In your workplace who are your existing customers (current Market) for the product/service demographic? (Min 6 demographics)
5. Using above product, establish four (4) 4ps marketing mix (product, price, place and promotion) also include information on how each element of the marketing mix has been used and one (1) positioning strategy to best match the market to which the product or service is being targeted?

   Existing Product:

   • Product
   • Price
   • Placement
   • Promotion

   Positioning Strategy:

   • Product
   • Price
   • Placement
   • Promotion
6. Create a SWOT Analysis of your chosen Product/Service. 4 points each Strengths, Weaknesses, Opportunities and Threats:
7. Describe how your current and existing customers’ lifestyle, social and economic factors can affect marketing mix?

ASSESSMENT ACTIVITY 2 - Excursion

Activity 2 – Excursion

As a result of attending Tesla’s showroom please answer the following excursion questions below:

1. What is Tesla’s former target market? What is Tesla’s current target market?
2. What is Tesla’s positioning strategy?
3. List 8 questions Tesla would ask their current target market in a survey? For example, are consumers interested in purchasing an electric car in the future?
4. Do you think there’s an increased interest in electric cars? Please give 3 reasons why you think so.
5. Conduct a SWOT analysis for Tesla and for one of its rivals (luxury car brand)
6. List 3 challenges of Tesla?
7. What is Tesla’s marketing strategy? What are the objectives of Tesla’s marketing strategy?
8. What is Tesla’s communication strategy?
9. What are three (3) questions would you ask Tesla’s Elon Musk?
10. Do you think Elon Musk is a good leader and why?
11. Do you think Elon Musk will be the next Henry Ford?

ASSESSMENT ACTIVITY 3 -

Activity 3 – Marketing Plan Analysis

Question 1 SCENARIO:

You are the marketing manager and your job is to help clients segment the market and understand who they are targeting and why. Use hypothetical data to complete the table for a client who is about to launch a new credit card service tailored to businesses and everyday customers.

Research an industry, a company and a product/service.

Question 2 Conduct market research and analysis

• Customer type
• Market Size
• Market Trends
• Competition
• Market Share and Sales

Question 3 - Marketing Plan BSBMKG502 Establish and adjust the marketing mix

MARKETING PLAN

• EXECUTIVE SUMMARY
• SITUATION ANALYSIS
• SWOT ANALYSIS
• OBJECTIVES
• TARGETING STRATEGIES
• TACTICS – ACTIONS
• FINANCIAL SCHEDULES
• TIMETABLE

BSBMKG502 - Establish and adjust the marketing mix FINAL ASSESSMENT

Performance Evidence

Evidence of the ability to:

• use leadership techniques and strategies to facilitate team cohesion and work outcomes including:
• encouraging and fostering shared understanding of purpose, roles and responsibilities
• identifying and resolving problems
• providing feedback to encourage, value and reward others
• modelling desired behaviour and practices
• develop policies and procedures to ensure team members take responsibility for own work and assist others to undertake required roles and responsibilities
• establish processes to address issues and resolve performance issues
• support team to meet expected performance outcomes including providing formal and informal learning opportunities as needed
• develop performance plans with key performance indicators (KPIs), outputs and goals for individuals or the team which incorporate input from stakeholders
• communicate effectively with a range of stakeholders about team performance plans and team performance
• facilitate two-way flow of information between team and management relevant to team performance
• evaluate and take necessary corrective action regarding unresolved issues, concerns and problems raised by internal or external stakeholders.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

• explain how group dynamics can support or hinder team performance
• outline strategies that can support team cohesion, participation and performance
• explain strategies for gaining consensus
• explain issue resolution strategies.

FINAL ASSESSMENT

1. What is your current communication strategy with customers? (50 words count)
2. What is your current communication strategy with staff? (50 words count)
3. Review three (3) channels of distribution and describe their importance to marketing outcomes.
4. What are the current marketing strategies for your existing customers? (Name at least five (5) marketing strategies).
5. Provide summaries of existing advertising and media. For example: letter box drop. List at least four (4) advertising strategies.
6. Provide summaries of existing online marketing websites. For example: Facebook, Instagram and YouTube. How would you them to promote your business or product? (Word count: 100)
7. Define six (6) market segment profiles for your workplace (e.g. age, income, gender, interests, geographic location etc.). (min 6 market segments)
8. In your workplace what is your new target market for new customers? (6 demographics must be different from above)
9. In your own opinion, select one (1) change that needs to be made to your organisations marketing mix? For example, choose one (1) demographic that needs to be changed in your organisation.
10. Analyse and describe the adjustment you will make to your Marketing strategy (marketing mix). . List the resources and their costs that your organisation will require to procure (obtain) to adjust their marketing mix. (Min 8 entries… don’t forget HR costs i.e. wages)
11. Analyse the impact and importance of the promotional methods used by your workplace to achieve market outcomes.
12. How can you determine if your adjusted marketing mix was success or not? Including your source/s for measuring success and/or failure (sources can be in the form of questionnaires, surveys or any other evaluation methodology)
13. Who would you need to communicate with regarding the progress and outcome of adjusting the marketing mix in your workplace? Name three (3) People and their Job Title & Role.