Bsbmkg501 Evaluate Marketing Opportunities- Additional Assessment Answers
You to identify and evaluate marketing opportunities for your chosen organization or utilizing the BBQfun case study.
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.
- e-commerce
- business to business marketing
- direct marketing
- ideas marketing
- marketing of goods
- public sector marketing
- services marketing
5. 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
e. potential competitors
6. Discuss what are the consideration of external factors (legislations including privacy act, anti-discrimination, competition and consumer act; ATO regulations and GST implications; manufacturing standards; e-commerce best practices marketing codes of practices), costs, benefits, risks and opportunities to determine the financial viability of the selected marketing opportunity.
7. Based on the selected marketing opportunities, 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.
a. additional staff
b. distribution costs
c. equipment
d. promotional costs
e. staff training.
9. Provide an assessment report on the viability of each opportunity by:
a. Exploring and developing 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)
b. Identify and document changes needed to current operations to take advantage of viable marketing opportunities (in terms of inventory and stock, office space and software usage).
Answers
1. BHP Billiton is known as one of the renowned and leading mining organization of Australia as well as in all over the world. The organization has been established in 1885. Headquarter is situated in Melbourne. As per the report, by earning a huge market share in the mining industry, BHP Billiton has secured the first place in the global mining industry. It earns huge revenue per year by providing quality service to the consumers (bhp.com, 2017). Thus, by analyzing organizational background, it can be stated that the two marketing opportunities of the organization are: Market share and customer requirement.
Market Share:
Being one of the oldest and largest mining companies, BHP Billiton covers a huge market share in the Australian mining industry as well as in the global mining market (van Ittersum et al., 2013). It works as a major strength for the organization. This is the biggest opportunity for the organization to battle against other business organization. This has provided a wide opportunity to the organizational management to beat its rival companies and earn the top position in the industry.
Customers Requirements:
By providing quality and efficient product and service to the consumers from the various corners of the world, BHP Billiton has been able to draw the attention of the large number of consumers and earn faith of the consumers. The market demand of the product and service of the BHP Billiton is increasing day by day (Cumming et al., 2014). Organizational management of BHP Billiton stays close to their consumers, so they can easily observe the demand and the preferences of the consumers. It has become one of the major strength of the organization to earn the desired position in the market. Thus, it is one of the biggest marketing opportunities of the BHP Billiton which can stimulate the growth of the organization. There are many associates of BHP Billiton that deals with Iron Ore and copper.
2. Export Markets:
BHP Billiton mainly provides its service to Australian local market, United States, United Kingdom, South Africa. The organization can extend its service to Asian market. The emerging market of mining products in Asian countries will be beneficial for the organization to earn huge profit by providing quality service to the consumers (Mineraud et al., 2016). The demand of the mining products in Asian market is growing high day by day. It will be helpful for the organizational management of BHP Billiton to establish a better future for the organization. The organizational leader of BHP Billiton must consider this factor while designing their organizational strategy. They can use modern communications tools to connect with their potential consumers in the Asian countries. After observing their demand and requirements, they can export their high quality products in the market to fulfill the market demand. It will strengthen organizational structure of HP Billiton. The revenue of the organization will increase up to 3 times from the current revenue. The current revenue of BHP Billiton is A$30.9 billion. It will increase up to A$92.7 billion.
Customer Segment:
By analyzing the organizational structure of BHP Billiton, it can be observed that BHP Billiton provides its products and service to the various local and international companies that deal with the mining products and produce various products by using Iron Ore, Copper, Petroleum, Coal and Potash. The organization must spread its service to various organizations that produce renewable energy. The rate of the global warming is growing high day by day. The main reason of global warming is the use of harmful gas (Grassini et al., 2015). These gases are mainly used by the energy companies. Whole world in recent time is looking for such options that can save the whole world by meeting the awful consequence. Thus by associating with the renewable energy producer companies, BHP Billiton can take a remarkable initiative to save the earth from the harmful impact of global warming. The organizational management must consider the fact while constructing their organizational strategy and structure. The demand of the renewable energy is increasing drastically; it will provide a great opportunity to the organization to earn faith of the society and huge profit (Dragan, Georges & Mustafa, 2017). The demand of the renewable energy has increased up to 50% in past few decades. Thu, it can be beneficial for the organizational growth.
3a. By considering the two new potential market of BHP Billiton, it can be stated that organizational management must include some efficient strategy in the organizational rulebook to expand their services in these segments, such as:Developing New Market:
The organizational management must develop new markets in the Asian Countries to provide services to the Asian consumers. The organizational management must associate with the local retailers and distributors; they will help the organization to spread their service among the potential target market in the Asian Market (Fleming & Measham, 2015).
Partnering:
The organizational management of BHP Billiton must look for strategic alliance with the local and renowned business organization. It will be highly beneficial for the organization to put a strong footprint in the Asian market. The existing company must have some existing clients in the market. Thus, this will be beneficial for BHP Billiton to settle in the Asian market. The market share of the existing company will influence the growth of the organization. It will help the organization to increase the market share in the Asian mining industry (Mason et al., 2014).
Mediator:
It is not possible for the organizational leaders of BHP Billiton to observe the demand of the Asian consumers. Thus, they can take help from the local distributors who possess vast knowledge about the local market and the requirement of the local consumers. They will work as a link between the organization and Asian consumers. They can provide clear concept about the market structure and the recent trend of the market to the organization. It will be helpful for the organization to shape their organizational structure and strategy according to the demand and preference of the potential consumers (Ivanova, 2014).
Production of Renewable Gas:
Although, BHP Billiton always provide quality service and products to the consumers and covers almost the entire area of the mining industry, the organization must concentrate on producing renewable energy. The demand of the renewable energy is rapidly growing high to save the earth from the harmful impact of various resources and save resources for the future generation. Thus, in order to achieve desired position in the market and establish a bright future for the organization, the organizational management must made some effective effort to produce renewable gas (Trudinger, Walter & Ralph, 2013).
Market Survey:
The organizational management of BHP Billiton must conduct several market surveys in the Asian market and local to observe the market trend and the demand of the target market. It will provide a clear idea about its responsible area where the management needs to concentrate. It will help the organizational management to take strategic footsteps for achieving long-term goal (Mulligan, 2014). They can conduct online survey or discuss with the local retailers and the distributors about the recent market trend.
b. Business-to-business marketing:
To associate with the organizations that deal with the renewable energy, BHP Billiton needs to concentrate on business-to-business marketing. The organizational management needs to promote their product and service to those business organizations. Thus, it will be highly beneficial for the organization to earn the desired position in the market by providing quality product and service to the business associates (Bice, 2014).
E-commerce:
By associating with the local business organizations and retailers and marketing agencies, the organizational management can easily promote their product or service by using their websites. It will be helpful for the business organizations to reach to the potential consumers from every corner. It is not possible for the organizational management of BHP Billiton to reach to the every consumer from that belongs to the various parts of the world. Hence the use of websites will increase the brand awareness of the consumers. At the same time, it will increase the market demand of the organization.
Ideas Marketing:
Organizational leaders of BHP Billiton can promote their brand name by promoting the use of renewable energy instead of nonrenewable energy. They can take part in various kind of social awareness campaign to promote the use of renewable energy. It will increase the demand of their product by promoting their idea of renewable energy. It will be helpful for the organization to draw the attention of large number of consumers. It is appropriate of the marketing of BHP Billiton.
Direct Marketing:
The organizational management can promote their brand name as an autonomous body. They do not need to depend on other retailers or marketing agencies. They can use their official websites or they can send mail regarding their products and service to the potential consumers. It will help them to convey their message directly to the target market. This is also beneficial for BHP Billiton (Brown et al., 2014).
Marketing of Goods:
BHP Billiton needs to promote their product to the potential target market. They must provide all the relevant information regarding their products to the consumers. It will increase their product demand and distribution. This will also be effective for BHP Billiton.
Public Sector Marketing:
This type of marketing is not applicable for BHP Billion, as this type of marketing will not put any significant impact on the demand of the product as well as on the product distribution.
Services Marketing:
This type of marketing is efficient for BHP Billiton, as the primary objective of the organization is to increase the market demand of their products, such as: iron ore, copper and so on. They provide efficient service to their clients by providing efficient product on time. Thus, they can promote their service quality and working style to grab the attention of the potential consumers.
Telemarketing:
Telemarketing can be used by the organizational management of BHP Billiton. It is one of the modern techniques to reach to the potential consumers. The organizational management can promote their product and service by phone or SMS. It will increase the demand of the product and service of BHP Billiton (Powell, 2015).
4. Gap Analysis:
Gap analysis plays major role to identify the responsible areas where an organization need to put more effort to boost up the growth of the organization. It is one of the most effective tools used by the business organization to decide the marketing strategies and techniques. There are two steps in the gap analysis. The first step is how to identify the gap, for example by measuring profit, sales rate, market demand and so on. The next step is to close the gap by using effective strategies (Prno, 2013).
In this scenario, the organizational management of BHP Billiton can identify the gap by measuring the organizational sales and profit margin. It will help the organizational management to identify the required strategies that can be helpful to set an example in the Asian market. Moreover, they will be able to modify their organizational structure by gap analysis as per the requirement. In the first step, the organizational management will identify where they want to be in the industry as a team. On the next step they will modify their organizational structure according to their objective. It will help them to achieve the organizational goal (Harris, Bofinger & Cliff, 2016).
5. Effect on Sales Volume:
The two marketing strategies will put significant impact on the sales rate of the organization. It will promote the brand name in the large scale. Eventually, the market demand of the products of BHP Billiton will be increased.
Growth:
Eventually it will stimulate the growth of the organization by achieving the long-term goal. The increment in sales rate will be beneficial for the organizational management to stimulate the growth of the organization.
Market Share:
By expanding business in the Asian Country, the authority of BHP Billiton will be able to secure maximum market share in the mining industry, as it will cover almost entire world by its product service. Thus, it will be helpful for the organization to beat its rival companies in terms of market share (Bakker & Shepherd, 2017).
Profitability:
It will increase the profit margin of the organization by providing product and service in a large scale. The increment in sales rate will put significant impact on the profitability of the organization. It will help organization to earn huge revenue per year by providing efficient and effective service in entire world (Lodhia & Hess, 2014).
Potential Competitors:
There are many organizations in the mining industry that are giving tough competition to BHP Billiton. The organization is experiencing various challenges every now and then while competing with the rival companies. Thus, the organizational management of BHP Billiton can easily beat their rival companies by these two marketing opportunities. BHP Billiton will cover almost the entire world by its service which will give tough challenge to the competitors.
6. Legislation
Privacy Act:
Privacy act will be helpful for the organization to maintain the copyright. It maintains the privacy of every business organization. Thus, the organizational management of BHP Billiton can focus on the organizational goal.
Anti-discrimination Act:
This act will be beneficial for the organization to perform. This act ensures that every business organization is receiving equal facilities in the market. Thus, it will ensure the bright future of the organization.
Competition and consumer Act:
Consumer act and competition act will help to maintain equality in the market and help the organizational management of BHP Billiton to perform in an appropriate manner.
ATO AND GST Implication:This law will put significant impact on the growth of the organization. It will help the organization to maintain healthy and transparent relation with the local government. Thus, this will provide long-term benefit to the organization.
Manufacturing Standards:
This will help BHP Billiton authority to enhance the efficiency in their product and service. Thus, the organization will become able to earn long-term goal.
E-commerce Best Practices:
It will help the organizational management of BHP Billiton to operate organizational function in an efficient manner. The organization can easily provide uninterrupted service to their consumers.
Marketing Codes of Practices:
By following marketing codes of practices the organizational management of BHP Billiton will be able to promote their brand name among the target market.
Costs:
The organizational management needs to put some extra cost and effort to implement required marketing strategies to implement previously mentioned marketing opportunities. In order to expand business in the foreign country and restructure the organizational structure, the management must consider the cost factor. The cost of marketing and production cost will put a great impact on the production budget of the organization (Sodhi-Berry et al., 2017).
Benefit:
Although, the organizational management needs to put great effort and cost while implementing new and innovative strategies in the organizational structure to earn desired goal, there are many benefits of such strategies that can be achieved by the organizational management later on. It will be beneficial for the bright future of the organization. It will increase the market demand of BHP Billiton. At the same time it will help the organizational management match the satisfaction level of the consumers.
Risks:
There are some risks that can be faced by the organizational management of BHP Billiton. There are many rival companies in the market and the political, economical condition of the country may lead the organization to face many obstacles, such as: financial crisis, lack of organizational growth and so on.
Opportunities:
Although, there are some challenges that can be experienced by the organizational management of BHP Billiton, the organization can easily earn huge profit and desired position in the market by providing their product and service in the large scale.
Thus, as per the previous discussion, it can be stated that the marketing opportunities are financially viable, as it will provide comparatively more opportunities to BHP Billiton than threat.
7. The organizational management must associate with the local retailers and distributors of the Asian country to observe the market trend and the preference and requirement of the potential consumers.
The organizational management must maintain strategic alliance with the local business organizations that deals with the renewable energy. The organizational management must encourage them to associate with them to save the earth and save nonrenewable energy.
The organizational management must implement modern communication tool to communicate with the distributors and the foreign stakeholders. They can use communication tools, such as: intranet, blog, social networking sites and so on to communicate with the consumers as well (Cheshire, Everingha & Lawrence, 2014).
The organizational management must maintain strong supply chain in the local and foreign market to provide quality product and service to the consumers.
The organizational management of BHP Billiton must concentrate on the production process of the organization, as they need to provide high quality product and service to their local and foreign consumers. They must make sure that all the employees are aware of their role and responsibilities towards the organization and they are actively participating in the organizational function. It will be helpful for the organization provide efficient service to the consumers.
The organizational management must incorporate all the modern and efficient techniques to provide quality service to the local and global market.
8. Additional Staff:
In order to stimulate the production of the organization and export product in the Asian countries, the authority of BHP Billiton needs to appoint more efficient staff members in the organization that can contribute to achieve the organizational goal. It will affect the budget of the organization (Davies, 2014). It will cost approximately $4667.64.
Distribution Cost:
The distribution cost will also be increased as to provide products to the retailers and distributors the organizational management needs to strengthen their logistic service. It will influence the budget of the organization. Organization needs to invest $ 1014.70 for distribution purpose.
Equipment:
The organizational management needs to use more efficient and modern equipments to increase the production and the produce renewable energy. It will enhance the budget of the organization. It will cost approximately $202.94.
Promotional Costs:
In order to catch the attention of the large number of global as well as local consumers, the organization needs to put some extra effort to promote their brand name among the target market. Eventually the production cost of the organization will be increased (Govindan, Kannan & Shankar, 2014). In order to promote the brand name, the organizational management of BHP Billiton needs to invest around $ 2029.41.
Staff Training:
The organizational management needs to provide training and development program to the fresher and existing staff of the organization about the modern and efficient working style. Thus, it will affect the budget of the organization and increase the production cost of the organization (Sharma et al., 2013). The organization needs to provide all the facilities such as: training equipments, trainer, training material to all the trainees. It will cost around $ 1014.70.
9a. In order to meet the satisfaction level of the customer, the organizational management of BHP Billiton needs to stay close to the consumers and pay close attention to their requirement. They can conduct various market surveys to understand their preference.
In order to increase the market share in the organization, the organizational management of BHP Billiton needs to look for some diversification in their product range. At the same time, the organizational management needs to focus on producing renewable energy and associate with those organizations that deals with renewable energy.
b. The organization needs to maintain all the relevant information regarding the product and service of the organization. They must maintain all the document regarding production stock and delivery. Moreover, the organizational management must maintain contractual agreement with the suppliers and distributors to avoid any kind of miscommunication.
Reference:
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