BSBMKG501 Identify And Evaluate Marketing
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Instructions to students
1.Discuss each of the following terms in relation to marketing opportunities: market penetration, market development, product development and diversification.
2.Explain each of the phases of the product life cycle.
3.Explain how to evaluate the size of a market.
4.Outline 3 information sources for determining market size.
5.Explain why is it important to review market trends?
6.Outline four (4) key financial indicators that should be reviewed in relation to evaluating possible marketing opportunities.
7.Explain the term return on investment?
8.Explain how is return on investment calculated?
9.Explain why it is important for marketers to abide by the provisions of the Australian Direct Marketing Association (ADMA) Direct Marketing Code of Practice?
10.Explain an aspect of this Code that is important in relation to identifying marketing opportunities?
11.Explain why it is important for marketers to abide by the provisions of the Australian Marketing Institute Code of Professional Conduct?
12.Explain an aspect of this Code that is important in relation to identifying marketing opportunities?
13.Outline the 4 P’s of the marketing mix.
14.Explain why is the marketing mix important in bringing a product or services to the market?
15.Outline 4 statistical methods and/or forecasting techniques that can be used to evaluate marketing opportunities?
16.Explain the purpose of sales forecasting?
17.Outline one method for forecasting market growth rate.
For this part of the assessment, you will need to use the work that you have completed in Project Activity A in order to investigate the marketing opportunities for Bounce Fitness.
1.For each of the marketing opportunities that you have identified, answer the following questions:
a.How does the marketing opportunity fit with Bounce Fitness objectives and goals as describe in the Business Plan?
b.Describe the target customers for each marketing opportunity.
c.What are the overall benefits to Bounce Fitness of pursuing the opportunity?
d.What is the anticipated effect of the marketing opportunity on Bounce Fitness sales, profitability, growth and market share as identified in Activity A?
e.What additional resources would be required including finances, staff, equipment, etc?
f.What is the estimated effect on return on investment? This should be a rough estimate taking into account how much the likely cost of the opportunity would be against anticipated return?
g.Who are the potential competitors?
h.If there is any change in economic conditions, how will this affect the identified marketing opportunity?
i.Are there any technological factors that affect the marketing opportunities identified?
j.Are there any legal issues associated with the marketing opportunity?
k.What are the risks of pursing this opportunity?
Based on your answers above, rank each of the marketing opportunities that you have identified from most viable to least viable and in terms of the contribution of each opportunity to Bounce Fitness’s business growth. Give reasons for your rankings.
For each of the viable marketing opportunities identified in Part B, you will now need to evaluate the required changes to Bounce Fitness operations.
1.What organisational changes would need to be made to Bounce Fitness current operations in order to take advantage of the opportunities identified?
2.Describe the additional resources that would be required for each of the viable marketing opportunities.
3.How would you ensure that the changes made did not affect the quality of service to existing customers?
Answer:
Activity A
- This is a secondary research.
(Mercer, 2015) the reference suggests that the company has an opportunity to establish the fitness center in Australia because there is a demand for a personal trainer.
(IBIS World, 2018) the second reference tells that the company has an opportunity to attract new customers.
- Marketing opportunities of the company
Growing demand for business
Nowadays, people are more conscious about their health so that they focus on the fitness center. Fitness center demand is increasing, which is beneficial for the Bounce Fitness. It has an opportunity to enter into a new market for expanding the business. The market share of the company increases by expanding the business in the new market.
Value-added services
It has seen that the fitness centers cannot survive long, by just providing the fitness services. The company focuses on adding some new value services such as diet and nutrition, personal training and food court. The company can charge more fees on these services, which increases its revenue.
Growing health concern
According to the researcher, the consumption of fast food is increasing which is the reason for obesity and lifestyle diseases. Therefore, people focus on losing weight and trying to participate in weight loss programs. Therefore, the company demand is increasing which are profitable for the company.
Activity B
Expanding the business in the market is the main objective of the company. It has been analyzed that due to increasing the demand of the company, it has an opportunity to enter into the new market. Profit is also an objective of the company which can achieve by expanding the business. For long-term growth, the company has an opportunity to provide new services.
As per the research, people are more conscious about their health so that company targets the old and young age people as customer target.
By expanding the business into a new market, the company can grab the market share in a large number of percentages. It can also earn a huge amount of revenue by providing new services.
By identified the market opportunity of Bounce fitness, the demand of the company increases which increase the profit. Expanding business helps the company to increase the capital gain and grab the market share.
In the fitness industry, the company requires a large amount of capital to invest in fitness equipment. Personal trainers are the asset of the company that takes the money from the company to train the people. Personal staff, finance, and fitness equipment are the requirement of the company.
The estimated amount of investment to grab the market opportunities is 50 lakh to 70 lakh.
Community fitness, Better Bodies, and Forever Fit Gym are the three major potential competitors of the Bounce fitness company.
It has seen that the company earn more revenue by providing the new services on the higher amount. The company grows continuously to enter the new market. It also increases the capital gain of the company.
Technology factor has a positive effect on the marketing opportunities. Technology improved the fitness level of the people by introducing the new fitness equipment.
There is no legal issue associated with the marketing opportunities but at the time of enter into the new market, the company has to take the legal approval for setup the business in a new market by the government of the country. It also takes the approval of the services which is provided by the company from the government of the country.
According to the researcher, the company has a risk at the time of enter into the new market. The company can suffer loss if the competitors of the company have a strong brand name in the new market.
Growing concern is the most viable marketing opportunities because increasing the consumer needs for the services of the company is the essential part of the business growth. Value-added services are also a viable opportunity, for expanding the business the company has to offer the new services to attracting the new consumers. Increasing demand of the business is the least viable opportunity because without the other opportunities the company demand is not increasing.
TASK 3
Organisational changes
Technology
Bounces fitness operation should change its mission and strategies to achieve the vision. The company can adopt the new technology for expanding the business in the new market. Technology makes the fitness more interactive that attracts the customers. The company gained the tremendous amount of information which helps to develop and grow the business.
Structure
It has analyzed that the company has to change certain activities to achieve the goal of the organization. The company should adopt the decentralized structure which helps to grow fast and give a high level of personal agency to every employee.
In the fitness industry, the company requires a large amount of money to invest in the fitness equipment. It is not possible for everyone to enter into the new market of fitness but it is possible for those companies who have financial support. For offering the new services, the company requires the personal trainers for giving the training to the customers. Fitness equipment is the asset of the company, without the equipment company cannot survive long in the new market. The fitness equipment requires a large amount of fund. Therefore, the company requires finance, equipment, and personal trainers as the additional resources.
As per the research, the company should adopt the changes year by year for the business growth. Organisational changes did not affect the quality of services which is provided by the company. Decentralisation structure helps the company to grow fast in the market because every employee has their own power and responsibility towards the company which helps to improve the quality of services. The company should adopt the new technology for improving the quality of services. Technology develops the fitness level of people that positively affect the consumers. Change in organization structure has a positive impact on the quality of services instead of affecting the quality of services.
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