Identify and Evaluate Marketing Opportunities
ASSESSMENT PART ONE
MARKETING RESEARCH REPORT
Identify and Evaluate Marketing Opportunities
Diploma of Business
Diploma of Management
Diploma of Marketing
Marketing Principles
Assessment
Part Title: MARKETING RESEARCH REPORT Assessment Part No: Assessment Part One
THE PURPOSE OF AN ASSESSMENT
The purpose of an assessment is so a trainer can see if the students understand what they have been learning. For example, if students
are asked to write a report, the purpose is to see if the students have learned how to research, write and review a report containing
appropriate content.
If a student copies a report from the Internet or copies someone else's work, the trainer does not have any evidence of the student's
understanding of report writing. This type of copying is referred to as plagiarism. It means taking the work of others and using it as if it
was your own, without crediting the author or citing the source.
Collusion involves the cooperation of two or more students in plagiarism or other forms of academic misconduct. Plagiarism and collusion
are considered types of theft/cheating and will result in NYC.
It is also important to avoid using too much source material. Even if the author is credited or the source is cited, this material cannot
make up the bulk of the assessment as it also fails to provide adequate evidence of learning.
MARKETING RESEARCH REPORT
This assessment is to be completed in an INDIVIDUAL basis or in PAIRS only.
Identify and Evaluate Marketing Opportunities
Element 1: Identify Marketing Opportunity
Element 2: Investigate Marketing Opportunity
Element 3: Evaluate Required Changes to Current Operations
Introduction
A market opportunity is a newly identified demand, trend, need or want an organisation can exploit in the market because it has not being addressed by competitors (BusinessDictionary.com, 2014).
To run a successful business you need to know about your potential and existing customers as well as the marketplace your business will operate in. Regularly assess who your competitors are, their strengths and weaknesses, who your customers are and what they want, and whether there are any gaps in the market (Business.gov.au, 2014).
Investments are necessary for any business to grow within a market or to explore new markets based on a business's consumers' needs and wants. Investments are essential, as new products and services, new technologies and market trends change within a market.
For start-ups, small and medium size businesses and even for multinational companies, capital is required for the business growth including investments in market research, products and services development, marketing activities, customer service, new technologies, and a distribution chain.
However, capital to invest is not simple to find (e.g.) businesses capital or external investments as bank loans or investors. For start-ups, in a small or medium size business this may be a challenge or sometimes a nightmare for them.
Intellectual Property of The Australian Institute of Professional Education Updated September 2014 v1.6 BSBMKG501B - Identify and Evaluate Marketing Opportunities The term business-angel was created centuries ago when financial bankers would invest money and their skills into theatrical productions to contribute and enhance the success of the shows. It was also a term initially used by traders searching the world for potential merchants (Businessangels.com.au, 2014). Angel investors have been a helpful solution for start-ups, in small and medium size businesses around the world as a form/way to invest in new market opportunities.
SCENARIO
In this assessment, your role as an entrepreneur is to identify, investigate and evaluate new opportunities to invest within Australian market.
A group of investors named Angels of Australia* is interested in making a AUD$1 million investment in the best, most innovative and most profitable business in Australia.
This is a unique opportunity of investment, and you must develop a report and present your ideas to the investors to participate in this process.
*Angels of Australia is a fictional company. However, business investors or angels are a well-know practice of capital investment for start-ups and other business models. You can search on the internet for further information about this particular practice.
- Australian Association of Angel Investors (AAAI)
www.aaai.net.au
- Business Angels PTY LTD
www.businessangels.com.au
- INC Magazine
www.inc.com/angel-investors
Intellectual Property of The Australian Institute of Professional Education
Updated September 2014 v1.6 BSBMKG501B - Identify and Evaluate Marketing Opportunities
INSTRUCTIONS - REPORT
As a start-up entrepreneur, your role is to identify a market opportunity within the
Australian market.
? Choose an industry for your start-up.
? Create at least two new products and/or services that you would be offering and evaluate each opportunity to determine its impact on current business and customer base;
? Develop a report based on the given tasks
? You MUST submit a soft/hard copy of your report as evidence of your own work to your trainer/assessor.
Task 1
a) Executive Summary
This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful. If you are seeking financing, the executive summary is also your first opportunity to grab a potential investor's interest. (See the article How to write an executive summary from INC Magazine)
b) Company Background (Entrepreneurs' Background)
This section briefly describes the company's background as its purpose, ideas, innovation and mix of products. As it is a start-up you should include your (or all the students) business background and how it would help the business.
Task 2
a) Business Objectives
Your business objectives are the results you hope to achieve and maintain as you run and grow your business. As an entrepreneur, you are concerned with every aspect of your business and need to have clear goals in mind for your company. Having a comprehensive list of business objectives creates the guidelines that become the foundation for your business planning. In this section you should outline the purpose of the business. Explain why your idea is innovative and how it would help consumers.
b) Business Strategies
A business strategy is the means by which it sets out to achieve its desired ends (objectives). It can simply be described as a long-term business planning. Typically a business strategy will cover a period of about 3-5 years (sometimes even longer).
Task 3
This is an important section of your report where you will demonstrate knowledge and understating about the market, consumers, data, trends, competitors, and others. This is essential for a business success. You should include as much detail as possible.
a) Market research
It is the process of collecting valuable information to help you find out if there is a market for your proposed product or service. The information gathered from market research helps Intellectual Property of The Australian Institute of Professional Education Updated September 2014 v1.6 BSBMKG501B - Identify and Evaluate Marketing Opportunities budding entrepreneurs make wise and profitable business decisions. The key to any successful business is to understand what it is that your customers want and giving this to them in a way
that is profitable for you.
b) Business Products and Services
Include a detailed description of the two new products and/or services that you will be marketing when considering your market research. Explain how this product/service will fit into your company's overall mix of products. Include product/ service pictures to help with descriptions, if necessary.
Hint: You might consider as descriptions: Design, features and benefits, durability, ease of maintenance, flexibility, functional performance, reduction of risks to health and safety such as noise, range of sizes, colour, etc.
c) Internal and External Environment
An analysis of internal and external are essential to determine opportunities, threats, trends, competitors, consumers and any possible factor that might affect the business direct/indirectly.
In your internal and external environment analysis you need to develop:
? SWOT Analysis;
? PESTLE Analysis (Political, Economical, Social/Cultural, Technological, Legal and Environmental Factors);
? Market Trends Analysis.
d) Competitor Analysis
In this section you need to identify at least 03 major competitors in the market and outline:
? Identifying competitor's strengths and weaknesses;
? Competitor's products/services.
e) Overall Business Plan
? Identify and briefly describe the market segmentation, Targeting and positioning;
? Briefly describe your Marketing Mix (4 Ps) strategies;
? E-commerce opportunities
You must consider anti-discrimination legislation and the principles of equal opportunity, equity and diversity; ethical principle; marketing codes of practice and conduct such as the Australian Direct Marketing Association (ADMA) Direct Marketing Code of Practice; Free TV Australia Intellectual Property of The Australian Institute of Professional Education Updated September 2014 v1.6 BSBMKG501B - Identify and Evaluate Marketing Opportunities Commercial Television Industry Code of Practice; and the Australian E-commerce Best Practice Model; privacy laws; Trade Practices Act.
f) Business Resources
In this section you need to include all the resources, structure and costs that your ‘Start Up' needs in order to bring this product/service to the market. Points of considerations: Staffing needs, technology needs, customer management, equipment requirements, warehousing, costs, etc.
g) Assess Market Potential
? Forecast Sales Potential and Market Share of your business;
? Return on Investment (ROI);
? Calculate the Breakeven Point;
h) Communication Plan with Key Stakeholders
? Develop a stakeholder analysis including suitable communication tools/techniques for each public;
i) Identify Business Risks, Changes and New Opportunities
In this section you need to identify at least 03 risks and/or changes associated to your business which might impact direct or indirectly it.
You may consider changes in the market, crisis, changes in the customer base, competitors, changes in operation, organisational changes, new opportunities, and others.
Ensure you:
- Identify and document changes needed to current operations to take advantage of viable marketing opportunities
- Include provision for continued quality of service to existing customers
- Estimate resource requirements for changed operations
- Communicate viability of making changes to current operations to key stakeholders
Reference List: You should include a referencing list in case of using articles, data and any other resource. If it is necessary, you need to use APA Referencing Style.
Intellectual Property of The Australian Institute of Professional Education Updated September 2014 v1.6 BSBMKG501B - Identify and Evaluate Marketing Opportunities.