Profile the market Assignments
Assessment 1 -
Consider the following scenario -
VIT cafe is located in the Abbotsford area located by the river. The VIT café is opened 7 days a week for Lunch and brunch and on the weekend it attracts a lot of locals due to the fact that it has great fo and it is a relaxed atmosphere.
You have decided to ran a huge marketing campaign for the café and change the menu. Before you do this you decided to have a look at your sales records over the last 12 months.
After analysing your sales records you noticed that there was a huge shift.
You noticed this by the types food the customers where buying, and this rang alarm bells.
You decided before you do any kind of marketing or changing of the menu you want to learn more about your local area. This is done by doing some research.
As a manager you are to collect the latest census data on the Abbotsford area to get a better overall view of the characteristics of this area.
To learn more about census data, Google QUICKSTATS and enter your local area into the search engine.
For this assessment task, you are to consider the above scenario. Consider areas of your expertise, where you can provide benefit into a business environment. You will need to refer to this business in BSBSMB404A and BSBSMB402A units.
This assignment requires you to Profile the market.
Profiling the market consists of the following 4 Parts
Part 1 - Segment the market
- Identify the criteria for use in segmenting your market
- Identify and access sources of information for segmenting and profiling your market Segment your mar in accordance with your identified criteria
- Review each market segment for its usefulness in terms of size, potential, distinctive needs, easy identification of members or distinctive media use patterns
- Select the market segments that meet your marketing objectives
Part 2 - Identify your target market
- Evaluate approaches to determine and describe the total market for your product or service
- Define your target market in terms of consumers to be included as prospective clients
- Use segment descriptors to describe the target market
- Identify available strategic marketing options, and select targeting strategies that best met your requirements
Part 3 Profile your target audience
- Describe your total market and selected segments in the form of a consumer profile
- Identify the consumer characteristics in standard statistical terms
- Use demographic and/or psychographic descriptions in your profile
- Describe the consumer attitudes to products / services being offered
- Ensure the profile meets your organization terms
Part 4 - Develop a positioning strategy
- Identify available positioning strategies, and choose a strategy to meet marketing requirements and the consumer profile
- Write a positioning implementation plan that contains several options
Assignment 2 - Questions
1. Describe 3 reasons to profile a market.
2. What is the difference between profiling and segmenting?
3. Describe 4 different ways to profile a market.
4. Describe the criteria for market segmentation
5. What are the market segmentation variables?
6. What are the benefits and limitations of mass marketing?
7. What is meant by product differentiation?
8. What is meant by product positioning?
9. What is meant by perceptual mapping?
10. How would you determine your segmenting criteria?
11. What is the difference between primary and secondary market information?
12. What would be your primary information sources for profiling your market?
13. What would be your secondary information sources for profiling your market?
14. What needs to be considered when selecting a Target Market Strategy?
15. What is a customer profile? Include an example in your response.
16. What is a USP?
17. Describe potential opportunities for differentiation for both a Product and a Service.
18. What is Image Position and how can it be achieved?
19. List SIX factors you should consider when determining your USP.
20. Describe the following principles
- Equal Opportunity
- Ethical Principles
- Codes of Practice
- Privacy Laws
- Work Health & Safety (formerly Occupational Health and Sefty - What are employer rights and responsibilities?
21. Describe the Australian Marketing Institute's Code of Professional Conduct.
22. Describe the following statistical terms
- Confidence interval
- Data item
- Data set
- Distribution
- Estimate
- Frequency
- Non-sampling error
- Observation
- Sampling error
- Unit
- Variables