Activity 1:
Part 1: Short question answering, questions are from the textbook, plz refer to text book. Some of the questions has already been done. Part 2: short question answering, refer to text book Part 3, short report, introduction body and conclusion format is required, one and a half page to two pages length.1. You are in charge of a research team which has been contracted by an organisation (of your choice) to research potential new markets and assess opportunities to enter, shape or influence the market in terms of likely contribution to the business. Using the organisation's current markets as a starting point, what information would you direct your researchers to find?
By finding potential new markets, organisations can improve their sales volume, growth, market share and profitability. However, before entering new markets researchers need to identify risk of doing this. There are few areas that researcher could be work on in order to find potential new markets;
• E-commerce, internet social media
• Export markets, expanding business overseas
• Targeting market segments
Once a new market has been chosen, there are four main areas need to be looked into for risk versus benefit analysis;
• Sales volume of entering new market
• Growth within the new market
• The ability of increase Market share by entering into new market
• Profitability
Activity 2:
Choose one new market identified by your researchers and analyse the risks and benefits to the organisation (identified in Activity 2 part 1) of attempting to enter your chosen market?
McDonald's new market - Online order & home delivery
Benefits
• Attract potential customers that don't have transport to go to restaurant
• Attract potential customers that has tight schedules for meals
• Improve services speed and reduce communication mistakes as orders can be place directly by customers online
• Increase McDonald's ability to competing with its competitors, therefore expend their market share
Risks
• Setup cost for the new system
• Training cost
• Purchasing new assets for delivery, eg. Motor vehicle
• Advertisement cost for promote this program
• Profitability of running this program
Activity 3:
1. An entrepreneur has asked for your help to explore entrepreneurial, innovative approaches and creative ideas for their potential business application, and development into potential marketing opportunities. What questions would you ask them to give you the background you need to begin your exploration?
Understanding the business background is the foundation of explore potential business application and develop marketing opportunities. To understand their business background, I have listed below questions to be asked;
I. What is the business current market and how is their performance in this market?
II. Who are their competitors and how is their performance in the market?
III. Who are the target clients and what are the customer requirements?
2. What are the four main sources of entrepreneurial marketing ideas?
• New markets for existing products
• New products
• Turning ideas into business opportunities
• Innovative approaches to existing markets
3. Identify one idea suggested by each of these sources, showing how the idea was developed and analysing its potential for developing into a marketing opportunity, and showing how it would fit with the entrepreneur's current business.
• New markets for existing products:
Introducing home delivery into McDonald's in Australian. Therefore to explore the new markets of people who has no transport or easy access to McDonald's restaurants.
• New products
Introducing new food and drinks menu to fit the local culture. By doing this would attract potential customers who like to try new things.
• Turning ideas into business opportunities
Life has become easier with the technology developing nowadays. The introducing of smartphone during the past few years has brought plenty of marking opportunities. McDonald's is also taking this advantage of new technology. Their APP on smartphones is letting customers to place their order using mobile and order will be devilry to them.
• Innovative approaches to existing markets
Innovative is always important to sustain business. Innovative ideas would bring new sparkles to the existing business. Ideas including create new menus, cooperation with other organisations and societies.
Activity 4:
1. You are the marketing manager of an organisation which is seeking new market opportunities to realise these goals to: assumption to be made, eg. products, current sales rev
a. Increase sales by 10% in the next 12 months.
b. Penetrate a new market segment.
c. Broaden its product mix.
Identify a new market opportunity and analyse it, using this Checklist
- Criteria Current Goals
- Sales revenue
- Profit margins
- Staff levels
- Staff training
- Market segments
- Product mix
2. Evaluate the likely impact of this opportunity on current business and customer base, using these criteria:
a. Knock out factors.
b. Return on investment.
c. Ethical principles.
Activity 5:
Your supervisor has asked for your help in the marketing department. You have been assigned three tasks.
1. Briefly describe the organisation in terms of:
a. Current products.
McDonald's restaurants serve a broad menu at various price points, which including various choice of food, drinks and dessert. In additional, a separated McCafé offers various rang of coffee and cakes.
b. Current market segments.
McDonald's restaurants as a leading fast food chain worldwide, they have the largest fast food market share in the world.
c. Three potential new marketing opportunities which have been identified by the marketing department.
• Develop home meal delivery services
• Introduce healthier food menu and improve public image
• Introduce make your own burger service
2. Analyse the external factors which could determine the financial viability of each of the opportunities.
All organisations are facing two external factors in the market environment, macro and micro (Rix, 2011). Marketing organisations have little or no control over macro factors such like demography, economic conditions, social and cultural forces, political and legal forces and technology. On the other hand organisations have small influence over micro factors, which including customers, suppliers, marketing middlemen, specific competitors and other publics.