Identify marketing opportunities

Identify marketing opportunities
Submission details
Candidate’s name Phone no.
Assessor’s name Phone no.
Assessment site
Assessment date/s Time/s
The assessment task is due on the date specified by your assessor. Any variations to this
arrangement must be approved in writing by your assessor.
Submit this document with any required evidence attached. See specifications below for
details.
Performance objective
For this task, you will demonstrate the skills and knowledge required to investigate
marketing opportunities.
Assessment description
You will analyse a real organisation or simulated business to identify two marketing
opportunities, research potential new markets, assess opportunities with respect to
contribution to the business, and explore innovative approaches. You will then prepare a
brief presentation for marketing peers to support and explain the two marketing
opportunities you have identified.
You may base your analysis and report on:
● an organisation you are familiar with, such as a current or previous workplace, and
from which you can access organisational strategic and marketing plans to identify
and evaluate marketing opportunities
Note: You should ensure enough information is available for the organisation and
relevant markets to complete the assessment task to specification
● BBQfun simulated business.
Assessment Task 1 BSBMKG501 Identify and evaluate marketing opportunities
© 2015 Innovation and Business Industry Skills Council Ltd 1st
edition version: 1
Page 2 of 5
Procedure
There are two parts to this assessment task. Part A requires you to identify and evaluate
two opportunities for your chosen organisation. In Part B, you will explain these
opportunities to your peers in a 15–20-minute presentation.
Part A
Part A requires you to identify and evaluate two opportunities for your chosen
organisation.

Identify marketing opportunities

  1. Choose an organisation to analyse. Identify two marketing opportunities for the
    organisation you have chosen.
    To identify opportunities, analyse information on your chosen organisation’s market
    and business needs, for example:
    a. comparative market information
    b. competitors’ performance
    c. customer requirements
    d. legal and ethical requirements
    e. market share
    f. market trends and developments
    g. new and emerging markets
    h. profitability
    i. sales figures.
    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.
  2. Research potential new markets for the organisation, for example:
    a. export markets
    b. segments of the market not currently penetrated.
  3. Consider strategic marketing approaches, such as:
    a. increasing market share
    b. developing new markets
    c. developing new products
    d. diversification.
    Assessment Task 1 BSBMKG501 Identify and evaluate marketing opportunities
    © 2015 Innovation and Business Industry Skills Council Ltd 1st
    edition version: 1
    Page 3 of 5
  4. Using a suitable methodology (such as gap analysis, market or marketing analysis,
    or competitor analysis), identify and decide on two marketing opportunities to focus
    on and investigate further.
    In your analysis, consider types of markets and aspects of the marketing mix, such
    as distribution, products and types of promotional activities, for example:
    a. e-commerce
    b. business-to-business marketing
    c. direct marketing
    d. ideas marketing
    e. marketing of goods
    f. public sector marketing
    g. services marketing
    h. telemarketing.
  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.
  6. Use numerical analysis or statistical methods to forecast effects. For example, use
    the least squares method to estimate demand. Use estimated demand to calculate
    effect on sales and profitability.
  7. Explore and develop 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, webdesign to appeal to target markets, integration with existing operations, marketing
    strategy and overall strategic directions.
    Part B
    Prepare a 15–20-minute presentation for marketing peers explaining and supporting the
    two marketing opportunities you have identified. Ensure you complete the following:
  8. Describe two marketing opportunities and how you identified them. Describe the
    process you undertook to analyse your organisation to identify the marketing
    opportunities. Refer to the current organisational marketing plan and
    products/services, as well as organisational procedures and protocols.
  9. Support your choice of marketing opportunities with reference to market
    information such as market trends and sales figures. Include relevant statistics.
    Assessment Task 1 BSBMKG501 Identify and evaluate marketing opportunities
    © 2015 Innovation and Business Industry Skills Council Ltd 1st
    edition version: 1
    Page 4 of 5
  10. Describe the effect of opportunities on the business, for example:
    a. sales volume
    b. growth
    c. market share
    d. profitability.
    Note: You must use evidence to support your assertions, such as:
    a. refer to quantitative or qualitative data
    b. show/use results of statistical methods of forecasting demand
    c. show results of break-even or profit analysis.
  11. Describe innovative or creative options (one for each opportunity) to apply the
    marketing opportunities in the context of the organisation. Refer to aspects of the
    marketing mix, i.e. product, price, promotion, place (distribution). Refer to, and
    explain, principles of marketing that apply to your approaches to realising the
    proposed opportunities.
  12. Use appropriate language and level of formality to satisfy needs of your audience.
    For example:
    a. professional but semi-formal language
    b. technical vocabulary; potential need to define more obscure marketing terms
    or statistical methodologies
    c. assume no knowledge of specific organisational policies or marketing
    strategies
    d. elicit views and opinions of others by listening and questioning
    e. provide for response and feedback.
  13. Prepare and keep presentation notes and other materials used in the presentation
    such as PowerPoint slides and handouts.
  14. Deliver your presentation as per specifications (below).
  15. Submit presentation notes, PowerPoint slides, etc. to your assessor. Keep a copy of
    all documentation for your records.
    Specifications
    You must:
    ● deliver a 15–20-minute presentation
    ● submit presentation notes and other materials used in the presentation, such as
    PowerPoint slides and handouts.
    Assessment Task 1 BSBMKG501 Identify and evaluate marketing opportunities
    © 2015 Innovation and Business Industry Skills Council Ltd 1st
    edition version: 1
    Page 5 of 5
    Your assessor will be looking for:
    ● culturally appropriate communication skills employed to relate to people from
    diverse backgrounds and people with diverse abilities
    ● literacy skills to identify and interpret market information
    ● numeracy skills to calculate and evaluate financial information on new marketing
    options
    ● research and evaluation skills to gather information on and interpret market trends
    to identify marketing opportunities
    ● knowledge of the organisational marketing plan, and products and services
    ● knowledge of principles of marketing and the marketing mix
    ● knowledge of statistical methods and techniques to evaluate marketing
    opportunities, including forecasting techniques.
    Adjustment for distance-based learners
    ● No variation of the task is required.
    ● A follow-up interview may be required (at the discretion of the assessor).
    ● Documentation can be submitted electronically or posted in the mail.
    ● Presentations may be conducted and observed live or via an appropriate
    teleconferencing tool.