Updated September 2014 v1.6 BSBMKG501B – Identify and Evaluate Marketing Opportunities
/ 80
C or NYC
Intellectual Property of
The Australian Institute of Professional Education (AIPE)
STUDENT HANDOUT
ASSESSMENT PART ONE
MARKETING RESEARCH REPORT
Unit of Competency:
BSBMKG501B Identify and Evaluate
Marketing Opportunities
BSB50207 Diploma of Business
BSB51107 Diploma of Management
BSB51207 Diploma of Marketing
MR02 Marketing Principles
Intellectual Property of The Australian Institute of Professional Education
Updated September 2014 v1.6 BSBMKG501B – Identify and Evaluate Marketing Opportunities
ASSESSMENT PART ONE COVER SHEET
Please ensure this form is fully completed (including signature) prior to submitting.
This page should be on the front of your assignment and needs to be easily accessible.
Student ID
Number: Student Name:
Class Batch: Unit code& Title BSBMKG501B – Identify and Evaluate Marketing
Opportunities
Course:
BSB50207 Diploma of Business
BSB51107 Diploma of Management
BSB51207 Diploma of Marketing
Due Date:
Module: MR02 Marketing Principles Trainer’s name:
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.
Plagiarism, collusion & using too much source material are NOT acceptable and disciplinary action will be taken against students who do
so as outlined in AIPE’s policies.
Assessments must be typed using document software such as MS Word; no handwritten assessments will be accepted (unless, prior
written confirmation is provided by the Trainer/Assessor to confirm). Any sources of information must be cited using the APA Referencing
system (please ask your Trainer/Assessor if you require support with this).
STUDENT DECLARATION
I have read and understand the purpose of an assessment (above) and hereby certify that:
1. This assessment task is my own work based on my personal study/research and not the work of another student and/or source.
2. I have cited all material and sources used to prepare this assessment task.
3. I have kept my use of source material to a minimum.
4. This assessment task has not previously been submitted.
5. I am aware of the requirements set by my trainer.
6. I have retained a copy of this assessment task for my own records in the event I have to reproduce my work.
THIS ASSESSMENTIS WORTH 80% OF THIS UNIT
Student’s Signature: _________________________________ Date _______________________
ASSESSMENT TRACKING: - Refer to the Marking Guide for assessor’s comments.
? Draft
Due
Date:_______________________
Comments:
? Submission
Due Date:______________________
Date submitted:__________________
Final Mark:________________
Result: ? Competent
? NYC*
? Re-submission
Due Date:______________________
Date submitted:__________________
Final Mark:________________
Result: ? Competent (ungraded)
? NYC*
* Please indicate a reason for Not Yet Competent (NYC): (please select)
? NYC – after Academic Penalty ? NYC – after resubmission ? NYC – not submitted
Intellectual Property of The Australian Institute of Professional Education
Updated September 2014 v1.6 BSBMKG501B – Identify and Evaluate Marketing Opportunities
ASSESSMENT REQUIREMENTS
Your assessment will be required to be typed in Arial or Calibri font size 12 only. You will provide
your completed assessment for all of Part One in one document with a cover page (included in this
assessment tool on page 2).
You are required to professionally format your document including spell-check, proper grammar and
to clearly indicate each Task answer [e.g. Task 1 (a.) then the answer, Task 1 (b.) then the answer
etc.] according to this Assessment Tool Task requirement. You may lose marks if you have not spellchecked
your document (as this is a professional formatting requirement, a business skill).
Whenever conducting a Presentation, you must always provide copies of MS PowerPoint slides as
evidence for your Trainer/Assessor.
For this (Assessment Part One) you will conduct a series of tasks that you will need to collate into a
documented ‘Portfolio of Evidence’. A ‘Portfolio of Evidence’ is a collection of evidence from several
sources of work, gathered together and cross referenced to show that you have the required skills,
knowledge and understanding to do a job or task. It is suggested that you use a display book or
folder when submitting this. For Online students, you need to submit one file with all the tasks
required and properly identified. You can compress all the files using .zip format, if necessary.
Make sure that your ‘portfolio of evidence’ includes:
? A cover page (see pg 2)
? A contents list of the material/s you have included in your portfolio.
? Clear labels for each assessment task to make it easy for the assessor to follow (and mark).
? A note to the assessor to explain the relevance of each item you have included.
? Information provided should be current and your own work.
Be sure to properly reference your sources of information using the Harvard referencing system. For
more information go to:
1. Student Handbook - latest version
2. AIPE Connect online resources; or
3. Ask your Trainer/Assessor to provide you with this information
In order to determine if you are addressing this assessment adequately in terms of
competency/comprehension (prior to due date) a draft copy of your assessment should be
submitted in order to gather feedback from Trainer/Assessor to check if you on-track. For this
feedback/support from your Trainer/Assessor, you can submit a copy of with any evidence of the
research you have conducted to produce the assessment.
AIPE accommodates students with reasonable adjustments to training and assessment. This could
include variations in course delivery or assessment methodology and it is the responsibility of
Trainers/Assessors to coordinate this in consultation with the Academic/Compliance Coordinator or
Trainer Coordinator. When making reasonable adjustments to assessments and assessment
processes, assessors need to focus particularly upon validity and fairness. If, as a student you feel
you have special needs that require your Trainer/Assessor to apply a reasonable adjustment – please
discuss this with your Trainer/Assessor at the beginning of the subject studies.
Intellectual Property of The Australian Institute of Professional Education
Updated September 2014 v1.6 BSBMKG501B – Identify and Evaluate Marketing Opportunities
MARKETING RESEARCH REPORT
This assessment is to be completed in an INDIVIDUAL basis or in PAIRS only.
BSBMKG501B 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.
This task represents 80% of your mark.
If you have any queries, talk to your trainer/assessor.
Intellectual Property of The Australian Institute of Professional Education
Updated September 2014 v1.6 BSBMKG501B – Identify and Evaluate Marketing Opportunities
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
ASSESSMENT PART ONE MARKING GUIDE
Student Name :
Student ID Number:
Student Name :
Student ID Number:
Assessor Name:
Unit of competency (Title & Code): BSBMKG501B – Identify and Evaluate Marketing Opportunities
Date of Assessment:
During the evaluation of the students knowledge did the student: Yes No Value Student
Score
Task 1
a) Executive Summary /3
b) Company Background /4
Task 2
a) Explained the business objectives /4
b) Developed business strategies /5
Task 3
a) Developed market research and used methods and tools to gather
information. /10
b) Described in detail two products/services. /6
c) Analysed Internal and external environment and included SWOT, PESTLE and
Market Trend analysis. /8
d) Developed competitor analysis and included competitor’s strengths and
weaknesses, sales, market share and products/services. /8
e) Developed an overall of the business and included market segmentation,
targeting and positioning. Described Marketing Mix (4 Ps) strategies and Ecommerce
opportunities. Considered relevant legislations, codes, and
practices.
/8
f) Considered resources for the start-up in order to bring the products/services
to the market. /8
g) Assessed market potential and included sales potential, market share of the
business , ROI and Breakeven Point /8
h) Developed a stakeholder analysis including suitable communication
tools/techniques for each public; /3
i) Identified at least 05 risks/changes associated with the business and new
opportunities. /5
TOTAL /80 /80
The student’s performance was: ? Satisfactory ? Not Satisfactory
Feedback to Student:
Student signature:
Assessor signature:
END OF ASSESSMENT ONE