BSBMKG501 Identify and Evaluate marketing opportunities

Name – Simarjeet Kaur Chahal

Assessment - 01

Q1.

Codes of practices are guidelines for fair dealing. It starts industry level of conduct. Codes of practice
can relate to a whole industry, or with a single business. Codes of practices provides duty holders
with guidance.

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Voluntary codes of practice – Voluntary codes are a shape of industry self-regulation.

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Mandatory codes of practices- A minimum level of safety to the customer is provided by mandatory

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codes of practices.

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Here are the three of the objectives of the ADMA code of practices:
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 Make positive choices for customers
 At the heart of the ADMA code of practice, greater customer trust and confidence in the
honesty of ADMA members
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 It is and essential to act moral, for every member of the ADMA

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Q2.

Key types of legislation affecting business operations are:

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 Competition laws – To make sure that dealing is fair for customers and businesses, Australia
has a national statutory framework and this framework is managed and apply by the
Australian Competition and Consumer Commission (ACCC).
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 Consumer law – The Australian Consumer Law (ACL) provides regulations on illegal contract
terms, product safety laws and other fields.
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 Product liability regulation – To control information levels and product safety, Australia has a
national statutory framework.
 Environmental legislation – State and territory environmental protection legislation apply to
particular business activities.
 Privacy laws - This law is all about the safety of the personal information. It monitors how
business can collect and store personal information.

Q3.

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 Direct marketing is very helpful. Selling the products directly to the public is called direct marketing.
Social media can be used such as mail order, telephone selling etc. Direct marketing is
communicating directly on an individual basis with the customers so that quick reaction can be get.

The main function of distribution channels is to make a link between consumptions and productions.
A distribution channel can be very simple or can be very complicated. For example:

1. Producer - Wholesale – Retailer – Consumer

It is called indirect marketing. In this between the producer and the consumer there are two
levels. First one is wholesaler and the second one is retailer. Wholesaler buys and store
products in large quantity and then breaks into the mass deliveries. After that, retailer take
and supply products in small quantities. In this way, this process is done.
2. Producer – Retailer – Consumer
In this method, there is only one intermediate called retailer. In this process, Producer
usually their goods to the large retailer and then retailer finally sell it to the consumers.
3. Producer – Consumer
It is called direct marketing. In this, there is no intermediate. In this process, producer

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directly sell their goods to the customers.

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So, Direct marketing is very helpfull and products are sell directly to the customers in this process.

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Q4.
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Advantages to an organisation of having a broad marketing mix are:

First advantage to an organisation of having broad marketing mix is that it helps in identifying key
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customers. Other advantages are flexibility in changing trends, efficient advertising, availability of the
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product etc.
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Disadvantages to an organisation of having a broad marketing mix are:

Main disadvantages to an organisation of having a broad marketing is that it decreased the value of
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products. Another disadvantage is relating to the price promotions. Price promotions is burning to
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brand fair-ness of an organization. Deal hunters also another disadvantage to an organization of

having a broad marketing mix.

For example – A company that makes snow tires would be more interested in the customers whom is
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living in the mountainous regions.

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Q5.

Business need to check the domain in which they operate, according to me. Three marketing
opportunities for an organisation are:

General economic conditions

Level of economic activity swing from boom to shrinkage to slowdown to extension and then back to
boom conditions. These activities affect both the customers and business.

External impact

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 The factors within the external marketing environment are usually afar the control of business and
are impartially wide in nature.

Write a successful marketing strategy

Successful marketing strategy is very important for an organization to gain more profit and to run the
organisation in a good way. A good marketing strategy helps to build a good and strong reputation
for the products and helps to sell the products.

Q6

When an organization do some changes then the company need to be very careful about everything
such as staff, costs, promotions etc.

a. Staff numbers – Staff is very important for any organization to run the organization nicely.
When the company add new products to the exiting markets and the products is relating to
the previous products, then there is no need to hire more staff but if product is totally

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different form the exiting products then, definitely organization needs the more staff.

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b. Staff training – When a new product launched in the exiting market and with the exiting

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products, organization opens a new branch in the other country then definitely staff need
the training according to the condition.

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c. Distribution costs - Organization need to spend the distribution cost if they launch new
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product or move to the other city or area to run the organization nicely.
d. Production cost - When any new product is produced and launched or with the exiting
products entre the market in a new city, it cost a lot.
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e. Promotional cost – By introducing a new product in the existing market or entre the market
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in the new city, they need the promotions So, that everyone aware about the new things. It
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cost a lot to promote via websites, advertising etc. For elderly people, newspaper is the best
source to provide the information because they usually read the news.

Once a business is established then business needs the right time to broadcast into a new market.
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Right time is very important of the well-established business. Here is the detailed plan for moving
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into the new market:

Choosing the right country or region: when you choose the country for your business, first identify
where the supply weak and demand is more but if you plan for a region, make sure that culture and
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language is similar. It helps to establish the business in the new country or region easily.
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Check cost of doing business – Before entering into the new market, you have to check the few
things such as tax rates, any hidden costs etc.

Choose the right partner – If you want to work in a partnership, make sure that your partner has the
same way of work as you do, make sure that he/she is the right and honest person.

Understand the challenges – Keep an open mind towards solution and make sure that you reach a
new market with the right approval.

Know the law and begin with the right attitude – Work good with the local experts in understanding
the laws that govern business in your new market and start your business with the right attitude.

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 Q7.

Two quantitative techniques commonly used by the marketing department to evaluate marketing
opportunities are given below:

Regression analysis

A company manager used regression analysis to guess the effect of advertising price on the
organisation’s profits, to estimate the effect of education, economists have used regression analysis.

Factor analysis

Factor analysis technique frequently used with survey data and it is a data reduction. To identify
latent, unmeasured factors, factor analysis explores connection in available data.

Q8.

To calculate the ROI, the basic method is to integrate it into the overall business line calculation.

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(Sales Growth – Marketing Cost)/ Marketing Cost = ROI

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Return on investment (ROI) Is a measure of the profit gross from each investment.

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The ROI formula is:
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(Return – Investment)/Investment

Multiply the result by 100 because it’s expressed as a percentage.

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Q9.

a.

Bakery trend analysis is the process of comparing business data. Trend analysis is frequently used to
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estimate future events. It helps to understand about the business such as with the help of trend
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analysis, we are able to check the performance of the business and we are able to check the
difference between the predicted outcomes and performance.

Trend analysis is used to improve the business by:

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Identifying areas where we need to improve

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Identifying areas where we are performing well

Identifying areas where we are not performing well

b.

New marketing opportunities for this bakery are:

Create a website that trait the bakery products

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 Contact with the local bakery shops in your area and check if they are interested in selling your
products in their bakery shops, if they agree to sell your products in their shop give the sample so
that, before they start selling they know about your bakery

To increase the local presence, provide free tastings to the people and use the other activities to
increase the local presence

For wholesale orders from local bakeries, price your bakery products

Focus on bakeries in those areas where population is more.

c.

Other information relating to the bakery shop is that in 2015, number of cakes sold was 150 and on
the other hand, in 2016 number of cakes sold was 100. In 2015, sales were more comparing to the
year 2016 which was 50 cakes more. But the sales value in 2015 is less than the sales value in 2016
which was $5 less. Average unit value in 2015 was $15 and in 2016, it was $20 but as we discuss

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earlier number of cakes sold more in 2015 and less in 2016, still average unit profit in 2016 was more

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than 2015. Most of the buyers were between 10-30 age which was 70% in 2016 and 55% in 2015. In

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2015, between age 31-40 number of buyers of cakes was 35% and in 2016, buyers decreased by 13%
comparing to the buyers between age 31-40 in 2015. Buyers of cakes were less between age 41-60

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which was 10% in 2015 and 8% in 2016. To analyse information on market and business needs, this
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kind of information would be required.
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D.
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To enhance the cake sales of bakery, first method would be advertisement. It is the simplest method
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to enhance cake sales of bakery. Another method would be via using website, facebook etc. Upload
all the information regarding cakes on facebook or on the website proves very helpful because as
much as people know about the bakery shop. To enhance the cake sales of bakery, give free samples
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to the customers for tasting. Social media becomes very helpful to promote the things. There are
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another a lot of methods to promote the sales such as free gifts, discount coupons etc.

The four main sources of entrepreneurial market ideas are given below:
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1. New market for exiting products

2. Turning ideas into business opportunities
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3. New products
4. Innovative approaches to exiting markets.

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