BSBMKG501 Assessment Task 2
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Canterbury Business College
CRICOS Code – 01899K RTO Code - 6554
Assessment Task 2 (B)
B. Skills Activity (Project)
This activity will enable you to demonstrate the following skills:
1.
Reading
2.
Writing
3.
Oral Communication
4.
Numeracy
5.
Navigate the world of work
6.
Interact with others
7.
Get the work done
Objective: To provide you with an opportunity to demonstrate the required performance
evidence and determine that you have the required skill and knowledge to identify and
evaluate marketing opportunities.
Based on your research of various resources such as internet and by referring to the case
study scenario you are required to demonstrate your ability to identify, evaluate and take
advantage of marketing opportunities by analysing market data, distinguishing
characteristics of possible markets and assessing viability of changes to operations
.
Elements Covered: A1-A4, B1-B7, 1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 2.4, 2.5, 3.1, 3.2, 3.4
Myer Holdings Limited (Myer)
is an Australia-based upmarket department store chain
. It
trades in all Australian states and the c
ompany's department store network includes
approximately 60 stores across Australia. Myer grew by developing its own stores and
acquiring other department stores like Grace Brothers. Myer has long been Australia's
largest department store by revenue and store count. The Myer merchandise offer includes
11 product categories: Womenswear; Menswear; Miss Shop (Youth); Children wear;
Intimate apparel; Beauty, fragrance and cosmetics; Homewares; Electrical goods; Toys;
Footwear, handbags and accessories, and General Merchandise. The Company also owns
the womenswear designer brand, sass & bide. The Company's brands include TOPSHOP
TOPMAN, Seed, French Connection, Mimco, Veronika Maine, Jack & Jones and Industrie. In
December 2017, Myer launched The Myer Market, an online marketplace operating
independently of myer.com.au. It offers an extended range of products, some of which are
not traditionally available in Myer stores.
You have been appointed as a Marketing Project Manager of Myer and leading the
marketing research and market development team. You and your team are working for the
project to identify and evaluate marketing opportunities for M
arket Development.
The team
requires to conduct a wide range of necessary research from various sources to complete
CBC-BSBMKG501-A2-V2021.1 Page 1 of 11
Canterbury Business College
CRICOS Code – 01899K RTO Code - 6554
the project and document the findings by responding all the following points mentioned
below:
1.
I
dentify and analyse how the below information would shape or influence marketing
opportunities for Myer in order to enter into a potential new market.1.1,1.2
Customer Requirements.
The fundamental market need is for quality, stylish and one of a kind open airway of life things that
satisfy the house-pleased necessities of our objective market. 1.
Selection: a wide selection of choices. 2.
Accessibility: the client needs simple admittance to the store with negligible burden. 3.
Customer assistance: the client needs master client assistance to help sort through decisions.
4.
Competitive valuing: the client needs all items/administrations to be seriously evaluated
relative tantamount top of the line outside way of life alternatives offered by contenders. 5.
Flexible installment: the client needs effectively oversaw installment plan. 6.
Quality ensures that the client requires three-year ensures (as offered by most contenders). Myer mission is to furnish client with the most broad variety of value open airway of life items
accessible on the lookout. Our after deals administration is top-notch upheld by our simple to
oversee long haul reimbursement plans which make extraordinary imported and excellent outside
way of life client wishing to buy item that give out client’s pride in their homes.
Market Share.
The organization is claimed by singular proprietor administrators. Reaches fluctuate as indicated by
proprietor inclinations. There are not many imports. Myer has long been Australia's largest
department store by revenue and store count. The Myer merchandise offer includes 11 product
categories: Womenswear; Menswear; Miss Shop (Youth); Children wear; Intimate apparel; Beauty,
fragrance and cosmetics; Homewares; Electrical goods; Toys; Footwear, handbags and accessories,
and General Merchandise. The Company also owns the womenswear designer brand, sass & bide
Current market Trends and Development
The market pattern for outside way of life stores is made a beeline for a more complex and educated
client. Outside way of life clients are getting more complex in various manners: •
Item quality: the inclination for the excellent group is expanding and the clients are figuring
out how to value the quality contrasts. •
Unique: our benefactors appreciate the chance to remember open airways of life for their
home that stand apart from the mass-created and bad quality things. •
Selection: individuals are requesting a bigger choice of decisions; they are done tolerating a
restricted proposal in open airways of life.
CBC-BSBMKG501-A2-V2021.1 Page 2 of 11
Canterbury Business College
CRICOS Code – 01899K RTO Code - 6554
2.
The pursuit of marketing opportunities may have positive or negative impacts on a business. In fact
marketing opportunities can impact on the business and its customer base. 2.2
a.
Discuss at least two advantages and disadvantages of online marketing approach.
Advantages
-
Global reach - a website allows you to find new markets and trade globally for only a small investment.
-
Lower cost - a properly planned and well targeted digital marketing campaign can reach the right
customers at a much lower cost than traditional marketing methods.
Disadvantage
-
Skills and training - You will need to ensure that your staff have the right knowledge and expertise
to carry out digital marketing with success. Tools, platforms and trends change rapidly and it's
vital that you keep up-to-date. -
Time consuming - tasks such as optimising online advertising campaigns and creating marketing
content can take up a lot of time. It's important to measure your results to ensure a return-on-
investment. b.
Evaluate the impact of the marketing opportunity “The Myer market” based on the following :
Current business
Myers operates in the retail industry which generally includes the higher level of competition as due to
larger in size (Matsa, 2011). In 1911, Myer brothers established this departmental store in Australia.
From then onwards, the company has expanded in more than 64+ locations considering all Australian
states.
The aim of the company is to focus on greater investments into their best stores and most valuable
customers. They also need to enhance merchandise and increase the superiority in the shopping work-
based experience to achieve the customer needs effectively. For this, they have to meet several
challenges faces in the retail industry.
Customer base Myer targets middle class and upper-middle-class individuals. However, it is important to note that Myer
targets all category of customers through their online marketing strategy and MYER one retail. The
company has been able to achieve the loyalty of both middle and upper-middle-class customers due to
their fashion and style quality. Myer targets individuals of all age categories ranging from children to
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adults.
3.
In order to determine the financial viability of the marketing opportunity an organization will
use an assessment of external factors, costs, benefits, risk and opportunities.
List and identify the assessment factors Myer would research when trying to analyse a new
opportunity: Market Development and its likely fit with organizational goals and capabilities.
2.1 and 2.3
External
Factors
1. The economic system that is currently operational in the sector in question-
whether it is a monopoly, an oligopoly, or something similar to a perfect
competition economic system.
2.
The rate of GDP growth in the country will affect how fast is expected to grow in
the near future.
3. The demographics of the population, meaning their respective ages and genders,
vastly impact whether or not a certain product may be marketed to them. Makeup
is mostly catered to women, so targeting a majority male population would be less
population than targeting a population that is mostly female.
Costs
1.
The exchange rate of the country operates in would impact the profitability of ,
particularly if engages in international trade. The stability of the currency is also
important- an unstable currency discourages international investors.
2. A high level of unemployment in the country would mean there is a greater
supply of jobs than demand, meaning people would be willing to work for a lower
wage, which would lower the costs of
3. However efficiently the financial markets operate also impact how well can raise
capital at a fair price, keeping in mind the demand and supply.
Benefits
1.
How easy, and thus quickly, will the technology be diffused to other firms in the
industry, leading to other firms copying the technological processes/ features of
2. How much an improvement of technology would improve/ transform what the
product initially offers. If this improvement is drastic, then other firms in the
industry suffer more heavily.
3. The impact of the technology on the costs that most companies in the industry
are subject to have the potential to increase or reduce the resulting profits greatly.
If these profits are great in number, they may be reinvested into the research and
development department, where future technological innovations would further
raise the level of profits, and so on, ensuring sustainable profits over a long period
of time.
CBC-BSBMKG501-A2-V2021.1 Page 4 of 11
Canterbury Business College
CRICOS Code – 01899K RTO Code - 6554
Risks
1.
Myer's strategy runs counter to that of rival David Jones, which has been increasing the ratio of permanent staff to casuals in a bid to improve customer service.
2.
"It's not just about the number of people, it's actually about the employment relationships – we are reliant less on part-timers and less on casuals, and more on permanent full-time staff,"
3.Myer's voluntary redundancy program in stores follows the loss of 80 head office jobs in May and comes ahead of anticipated job losses in its distribution network as
the retailer closes distribution centres as part of a strategic review.
Opportunities
1.
Foreign players are dominating retail sector so opportunity to tie up with these players
2.
Opportunity to increase footfalls by exploring innovative promotional strategies
3.
Enhance in showroom performance by effective use of staff members
4.
A competitive analysis assist in establishing the viability of a new marketing opportunity in
terms of the competition. 2.4
a.
List five types of new competitors that Myer would have to consider.
b.
Create a competitive analysis table to investigate marketing opportunities. ( you may use or modify the template given in Appendix 1) See in Appendix1 5.
While considering a variety of new market opportunities it is important to focus on the ones that have the highest potential for success.2.5
a.
Why is it important to rank marketing opportunities on their viability and likely contribution to the business?
Effective marketing is based on clearly defined marketing goals. Opportunities must be analysed in terms of their impact on these goals and the organisation's capabilities. The organisation should define its goals first so that it knows what it is aiming at. 'Some plausible marketing goals for the immediate future are increased revenue or unit sales , improved market share, greater profits, entry into new markets, abandoning a current market, and adopting a new technology or product line.
b.
What changes could you suggest for improving current marketing strategy employed by CBC-BSBMKG501-A2-V2021.1 Page 5 of 11
Canterbury Business College
CRICOS Code – 01899K RTO Code - 6554
Myer for its retail operation for the following:
i.
Effect on Sales volume
Increasing Sales Volume
Increasing sales volume will trigger an increase in fixed costs per unit when production capacity exceeds the ability of the current machinery or the space of the current facility. Adding a second or third shift of production will not increase overall fixed costs. Increased production will reduce the amount of fixed costs that need to be applied to each unit produced, which will reduce the company's cost per unit.
Decreasing Sales Volume
Decreasing sales volume will only decrease fixed unit costs when the quantity produced drops so low that production assets are sold or a less expensive facility is located. As long as total fixed costs do not drop with decreasing sales, the amount of fixed costs applied to each unit will increase. This will result in higher unit costs, reducing the profit earned for each unit.
ii.
Profitability
Earning a
profit
is
important
to a small business because
profitability
impacts whether a company can secure financing from a bank, attract investors to fund its operations and grow its business. Companies cannot remain in business without turning a
profit
.
6.
To capitalise on an identified opportunity, it is necessary to evaluate and assess the viability of entrepreneurial, innovative approaches and creative ideas for their potential business application. Create a Marketing Plan to document newly identified marketing opportunity.
(you may use or modify the template provided in Appendix 2, assume any new product Myer would like to introduce to their existing customer) See as appendix 2
7.
Identify and list appropriate formal communication channels to communicate changes to
current operations to the relevant stakeholders.3.4
Communication is integral to the networking process. Maintain contact with all of your networks and
respond when they contact you. Use their preferred communication method. For example, a busy
manager may prefer an e-mail which they can peruse at their leisure, whereas another may prefer a
telephone call. Be consistent with your networks. As a role model, it is essential that you demonstrate
the same level of integrity, trust, and empathy that you would show to your team. Everyone should be
treated equally. Demonstrate Integrity - everyone must see you have high moral principles and professional standards when you
interact with them. CBC-BSBMKG501-A2-V2021.1 Page 6 of 11
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Ethical standards - follow a level of conduct stipulated by your group or industry. Empathy demonstrates sensitivity to other's feelings. Positive behavior Hardworking, loyal, cooperative, and confidential, showing respect and always be
fair take steps to avoid conflict of interest.
Appendix 1
Competitive Analysis Template
Competitor 1
Competitor 2
Company
Profile
Company
Highlights
Works to improve the wellbeing of the community by reducing impact and incidences of cancer within the region This is an organization that deals with cancer related mostly to breasts Key
Competitive
Advantage
The organization mostly operates in Otago where it has a firm grip of support from the people living there
who willingly give their all towards the betterment of the cancer patients. It is a Non-governmental organization and therefore has the advantage of not being under government rules and easy to access funding. Also pink Ribbon supports the organization. Target Market
Market
Information
The targeted market mostly is the rural and the deprived area. It helps the poor and vulnerable
The target market for this organization is mostly women since
are the ones who experiences breast cancer Market Share
Its operation is based mostly in Southland, Queenstown & Coastal Otago,
This organization works with breast
cancer related member groups all over the country and also some individuals. CBC-BSBMKG501-A2-V2021.1 Page 7 of 11
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Marketing
strategy
The market strategy most This
organization applies With the
targeted customers used by this
organization is social media
marketing since this strategy is
capable of reaching a wide range of
population. Majority of people in
Otago uses social media on daily
basis.
This organization applies mixed marketing strategy by use of social medias, emailing, digital marketing and content marketing. These enables the organization to easily reach to the targeted market with a lot of ease. Product/Service
Product
Information
Cancer Society of New Zealand provides education, health promotion, advocacy, research funding and support to those affected by cancer and their families. They provide education and information on breast cancer, scholarships, medical grants, community education and registration. By so doing, they help reduce the impact of cancer in the country.
Pricing
This organization provides peer support/ recreation, face to face counselling, phone/ online counselling, canteen online peer community and information relating
to cancer to the youths. In some situations, this organization uses an agent to get to know the whereabouts of a certain teen patient. However, in most occasions their services are directly directed to the final user. Distribution
Channels
The organization applies a short distribution channel as opposed to a
lengthy one. The only channel is producer to the consumer the producer being the organization and
consumer being the affected person.
Breast cancer foundation of New Zealand don’t involve middlemen in their operations. Their services are directed directly to the consumer being the sick person.
Strengths
SWOTT
Information
Cancer society of New Zealand has a
good team of competent and experienced directors. Also, they have a large base of supportive community who support their activities either financially and physically. This is an NGO and thus most of its operation are financed by international organizations thus there is minimal chances of lacking funds to cater for daily activities. Weaknesses
The organization depends mostly on
the donation from the community The organization is chained to the Ngo rules which are supposed to CBC-BSBMKG501-A2-V2021.1 Page 8 of 11
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which is not reliable and thus they can’t manage to predict their financial capabilities. be strictly be adhered to and failure to may attract financial disappointments. Opportunities
The organization has a lot of opportunities in terms of growth capabilities. Currently its operating from one region and with time I can manage to penetrate to other regions. This organization has varieties of opportunities at their disposal. Among them are scope diversification to cover other types of cancers and also expansion in terms of catering for women empowerment
Threats
The most imminent threats likely to face this organization are threats to competition from rival organizations
and also market expansion constraints. The organizations possible threat mostly is the competition from other organization dealings with cancer related matters such as Can Teen organization. Trends
The organization is embarking on a programmed to register primary schools in programmed called as SunSmart. Also advocating for a smoke free environment including in cars.
This organization has established September and October as their charity week whereby anybody interested in supporting their project may do so Appendix 2
Marketing Plan
Company Name
Myer
Target Market
Myer’s customers are B2C and are mostly local customers within the Australian states. One of the reasons why customers prefer Myer products is because the company offers a wide range of quality products and a competitive price compared to other retailers in the market. The company also has several offers to its customer
including Myer gift cards, Myer Insurance, Myer Care Plan, Myer Credit Card etc. it offers excellent customer services such as the return policy where their customers can return the product within 30 days if they have changed their mind and the product is still in sealable condition.
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Positioning Statement
For all my tourist and family, our hotel is the most striking and luxurious hotels that delivers an excellent experience and prices in the industry that only we have. (Tagline: We sell experiences.) Offering To Customer
The company is offering majority of their product range to the middle class and upper middle class individuals in all cities of Australia. It is hard for the retail departmental stores to target all the segments of customers in Australian due to the dynamic environment as because of this customer taste and preferences are continuously changing. Most of the customer of Myers, Australia is now more conscious about health and fitness (Michaelidou and Hassan, 2008). They used to go for short holidays on most of the occasions and use gadgets considerably. This makes Myers to plan their marketing strategies and promotional activities for their brands.
Price Strategy
The price of the products varies on the quantity and type. The chain also offers loyalty program like MYER ONE that has over 5 million membership. The cards have
different levels like bronze, silver, gold and platinum. Members earn Shopping Credits and these get converted to reward cards. Platinum memberships is offered by Myer to the customers. For every spending of $1000 Australian dollars members
earn $20 reward card. The brand also has its own gift card and credit card called Coles Group Card, Coles Group & Myer Gift Card and Coles Group Source MasterCard. Myer also has Christmas club membership for its customers. The online site offers 50%, seasonal sales and other exclusive offers.
Distribution
Myer is one of the largest departmental chains of Australia and is present in more than 60+ locations and has 60+ departmental stores across Australia. The majority of Myer’s operations lies in Australia with outsourcing offices in China and Hong Kong.
Sales Strategy
Myer is a supermarket and is known for its wide range of products. The back office and supply chain network work independent of the main stores. Business processes
involve supply chain management, logistics of goods, inventory management etc to ensure high customer satisfaction.
Service Strategy
Myer has come under a lot of media attention for laying off a large number of employees in a bid to consolidate its operations. Myer is known for its good management and provides a great learning platform for its people.
Promotion The promotional and advertising strategy in the Myer marketing strategy is as CBC-BSBMKG501-A2-V2021.1 Page 10 of 11
Canterbury Business College
CRICOS Code – 01899K RTO Code - 6554
Strategy
follows:
Myer store had roped in Miss Universe 2004, Jennifer Hawkins as its face. She was the face of Myer for 12 years till the year 2018. Myer has a legacy for philanthropism and is known to engage in extensive socially relevant activities, for this they have to organisations to their name, namely The Sidney Myer Fund and The Myer Foundation. The income from the Sidney Myer Fund is distributed annually. The Myer Foundation supports contemporary issues like technology, environment, science and international projects and strives makes donations toward them. These foundations collect grants of approximately $25 million and make donations for 12 major initiatives outside the regular granting programs.
Market Research
Marketing strategy helps companies achieve business goals & objectives, and marketing mix (4Ps) is the widely used framework to define the strategies. This article elaborates the product, pricing, advertising & distribution strategies used by Myer.
Any other Components of your marketing plan(
miscellaneous
ideas)
My product to attract more tourists to visit Jamaica again would be to provide them
with a "Jamaica Reward Card". It will be like a credit card with the difference that only points will be accumulated for consumption in Jamaica. This card can be used in hotels and touristic areas. Rewards cards are divided into three categories: Bronze Card (Free, x1 points per dollar), Platinum Card ($ 75 + 50 pts., x3 pts. per dollar) and Gold Card ($ 125 + 100 pts., x5 pts. per dollar). The initial purpose of this
plan is to encourage our tourists reserve to stay with us and purchase in our touristic areas, the accumulation of points can be exchanged for a free stay in a hotel or a free entrance in a tourist area (all according to the points that must be reached for each of the rewards). The promotion and sale of these rewards cards will be granted in any of the methods of arrival in Jamaica. CBC-BSBMKG501-A2-V2021.1 Page 11 of 11