Market Analysis and Opportunity Report_BSBMKG541_Task1_Student_211125

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Royal Melbourne Institute of Technology *

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6113C

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Marketing

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Jun 6, 2024

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RMIT Classification: Trusted STUDENT STUDENT – PRODUCT ASSESSMENT TASK Task Number 1 of 2 Task Name Market Analysis and Opportunity Report National unit/s code BSBMKG541 National unit/s title Identify and Evaluate Marketing Opportunities National qualification code BSB50120 National qualification title Diploma of Business RMIT Program code C5406 RMIT Course code MKTG6113C Section A – Assessment Information Assessment duration and/or due date Week 11 (plus pitstops as outlined) Task instructions Type of Product (tick which applies) ☐ Project  Report ☐ Portfolio ☐ Case study Summary and purpose of assessment For this course there are two (2) assessments that need to be completed satisfactorily to be deemed competent in this course. This is assessment task 1. In this assessment students are to demonstrate their analysis skills of the market by identifying possible marketing opportunities for an organisation. (ALL facts must be clearly referenced and at least 3 different sources of data used). Students are required to come up with 3 new product/service concepts in new categories for this organisation. Using innovative approaches to identify potential new markets to satisfy business needs, students will evaluate and validate each new concept and prioritise them.  Clearly define the target market segments and the needs of each that their concepts will satisfy.  This assessment can be completed in pairs. You can work as a team; however, all submissions of work are to be done individually when uploading to Canvas. For this assessment a document of approximately 2000-2500 words is required, tables and charts should be used as appropriate. Students will be required to attend four (4) meetings with their teacher to discuss their progress with the assessment, as well as tracking individual participation. These meetings are called “pitstops”. Date and times will be provided on the Canvas schedule. Please note: All students are required to individually upload work during class pitstop meetings. Students who do not participate will need to have an individual interview in week 13, to determine satisfactory progress in this assessment. Week 4 (Pitstop 1): By the end of class students must have chosen their company, category and pair and be ready to present to their teacher. Students are to complete their project template (on Canvas) and individually upload their own work before the end of class. Week 9 (Pitstop 2): Students are to brainstorm new product ideas and submit brainstorm list and mind map by end of class. [ BSBMKG541_Market Analysis and Opportunity Report ] [1 of 2 ] [29/06/2021] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 1 of 9

RMIT Classification: Trusted STUDENT Week 10 (Pitstop 3) : Students must present their potential opportunities for discussion with their class and teacher and upload amended concepts by the end of class. Week 11 (Pitstop 4): Draft feasibility and validation questions and upload draft by the end of class. Assessment Instructions What This assessment should be formatted as a report with relevant headings and sections clearly labelled. Include:  Title Page (include all your student details, student number and course details).  Table of contents (This must be fully detailed with Item and page number and align with your report).  Appendix as required. Part 1 Organisation, Market and Business needs analysis 1) Company background and current market position (performance) (include ALL of the following) a) Organisations business and strategic objectives (may use mission, vision, goals to ascertain these). b) Research and discuss relevant information such as the marketing plan and other data such as: the size of the company, corporate structure, product/service categories it is active in, distribution channels and market industry reports to identify market opportunities. c) Research and discuss current marketing and business performance to evaluate potential market opportunities-what they are doing well, what are some short comings etc. 2) Financial analysis a) Student must identify three opportunities. b) Identify return on investment (ROI) for each opportunity. To do this, students need to calculate the ROI and determine the financial viability of marketing these opportunities. c) Student must analyse market viability for each opportunity and select option that best fits the organisations capabilities. 3) Competitor/comparative analysis Choose 2 major competitors for each and discuss  Key products, brands in this category  Analyse current performance including recent marketing activities  Discuss their current and/ or potential impact on the organisation 4) Legal and ethical constraints/requirements a) Choose two legislative or regulatory requirements that would be relevant for marketers in this industry and outline 2 key provisions for each. (e.g. Privacy, Anti-spam, IP, ACL). b) Choose two national standards that would be relevant for marketers in this industry and outline 2 key provisions. (Advertising standards, product safety stands, OHS etc). c) Choose two codes of practice that would be relevant for marketers in this industry and discuss 2 elements of the code. d) Ensure you identify organisational policy and procedures that you will need to comply with during your analysis and list at least two that apply. [ BSBMKG541_Market Analysis and Opportunity Report ] [1 of 2 ] [29/06/2021] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 2 of 9

RMIT Classification: Trusted STUDENT 5) SWOT What does the above analysis (1-4) mean to their organisation? – students are to use a SWOT table for their company in the chosen category to visually summarise the above information. Students are to ensure they include at least two (2) bullet points in each segment. Part 2 Opportunity identification and analysis Use the brainstorming and mind mapping techniques to develop three possible new product concepts in categories that the company is not currently in (i.e. not just new colour or style ). This will be completed in class and uploaded (include a copy in the appendix of your report) 1) Describe each opportunity (new product/service or redeveloped product/service) in detail (think about packaging, design, range and technology). 2) For each of their 3 opportunities, students are to explain how they align with the organisation’s goals, objectives and capabilities also how they are to contribute to the business needs. 3) Students are to place all 3 concepts on an Ansoff analysis matrix and explain their reason for the quadrant choices. 4) Students are to develop a set of feasibility factors and evaluate their ideas against each. Choose at least 10 relevant factors and include at least one from each of the following topic list. (consider factor score approach model)  Competitor environment  Ability to impact or shape market  Risk  Market opportunity  Impact on organisation (capabilities, objectives) Build a table to visually document the above in a validation/feasibility ranking table (as per table template provided in Appendix 1). 5) Using the analysis students have done, they are to decide which idea has the greatest potential and explain why. 6) Part 3 Marketing principles for the launch of students’ chosen product (only 1) 1) Target market description – Students are to be specific - include any trends, habits, cultural factors that influence their purchase or use of their product/service. 2) Explain the Marketing Principles (marketing mix) for the launch  Product - Pack size, packaging variants, branding strategy.  Pricing - Discuss the pricing strategy vs competitive set or category. Give a price point.  Place - how would they (the students) distribute.  Promotion- what tools, launch date of media (e.g. time of year, event etc). 3) Analysis of competition in the new category/industry  Use Porters 5 forces to analyse the competition in the category.  Students are to list 2 competitors and discuss whether their product/service present an opportunity and/or a threat to their product/service launch. 4) Forecast  Identify what forecast and statistical techniques they would use and suggest to management. [ BSBMKG541_Market Analysis and Opportunity Report ] [1 of 2 ] [29/06/2021] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 3 of 9

RMIT Classification: Trusted STUDENT  Explain why this would be the best approach to support the opportunities identified with that market . Where Time will be allocated in class to work on parts of the assessment, as outlined in the pitstops, however the rest of the assessment is to be completed outside class time. How You will be assessed according to the criteria outlined in the Criteria for Assessment listed in the marking guide below. To achieve satisfactory result, you will need to address all criteria satisfactorily. Conditions for assessment  For this assessment you need to work in pairs as a team, however, all submissions of work are to be done individually.  Students must not copy the work of others. (For more information regarding Academic Integrity please refer to RMIT Academic Integrity Guidelines).  Students are allowed to seek clarification or guidance from the Assessor about this assessment task.  Students must submit their work online via Canvas.  Students will be assessed as satisfactory or not satisfactory.  Student will have the opportunity to resubmit if any assessment section is deemed not satisfactory.  Please refer to the Course Guide for information regarding re-submissions.  In certain circumstances, students may be eligible for an assessment adjustment (e.g. a disability or long-term medical or mental health condition; an unavoidable employment, family, cultural, religious or elite sporting commitment known in advance; other unexpected circumstance outside your control).  Make prior arrangements with the instructor at least one week prior to the assessment due date if you require special allowance, allowable adjustment to this task or extension of time.  Students can appeal the assessment decision according to the RMIT Assessment Processes . Instructions on submitting your Product Assessment You must submit their completed assessment via Canvas by the due date outlined above. Students to name submission file as <student_no_your name_ BSBMKG546_Task>.  Name file documents with: Student number, Student first and last name, National unit code, Task number For example, 23456789_JohnSmith_BSBMKG546_Task1.docx  Use the document format: .docx or .doc. MAC users must comply with this requirement. Equipment/resources students must supply (if applicable): Equipment/resources to be provided by RMIT or the workplace (if applicable):  Students will require a computer with internet access  Students are required to have Excel software  Database and other journal and report access via the RMIT Library [ BSBMKG541_Market Analysis and Opportunity Report ] [1 of 2 ] [29/06/2021] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 4 of 9

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