Kritpech_BSBMKG542_Assessment task 1 (16)

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Nov 24, 2024

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Assessment Details Learner Kritpech Jaiboon Unit Code and name BSBMKG542 - Establish and monitor the marketing mix Date 9.11.2023 Assessor Name Task 1 Short Answer Questions Question 1 Bounce Fitness is a premier fitness centre popular across Australia. Bounce Fitness currently has four centres across Australia, with plans of opening a new centre in Perth. Access the website below to learn more about Bounce Fitness: Bounce Fitness https://bouncefitness.precisiongroup.com.au/ Access their Marketing Policy and Procedures available at: Marketing Policies and Procedures https://bouncefitness.precisiongroup.com.au/policies-and-procedures/marketing-policy-procedures/ Complete the table below by outlining both policies and their corresponding procedures.

Policy Outline of Policy Outline of Procedures a. Marketing Accuracy Policy Bounce Fitness must provide Current and accurate Information that enables Potential clients to make Informed decision. 1. Check if the source is reliable. Use published (digital or print) material and scholarly articles that cite the source. 2. Check if the source is current. The date of the information presented Is not obsolete due to how long had been found out. 3. Check if the information’s source is contextual. b. Ethical Marketing Policy Bounce Fitness must market All products and services in an Ethical manner, ensuring Integrity, avoiding misleading Or ambiguous statements, and Enabling the learner to make Informed decisions. 1. Consider the affected parties. Know all the key stakeholders Involved in the project and how all then works. 2. Consider the consequences of each marketing approach to promote Responsibility, accountability, and cooperative problem-solving. 3. Consider the organization’s obligations in complying with laws and Regulations dealing with business operations, staff management, and Consumers relations.

BSBMKG542 - Establish and monitor the marketing mix. Question 2 Access Bounce Fitness’ list of products and services in the link below: Bounce Fitness Products and Services https://bouncefitness.precisiongroup.com.au/category-infrastructure/current-projects/ Identify two products and two services offered by Bounce Fitness. a. Products i. Pre-Workout Powder 100G ii. Glutamine Powder 100G b. Service i. 1 x 30-minute PT Session ii. Annual Membership

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BSBMKG542 - Establish and monitor the marketing mix. Question 3 In your own words, explain the following principles of marketing. a. Branding A brand is an intangible marketing or business concept that helps people identify a company, product, or individual. People often confuse brands with things like logos, slogans, or other recognizable marks, which are marketing tools that help promote goods and services b. Consumer behaviour Consumer behavior is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services. Consumer behaviour consists of how the consumer's emotions, attitudes and preferences affect buying behaviour c. Buyer behaviour Buyer behavior refers to the decision and acts people undertake to buy products or services for individual or group use. It's synonymous with the term “consumer buying behavior,” which often applies to individual customers in contrast to businesses. Buyer behavior is the driving force behind any marketing process.

BSBMKG542 - Establish and monitor the marketing mix. Question 4 Identify and describe the five concepts of marketing. Concept of Marketing Description a. Production concept The idea of production concept – “Consumers will favor products that are available and highly affordable.” This concept is one of the oldest Marketing management orientations that guide sellers. b. Product Concept The product concept holds that consumers will favor products that offer the most quality, performance, and innovative features. Here. Marketing strategies are focused on making continuous product improvements. c. Selling concept The selling concept holds the idea- “consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.” d. Marketing Concept The marketing concept holds- “achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.” e. Social marketing concept Societal marketing concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare.

BSBMKG542 - Establish and monitor the marketing mix. Question 5 Identify and describe the five elements of the marketing mix. Element of the Marketing Mix Description a. Product Your customer only cares about one thing: what your product or service can do for them. Because of this, prioritize making your product the best it can be and optimize your product lines accordingly. This approach is called “product-led marketing.” In a marketing mix, product considerations involve every aspect of what you're trying to sell b. Price Many factors go into a pricing model. Brands may: Price a product higher than competitors to create the impression of a higher-quality offering. Price a product similar to competitors, then draw attention to features or benefits other brands lack. Price a product lower than competitors to break into a crowded market or attract value-conscious consumers. Plan to raise the price after the brand is established or lower it to highlight the value of an updated model. Set the base price higher to make bundling or promotions more appealing. c. Place Where will you sell your product? The same market research that informed your product and price decisions will inform your placement as well, which goes beyond physical locations. Here are some considerations when it comes to place d. Promotion Promotion is the part of the marketing mix that the public notices most. It includes television and print advertising, content marketing, coupons or scheduled discounts, social media strategies, email marketing, display ads, digital strategies, marketing communication, search engine marketing, public relations and more e. People People refers to anyone who comes in contact with your customer, even indirectly, so make sure you're recruiting the best talent at all levels—not just in customer service and sales force.

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BSBMKG542 - Establish and monitor the marketing mix. Question 6 Answer the following questions about methods to gather and analyse marketing information. a. Identify at least three methods used to gather marketing information. Marketing information refers to information that provides additional details to the parts of a marketing mix. There are lots of different ways you could conduct market research and collect customer data, but you don't have to limit yourself to just one research method. Four common types of market research techniques include surveys, interviews, focus groups, and customer observation. b. Identify at least three methods to analyse variance of marketing revenue and costs. Purchase price variance. Labor rate variance. Variable overhead spending variance. c. Complete the table below: i. Identify at least three types of revenue variance Revenue variance refers to the difference between actual sales and estimated sales ii. Define each type of revenue variance identified Type of Revenue Variance Definition of Each Type of Revenue Variance a. Sales Volume Variance This is the difference between the actual and expected number of units sold, multiplied by the budgeted price per unit. The intent of this variance is to isolate changes in the number of units sold. b. Selling Price Variance This is the difference between the actual and budgeted unit price, multiplied by the actual number of units sold. The focus here is on the price that the company has been forced to accept in order to generate customer orders. When prices are driven lower than expectations, one may surmise the existence of considerable competitive pressure c. Sale mix varience This is the difference between the actual and budgeted number of units sold, multiplied by the budgeted contribution margin. This measure is used to determine the impact on the overall sales margin of differences in the expected mix of units sold. This is a particularly important variance when the products sold have widely differing margins.

BSBMKG542 - Establish and monitor the marketing mix.

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