BSBMKG541 Knowledge Questions V3.09.23

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Knowledge Questions BSBMKG541 Identify and evaluate marketing Business Services Class

‘ This is a modified document based on materials prepared by Precision Group (Australia).’ Level 13, 269 Wickham St, Fortitude Valley 4006 Email: info@precisiongroup.com.au © 2020 Precision Group (Australia) Cover images © iStock www.istockphoto.com/au Reason for Review Date Version LMS Code Off shelf 11/09/2023 V2.09.23 BSBMKG541 Identify and evaluate marketing opportunities assessment Workbook V2.09.23 Extracted Questions from BSBMKG541 Identify and evaluate marketing opportunities assessment Workbook V2.09.23 Contextualised copy for class delivery 06/09/2023 V2.09.23 BSBMKG541 Knowledge Assessment V2.09.23 Corrected error paging error and applied branding 06/10/2023 V3.09.23 BSBMKG541 Knowledge Assessment V3.09.23

Content Content .................................................................................................................................................. 3 Knowledge Questions ............................................................................................................................ 4 Knowledge Questions ........................................................................................................................ 5 3 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

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Knowledge Questions Summary You must correctly answer all questions to demonstrate you have the knowledge required to develop critical thinking in others. Resource Requirements  Access to Learning materials.  Computer with internet access, MS Office, and Adobe acrobat/reader  Learning Management System – Canvas When and Where the Task will be Completed. You will do the knowledge Questions in your own time, or you may be given time in class – your assessor will advise. You must submit your answers prior to the due date indicated on Canvas. What do I need to Submit? Your answers to all the questions. What happens if I get something wrong? If your assessor marks any of your answers as incorrect, they will talk to you about resubmission. You will need to reattempt the question. Student Instructions  This is an open book assessment – you can use your learning materials as reference.  You need to answer all questions correctly.

Knowledge Questions Preliminary Task Question 1 of this Short Answer Questions requires you to refer to the legislation relevant to marketing operations of your state/territory. For your assessor’s reference, indicate below which state/territory you are currently based or located in by ticking the box that corresponds to your answer. When answering Question 1, you must refer to the legislation relevant to marketing operations of the state/territory you ticked below. The state/territory where your workplace/organisation is based or located in. ☐ Australian Capital Territory ☐ South Australia ☐ New South Wales ☐ Tasmania ☐ Northern Territory ☐ Victoria ☐ Queensland ☐ Western Australia 5 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

Question 1 Complete the table below: a. Identify at least two legislations relevant to marketing operations. Marketing operations refer to the activities and efforts performed by an organisation to achieve their marketing objectives and plans, and to take advantage of marketing opportunities. b. For each legislation identified, outline at least three requirements which affect marketing operations. Legislation Identify the title of each legislation. Requirements which Affect Marketing Operations a. i. iii. v. b. i. iii. v. 6 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

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Question 2 Bounce Fitness is a premiere fitness centre with its head office located in Cairns. Besides offering fitness services, they also sell products such as pre-workout powders, protein powders, and glutamine tablets and powders. These are supplied by supplement manufacturers. Learn more about Bounce Fitness in the link below: Introduction http://bouncefitness.precisiongroup.com.au Access and review information about Bounce Fitness’s products and services in the link below: Bounce Fitness Products and Services http://bouncefitness.precisiongroup.com.au/category-infrastructure/current-projects/ Answer the following questions about Bounce Fitness and the requirements that affects its marketing operations. a. Specify the industry to which Bounce Fitness belongs. 7 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

b. Complete the table below: i. Identify at least two codes of practice applicable to Bounce Fitness’ marketing operations. ii. For each code of practice identified, outline at least three requirements which affect marketing operations. Relevant Codes of Practice Identify the title of each code of practice. Requirements which Affect Marketing Operations a. i. ii. iii. d. i. iii. v. 8 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

c. Complete the table below: i. Identify at least two national standards for food and workout supplements that affect Bounce Fitness’ marketing operations. ii. For each national standard identified, outline at least three requirements which affect marketing operations. National Standard Requirements which Affect Marketing Operations a. i. iii. v. b. i. iii. v. 9 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

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Question 3 Answer the following questions on calculating financial viability of marketing opportunities. a. In 50 words or more, discuss why long-term profitability of marketing opportunities is a measure of financial viability. b. Identify the formula in calculating long-term profitability. c. Discuss the three steps in calculating long-term profitability. 10 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

d. In 50 words or more, discuss why return on investment of marketing opportunities is a measure of financial viability. e. Identify the formula in calculating return on investment. f. Discuss the four steps in calculating return on investment. g. Outline at least two different costs that must be identified when calculating the viability of marketing opportunities. i. ii. 11 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

Question 4 Answer the following questions on financial and marketing data. a. Explain briefly what financial data is. b. Explain briefly what marketing data is. c. Listed below are the two types of data. Explain how each of the types of data listed can be used in evaluating marketing opportunities. How the Type of Data can be Used in Evaluating Marketing Opportunities Financial Data Marketing Data 12 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

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Question 5 Access and review the following about Bounce Fitness’s organisation structure, products and services through the links below.  Bounce Fitness Corporate Marketing Plan  Bounce Fitness Products and Services http://bouncefitness.precisiongroup.com.au/category-infrastructure/current-projects/  Hierarchical Structure – Centres http://bouncefitness.precisiongroup.com.au/people/hierarchical-structure/  General Manager Marketing http://bouncefitness.precisiongroup.com.au/people/job-descriptions/ Answer the following questions about Bounce Fitness’ organisation structure, products and services. a. Outline Bounce Fitness’ organisation structure for the following: i. Their Head Office ii. Each of their Centres. Organisation Structure for Bounce Fitness’ Head Office i. Organisation Structure for Bounce Fitness’ Centres ii. b. Identify who is responsible for marketing activities based on Bounce Fitness’ organisation structure. 13 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

c. Identify five specific skills that are required for the role of the General Manager Marketing. i. ii. iii. iv. v. d. Complete the table below. i. Identify the two highest priced products of Bounce Fitness. ii. Identify the health benefits in consuming each of these products. Product Health Benefits i. ii. 14 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

e. Complete the table below. i. Identify at least three services of Bounce Fitness. ii. Describe the conditions and validity for each service. Service Description of Service Conditions and Validity i. ii. iii. 15 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

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Question 6 Complete the table below. i. List at least three principles of marketing. ii. Explain how each principle can be followed when conducting marketing activities. Principles of Marketing Explanation of the Principle i. ii. iii. 16 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

Question 7 List and discuss the seven elements of the marketing mix. Elements in the Marketing Mix Discussion of the Elements i. ii. iii. iv. v. vi. vii. 17 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

Question 8 Complete the table below. a. List the three methods of statistical analysis. b. Explain how each of the methods is used to analyse marketing opportunities. Method of Statistical Analysis How the Method is Used to Analyse Marketing Opportunities i. ii. iii. 18 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

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Question 9 Listed below are different statistical techniques used to evaluate marketing opportunities. For each technique, answer the following questions: a. Define each technique in your own words. b. Explain how each technique can be used to evaluate marketing opportunities. Statistical Technique Definition of Each Technique How Each Technique can be Used to Evaluate Marketing Opportunities a. Cluster Analysis b. Probability Assessment 19 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

c. Linear Regression. d. Extrapolation of Trends End of Page 20 | P a g e 8 3 b d 2 b a 3 fb b f d b 5 c 9 3 8 4 0 c f d d c 8 7 b 2 9 6 7 7 9 f d d 1 d . d o c x

BSBMKG541 Knowledge Questions V3.09.23

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