Assessment Task 1

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Western Sydney University *

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Marketing

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Nov 24, 2024

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Assessment Task 1 - Short Answer Questions Preliminary Task Question 2 of this Short Answer Questions requires you to refer to state/territory-specific legislation affecting 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 Questions 2 you must refer to applicable legislation 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 Preliminary Task Question 2 of this Short Answer Questions require you to refer to industry codes of practice relevant to marketing. For your assessor’s reference, identify the information required in the spaces below. When answering Question 2, you must refer to the information you provided below. Workplace/organisation name: Bounce Fitness Industry: Fitness Industry Question 1 Complete the table below about cost-benefit analysis techniques. a. Identify at least four cost-benefit analysis techniques. b. In 50 words or more, explain how each identified cost-benefit analysis technique can be applied in the assessment of marketing opportunities.
Cost-benefit Analysis Techniques Application in the Assessment of Marketing Opportunities i. Net present value model This analysis compares the present value of the benefits with the present value of the costs, allowing to analyze if the project is viable or not. ii. Benefit-cost ratio It is the ratio of the sum of benefits and costs associated with a project, where the value determines whether it is advantageous or not. iii. Cost-benefit matrix A cost-benefit matrix is built where each quadrant seeks to identify the elements of a project. iv. Cut-off period Calculation of how much time the company spends to recover the investment made in the project, allowing to determine if it is advantageous or not
Question 2 Complete the tables below about legislation, codes of practice and national standards relevant to marketing operations. Additional instructions are provided below. A. Legislation a. Identify at least two federal or state/territory legislation relating to marketing operations. b. For each legislation, discuss at least one provision that can affect marketing operations of your organisation/workplace. Legislation Provision Relevant to Marketing Operations i. Privacy Act This legislation is relevant to marketing as it determines how personal data will be collected and used and stored by the company. ii. Anti-discrimination act This law seeks to protect people's rights and promote equality, determining which elements may or may not be contained in advertisements to ensure that there is no discrimination.
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B. Codes of practice a. Identify at least two industry codes of practice relevant to marketing. b. For each code of practice, discuss at least one requirement that can affect marketing operations of your organisation/workplace. Code of Practice Requirement Relevant to Marketing Operations i. ICC Advertising and Marketing Communications Code A set of practices and standards that presents how marketing should be developed. ii. ADMA Directa marketing code of practice Presents standards and practices to promote direct marketing and ensure compliance with ethical and legal requirements C. National Standards a. Identify at least two national standards relevant to marketing operations. b. For each national standard, discuss at least one provision that can affect marketing operations of your organisation/workplace. National Standard Provision Relevant to Marketing Operations i. ACCC The national standard developed to ensure fair trading in Australia ii. AANA This system ensure appropriated advertising and marketing communications
Question 3 Assume you are the new General Manager, Marketing of Bounce Fitness. You are required to check the marketing responsibilities of different work roles in Bounce Fitness. Access its organisation structure and job descriptions for work roles available at: https://bouncefitness.precisiongroup.com.au/people/ Outline the key marketing responsibilities for each position listed below. Position in the Organisation Structure Key Marketing Responsibilities i. General Manager, Marketing Plan and carry out direct marketing and sales activities Carry out market research, prospect customer database, develop customers throught the sales funnel ii. Centre Manager Liaise with General Manager Marketing over the best approaches to marketing, establishing KPIs to monitor success
Question 4 Access the marketing policies and procedures of Bounce Fitness available at: https://bouncefitness.precisiongroup.com.au/policies-and-procedures/marketing-policy- procedures/ In 50 words or more, explain how each marketing policy and set of procedures listed below can impact the marketing direction of Bounce Fitness. Marketing Policy/Procedures Impact on Marketing Direction i. Marketing Accuracy Policy This policy was created with the aim of ensuring that the company maintains and provides updated and accurate information to its stakeholders, including customers and the general public. It is up to the company to ensure that the information is clear and properly communicated. ii. Marketing Accuracy Procedures Bounce Fitness' marketing accuracy procedures include providing up-to-date and accurate information to its customers, suppliers and the public, ensuring that the information is from a reliable source, authoritative and current. iii. Ethical Marketing Policy The ethical marketing policy defines how to communicate with customers, ensuring that information is current, allowing customers to be properly prospected, taking into account their needs and interests and avoiding misleading information iv. Ethical Marketing Procedures Bounce fitness's ethical marketing procedures seek to develop the activity in an ethical manner, ensuring integrity, developing the trust of the target audience and avoiding misleading information. In this way, the company is able to carry out the marketing activity responsibly and in compliance with laws.
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Question 5 Access the business strategy and Bounce business plan documents available at: https://bouncefitness.precisiongroup.com.au/category-infrastructure/business-strategy-and- planning-documents/ In 50 words or more, explain how the business strategy and Bounce business plan can impact the marketing direction of Bounce Fitness. Overall Strategic Plan Document Impact on Marketing Direction i. Business strategy Bounce's strategy determines the direction of the business for the next year, determining which operational focuses and where the company seeks to grow. In this way, it determines the direction of marketing plans to achieve business objectives. ii. Bounce Business Plan Bounce Fitness' business plan allows for a clearer overview of the company, its positioning in the market, its products and services and its target audience. With this information it is possible to determine a marketing mix aligned with organizational objectives to obtain better results.
Question 6 Complete the tables below about principles and concepts of marketing. Additional instructions are provided below. A. Principles of Marketing a. List the four principles or 4Ps of marketing. b. In 50 words or more, explain how each principle is relevant while developing a marketing strategy. Principle of Marketing Relevance for Marketing Strategy i. Place The place where the product will be marketed is essential for the strategy, which must be directed to that place. For example, the same product being sold online and in a store has different strategies. ii. Product The key to marketing is the product or service being marketed. The strategy should focus on which product is being sold, what its differentials are and why the customer should buy it instead of a competing product iii. Promotion The strategy must also consider how communication with customers will be carried out, determining the channels that will be used, key messages and other elements that will ensure that customers are reached. iv. Price Price is also a determining factor, since the company's pricing strategy must be aligned with its objectives, target market, demographics of its target audience and also with what is offered by its consumers. There are several pricing strategies that can be applied.
B. Concepts of Marketing a. List at least four concepts of marketing. b. In 50 words or more, explain how each concept is relevant while developing a marketing strategy. Concept of Marketing Relevance for Marketing Strategy i. Product concept The focus of this concept is to develop cheaper products to attract customers who are not willing to spend a lot on these products/services. Therefore, the greater the production, the better prices the company is able to obtain from its suppliers and the greater the audiences reached. ii. Selling concept This concept is not focused on the product or processes, but on the way the company sells its product and manages to generate value for the customer, satisfying their needs. So the focus is always on sales. iii. societal marketing concept Societal marketing is focused on the well- being and welfare of society, focusing not on individual needs but on benefits for society as a whole, promoting social and environmental responsibility. iv. Production concept The organization's focus is on production processes, allowing to reduce costs, reduce waste, increase the company's production capacity and deliver more products to the target audience. In this type of concept, the focus is on the quantity of products made.
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Question 7 Complete the table below about evaluation methodologies. a. Identify at least two evaluation methodologies. b. In 50 words or more, explain how each evaluation methodology can be used for assessment of marketing opportunities. Evaluation Methodologies Application for Assessment of Marketing Opportunities i. Goal-based SMART goals are defined in advance and this evaluation methodology consists of analyzing whether the goals are being achieved or not. ii.Process-based Widely used in marketing, it allows you to analyze the processes that are happening and what their strengths and weaknesses are, allowing you to critically analyze the activity
Question 8 Complete the table below about situational analysis. a. Outline the five steps for conducting situational analysis to identify factors impacting marketing direction and marketing performance of an organisation. b. Briefly explain how each step must be executed. Steps for Conducting Situational Analysis Explanation i.Identify gols and objectives for the analysis The first step is to define what will be analysed and the methods used ii. Conduct a SWOT and PEST analysis To understand the company's strengths and its challenges and factors that impact its success, allowing a better understanding of the market iii. Analyse the competitor s In this way, the company can identify which products and services are currently offered, the pricing strategies and can better position itself in the market. iv.Analyse target audience In this way, the company is able to identify which products and services customers are interested in, what their demographic and consumer behavior characteristics are, in addition to identifying their needs to offer the best product. v. Analyse the data and summarize findings to fill existing gaps Finally, it is important to analyze all the data collected, identifying the situational status of the company and allowing the establishment of viable strategies that guarantee its success.
Question 9 In 50 words or more, describe each component of the strengths, weaknesses, opportunities and threats (SWOT) analysis framework in the context of developing an organisational marketing strategy. a. Strengths They are all the positive points of the company's strategy and structure, which bring competitive advantage and differentiation against its competitors, such as high quality products, low operating costs, low staff turnover, among others b. Weaknesses They are all the negative points of the company's strategy and structure, which bring negative impacts on operations and competitive disadvantage in front of its competitors, which can harm the company's success. For example, products of inferior quality to competitors, high operating cost, high staff turnover rate, lack of consumer confidence, among others c. Opportunities Opportunities are changes and trends in the foreign market that can bring positive results to the company, if implemented. Among the possible opportunities are the advancement of technology, increased use of a particular product, greater concern for the environment that results in consumption of eco-friendly products, among others d. Threats Unlike opportunities, threats are all changes and trends in the foreign market that can bring negative results to the company's activities and operations, if they happen and the company has not prepared itself. Among the possible threats are the advancement of technology, the lack of investment in the industry, changes in legislation and policies, changes in consumer behavior and an increase in the number of competitors.
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Question 10 Complete the table below about risk management strategies. a. Identify at least four common types of risk management strategies. b. In 50 words or more, explain how each identified risk management strategy can be applied to mitigate risks arising from marketing for the organisation/workplace. Risk Management Strategy Application of Risk Management Strategy i.Risk acceptance When the impacts of the risk and its probability are not great and the costs to mitigate it are greater than the impacts of this risk, not justifying developing actions to mitigate it ii. Risk avoidance When possible, avoid the risk, through changes in processes, changes in equipment, use of PPEs, among other actions that reduce the likelihood of this risk. iii.Risk transference When it is not possible to eliminate the risk, transferring the responsibility to another company. For example, contracting fire insurance for the company, in this way, if the risk happens, the other company is responsible for bearing the costs. iv.Risk mitigation The most common risk management strategy consists of mitigating impacts and reducing the likelihood that risks will occur by defining action plans to do so. These plans must be carried out considering the company's priorities and must be followed so that risks are reduced.
Question 11 Complete the table below about strategic, operational and tactical analysis. a. Identify at least two techniques for each type of analysis. b. In 50 words or more, explain, how each identified technique can be applied to analyse marketing opportunities for an organisation. A. Strategic Analysis Techniques Application in Analysis of Marketing Opportunities i. SWOT This analysis is extremely important for marketing because it allows identifying and analyzing the company's strengths and weaknesses, as well as identifying opportunities and threats to its activities in the future. ii. PEST This analysis is essential to develop knowledge of the foreign market in which you want to compete. Through it, it is possible to understand political, economic, social and technological factors that influence the company's activity. B. Operational Analysis Techniques Application in Analysis of Marketing Opportunities i. Earned value analysis The Earned Value Analysis (EVA) allows the analysis of the project's performance, identifying which activities and performed works reached the planned in terms of costs and schedules. ii. Variance analysis The variance analysis allows you to calculate the variance between the planned for the project and the actual values, whether in terms of budget, goals, profit or schedule
C. Tactical Analysis Techniques Application in Analysis of Marketing Opportunities i.BPM Strategy that seeks to model the company's processes in order to guarantee quality standards and continuous improvements, allowing the analysis, remodeling and implementation of new processes according to the analyzes carried out. ii.MOST This technique aims to analyze the entire company, its strategy and processes taking into account its mission, objectives, strategies and tactics, in order to maintain continuous improvements and plan for the long term. References □ https://bouncefitness.precisiongroup.com.au/ □ https://www.invitereferrals.com/blog/marketing-concepts/ https://loumain.com.au/blog/common-cost-benefit-methods-explored □ https://www.researchgate.net/figure/Main-categories-of-cost-and-benefit- according-to- stakeholder_tbl3_233846025 □ https://www.investopedia.com/terms/c/cost- benefitanalysis.asp#:~:text=Cost%2Dbenefit %20analysis%20(CBA)%20is %20a%20systematic%20method%20for,otherwise%2C%20it%20should %20probably%20not. □ https://www.wallstreetmojo.com/cost-benefit-analysis/ □ https://www.investopedia.com/terms/f/four-ps.asp □ https://www.cimaglobal.com/Documents/ImportedDocuments/cid_tg_strate gic_analysis_tools_nov07.pdf.pdf
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Learner’s Comments The signature confirms that I have submitted all my own work, and agree with the assessment decision and feedback. Learner’s signature Date signed I confirm that the activities and assessment completed for this unit are my own work, and comply with all relevant copyright and plagiarism rules. I understand that if there is any doubt in the authenticity of any piece of my assessment submission, I can be orally examined, and the signatory of evidence records may be contacted. Learner’s name Learner’s signature Date Assessor’s name Assessor’s signature Date
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