BSBMKG431 Assess marketing opportunities
Assessment Task 3 – Project
Project
This assessment task requires you to identify marketing opportunities and to analyse and evaluate opportunities according to organisational marketing objectives.
This includes:
- Identifying and researching marketing opportunities
- Performing a market segmentation and identifying marketing focus based on the segmentation results
- Analyse marketing opportunities and select preferred marketing opportunities in consultation with the Marketing Manager
- Documenting and presenting selected opportunities to management.
To do so, the student will be required to complete the following activities:
- Activity 1: Identify and research marketing opportunities
- Activity 2: Perform a market segmentation and identify marketing focus using segmentation results
- Activity 3: Analyse, select and document preferred marketing opportunities in consultation with relevant personnel
- Activity 4: Present selected opportunities to management.
Workplace/simulated workplace requirements
This assessment task will be completed at your training organisation. The training organisation must meet the following requirements:
Requirements:
The simulated workplace environment consists of:
- Your training organisation as your workplace
- Standard operating/workplace procedures.
- Your trainer/assessor to provide you with assistance throughout the assessment activity.
- Workplace equipment and materials:
- Computers and internet
- Workstation
- Printer
- MS PowerPoint
- Legislation, regulations, standards and codes
- Australian Consumer Law (ACL) (https://www.accc.gov.au/accc-book/printer-friendly/29527)
- https://www.legislation.gov.au/Details/C2019C00242
- Privacy Act (https://www.legislation.gov.au/Details/C2021C00242)
- Spam Act (https://www.legislation.gov.au/Details/C2016C00614)
- Legal obligations when marketing (https://business.gov.au/marketing/business-marketing#legal-obligations-when-marketing)
The simulated workplace environment must meet the following criteria:
| Are there opportunities for students to: | Yes/No/NA |
| Follow standard operating/workplace procedures | |
| Use up-to-date software and equipment | |
| Work within stated timelines to meet deadlines | |
| Gain experience in the challenges and complexities of dealing with multiple tasks | |
| Experience prioritising competing tasks and dealing with contingencies | |
| Workplace environment to work with others in a team | |
| Safety processes relevant to the area of work | |
| Equipment, materials and business software packages specified in the simulated workplace requirements | |
| Workplace environment sufficient to work independently and manage workload |
Case study
Introduction
“Online Media Solutions” is a marketing and web development business based in Melbourne, Australia. The business started in operations in 2015 and has seen exponential growth since its establishment.
The business operates in the web service industry to offer superior and unique services to small businesses and institutions (B2B business model). Our experience and expertise in web sales and e-commerce give us the backing to provide solutions that are currently lacking in the market.
There is an all-time high demand for web development and marketing for small businesses, with signs of rising further. Interestingly, few web developers have taken advantage of this opportunity, leaving the industry with no dominant participants.
The projects’ high costs and the focus on more prominent companies and institutions could contribute to why this market remains untapped. We will have a system that will reduce the project costs dramatically, allowing us to offer quality services at reduced costs.
Organisational information
| Company details:
Company name: Online Media Solutions, Pty. Ltd Company address: 2/10 Lawn court, Craigieburn, 3064, VIC Mission
Our vision To provide best-in-class web design and development services in a simple, effective, and cost-effective manner to the target audience. Objectives The objectives of Online Media Solutions are as follow:
Keys to Success
Services We currently offer the following services to our clients:
Values
Strategic directions The strategic direction of ONLINE MEDIA SOLUTIONS is to achieve its mission and vision is through: ● Increasing operational efficiency ● Engaging with customers through quality research and understanding supported by marketing techniques. ● Establishing a reputation for exceptional customer service and end to end solutions ● Supporting people to perform via training and performance management ● Controlling costs through operational efficiency Organisational structure and expertise The foundation team has 30 team members. The business has three (3) departments:
The finance and human resource work are outsourced. All three (3) departments are managed by Managers who are experienced and experts in commercial web development and business-to-business sales. Further, the team members have years of experience working for MNCs. All the departmental managers’ report to the Operations. Business model “Online Media Solutions” is a full-service web solutions provider for businesses. The company offers services through the mode of its B2B engagements. B2B services: “Online Media Solutions” service portfolio includes Web Design, Graphics design, Website development, Domain and web hosting, 2d & 3d animation, Blog development, Search engine optimisation and E-commerce. The project cost will be estimated by the appropriate number of hours needed to complete the project. The sales team will aggressively track prospective clients and sell the services provided for businesses. Operational model and strategies B2B engagements Lead generation – Lead generation refers to creating and generating prospective consumer interest or inquiry into a business’s products or services. This will be done by building a database of prospective customers using social networks, business listings, internet search etc. Sales pitch – A sales pitch is a line of talk that attempts to persuade someone or something with a planned sales presentation strategy of a product or service designed to initiate and close a product and service sale. Sales professionals prepare and give a sales pitch using the following methods:
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Organisational internal analysis
| Organisational internal analysis
The growth of the web and graphics design industry is huge. Over the last five years, it has grown almost by 30%. The web has become a tool for communicating, interaction and the growth of businesses. Existing situation ‘Online Media Solutions’ has successfully established itself in the web development and marketing industry with signs of rising further. ‘Online Media Solutions’ implemented a system for cost reduction that reduced the project costs dramatically and helped us offer quality services at reduced costs. We targeted the small businesses, assessed their needs and provided them with quality services at reduced costs. Existing customers The company focuses on small businesses and institutions that are looking to develop or upgrade their web presence. Our service brings onboard any small business that needs an internet presence, but we concentrate more on those that need more details about their operations online. Such companies most likely go for all or some of the following services: • A shopping cart or e-commerce. • Dynamic features and content. • Aggressive marketing of products online. Market opportunity Opportunity ‘Online Media Solutions’ has successfully ventured into B2B engagements. Based on the analysis conducted, the organisation sees exponential growth in developing B2C products and selling them to customers. These products include:
Solution Online Media Solutions will focus on developing the B2C products (specified in the opportunity section) and selling them to the end-users using its website. The organisation will focus on reducing operational costs and provide the products to the clients at prices cheaper than the market. SWOT analysis Strengths
Weaknesses
Opportunity
Threats
Competitor analysis ‘Online Media Solutions’ has an advantage over its competitors as there are not many competitors in the market that provide the products at such a reasonable cost. Further, the organisation has a very good reputation in the market and well-established links that will help them venture into the B2C segment and successfully conduct its operations. Target market segment strategy We will focus our marketing efforts on attracting end-users and small businesses. We reached this decision after careful market analysis and identifying the needs of this market segment. Marketing objectives • To generate 60-70% revenue from small businesses and institutions • To increase brand awareness in the market • To generate 20-30% revenue from the new market segment (B2C engagements) Pricing Strategy Online Media Solutions will establish a pricing system to guide our clients on the nature of the services and the corresponding prices. Since we will be dealing with a market segment that tries to reduce costs, we will charge our services on an hourly basis. It will make the clients understand the services that will most likely cost them more. Expected costs, profits and sales from B2B engagements As the organisational pricing strategy, Online Media Solutions will charge for its products and services on an hourly basis. Following are the expected costs associated with the production and delivery of its products and services: • Expected sales/revenue: o $400,000 by the end of the first year. o $600,000 million in next year. • Expected expenses for its products and services: o Labour cost: 20% of the revenue o Indirect costs: 25% of the revenue |
Financial predictions for the next years:
- Expected sales for the B2B engagements will increase by 20% in the next year, i.e., 2021 and 25% in the following year, i.e., 2022.
- Expected expenses for the B2B engagements will increase by 20% in the next year, i.e., 2021 and 25% in the following year, i.e., 2022.
- Expected sales and expenses from B2C engagements:
- Sales: Year 2021
- $400,000
- Expenses: Year 2021
- Labour cost: 20% of the revenue
- Indirect costs: 25% of the revenue
- Sales: Year 2022
- $600,000
- Expenses: Year 2022
- Labour cost: 20% of the revenue
- Indirect costs: 25% of the revenue
- All the expenses for B2C engagements given in the startup budget will be incurred in 2021.
- Sales: Year 2021
Organisational and task requirements
The organisation wants to venture into the new market i.e., B2C engagement. The organisation wants to identify marketing opportunities and to analyse and evaluate opportunities according to organisational marketing objectives before venturing into the new market segment.
| Venturing into a new market
“Online Media Solutions” is a full-service web solutions provider for businesses. The company offers services through the mode of its B2B engagements. “Online Media Solutions” further want to venture into B2C engagement by selling its products. The products that the business will develop and sell to the end-users include:
B2C Products “Online Media Solutions” product portfolio includes Web Templates, CMS Templates, Graphics Templates, Brochures, Flyers, Business cards and Animated logo templates. The prices are typically listed on the online shop where customers can either take monthly subscription or pay per download as per need. The business will have a database that will act as the repository for all the products. Start-up budget (B2B engagements)
Operational model and strategies The business will focus on B2C engagements along with the existing B2B engagements. B2C engagements The B2C engagement is primarily done through a dedicated online shop where customers can browse through the repository, select designs or templates or download. The steps in the process are as follow: Key strategic metrics
Strategic initiatives
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Your roles and responsibilities:
You are working as a Marketing coordinator in Online Media Solutions. As part of your job role, you are required to identify marketing opportunities and to analyse and evaluate opportunities according to organisational marketing objectives. This includes:
- Determine the target market in accordance with the work requirements and in agreement with the necessary personnel.
- Create marketing objectives, organisational structure, and business and marketing plans based on task and organisational needs.
- Examine current marketing clients as well as the external environment for gaps and opportunities.
- Investigate and document marketing opportunities based on the target market.
- Segment the market based on the task needs.
- Determine important marketing parameters for market segmentation analysis based on task needs.
- Examine market segments concerning selected marketing factors.
- Identify opportunities for marketing efforts to be concentrated.
- Examine opportunities in relation to marketing objectives.
- In consultation with relevant employees, choose suitable marketing options.
- Document opportunities for presentation to management.
Project
This assessment task requires you to identify three (3) different marketing opportunities according to task requirements and to analyse and evaluate opportunities according to organisational marketing objectives.
This includes:
- Identifying and researching marketing opportunities
- Performing a market segmentation and identifying marketing focus based on the segmentation results
- Analyse marketing opportunities and select preferred marketing opportunities in consultation with the Marketing Manager
- Documenting and presenting selected opportunities to management.
To do so, the student will be required to complete the following activities:
- Activity 1: Identify and research marketing opportunities
- Activity 2: Perform a market segmentation and identify marketing focus using segmentation results
- Activity 3: Analyse, select and document preferred marketing opportunities in consultation with relevant personnel
- Activity 4: Present selected opportunities to management.
Stakeholders: Roles and responsibilities given in individual activities.
Note:
- The trainer/assessor will take on the role of Marketing Manager or assign a staff member in the role of Marketing Manager.
- Each student will be assessed individually for all assessment activities.
Timeframe to complete the project:
Two weeks (You have two weeks to complete the project)
Task requirements
- You will be assessed on your technical knowledge and skills to complete this project.
- You will be assessed on working in a team environment and meeting your job role and responsibilities.
- You must follow the instructions provided by the trainer/assessor.
- The task must be completed in the specified timeframe.
Your trainer/assessor will supervise and observe you completing the above activities.
Activity 1: Identify and research marketing opportunities
This activity requires you to identify and research three (3) different marketing opportunities to venture into the new segment market based on the task and organisational requirements.
To do so, you are required to:
- Follow the steps given below.
- Complete the templates associated with each step.
- Submit the completed templates to the trainer/assessor.
Step 1: Determine the target market in accordance with the work requirements and in agreement with the necessary personnel.
- Analyse the information given in the case study and determine the target market according to the task requirement (venture into the new segment market, i.e., B2C engagement).
- Consult the Marketing Manager and agree on the target segment market.
- Document the following using Template 1.
- Target market.
- Reason for selection of target market.
Step 2: Establish marketing and business plan according to the task and organisational requirements and following the guidelines provided.
Guidelines for the preparation of marketing plan
- The marketing plan must be prepared using Template 2.
- Word-limit to complete the performance development program is 600-800 words.
- To develop the marketing plan, you must:
- Establish marketing objectives based on the task and organisational requirements.
- Establish an organisational structure for marketing based on the task and organisational requirements.
- Conduct SWOT analysis to review existing marketing clients and external environment and identify gaps and opportunities.
- Develop a marketing strategy to enter into the new segment market, i.e., B2C engagements.
- Conduct competitor analysis.
- Research and document marketing opportunities according to the target market.
- The Marketing plan must include the following:
- Mission statement.
- Vision statement
- Marketing objectives
- The organisational structure for marketing
- Target market
- Three (3) gaps and opportunities based on the outcomes of SWOT analysis.
- Competitor analysis
- Marketing strategy
- Three (3) marketing opportunities based on the research conducted and target market.
Guidelines for the preparation of the business plan
- The marketing plan must be prepared using Template 3.
- Word-limit to complete the performance development program is 600-800 words.
- To develop the business plan, you must:
- Establish business objectives based on the analysis of the information given in the case study.
- Establish an organisational structure for considering different operations of the business.
- Determine the products and services offered.
- Determine the strategic directions of the organisation.
- Conduct market analysis.
- Determine target market segment strategy
- Conduct competitor analysis and determine the competitive advantage.
- Determine and document the financial startup requirements.
- The Business plan must include the following:
- Mission
- Vision
- Business objectives
- Key to success
- Strategic objectives
- Organisational structure
- Products and services offered
- Target market
- Market analysis
- Competitor analysis and competitive advantage
- Financial startup requirements.
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