ASSESSMENT TASK 1: Written Questions Task summary: You are required to answer all questions in this assessment. What do I need in order to complete this assessment? · Access to textbooks and other...

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ASSESSMENT TASK 1: Written Questions Task summary: You are required to answer all questions in this assessment. What do I need in order to complete this assessment? · Access to textbooks and other learning materials · Access to a computer with Microsoft Office and the Internet When do I do this task? This task may be done in your own time as homework or you may be given time to do this task in class (if applicable). Your assessor will advise. what do I need to submit? · Complete answers to all questions what do I need to do if I get something wrong? If your assessor sees that you have not completed all parts of the task completely and satisfactorily, the details of resubmission will be discussed with you when you are advised of the outcome of this task. You will only need to redo the parts of the task that are incorrect; however, you will need to resubmit the entire assessment again. ASSESSMENT INSTRUCTION Provide answers to all of the questions below: 1. Explain the purpose of conducting a market analysis and outline five factors that might be investigated as part of a market analysis. 2. Explain the use of time series forecasting in relation to market analysis and give an example to illustrate your answer. 3. Describe the concept of linear regression as a forecasting technique in relation to market analysis. 4. Describe segmentation criteria that may be used in a consumer profile. 5. List three ways to test whether your product/service features are aligned with the market you are targeting. 6. Explain the importance of understanding your target audience when developing a marketing communication strategy. 7. Discuss the differences between advertising, promotions and publicity. 8. List five commonly used digital marketing channels. 9. Describe one strategy for comparing costs and benefits of a range of digital marketing channel options. 10. Provide three examples of innate needs and three examples of acquired needs of consumers that can be addressed through marketing objectives. Innate needs Acquired needs 11. List three ways to set marketing objectives so that it will influence consumer decision-making through appealing to the motives of the consumer. 12. Outline the buying process of the consumer in a business-to-consumer (B2C) buying situation. 13. Explain the different roles within a B2B buying centre 14. List two key features of a marketing policy and procedures. What do I need to hand in for this task? Have I completed this? Answer to all questions Assessment 1 BSBMKG435 Student Assessment Guide V1.0 April 2021 ASSESSMENT TASK 2: PORTFOLIO OF ACTIVITIES Task Summary: In this assessment, you are required to complete a number of activities and develop a project portfolio. What do I need in order to complete this assessment? · Learning resources and other information for reference · Project Portfolio template · Case Study Simulation Pack · Tourism Trends spreadsheet When do I do this task? This task may be done in your own time as homework or you may be given time to do this task in class (if applicable). What do I need to submit? Part A · A Completed Project Porfolio · Two (2) interview records (script/note/summary), one for each consumer type (As attachment of Section 1) · A trend and past performance analysis report (As attachment of Section 1) · Snapshot of customers response to past marketing activities Part B · Presentation notes or slides what do I need to do if I get something wrong? If your assessor sees that you have not completed all parts of the task completely and satisfactorily, the details of resubmission will be discussed with you when you are advised of the outcome of this task. You will only need to redo the parts of the task that are incorrect; however, you will need to resubmit the entire assessment again. Assessment Instructions: Read the following scenario and complete activities in Part A and B: SCENARIO This project requires you to analyse the behaviour of two different consumer types in order to understand the factors that impact on decisions to purchase a product or service. As part of the assessment you, you will: 1. evaluate the drivers of consumer behaviour 1. evaluate the reasons for existing levels of consumer interest 1. recommend a marketing focus. To complete this assessment, you will conduct a thorough analysis of consumer attitudes and behaviour and recommend a marketing focus to increase the consumption of the product or service being marketed. You will find the information you need to complete the assessment, in the Simulation Pack. You will need access to the relevant legislation (this may be legislation relevant to a retail, government or business consumer type, etc.), regulations, workplace documentation and resources relevant to consumer behaviour analysis. You will also need time-series data (containing at least 3 consecutive data time points) to analyse trends and past performance as well as access to the software and technology used by your chosen business, to analyse consumer data (can be found from Tourism Trend Spreadsheet) In addition to this, you will need to analyse consumer responses to previous marketing communications, so you should ensure that you have enough data available. Take a look at the requirements in your Project Portfolio for more information. If you are using a real business, it is important that you are able to access enough information for your chosen business in order to be able to do your assessment. This should include the marketing plan with objectives and market profiles for at least two different types of consumers. You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below. Part A: Project Portfolio Section 1: 0. Gather information on the market Collect information about the market for a product /service according to the marketing plan of the business which you base your assessment on (from the case study or the business that you chose) Complete Section 1 (page 5,6,7,8) of your Project Portfolio by doing the following: •Use the business’ marketing plan to identify the market for the product/service you are basing the project on. •Identify the market segments according to the marketing plan •Identify two different types of consumers that are likely to purchase this product or service. •For each consumer type, identify and outline othe size of the market othe relevant marketing objectives • The consumer attributes, using market profile information and any sources of existing customer data available to you (this may be demographics, psychographics, buying behaviour, etc.). 0. Compare the current product/service offering to the marketing plan Compare the current product/service offering to the marketing plan with two prospective customers (one from each consumer type) using focus group interview method. During the interview you need to ask them about their experience with the product/service (for example, whether they would rate the accommodation as 5-star, whether staff at the hotel speak Mandarin, etc.). Use the product features outlined in the marketing plan to guide your questioning. Your assessor and any two fellow students may play the role of the different consumer type in each case. Each interview should last for 15 minutes. During the interview, ensure that you: · gather information demonstrating active listening and questioning. · comply with the implicit and explicit procedures and processes of your chosen business · keep the customs and practices of the business in mind · acting according to the policies and procedures of the business · adhering to the ethical, legal and regulatory responsibilities involved in consumer research (this may involve confidentiality, informing respondents if they are being filmed, etc.). Complete Section 1 (page 8,9,10) of your Project Portfolio and attach evidence of the intervew and record your results. 3. Analyse trends and past performance and write a report You are now required to use existing customer data to investigate consumer need for the product or service by analyse trends and past performance for each consumer type using data available. You may use the Excel spreadsheet provided in the Simulation Pack. Write a 1–2-page report using Microsoft Word containing the following information: · A brief introduction containing a description of your two consumer types · one graph for each consumer type, depicting a change in consumer need for the product over time. This may be a year-on-year change in the number of consumers or a year-on-year change in spend. Complete the rest of Section 1 and attach your report to Section 1 of your Project Portfolio Section 2: 1. Evaluate reasons for existing levels of consumer interest You are now required to evaluate the reasons for existing levels of interest in the product/service of your chosen business. You may use the information from Simulation Pack. Complete Section 2 page 11of your Project Portfolio. To do this, you need to: · Analyse consumer responses to previous marketing communications · Review relevant data and determine consumer digital footprints, engagement journeys and expectations Attach evidence (screenshots, reports, links to your information sources, etc.) of consumer responses to past marketing or at the end of this Section. 2. Assess organisational capability You will assess the organisational capability of your chosen business. For the purpose of completing this activity, assume that consumer need for the product will increase with time. You may base your capability assessment on the information you reviewed or received during previous activities and your own reasonable assumptions. Complete the Organisational Capability Assessment Template in Section 2 of your Project Portfolio to assess the capability of the business to meet the needs of consumers, by assessing the following elements: · the staff and their knowledge, skills and experience · the business processes and practices · the facilities, equipment and technology Section 3: Recommend a marketing focus You are now required to do research in order to recommend a marketing focus. Complete Section 3 of your Project Portfolio. To do this, you need to research: •the different factors that influence consumer behaviour •the role of the consumer in the digital marketing environment Use Section 3 of your Project Portfolio to record your recommendations for a marketing focus by considering how influences can be used in your marketing strategies (for each consumer) so that consumption of the product or service being marketed is increased. Justify your answer by referring to any information collected about the consumer during previous activities. Part B: Presentation Meet with the marketing manager to present your
Answered Same DayMar 11, 2022

Answer To: ASSESSMENT TASK 1: Written Questions Task summary: You are required to answer all questions in this...

Bidusha answered on Mar 12 2022
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ASSESSMENT TASK 1: Written Questions
Task summary:
You are required to answer all questions in this assessment.
What do I need in order to complete this assessment?
· Access to textbooks and other learning materials
· Access to a computer with Microsoft Office and the Internet
When do I do this task?
This task may be done in your own time as homework or you may be given time to do this task in class (if applicable). Your assessor will advise.
what do I need to submit?
· Complete answers to all questions
what do I need to do if I get something wrong?
If y
our assessor sees that you have not completed all parts of the task completely and satisfactorily, the details of resubmission will be discussed with you when you are advised of the outcome of this task. You will only need to redo the parts of the task that are incorrect; however, you will need to resubmit the entire assessment again.
ASSESSMENT INSTRUCTION
Provide answers to all of the questions below:
1. Explain the purpose of conducting a market analysis and outline five factors that might be investigated as part of a market analysis.
    The goal of market analysis is to learn about a certain market segment, firm, or industry's behaviour and features. The findings of a market study are beneficial to a company's decision-making. This would assist them in determining whether their items are appropriate for a certain market. Furthermore, it enables them to create items that will undoubtedly be approved by their target market. The five (5) factors that can be studied in a market study are listed below.
1. The target market's interest.
First and foremost, a corporation must prove that its target market is interested in the goods and services being supplied. Otherwise, the marketing effort would be ineffective, and products and services would be unavailable.
2. Market Segments.
To do an effective market study, be extremely clear about the sort of market you are looking into. If this is not established, respondents will give a wide range of replies and attributes. As a result, the outcome will be ambiguous and may not assist the organisation in strengthening their marketing strategy.
3. Opponents.
Apart from researching the behaviour of the target market, the corporation must also evaluate how their target market reacts to their rivals' marketing activities. This will assist the organisation in obtaining the desired reaction.
4. Aim for a specific outcome when conducting market research.
Before beginning the market study, the goal must be defined so that the technique and other questions are directed toward the desired outcome..
5. Who will do the market analysis.
If necessary, get assistance from market analysts. This task is costly, and it may become more costly if mistakes are made. As a result, it is critical to seek assistance as necessary.
2. Explain the use of time series forecasting in relation to market analysis and give an example to illustrate your answer.
    A time series is a collection of time-based data points collected at regular (and/or irregular) intervals across time of a phenomena that changes over time and is organised chronologically. One of the quantitative methods for anticipating data is the use of time series. Forecasting time series data is to anticipate how a collection of findings will hold up over time. Seasonal, trend, cyclical, and random variations are the four types of time series forecasting methods. Because of its low cost, time series analysis is a popular market analysis method. Time series analysis is used to find a valid model for forecasting business variables such as stock market price, revenue, and turnover, to name a few. It allows managers to discover and evaluate market trends in real time by studying data patterns. Daily stock market prices, Adidas quarterly sales statistics, consumer goods manufacturing rate, and Coca-yearly Cola's profit are all examples of data.
3. Describe the concept of linear regression as a forecasting technique in relation to market analysis.
    There are two primary kinds of forecasting methodologies that are often used to evaluate the market among the many distinct forecasting approaches: causal and time-series methods. Linear regression, which is part of the time-series approach, is a statistical methodology for forecasting future values using historical data. It is a popular quantitative approach for determining the general market trend and overstretched pricing. Linear forecasting models can help both sorts of forecasting methodologies. When there is no time component, a linear regression technique with many explanatory variables may be used in the causal method. For example, a company may need to forecast the purchase behaviours of a certain market segment under various circumstances. Multiple regression, multivariate regression, ordinary least squares (OLS), and simple regression are all terms used to describe linear regression. The association between predictor variable(s) and one outcome variable (the one to be predicted) is measured in a basic linear regression. For example, sales are the outcome variable for a marketing firm, and social media advertisements are the predictor variable; charts are produced to provide measurable data, and this is how management uses linear regression to better understand the market.
4. Describe segmentation criteria that may be used in a consumer profile.
     Geographic Market Segmentation
Geographic factors make up the initial set of market segmentation criteria. Geographic market segmentation separates a market into geographical units such as countries, states, regions, cities, and even neighbourhoods.
Demographic Market...
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