Business Plan Template BSBMKG608 Develop organisational marketing objctives Student Assessment What is the purpose of this document? The Student Pack is the document you, the student, needs to...

Business Plan Template
BSBMKG608
Develop organisational marketing objctives
Student Assessment
What is the purpose of this document?
The Student Pack is the document you, the student, needs to complete to demonstrate competency. This document includes the context and conditions of your assessment, the tasks to be completed by you and an outline of the evidence to be gathered.
The information includes the following:
· Information related to the unit of competency
· Guidelines and instructions to complete each task and activity
· A student evaluation form
Student Evaluation Form
These documents are designed after conducting thorough industry consultation. Students are encouraged to evaluate this document and provide constructive feedback to their training organisation if they feel that this document can be improved.
Link to other unit documents
· The Student Pack is a document for students to complete to demonstrate their competency. This document includes context and conditions of assessment, tasks to be administered to the student, and an outline of the evidence to be gathered from the student.
· The Unit Mapping is a document that contains information and comprehensive mapping with the training package requirements.
· The Unit Requirements is a document that contains information related to the unit of competency for the Training Organisation staff and students.
Document Usage
CAQA Resources
https://caqaresources.com.au/
Student Pack © 2019 CAQA Resources, CAQA and RTO Training Resources
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1. Student and trainer details
    Student details
    Full name:
    
    Student ID:
    
    Contact number:
    
    Email address:
    
    Trainer details
    Full name:
    
2. Qualification and unit of competency
    Qualification/Course/Program Details
    Code:
    
    Name:
    
    Unit of competency
    Code:
    BSBMKG608 
    Name:
    Develop organisational marketing objectives
    Releases:
    1.0
    Release date:
    25/March/2015
3. Assessment Submission Method
    ☐ By hand to trainer/assessor ☐ By email to trainer/assessor
☐ Online submission via Learning Management System (LMS)
☐ Any other method _________________________________________________
(Please describe here)
4. Student declaration
    · I have read and understood the information in the Unit Requirements prior to commencing this Student Pack
· I certify that the work submitted for this assessment pack is my own. I have clearly referenced any sources used in my submission. I understand that a false declaration is a form of malpractice;
· I have kept a copy of this Student Pack and all relevant notes, attachments, and reference material that I used in the production of this Student Pack;
· For the purposes of assessment, I give the trainer/assessor permission to:
· Reproduce this assessment and provide a copy to another member of staff; and
· Take steps to authenticate the assessment, including communicating a copy of this assessment to a plagiarism checking service (which may retain a copy of the assessment on its database for future plagiarism checking).
Student signature: ________________________________

Date: ____/_____/______________
5. Assessment Plan
    The student must be assessed as satisfactory in each of the following assessment methods in order to demonstrate competence in a variety of ways.
    Evidence number/ Task number
    Assessment method/ Type of evidence/ Task name
    Sufficient evidence recorded/Outcome
    Assessment task 1
    Knowledge Test
    S / NS (First Attempt)
S / NS (Second Attempt)
    Assessment task 2
    Project
    S / NS (First Attempt)
S / NS (Second Attempt)
    Assessment task 3
    Skills Test
    S / NS (First Attempt)
S / NS (Second Attempt)
    Assessment task 4
    Project
    S / NS (First Attempt)
S / NS (Second Attempt)
    Outcome
    C ☐ NYC ☐

    Date assessed:
    Trainer signature:
6. Completion of the Assessment Plan
    Your trainer is required to fill out the Assessment Plan Outcome records above, when:
· You have completed and submitted all the requirements for the assessment tasks for this cluster or unit of competency.
· Your work has been reviewed and assessed by your trainer/assessor.
· You have been assessed as either satisfactory or unsatisfactory for each assessment task within the unit of competency.
· You have been provided with relevant and detailed feedback.
Every assessment has a “Feedback to Student” section used to record the following information. Your trainer/assessor must also ensure that all sections are filled in appropriately, such as:
· Result of Assessment (satisfactory or unsatisfactory)
· Student name, signature and date
· Assessor name, signature and date
· Relevant and detailed feedback
7. Unit Requirements You, the student, must read and understand all of the information in the Unit Requirements before completing the Student Pack. If you have any questions regarding the information, see your trainer/assessor for further information and clarification.
Pre-Assessment Checklist: Task 1 - Knowledge Test
    The purpose of this checklist
    The pre-assessment checklist helps students determine if they are ready for assessment. The trainer/assessor must review the checklist with the student before the student attempts the assessment task. If any items of the checklist are incomplete or not clear to the student, the trainer/assessor must provide relevant information to the student to ensure they understand the requirements of the assessment task. The student must ensure they are ready for the assessment task before undertaking it.
    Section 1: Information for Students
    ☐ Make sure you have completed the necessary prior learning before attempting this assessment.
☐ Make sure your trainer/assessor clearly explained the assessment process and tasks to be completed.
☐ Make sure you understand what evidence is required to be collected and how.
☐ Make sure you know your rights and the Complaints and Appeal process.
☐ Make sure you discuss any special needs or reasonable adjustments to be considered during the assessment (refer to the Reasonable Adjustments Strategy Matrix - Appendix A and negotiate these with your trainer/assessor).
☐ Make sure that you have access to a computer and the internet (if you prefer to type the answers).
☐ Make sure that you have all the required resources needed to complete this assessment task.
☐ The due date of this assessment task is in accordance with your timetable.
☐ In exceptional (compelling and compassionate) circumstances, an extension to submit an assessment can be granted by the trainer/assessor. Evidence of the compelling and compassionate circumstances must be provided together with your request for an extension to submit your assessment work.
☐ The request for an extension to submit your assessment work must be made before the due date.
    Section 2: Reasonable adjustments
    I confirm that I have reviewed the Reasonable Adjustments guidelines and criteria as provided in Appendix A and attached relevant evidence as required and select the correct checkbox.
☐ I do require reasonable adjustment
☐ I do not require reasonable adjustment
    Declaration (Student to complete)
☐ I confirm that the purpose and procedure of this assessment task has been clearly explained to me.
☐ I confirm that I have been consulted about any special needs I might have in relation to the assessment process.
☐ I confirm that the criteria used for this assessment has been discussed with me, as have the consequences and possible outcomes of this assessment.
☐ I confirm I have accessed and understand the assessment information as provided in the Training Organisation’s Student Handbook.
☐ I confirm I have been given fair notice of the date, time, venue and/or other arrangements for this assessment.
☐ I confirm that I am ready for assessment.
Student Name: ______________________________________
Student Signature: ___________________________________ 
Assessment method-based instructions and guidelines: Knowledge Test
    Assessment type
    
· Written Questions
    Instructions provided to the student:
    Assessment task description:
    · This is the first (1) assessment task you must successfully complete to be deemed competent in this unit of competency.
· The Knowledge Test is comprised of twenty-seven (27) written questions
· You must respond to all questions and submit them to your Trainer/Assessor.
· You must answer all questions to the required level, e.g. provide an answer within the required word limit, to be deemed satisfactory in this task
· You will receive your feedback within two (2) weeks, and you will be notified by your Trainer/Assessor when your results are available.
    Applicable conditions:
    · All knowledge tests are untimed and are conducted as open book assessment (this means you can refer to your textbook during the test).
· You must read and respond to all questions.
· You may handwrite/use a computer to answer the questions.
· You must complete the task independently.
· No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory.
· As you complete this assessment task, you are predominately demonstrating your written skills and knowledge to your trainer/assessor.
    Resubmissions and reattempts:
    · Where a student’s answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed.
· The student may speak to their trainer/assessor if they have any difficulty in completing this task and require reasonable adjustments.
· For more information, please refer to the Training Organisation’s Student Handbook.
    Location:
    · This assessment task may be completed in:
☐ a classroom
☐ learning management system (i.e. Moodle),
☐ workplace,
☐ or an independent learning environment.
· Your trainer/assessor will provide you with further information regarding the location for completing this assessment task.
    Instructions for answering the written questions:
    · Complete a written assessment consisting of a series of questions.
· You will be required to answer all the questions correctly.
· Do not start answering questions without understanding what is required. Read the questions carefully and critically analyse them for a few seconds; this will help you to identify what information is needed in the answer.
· Your answers must demonstrate an understanding and application of the relevant concepts and critical thinking.
· Be concise, to the point and write answers within the word-limit given to each question. Do not provide irrelevant information. Remember, quantity is not quality.
· You must write your responses in your own words.
· Use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups based on attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender-inclusive language should be used.
· When you quote, paraphrase, summarise or copy information from other sources to write your answers or research your work, always acknowledge the source.
     Purpose of the assessment
    This assessment task is designed to conduct a strategic analysis to develop organisational marketing objective in a range of contexts and industry settings and knowledge regarding the following:
· Knowledge to confirm organisations mission, vision, purpose and values from owners, directors or senior management of the organisation, confirm strategic direction and recognise organisational directions and targets after reviewing organisational documents.
· Knowledge to perform a SWOT analysis to identify factors affecting the direction and performance of the business and identify current key products or services and major markets.
· Knowledge to recognise legal and ethical constraints for the organisation.
· Knowledge to assess the effectiveness of previous marketing and positioning strategy to identify lessons learned.
· Knowledge to assess and examine previous marketing opportunities for profitability, check and assess marketing performance against previous objectives, targets.
· Knowledge to analyse the scope of each marketing opportunity for likely contribution to the business and likely fit with the goals and capabilities of the organisation.
· Knowledge to check the impact of each opportunity on current business and customer base.
· Knowledge to develop measurable, attainable objectives after consultation with key stakeholders, ensuring that objectives are in line with business and market forecast.
· Knowledge to make sure that objectives are as per business capabilities, resources and financial position and confirm to legal requirements, direction and purpose of the business.
· Knowledge to develop long term strategic objectives and subsequently, key performance indicators to meet those objectives.
· Knowledge to document marketing objectives.
    Task instructions
    · This is an individual assessment.
· To ensure your responses are satisfactory, consult a range of learning resources and other information such as handouts, textbooks, learner resources etc.
· To be assessed as Satisfactory in this assessment task, all questions must be answered correctly.
Assessment Task 1: Knowledge Test
Provide your response to each question in the box below.
    Q1:
    Why is it important to confirm an organisations mission, vision and values when developing an organisational strategy. Write your answer in 150 – 200 words.
    Satisfactory response
    
    
    Yes
    No
    A firm's marketing goals are a collection of objectives defined by the company in order to effectively advertise its goods and services to its target consumers over a specified period of time. A crucial aspect in defining marketing goals is the company's mission, vision, purpose, and values, which should be matched with the marketing objectives. Learning, recognising, and understanding an organization's goal, vision, purpose, and values as mentioned in different corporate publications such as employee manuals, newsletters, and brochures is the first step in developing effective marketing objectives. The ideals enshrined in these declarations must be followed and executed by all personnel, including business owners, directors, and senior managers.
Creating a vision and mission statement is critical for project sustainability (Temper, Walte, Rodriguez, Kothari & Turhan, 2018). These statements clearly explain your organization's aims, assist the firm in focusing on what is truly important, and serve as a foundation for the development of other aspects of your strategic approach.
    Q2:
    Prepare a list of five (5) documents that are used to determine the mission, vision, strategic direction and targets of an organisation.
    Satisfactory response
    
    
    Yes
    No
    1. List of long-term goals (for Vision)
It is critical to analyse where a corporation is going in order to develop a strategic plan for getting there. A list of long-term goals is important because it gives leadership and personnel a unified goal.
2. List of short-term goals (for Mission)
Mission statements are typically shorter than vision statements, however they are not always exclusive to a company. This is a statement that explains why the firm exists and what it is passionate about.
3. Financial Report (for Strategic Direction and target)
Financial statements or financial reports are official records of a firm, individual, or other entity's financial activity and condition. Relevant financial data is given in an organised and easy-to-understand style.
4. Annual Report (for Strategic Direction and target)
An annual report is a detailed account of a company's operations during the previous year. Annual reports are meant to provide information about the company's operations and financial performance to shareholders and other interested parties (Hughes, Qiao & Orr, 2021).
5. Risk Assessment Report (for Strategic Direction and target)
The evaluation of threats that potentially have a negative influence on an organization's capacity to do business is known as risk assessment. These evaluations aid in the identification of these inherent business risks, as well as the implementation of procedures, processes, and controls to mitigate their influence on corporate operations.
    Q3:
    Describe five (5) environmental factors that affect the direction and performance of the business. Write your answer in 200–250 words.
    Satisfactory response
    
    
    Yes
    No
    1. Changes in technology
Technology has created great tools and resources that allow us to have access to useful information at our fingertips. With new apps on the market, businesses can produce more accurate forecasts. Additionally, more data is available on the internet, which businesses can use to plan their path and analyse their company success.
2. Demographic changes
When companies are forecasting market demands for their products or services, demographic changes can be taken into account. Population projections can alert companies to significant trends that can influence their product development direction and assist them in developing strategies that can be tailored to different situations of projection (Hofmann & Rutschmann, 2018).
3. Social and cultural factors
While developing and implementing a company's marketing strategy, it is critical to consider social and cultural aspects, as they are crucial components that influence consumer and buyer decisions. Companies should be aware of and comprehend the relationship between these elements and purchasing patterns when planning their future direction and performance.
4. Government activities and legislative changes
Governments enact a slew of laws and rules to guide businesses; some are mandatory, and will have a direct influence on a company's operating costs, while others will have an indirect impact. These rules and frameworks will be changed by the government from time to time, which may affect the company's strategy.
5. Economic trends
Economic trends are significant because businesses utilise economic data to choose how to operate based on aspects such as the economy, competition, and customer preferences. Understanding how the economy works may assist businesses comprehend how it affects their financial future, and these variables must be taken into account when determining future direction and performance.
    Q4:
    How can you use a SWOT analysis to identify the factors impacting a business? Write your answer in 150–200 words.
    Satisfactory response
    
    
    Yes
    No
    A SWOT analysis is a method of determining the strengths, constraints, opportunities, and dangers associated with a project or business initiative. A SWOT analysis can be performed on a product, location, industry, or individual. A SWOT analysis is used to aid in the development of a successful business strategy by ensuring that you have considered all of your company's strengths and weaknesses, as well as the possibilities and problems it confronts in the marketplace (Namugenyi, Nimmagadda & Reiners, 2019). The company's strengths and flaws are internal. You can alter them over time, but it will take some work. External opportunities and hazards exist in the sector, whether you want them to or not. Existing businesses may utilise a SWOT analysis at any moment to assess and respond to a changing environment. A SWOT analysis should also be used as part of the planning process for new firms; there is no "one size fits all" approach, and thinking about your new business in terms of its distinctive "SWOT" will rapidly set it on the correct road.
    Q5:
    Why is it essential to comply with the marketing codes of practice? Write your answer in 50-100 words.
    Satisfactory response
    
    
    Yes
    No
    
The marketing codes of practise provide public affirmations of each member's necessary views, behaviour, and values. Adherence to the principles is required because it guarantees that all members maintain high standards of personal and business behaviour. It not only ensures public trust in professional procedures, but it also provides guidance and clarity. The Code not only aims to give a detailed list of what must be done in all circumstance, but it also provides a method for customers to profit from high-quality services.
    Q6:
    Explain the impact on marketing activities based on the strategic direction of a company? Write your answer in 150-200 words.
    Satisfactory response
    
    
    Yes
    No
    A complete plan for achieving the marketing aim is included in marketing strategy. The stages that must be done, the specific activities that must be performed to reach each step, and the projected schedule for achieving each level are all listed in strategies. Although the management team is in charge of implementing marketing goals, workers at the supervisory level and lower are in charge of carrying out the actual steps. The planned aims of a company's marketing initiatives are known as marketing objectives. SMART targets are frequently used to describe marketing objectives: Specific, measurable, attainable, realistic, and time-sensitive are the letters that make up this acronym. All marketing efforts must be designed to meet the company's SMART marketing objectives, which are decided by the company's marketing strategy. When a company's strategic direction changes, marketing activities must be examined and altered to ensure that marketing activities planned to support the attainment of marketing objectives are in line with the company's strategic direction.
    Q7:
    How can you evaluate the effectiveness of previous marketing and positioning strategies? Write your answer in 100–150 words.
    Satisfactory response
    
    
    Yes
    No
    We must monitor and track the efficiency of prior marketing and positioning initiatives in order to determine their performance and ensure that they are cost-effective and productive. Customer happiness, market take-up, completion rate, and transaction cost are some key performance indicators (KPIs) that can be used as benchmarks (Dias, 2021).
· User satisfaction - if users are satisfied with the services we have delivered. Web analytics and user studies are used to establish this.
· Market take-up - you have attained a certain percentage of your target take-up audience.
· Completion rate - the proportion of transactions that have been completed out of all those that have been begun.
· Cost per transaction - the entire expected monthly cost of marketing and positioning operations (varies for different services) divided by the number of completed transactions.
    Q8:
    How can you evaluate the strengths, weaknesses, opportunities and threats of the current key products and services of your organisation? Write your answer in 250 – 300 words.
    Satisfactory response
    
    
    Yes
    No
    A SWOT Analysis may be used to review your company's present situation and evaluate the strengths, weaknesses, opportunities, and threats to your company's existing major goods and services. Internal and external elements, as well as existing and future possibilities, are all evaluated in a SWOT analysis. SWOT Analysis may be used in one of two ways: to gather individuals informally to design a plan, or as a more sophisticated and methodical procedure. In any case, put together a group of people from various departments and levels inside the company. Make a list of recommendations regarding where the organisation stands using brainstorming approaches. Write down any Strengths, Weaknesses, Opportunities, or Threats you find in the corresponding section of the grid. This study will be written from the inside out, looking at the firm from all angles. This evaluation will establish the company's relative competitiveness and demonstrate technical proficiency with assessment tools and procedures. This evaluation will take into account the company's overall strengths, weaknesses, opportunities, and dangers in light of the present market climate. This evaluation should take into account the company's product/service mix, price, location, technology, marketing, and human, financial, and information resources, among other things. Each of the four quadrants' movement or tendency should be discussed. At least four of the company's strengths, weaknesses, opportunities, and dangers should be identified and elaborated on. A SWOT analysis is a tool for taking a realistic, fact-based, data-driven look at an organization's, initiative's, or industry's strengths and weaknesses. The organisation must maintain the accuracy of the study by avoiding preconceived notions or grey areas and instead focused on real-world scenarios.
    Q9:
    How would you use PEST analysis to analyse marketing opportunities? Write your answer in 200 – 250 words.
    Satisfactory response
    
    
    Yes
    No
    PEST analysis may be used to analyse marketing possibilities in a variety of ways, including:
· Political Factors: All of these concerns how and to what degree the government intervenes in the economy. Government policy, political stability or uncertainty in international economies, foreign exchange policy, tax policy, labour legislation, environmental law, trade regulations, and other factors might all be considered. Political issues, as seen by the list above, have an influence on businesses and how they organise marketing operations. Organizations must be able to adapt to current and projected future requirements, as well as adjust their communication strategies.
· Economic Factors: The manner a firm performs marketing operations, as well as how lucrative they are, is heavily influenced by economic conditions. Global activity, interest rates, exchange rates, inflation, household and corporate disposable earnings, and so on are all factors to consider.
· Socio Cultural Factors: Socio-cultural impacts are defined as areas that involve the population's shared beliefs and behaviours. Demographic change, age distribution, health literacy, work attitudes, and so on are all factors to consider. These characteristics are especially important since they have a big influence on how marketers see and encourage customers.
· Technological Factors: We are all aware of how rapidly the technological world changes, and how this impacts how we promote our products. In marketing and management, technological influences have three main effects: new ways to create products and services, new ways to sell products and services, and new ways to interact with target audiences.
    Q10:
    a. How can you integrate marketing KPIs within a business, and ensure consistency and reliability across the marketing mix? Write your answer in 50-100 words.
b. How can you use the Return on marketing investment to measure marketing performance? Write your answer in 100-150 words.
    Satisfactory response
    
    
    Yes
    No
    
a. KPIs must meet the following conditions in order to be incorporated into an organization's business and management, as well as to maintain consistency and efficiency throughout the marketing mix:
· Evaluate marketing results from a customer's perspective.
· Include all marketing efforts;
· Repetition over time;
· All measuring methods must meet the relevant statistical and technical standards.
b. Return on investment (ROI) is a metric that compares earnings to the amount of money invested. ROI is a simple calculation of revenue per dollar spent on each marketing activity that may be used to make important choices about how to improve the entire marketing mix (Barrett, Gadke & VanDerHeyden, 2020). The most basic method for calculating a marketing plan's ROI is to include it in the total business line calculation. You subtract the marketing expenses from the increase in income from the firm or product line, then divide the marketing costs. Any marketing campaign's return on investment is measured in increased sales.
    Q11:
    How can you determine the market viability of a product or service? Write your answer in 200 – 250 words.
    Satisfactory response
    
    
    Yes
    No
    Market research may assist you in determining a product's or service's market feasibility. Market research is an assessment of the size and characteristics of the possible customer base for your product or service. Identifying the characteristics and purchasing behaviours of target markets aids in the creation of a picture of the possible advantages that customers are looking for. You may create a revenue projection by integrating the size of the market with estimations for your reach and frequency of transactions. You may use revenue projections to see if you will be able to pay your expenditures and make a profit. An industry analysis is a look of the present state of an industry and the products that are available. It is appreciable if you can bring a new product to market that is practically identical to the one already on the market. You might enjoy first-mover advantages in a new industry if you develop a brand-new idea. This advantage enables you to reach out to the whole market. In a well-established sector, it is critical to assess the number of current rivals, the services they provide, and the price points at which they compete. A competitor analysis compares the characteristics, strengths, and flaws of your product or service to those supplied by rivals. You must be confident that your proposed solution offers clear benefits over existing alternatives before entering a market. Superior quality, exceptional service, reduced costs, patented innovations, or natural materials might be among your benefits. Such advantages are essential for establishing a market position and attracting clients who are looking for your unique perks.
    Q12:
    Explain the purpose of a risk management strategy. Write your answer in 70 – 100 words.
    Satisfactory response
    
    
    Yes
    No
    The goal of a risk management strategy is to identify and manage risk in a project, as well as to specify what tasks the project must provide or achieve, such as the project vision, objectives, scope, and deliverables, so that all team members and stakeholders are involved in recognising the risks. We may construct a risk management strategy once we have identified and prioritised the amount of risk to estimate all the negative and positive implications on the projects and how we should respond to them. Maintain communication with the team throughout the process so that everyone understands what to watch out for and how to handle certain circumstances.
    Q13:
    How can you determine the scope of marketing opportunities? Write your answer in 50 – 70 words.
    Satisfactory response
    
    
    Yes
    No
    The marketing offering of a company determines the extent of marketing. Marketing is a collection of products, services, ideas, people, places, and information that are made available on the market to meet the specific wants and requirements of clients. The scope of marketing may be defined by a knowledge of marketing functions, and it can also be easily recognised by looking at the marketing department's roles and responsibilities (Deepak & Jeyakumar, 2019).
    Q14:
    Why is it important to ensure that the marketing objectives are compatible with an organisation’s, direction and purpose?
What are the legal and ethical requirements of marketing objectives? Write your answer in 150–200 words.
    Satisfactory response
    
    
    Yes
    No
    Marketing objectives serve as a roadmap for achieving the company's long-term goals by providing direction and defined action plans. They record the specifics and remind each employee of his or her role in achieving the company's ultimate goals. The direction and purpose of an organisation indicate where the owner wants the firm to go, while marketing objectives establish how to get there, therefore they must be compatible. Marketing objectives must meet the following legal and ethical requirements:
Codes of practice, e.g., Australian e-Marketing, Codes of Practice are sets of rules and legislation to be practiced by members of a certain industry, trade, occupation, organization, etc., who are not generally regulated by the statute, but simply by the agreement of the participants or members.
Cultural expectations and influences: Consumers respond to purchases using fundamental decision-making methods, and understanding cross-cultural decision-making styles can help you reduce the app's impact.
Ethical principles: When deciding on marketing goals, make sure they are moral, equitable, and non-discriminatory.
    Q15:
    How can you analyse opportunities and their likely impact on current business and the customer base? Write your answer in 150–200 words.
    Satisfactory response
    
    
    Yes
    No
    
The approach for analysing an opportunity and its implications for customers and enterprises is as follows:
To begin, you must first identify possible possibilities and their implications for consumers and the business. To discover possible possibilities and their implications on organisations and consumers, you must employ trend analysis, external forecasts, and personal experience. New needs will emerge as a result of the new possible prospects, which will have an impact on consumers and the business. The trend analysis will aid in the prediction of change. Second, while examining chances to determine their influence on consumers and the business, you must first establish the objectives and business purpose. In accordance with current corporate objectives, the most advantageous option should be pursued. You must create an outline to define the sort of information and data required to meet the analysis' business needs and current client base. When studying a business opportunity, you must collect data from secondary sources in order to determine the impact on customers and the company. Secondary data from websites and other reputable internet sources should be used to properly analyse the opportunity and its implications for customers and company.
    Q16:
    Define marketing objectives. How can you define clear marketing objectives? Write your answer in 150 – 200 words.
    Satisfactory response
    
    
    Yes
    No
    
A company's marketing goals are set objectives. They explain the marketing team's goals, provide clear direction for team members to follow, and provide executives with data for analysis and support. A marketing campaign's marketing priorities are critical. A brand would not be able to carry out its goals if it did not have stated targets since it would be unclear what it needed to achieve. To know what you want to achieve and how you are going to do it, you will need a clear plan. When you have decided on the marketing goals you want to focus on, it is time to get down to business. It is not enough to just state what marketing goals you want to attain. To ensure that the concepts are realistic, helpful, and sensible, you must validate them. The marketing goal must be "SMART":
· Specific: straightforward what, when, where and how the situation will be changed
· Measurable: capable of quantifying goals and benefits
· Achievable: capable of achieving the objectives
· Realistic: capable of reaching the degree of progress expressed in the objective
· Time bound: determining the time span for each of them to be finished (Fotiadis, Mombeuil & Valek, 2018)
    Q17:
    Describe the following financial management techniques in 150-200 words.
1. Pricing Analysis
2. Cash Flow Management
    Satisfactory response
    
    
    Yes
    No
    
1. Pricing Analysis
Marketing can do a pricing analysis to decide how much to charge customers for a product or service, as well as how to charge them, such as a flat cost, a sliding fee scale, discounts, or recurring payments. The pricing of an item or service is influenced by a number of important elements. Pricing is heavily influenced by strategic considerations. It is never easy to figure out how to price your goods or services, especially if you are a start-up. As a result, in order to determine your break-even point and profitability, we will need a pricing strategy for our company plan.
2. Cash Flow Management
Cash flow management is the process of keeping track of how much money comes in and goes out of your company. This allows you to forecast how much money your business will have in the future. It also allows you to set a budget for your company's debts, such as paying staff and vendors. Cash flow management monitors the flow of funds and evaluates any changes. This assists you in identifying patterns, planning for the future, and resolving any cash flow issues.

    Q18:
    Answer the following:
a. Explain the key provisions of relevant legislation that explains the obligations of marketing professionals in relation to marketing operations? Write your answer in 150 -200 words.
b. Explain the legal obligations of business regarding the following marketing concepts. Explain in 200 – 250 words.
Misleading & deceptive conduct
Bait advertising
Signage
Do Not Call Register
c. What are mandatory standards? Write your answer in 30-50 words.
    Satisfactory response
    
    
    Yes
    No
    
a. The following are key provisions of applicable legislation that describe marketing professionals' responsibilities in respect to marketing operations:
· Federal and state laws govern the majority of direct marketing operations (Seid, 2018). Check to see if you are in compliance with privacy and spam laws before launching a direct marketing campaign.
· Competitions, lotteries, and promotions worth more than a specific sum require a permission from your state or territory.
· Check to see if you are in compliance with the Spam Act 2003 before sending out marketing materials by email. It is against the law to transmit unsolicited commercial electronic messages without authorisation under the Act.
· When collecting, using, securing, and disclosing a customer's personal information, care must be taken to guarantee compliance with the Privacy Act 1988.
· You must follow pricing standards and show the price clearly and properly when pricing your items or services or advertising a price.
b. Businesses have legal duties in relation to the following marketing concepts:
i. Misleading & deceptive conduct: When promoting your goods or services, you must ensure that any branding, statement, quotation, or other representation is not false or deceptive. When a product or service's price is promoted or displayed in distinct pieces, it is referred to as component pricing. For example, if a vehicle's uniform price is displayed and the additional road fees are displayed separately. If you promote utilising component pricing, you will need to make the complete price, including any additional fees, more noticeable.
ii. Bait advertising: When a product with a limited supply is advertised at a low price, it is known as bait advertising. Bait advertisement is when a business sells an item knowing that the expected demand will not be met.
iii. Signage: Signage, such as 'A' frames, sandwich boards, or permanent signs on homes, footpaths, or highways, is under the supervision of your state or territorial government. Before you put up a sign, you will need to get a permit, and in certain situations, you will also need public liability insurance.
iv. Do Not Call Register: If you want to use telemarketing or fax marketing, you must follow the Do Not Call Register Act of 2006. The Do Not Call Registry is a database of phone and fax numbers that have been blocked from receiving unwanted calls. If you call a number on the list, you may be in breach of the Act and risk penalties and enforceable obligations.
c. In order to seek marketing possibilities, marketers must do their professional tasks ethically, competently, truly, and in good faith, without regard for personal prejudice. It is critical that marketers follow the guidelines and make any necessary modifications as needed (Kumar, 2018). A marketer must operate within the limitations of his or her previous experience.
    Q19:
    Explain the process of conducting an organisational structure analysis. Write your answer in 250-300 words.
    Satisfactory response
    
    
    Yes
    No
    Analysing a company's organisational structure can result in lower labour expenses as well as increased overall efficiency and employee satisfaction. To determine where organisational structure modifications are needed, use organisational charts, confer with departmental supervisors, executives, and board members, and conduct a poll. To...