Only to do Budget template based on Marketing Stretegic Plan first and then to do task 3 once i get feedback from my tutor
Student Assessment Workbook BSBMKG502 Establish and Adjust the Marketing Mix Student Full Name: Student ID: Date Submitted: Assessment Information Welcome to your Student Assessment Workbook for BSBMKG502 Establish and Adjust the Marketing Mix. This Student Assessment Workbook is where you will write all your answers for the knowledge questions and simulation tasks. Please refer to the Student Assessment Guide for more information. This assessment has the following two events: Assessment Event 1 – Knowledge Questions There are three questions that will provide us with evidence on your general knowledge of principles and concepts of marketing, elements of marketing mix and statistical techniques used in market intelligence. Assessment Event 2 – Simulation: MyRTO You will complete a number of tasks in evaluating, developing, monitoring and adjusting a marketing mix for a Registered Training Organisation (RTO), MyRTO. These tasks will be based on your role as a Marketing Officer in a simulation for MyRTO, an Australian RTO that provides a blend of accredited and non-accredited training. To complete the simulation, you will need to refer to the following resources: Strategic Marketing Plan This document provides detailed information on MyRTO’s strategic initiatives. It includes critical information about the current marketing mix, desired positioning, external landscape, budget, etc. You will use this document throughout the simulation to analyse the current market environment and determine the most suitable marketing mix to ensure MyRTO’s organisational goals are achieved. Budget Template This document is a template provided in the format of an Excel spreadsheet. You will use this spreadsheet template in Tasks 2 and 3 to calculate the budget required to successfully execute the marketing mix. Market Response Data This data provides insight about the success of the marketing mix. You will use this data in Task 3 when evaluating the components of the marketing mix in relation to market factors and consumer response. Marketing Policy and Procedures Policies and procedures to ensure marketing practices are conducted ethically and lawfully. You will need to refer this when establishing the marketing mix. Please note that your responses for both assessments can (where appropriate) use dot point format. See below of an example of a dot point answers and a full sentence: Dot point format Presentation Plan includes the following: · outcomes · needs of the audience · context. Full sentence format When you are preparing for a presentation, there a number of tasks that must be carried out. These are listing the outcomes that you want to achieve, followed by the identification of the needs of your audience. When you have completed these two tasks you then check on the room that you will be conducting the presentation. To Achieve Competence To be deemed competent for this unit, you will need to meet the following requirements: · complete all of the questions and tasks listed in the Student Assessment Workbook · meet all the requirements listed in this Student Assessment Guide · your responses to the questions and tasks must be relevant, accurate and specific · submit your completed Student Assessment Workbook to your Assessor within the set timeframes · your work must be in your own words · where you use an external source of information, you must provide citation. Pre-assessment Checklist Your assessor will go through the assessment for this unit, BSBMKG502 Establish and Adjust the Marketing Mix. It is important that you understand this assessment before taking on the tasks. To confirm that you have been given this overview, we ask you to complete the following Pre-Assessment Checklist. You are required to carefully read each checklist item provided below and tick either ‘Y’ to confirm your understanding or ‘N’ if you disagree. In case you disagree with an item, please provide your reason under the ‘Comments’ section. When you have done this, we ask you to sign this Pre-Assessment Checklist. This acknowledges that your Trainer/Assessor has discussed all of the information with you prior to undertaking this assessment. Checklist Comments Y N I, the student, understand the purpose of the assessment. Y N I understand when and where the assessment will occur, who will assess me, how and in what format the assessment will be submitted. Y N I understand the methods of assessment. Y N I understand what resources are required to successfully complete this assessment. Y N I understand the performance level required for each assessment event. Y N I understand that it must be my own work. I have been explained and understood the serious consequences in case this work is found plagiarised. Y N I understand the process if I am deemed not yet competent. Y N I understand the feedback process and the appeals process. Y N The assessor has discussed with me if I have any special needs and if so what arrangements have been put in place. Student Full Name Student ID Student Signature Date Assessment Event 1 – Knowledge Questions The information contained in this assessment event lists the questions that you will need to develop a written response. These questions are theoretical and provide evidence of your understanding of principles and concepts of marketing, elements of marketing mix and statistical techniques used in market intelligence. Note you must answer these questions in your own words. Remember, you must get a satisfactory result with each question to be deemed satisfactory for the whole of Assessment Event 1. Question 1 Describe each of the five principles of consumer behaviour, and for each one, provide an example of how it influences buying behaviour. Write your response into the table: Principles of consumer behaviour Explanation of principle Examples of buyer behaviour Cultural Refers to a combination of learned beliefs, customs, and values that regulate the behaviour of consumers from a particular society. Language, ethics, values, behaviours, Social Social principle of consumer behaviour refers to the social factors that determine what a consumer may purchase such as role and status in the society. Income, education, social class, Personal This refers to demographic factors such as profession, age, and background that determine consumers’ opinion and interest. Age, profession, background Psychological The perceptions and attitudes that determine how a consumer respond to a particular advertisement. Perceptions, opinion, attitudes Situational These are the circumstances that influence a consumer to purchase certain products. The situation can either make it difficult or easy for a client to access a product Location of the store, time, and mood Question 2 Describe the four principles of the marketing mix and apply them to an industry context. Write your response into the table: Principles of the marketing mix Explanation of the marketing mix Industry-specific example Product Product refers to the services or goods that are provided to the specific needs of customers. All products must go through a life cycle that all business professionals and marketers must understand. Food and clothing industry Price Price is a marketing principle that is obtained from the production cost, consumer demographics, product brand and history of an organizational influence. A company uses these information to set a reasonable price. Machinery, beverage, soft-drinks Promotion Promotion refers to the communication strategies and marketing techniques such as advertising, sales promotions, public relations and special offers that are used to promote sales of a particular product or service. Whichever the methodology adopted, it must reflect the customer needs, product quality and consumer demand. Internet and TV network subscription services Placement This is the point of sale. It varies between actual stores, and online shopping platforms. Brick-and-mortar stores are applicable for local customers while online shopping platforms are advisable to a greater range of customers. Clothing, electronics, Question 3 Outline five statistical techniques used to gather and analyse marketing information, and then explain how each can be used in market intelligence. Write your response into the table: List of five statistical techniques Explanation of the technique Industry-specific example Surveys This includes questionnaires that are distributed to the target marketing group. These surveys may contain questions (with answer choices to be answered by consumers) on the quality of product and the necessary adjustments. Healthcare, Personal interviews This refers to open ended questions that are presented to individual consumers on the quality of goods or services offered by a particular company. The questions are always short and open-ended and always last for an hour or less. Automobile Field trials This is a statistical technique in which a given product is placed in specific store or shop to gauge customer response towards the product in a range of similar products but from different brands. electronics Observation Person reactions to polls and focus groups are often at odds with people’s real actions. When you watch customers in motion by videotaping them in supermarkets, at work, or at home, you will observe how they purchase or use a product. This gives you a more detailed view of consumer preferences and trends of shopping. Internet and TV subscription services Focus groups In focus groups, the participant uses a scripted set of questions or subjects to guide conversations within a community of participants. These meetings take place in neutral environments, usually in laboratories with videotaping devices and an audience space with one-way mirrors. A focus group typically lasts between one and two hours, and it typically takes three categories to produce balanced outcomes. Beverage Assessment Event 2 – MyRTO Simulation In this assessment, you will undertake a number of tasks associated with developing and adjusting the marketing mix for a Registered Training Organisation (RTO), MyRTO. The focus is on determining the marketing mix for a non-accredited training program and adjusting it to meet organisational marketing objectives. To achieve this, you will perform the following actions: · review and evaluate the current marketing mix from the Strategic Marketing Plan · develop the marketing mix for the non-accredited training program · monitor the marketing mix against market response · finalise the marketing mix for the non-accredited training program. Task 1: Evaluate Each Component of Marketing Mix In Task 1, you will evaluate MyRTO’s strategic initiatives and establish a groundwork to determine the marketing mix that best satisfies the marketing initiatives. To achieve this, you will need to refer to the Strategic Marketing Plan provided to you as a separate attachment. 1.1 Identify key characteristics of the Change Management training program Insert your response into the table: Key characteristics Significance to the market Personalized Promoting yourself would be just as critical as the health expertise you've gained. You need a rounded, detailed and interactive communications plan in order to attract new customers and enjoy the financial benefits. A marketing strategy will enable you more accessibility to prospective customers, allow you to target clients whom you already want to train, and