BSBMKG502 Establish and Adjust Marketing Mix Assessment …...review and evaluate the current...

Ass

ess

me

nt

Too

l

BSBMKG502

Establish and Adjust Marketing Mix

BSB50215

Diploma of Business

Version 1.0

July 2016

Level 2, 25 George Street, Parramatta, NSW 2150 Phone: +61 2 9633 1222 Fax: +61 2 9633 1888

Email: [email protected] Web: www.australisinstitute.nsw.edu.au ABN 17 120 701 911 | RTO ID 91630 | CRICOS ID 03173K

mailto:[email protected]

http://www.australisinstitute.nsw.edu.au/

BSBMKG502 Student Assessment Workbook | Student ID: Page 1

Contents Assessment Information 2

Pre-assessment Checklist 4

Assessment Submission Sheet 5

Assessment Event 1 – Short Answer Questions 6

Question 1 6

Question 2 6

Question 3 6

Assessment Event 2 – MyRTO Simulation 7

Task 1: Evaluate Each Component of Marketing Mix 7 1.1 Identify key characteristics of the Change Management training program 7 1.2 Review pricing policy and analyse pricing variables to determine their effect on demand 8 1.3 Analyse promotional methods to determine their importance to marketing outcomes 9 1.4 Review channels of distribution and estimate their significance to marketing outcomes 9 1.5 Identify and analyse level of customer service provision to determine its significance to marketing outcomes 9 1.6 Identify potential customer base and key pressure points 10 1.7 Analyse and test the effect of the components of marketing mix 10

Task 2: Determine Marketing Mix for Specific Markets 11 2.1 Identify and assess environmental factors, and their impact on marketing mix 11 2.2 Identify consumer priorities, needs and preferences affecting marketing mix 11 2.3 Evaluate marketing mix variables against objectives, target market and positioning 12 2.4 Select marketing mix that best satisfies target market and meets marketing objectives 12 2.5 Seek approval to the marketing mix decision 12

Task 3: Monitor and Adjust the Marketing Mix 13 3.1 Monitor marketing mix against marketing performance and isolate components for testing 13 3.2 Evaluate implications of altering components of marketing mix 14 3.3 Adjust components of marketing mix in response to test results and market-response evaluation 14 3.4 Ensure adjusted marketing mix meets budgetary requirements 15 3.5 Ensure adjusted marketing mix continues to meet organisational, strategic and operational marketing objectives, and

desired positioning 15

Task Outcome Sheets 16

Assessment Event 1 16

Assessment Event 2 - Simulation 17

Student Feedback Form 18


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 – Short Answer 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.

This assessment is completed in your own time and by a submission date provided by your assessor. You may use

support material in the development of your answers, but you must indicate the source. In addition, you must not

cut and paste answers from your source, rather, use your own words, unless it is a direct quote.

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.


Note that to be deemed competent for this unit, you must achieve a satisfactory outcome for all of the assessment

questions and tasks. This includes meeting the following conditions:

you must complete all of the tasks outlined in this Student Assessment Guide document to the standard indicated

in the Performance Requirements; these are listed under each of the tasks

you will then submit your completed workbook to your assessor electronically (note, your assessor may allow you

to submit Assessment Event 1 and receive feedback before starting Assessment Event 2)

you must perform the above two points within the given timeframes by your Assessor

you must complete both assessment events and submit by the deadline specified by your Assessor

your work must be your own work and in your own words

where you use to an external source, 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 Submission Sheet

Please read and sign this assessment coversheet and submit it together with your assessment to your Assessor by the due date.

Student Name Student ID

Assessor Date Due

Declaration

I affirm that all work submitted in this assessment is my own work and does not involve plagiarism or teamwork other than that authorised for any particular assessment activity. I have read the Student Assessment Handbook under Section 2 Assessment Guidelines and understood the serious consequences in case this work is found plagiarised.

Student Signature: Date Signed: ____/____/____

Assessor Use Only

First Submission Date Re-submission Date Re-assessment Date

S NYS ___/___/____ S NYS ___/___/____ S NYS ___/___/____

Feedback: Trainer/Assessor’s Comments:

I hereby confirm that I have been given feedback from the Assessor and I agree with the assessment outcome.

Student Signature

Assessor Signature

Date ___/___/______

Course Title Diploma of Business Course Code BSB50215

Unit Title Establish and Adjust Marketing Mix Unit Code BSBMKG502

Version 1.0 Created on July 2016

Student Feedback on Assessment: Would you like to make any comments about this assessment?

Assessment Receipt

Student Name Student ID

Course Code & Title BSB50215 - Diploma of Business Extension Granted Yes No

Unit Code & Title BSBMKG502 - Establish and Adjust Marketing Mix Date Received ___/___/____

First Submission Re-submission Re-assessment Received by


Assessment Event 1 – Short Answer 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.

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

Social

Personal

Psychological

Situational

Question 2

Describe the four principles of the marketing mix and apply them to an industry context.


Principles of the marketing mix Explanation of the marketing mix Industry-specific example

Product

Price

Promotion

Placement

Question 3

Outline five statistical techniques used to gather and analyse marketing information, and then explain how each can

be used in market intelligence.


List of five statistical techniques Explanation of the technique Industry-specific example


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

identify five key characteristics of the training program

explain the significance of these five key characteristics to the market

Insert your response into the table:

Key characteristics Significance to the market


1.2 Review pricing policy and analyse pricing variables to determine their effect on demand

Note that before undertaking this subtask, you will need to review the pricing policy in the Strategic Marketing Plan.

identify the pricing policies and the pricing variables

explain their effect on demand

Insert your responses into the table:

Pricing policy and variables Effect on demand

Pricing policy 1: public:

NGOs:

corporate:

Pricing policy 2: public:

NGOs:

corporate:

Pricing variable 1: public:

NGOs:

corporate:


NGOs:

corporate:


NGOs:

corporate:


1.3 Analyse promotional methods to determine their importance to marketing outcomes

Note that before undertaking this subtask, you will need to review the promotional methods in the Strategic Marketing

Plan.

identify the two promotional methods

write a summary explaining the importance of these promotional methods to marketing outcomes

Insert your response here:

1.4 Review channels of distribution and estimate their significance to marketing outcomes

Note that before undertaking this subtask, you will need to review the channels of distribution in the Strategic

Marketing Plan.

identify the two channels of distribution

write a summary on the significance of these channels of distribution to marketing outcomes


1.5 Identify and analyse level of customer service provision to determine its significance to

marketing outcomes

Note that before undertaking this subtask, you will need to review the customer service provisions in the Strategic

Marketing Plan.

identify the three levels of customer service provision

identify the three levels of customer service provision



1.6 Identify potential customer base and key pressure points

Prior to undertaking this task, you will need to review the target market profile in the Strategic Marketing Plan.

identify the customer base

profile each customer base

identify the key pressure points to be successful in each customer base


Customer base Profile Key pressure points

1.7 Analyse and test the effect of the components of marketing mix

In this task, you are required to examine the dynamics of the four components of a marketing mix and their impact on

each other.

write a summary on how MyRTO’s components of marketing mix could influence each other

identify the importance of each component of marketing mix on MyRTO’s customer base and provide rationale


Customer base Components Importance Rationale

Product

Price

Promotion

Placement

Customer Service

Product

Price

Promotion

Placement

Customer Service

Product

Price

Promotion

Placement

Customer Service


Task 2: Determine Marketing Mix for Specific Markets

This task builds on Task 1 where you established the groundwork to determine the most appropriate marketing mix

to achieve market outcomes.

In Task 2, you will determine the marketing mix that best satisfies MyRTO’s marketing initiatives.

To achieve this, you will need to refer to the Strategic Marketing Plan provided to you as a separate attachment.

2.1 Identify and assess environmental factors, and their impact on marketing mix

identify environmental factors that have an impact on the marketing mix

identify which component of the marketing mix is affected by the environmental factor

explain their impact on the marketing mix


Environmental factors Marketing Mix Affected Impact of the factor on the marketing mix

2.2 Identify consumer priorities, needs and preferences affecting marketing mix

identify consumer priorities, needs and preferences that have an impact on the marketing mix

do this for each of the three customer base

Insert your responses here:


2.3 Evaluate marketing mix variables against objectives, target market and positioning

This subtask requires you to evaluate the marketing mix variables against marketing objectives, target market

characteristics and desired positioning. In this subtask, we refer product, pricing, promotional, distribution and service

variations as the ‘marketing mix variables’.

evaluate how each of the marketing mix variable is aligned to the: marketing objectives target market characteristics desired positioning of the product


Marketing mix variables Marketing objectives, Target Market Characteristics, Desired Positioning

Product

Pricing

Promotion

Distribution

Service variation

2.4 Select marketing mix that best satisfies target market and meets marketing objectives

This subtask requires you to reflect your findings from all of the subtasks you have undertaken earlier. You will

determine the marketing mix for the Change Management Program that is most profitable to MyRTO’s marketing

objectives.

select marketing mix variables


Marketing mix variables Target market 1 Target market 2 Target market 3

Product

Pricing

Promotion

Distribution

Customer Service Level

2.5 Seek approval to the marketing mix decision

This subtask requires you to send an email to the Marketing Manager (your Assessor) to seek approval for your

marketing mix decision, which was based on the earlier subtasks.

Note that to perform this task, you need to review the budget information provided in the Strategic Marketing Plan

and use the Budget Template (see worksheet Task 2.5) provided to you as a separate attachment.

complete the Budget Template (Task 2.5) to table an estimated budget for your marketing mix

upon the receipt of the feedback from your Marketing Manager, make the necessary adjustments

attach the email exchange with this stakeholder

see your Student Assessment Guide for detailed instructions.


Task 3: Monitor and Adjust the Marketing Mix

In this task, you will review the outcomes of the marketing mix and make the necessary adjustments to ensure that

the marketing mix meets organisational marketing objectives and desired positioning.

By the end of Task 3, you will determine the marketing mix that best satisfies MyRTO’s marketing initiatives based on

the market response data.

3.1 Monitor marketing mix against marketing performance and isolate components for testing

In this task, you will review the marketing performance data and then isolate the marketing mix components for

testing.

To achieve this, you will need to refer to the Marketing Mix Outcomes spreadsheet provided to you as a separate

attachment.

calculate the variance between planned and actual results

Insert your responses into Excel spreadsheet sent to you by your Assessor

investigate causes of variance

Insert your responses here:

isolate components for testing


Marketing mix components Test Strategy Expected Outcome

Product

Pricing

Promotion

Placement


3.2 Evaluate implications of altering components of marketing mix

In this subtask, you will review the market factors and then evaluate the possible implications of altering the

components of the marketing mix on consumer response. To achieve this, you need to refer to the ‘External Landscape’

section in the Strategic Marketing Plan and your findings in Task 3.1.

based on the given market factors, alter the components of the marketing mix

based on the given market factors, alter the components of the marketing mix


Scenario Implications on consumer response

Scenario 1:

Scenario 2:

Scenario 3:

3.3 Adjust components of marketing mix in response to test results and market-response

evaluation

In this task, you will adjust the components of the marketing mix in response these test results and market-response

evaluation you have undertaken in Tasks 3.1 and 3.2.

adjust your marketing mix variables



Product

Pricing

Promotion

Distribution



3.4 Ensure adjusted marketing mix meets budgetary requirements

Note that to perform this task, you need to review the budget information provided in the Strategic Marketing Plan

and use the Budget Template provided to you as a separate attachment.

complete the Budget Template (Task 3.4) to table an estimated budget for your adjusted marketing mix


send the modified versions to your Marketing Manager



3.5 Ensure adjusted marketing mix continues to meet organisational, strategic and operational

marketing objectives, and desired positioning

In this task, you will re-adjust the components of the adjusted marketing mix in response to the outcomes achieved

after your initial adjustment in Tasks 3.1 – 3.4.

You will be provided these result data by your Marketing Manager (your Assessor) prior undertaking this subtask.

Background to the situation is given below:

It has been three months since the initial adjustment of the marketing mix and the Marketing Manager has

undertaken another evaluation as an organisational procedure.

The results have shown that further adjustment is necessary to remain competitive in the market for the remaining

quarters: Quarter 3 and 4. There have been changes in some market factors which have had an impact on desired

positioning. These results will be made available to you shortly.

You are required to re-adjust your marketing mix to ensure profitability in accordance to the organisational, strategic

and operational marketing objectives, and desired positioning.

complete the Budget Template (Task 3.5) to table an estimated budget for your re-adjusted marketing mix

re-adjust your marketing mix in accordance to the results received


send the modified versions to your Marketing Manager



Re-adjust your marketing mix using the table below:


Product

Pricing

Promotion

Distribution



For Assessor Use Only

Task Outcome Sheets

The Outcome Sheet below is the assessment tasks for each of the assessment event that the student is required to

complete. Assessors, tick ‘S’ if the student achieved a satisfactory outcome for an assessment task and ‘NYS’ if the

student does not meet these requirements. Also, you are required to write comments on the quality of this evidence

under the ‘Comments’ column. As for your final judgement on the student’s overall performance, tick ‘Satisfactory’ if

the student achieves a satisfactory outcome for all of the tasks or ‘Not-Yet-Satisfactory’.

Assessment Event 1

Assessment Event 1 Knowledge Questions

S NYS Comments

Question 1

Question 2

Question 3

The student’s performance for Assessment Event 1 is Satisfactory Not-Yet-Satisfactory

Assessor Signature: Date:


Assessment Event 2 - Simulation

Assessment Event 2 S NYS Comments

Task 1: Evaluate each component of marketing mix

Sub Task 1.1

Sub Task 1.2

Sub Task 1.3

Sub Task 1.4

Sub Task 1.5

Sub Task 1.6

Sub Task 1.7

Task 2: Determine marketing mix for specific markets

Sub Task 2.1

Sub Task 2.2

Sub Task 2.3

Sub Task 2.4

Sub Task 2.5

Task 3: Monitor and adjust the marketing mix

Sub Task 3.1

Sub Task 3.2

Sub Task 3.3

Sub Task 3.4

Sub Task 3.5

The student’s overall performance is Satisfactory Not-Yet-Satisfactory

Assessor Signature: Date:


Student Feedback Form

Dear Student,

We are keen to improve our products and services, and assessment tools are a key part of this. Therefore, we would

welcome your feedback on the assessment. If you could take a few minutes to complete the form below, it would be

greatly appreciated. Please provide thoughtful responses as your opinions are highly valued.

Yes No Feedback Questions

Y N Did the assessment cover the training you received for this unit?

Y N Were the tasks in Assessment Event 2 based on realistic activities that you would expect to be

doing in a workplace?

Y N Did you understand the assessment instructions?

Y N Were the tasks easy to understand?

Y N Did the Assessor set up and run the simulations professionally?

Y N Was the Assessor’s decision fair?

Y N Was the Assessor’s feedback specific?

Y N Was the Assessor’s feedback comprehensive?

Y N Was the Assessor’s feedback constructive?

Y N Was the Assessor’s feedback timely?

Y N Were you satisfied with your effort in this assessment?

What would you change about this assessment?

What could the assessor have done differently to improve the

assessment process and/or assessment feedback?

Overall, what was the most significant challenge of this assessment?

Overall, what did you like the most about this assessment?

Do you have any other comments you wish to make with regard to

your assessment experience?

BSBMKG502 Establish and Adjust Marketing Mix Assessment …...review and evaluate the current...

Documents

Transcript of BSBMKG502 Establish and Adjust Marketing Mix Assessment …...review and evaluate the current...