Marketing Mix Component Task 1

BSBMKG502 - Establish and adjust the marketing mix

ASSESSMENT ACTIVITY 1 - Marketing Mix Component

BSB51915 Diploma of Leadership and Management

ASSESSMENT ACTIVITY 1 COVER SHEET

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30048202946400Wentworth Institute RTO Code: 91178 November 2017 Version: 1.0

00Wentworth Institute RTO Code: 91178 November 2017 Version: 1.0

Student instructions

This assessment must be based on where you work (or have worked most recently).

This Assessment is designed to test the knowledge that you have acquired throughout the unit. Use the following tips to help you answer the questions:

Read each question carefully. Check with your trainer or assessor if you are not sure what the question is asking.

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Performance Evidence

Evidence of the ability to:

use leadership techniques and strategies to facilitate team cohesion and work outcomes including:

encouraging and fostering shared understanding of purpose, roles and responsibilities

identifying and resolving problems

providing feedback to encourage, value and reward others

modelling desired behaviour and practices

develop policies and procedures to ensure team members take responsibility for own work and assist others to undertake required roles and responsibilities

establish processes to address issues and resolve performance issues

support team to meet expected performance outcomes including providing formal and informal learning opportunities as needed

develop performance plans with key performance indicators (KPIs), outputs and goals for individuals or the team which incorporate input from stakeholders

communicate effectively with a range of stakeholders about team performance plans and team performance

facilitate two-way flow of information between team and management relevant to team performance

evaluate and take necessary corrective action regarding unresolved issues, concerns and problems raised by internal or external stakeholders.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

explain how group dynamics can support or hinder team performance

outline strategies that can support team cohesion, participation and performance

explain strategies for gaining consensus

explain issue resolution strategies.

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ACTIVITY 1 – Marketing Mix Component

Identification, size & scope of workplace identified.

Key Product or Service identified.

Key feature and one key benefit of your product or service in your workplace identified.

Existing customers (current Market) for the product/service demographic identified.

4ps marketing mix established

SWOT Analysis of the Product/Service created

How current and existing customers’ lifestyle, social and economic factors can affect marketing mix explained.

Practical Checklist 

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Did you observe the student?Yes No 

Further comments required 

Assessor Comments 

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Resubmission required? Yes_________ No___________ 

Date resubmission must be handed in:  ________________________ 

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Date:  _________________________ 

Activity 1 – Marketing Mix Component

Summary

The legal name of Wal-Mart stores is Wal-Mart Inc. The current trading name of Wal-Mart stores is Wal-Mart Inc. Wal-Mart is a retail store and company. The motive of the company is to provide facilities to the people in lower rates so that they can save their money. They deal in retail stores as well as in e-commerce (Ghazzawi etal., 2014, pp. 9-32).

Key Product or Service

Wal-Mart offer variety of services and products. These services include vegetables, food, dairy products, health care products, household items. The frozen food and baked items are their prominent items. Frozen food is their key product which includes the frozen meat, chicken and fish are the most selling products of the Wal-Mart. Within no time the demand of frozen food is increased and it’s become a favourite item of the store.

key feature and key benefit

i. Feature

Every product is of premium quality.

ii. Benefit

The people can enjoy the best services with low prices

Existing customers for the product/service demographic

The Wal-Mart is a centre of attraction for all customers regardless of age, gender, marital status, schooling, and occupation. There are products for kids. Wal-Mart is open for all individuals whether educated or non-educated, and married or single

4ps marketing mix

Existing Product: Frozen Food

Product

The frozen product is an imperceptible service that appears to meet the specific needs of the customer or customer’s demand. The frozen products of Wal-Mart follow a proper product life cycle. The product is made by identifying the potential customers.

Price

The price of the frozen food set by keeping the number of potential customers in mind. As the price of the product has direct effect on it selling behaviour. The setting of price is crucial as the much higher or lower price might not be helpful in selling the product.

Placement

The distribution of the frozen goods is the crucial element in the placement of the product. The behaviour of customer is observed how they access the frozen product.

Promotion

The special offers which might include the discount or free promotional products fall under this category.

Positioning Strategy:

Product

The product is set to target the more potential audience

Price

The price of the product is set to attract the customers. The price is set neither too high nor to low.

Placement

The product is available in quantity so that they can easily access the product.

Promotion

Different promotional strategies were introduced on special events with different discounts.

SWOT Analysis

STRENGTHS

WEAKNESSES

1. Easily cooked

1. Loss of Vitamins.

2. Long life

2. Tainted Reputation

3. It allows eating the seasonal food throughout the year.

3. Target specific audience

4. It is convenient to use the frozen product

4. Health Issues

OPPORTUNITIES

THREATS

1. Innovation

1. International Competition

2. Variety of products

2. Volatile Currencies

3. New Market

3. Reformulation

4. New Technology in freezing products

4. Anti-microbial resistance

Effect of customers’ lifestyle, social and economic factors on marketing mix

Wal-Mart is considered the powerhouse of the industry. The marketing mix is the key strength of Wal-Mart. The effective pricing strategies and low-cost products are the key elements to generate the demands of the product by the customer. The business or trade must have knowledge of positioning their products and their pricing which has been set for the targeted demographic. The efficient supply chain system permits the traders to ante up the price savings to their clients or consumers, particularly when middle-men are excluded. The promotions offered by the Wal-Mart appeal the customers. This increased the demand for their products but also increased in imparting confidence and trust in their customers. This is most particular in warranties and returns policies. In the modern world, everything has the almost digital appearance, which is as important as physical presence (Pomering, 2017, pp. 157-165). The geographical dispersal of the outlets is also a crucial part of the Wal-Mart’s marketing strategy.

Reference

Ghazzawi, I.A., Palladini, M. and Martinelli-Lee, T., 2014. The Wal-Mart stores, Inc.: An American dream that touched the world. Journal of the International Academy for Case Studies, 20(1), pp.9-32.

Pomering, A., 2017. Marketing for sustainability: Extending the conceptualisation of the marketing mix to drive value for individuals and society at large. Australasian Marketing Journal (AMJ), 25(2), pp.157-165.