BSBMKG502 - Establish and adjust the marketing mix
ASSESSMENT ACTIVITY 3 -
BSB51915 Diploma of Leadership and Management
ASSESSMENT ACTIVITY 3 COVER SHEET
Student Number:
160108
Student Name:
Jasvir Kaur
Subject:
BSBMKG502 – Establish and Adjust the Marketing Mix
Course:
BSB51915 - Diploma of Leadership and Management
STUDENT DECLARATION
I hereby certify that:
This assessment task is my own work based on my personal study/research and not the work of another student and/or source.
I have acknowledged all material and sources used to prepare this assessment task.
I have not plagiarised or copied any part of this assessment task from the work of any other student or source either.
This assessment task has not previously been submitted.
I am aware of the requirements set by my Trainer & Assessor.
I have retained a copy of this assessment task for my own records.
I have completed all my assessments, tasks & activities (on moodle®) successfully.
Student’s Signature: _______________________________ Date: _________________
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.
HINT: Use these questions as subheadings to create a business style report to answer your assessment
Your response to each question should aim to provide enough information to answer the question. In most cases, this can be done with just a few paragraphs. Don’t forget to refer to attachments under the heading (question) applicable, e.g. ‘See attached email’.
Important: Your assessment must contain this coversheet and your own coversheet (for your “report”)
Your answers & assessment submission must professional in style (Business), content and format. Maximum font size 11 points: Font Arial or Times New Roman; single spacing; clear paragraphswith appropriate punctuation, spellchecking and final submission will need to be proof-read. (i.e. few missing words or typo’s)
In particular:
- Use clear, non-discriminatory language
- Avoid the use of jargon
- Write clearly using plain English
- Consider your target audience
- Ensure that your responses meet the needs of the target audience (in this case your trainer or assessor).
All of your work must be original.
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.
Marking and Criteria guide:
Assessor and student must read this carefully before assessment.
A 75% demonstrated competence in the answers is the benchmark only and students & assessors must note that professionally critical aspects/concepts must be included (e.g. two (2) meetings, two (2) role plays, performance action plan and written report).
All parts (criteria) in the marking guide must be completed successfully for the student to achieve competence in this unit
EDUCATOR to complete
Observation/assessment
Satisfactory/not Satisfactory
Comments
Pre-assessment work completed
All assessments, tasks & activities (on moodle®) successfully
ACTIVITY 3 – Marketing Plan Analysis
Question 1 table completed
Question 2 table completed
Question 3 table completed
Practical Checklist
Assessor to complete:(circle)
Did you observe the student?YesNo
Further comments required
Assessor Comments
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
Resubmission required? Yes_________ No___________
Date resubmission must be handed in: ________________________
Assessor’s name and signature: _______________________________
Date: _________________________
Activity 3 – Marketing Plan Analysis
Question 1 SCENARIO:
You are the marketing manager, and your job is to help clients segment the market and understand who they are targeting and why. Use hypothetical data to complete the table for a client who is about to launch a new credit card service tailored to businesses and everyday customers.
Variable
Segment 1 -
BusinessES
Segment 2 –
EVERYDAY CUSTOMERS
Demographics /Region
Business from all social circles dealing with every kind
Customers from all social classes like teachers, small business owners, employees living in the United States
Age and generational analysis
Generation Y, Generation Z, iGeneration or centennials
Age ranging from 20 years up to the average living age of the human. Any person can avail this service.
Income / Financial
Businesses whose revenues or sale are more than 100,000+ per month
Under $10,000; $10,000–$15,000; $15,000–$20,000 per year.
Values
Credit card service is a reliable source for businesses. The security features appeals and attracts the businesses.
Reliability and ease of use for daily clients. It is secure and safe service
Personality
The determined Social class
Obsessive, sociable, authoritarian, determined
Benefits sought
Premium quality to businesses would benefit.
The best quality and good service.
Purchasing behaviour patterns/usage rate
A heavy user, as most businesses are in huge or larger size (Loveland, 2016, n.p).
Light user, medium user depends on the nature of the customer.
Loyalty status
The loyalty status of the businesses to the credit card services depends on the promotions and offers provided to the business. The larger the offer stronger would be the loyalty to the service (Loveland, 2016, n.p).
The customers will stay loyal if the credit card company offers good services to consumers.
Where products or services are consumed
Paying wages, and in payments of different receipts
Dining, shopping, travelling and vacationing
Size of segment
Depends on the number of businesses acquired this facility.
Depends on the number of everyday customers
Estimated growth rate
Depends on the reliability, efficiency of service and trust of businesses
Depends on the reliability, efficiency of service and trust of every customer
Research an industry, a company and a product/service.
The Industry
Hospitality
The Company
Mc Donald’s
The Product or Service
Fast food
Question 2 Conduct market research and analysis
Customer type
The customer type of McDonald does include parents with young children, business personnel, teenagers and young adults.
Market Size
The McDonald has its roots in more than 120 countries. The McDonald is holding more than 36 thousand restaurants all over the world. There are more than 375,000 individuals working in McDonald. The company serve approximately more than 70 million customers every day, worldwide (Gerhardt, Hazen and Lewis, 2014, p. 271).
Market Trends
The research has revealed that snacking is the favourite trend in the market. It is more popular among people. The individuals are now more interested in a quick meal.
Competition
The major competitors of McDonald's are KFC, Burger King, Pizza Hut, Dominos and Subway. The McDonald has set the low prices for its some burgers which is difficult to maintain by its competitors. Moreover, the value box and share meal are few other deals offered by McDonald's which is difficult for its competitors to match up.
Market Share and Sales
McDonald holds a share of approximately 17.02 per cent of the total market share. McDonald makes a sale of $102.686.767 a day.
Question 3 - Marketing Plan Template
MARKETING PLAN
EXECUTIVE SUMMARY
McDonald's plan its success by continuously asking the demands and desire of customers and making its brand. McDonald's fashions its brand name using advertisings and commercials. The influential golden arch logo also helps in designing the brand name. In the marketing plan, McDonald's classifies the legal, economic, social and technological factors and many other factors which influence the readiness of people to buy the products of McDonald's. The plan also identifies dissimilar kind of customers' nature and their demands. The marketing plan also emphasis on the crucial psychological factors to clients or consumers.
SITUATION ANALYSIS
The fast-food chains had gained negative attention from customers due to some reasons. McDonald's have opted the few actions in situation analysis to overcome the issue. They started focusing on varying the superficial quality of food. They make sure that customers have experienced the best service in the outlet. They continue their promotion strategies to increase and enhanced the image of a brand.
SWOT ANALYSIS
Strength
Suitability and global presence
Healthier Menu
Advertising and promotions
Weakness
Brand Image
Customer Service of employees
Food Quality
Opportunities
Healthier and new food items
Social media
The hiring of more employees
Threats
Increasing raw and food material prices
Regulation of government on fast food.
Competition
OBJECTIVES
The objective of the marketing plan is to set the right menu for the extended range of customers. The price is set according to the customer demands. The competitive pricing is set low for its products to avoid the misconception of low quality.
TARGETING STRATEGIES
McDonalds targeting strategy is one of the integral components of its marketing plan. The target strategy of the McDonalds is set on different segmentation which might include demographics, the behaviour of customers, psychographic strategy, and geographic. These are the important factors of the target strategy in the marketing plan of McDonald's.
TACTICS – ACTIONS
McDonald identifies different tactics and action in its marketing plan. McDonald's uses different promotion and discount tactics. There are different promotions on different seasons like summer offers, spring and winter offers.
FINANCIAL SCHEDULES
The total current assets of the company are 1,335,300 1,212,700 1,222,300 (Gerhardt, Hazen and Lewis, 2014, p. 271).
TIMETABLE
The timetable in the marketing plan is set for each task. The market analysis, SWOT analysis, strategic analysis, and all other task are fixed in the time table. Time is allocated for each task. The marketing plan makes sure that each task is completed in the given or allocated time. The objectives of promotion strategies, price setting, budget, media promotions are set into the timetable with specific duration.
Reference
Gerhardt, S., Hazen, S. and Lewis, S., 2014. Small business marketing strategy based on McDonald's. ASBBS Proceedings, 21(1), p.271.
Loveland, J., 2016. 495-01 Marekting Planning and Analysis.
