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BSBMKG501 Identify and Evaluate Marketing Opportunities

Assessment Task 1

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Assessment 1: Identify &evaluate marketing opportunities

In this assessment you will analyse one of the organisationslisted below.

1. Coke / Pepsi – (Global)

2. P & G – (International)

3. Telstra – (Australian)

4. Adam Internet – (Local – Adelaide)

Your task is to find two (2) new marketing opportunities suitable for the Australian market. You will present these ideas and your findings in a report to be presented to the Australian Board of Directors of your company.

Note:

You can complete this assessment either individually or as a group (2-4 people). Discuss with your trainer which option you wish to adopt.

___________________________________________________________________________

1. Identify marketing opportunities

1a. Analyse the business and its’ needs and identify two (2) new marketing opportunitiessuitable for the Australian market.

Coca Cola is one of the largest organizations in the world. One of the key needs of the business organization is to ensure that it is in a position to retain its position as a market leader well into the foreseeable future. In order to attain this feta, Coca Cola should position itself to capture and retain key international market destinations such as the Australian market. Australia has a relatively high per capita income and many residents can actually afford to purchase Coca Cola products (Ferrell, 2013).

There are several marketing opportunities that are available within the Australian market. One key opportunity is the fact that the population demographic of Australia mainly consists of young people (Ferrell, 2013). Such young people constitute integral potential consumers for Coca Cola products and this is a strategic opportunity for the company.

Secondly, the Australian market just like many other international market destinations is increasingly becoming conscious of the need to consume healthy food and beverage products. This emerging market trend is an opportunity for Coca Cola to increase the number of diet products in the market such as the Coke Zero which is sugar free (Ferrell, 2013).

1b. Explain the process you used to identify your ideas.

· eg. creative problem solving

· mind mapping

· six thinking hats

The process that was used in identifying the emerging opportunities for Coca Cola within the Australian market was creative problem solving. Essentially, this process entailed identifying several problems and settling on that which has the largest impact on the operations of the Company. Then the possible solutions were identified and the best possible solution was selected from those identified.

1c. Discuss each marketing opportunity with reference to;

· Market trends, – Young population is one of the defining characteristics of the Australian market. Most companies target this demographic especially those that deal in products that are deemed to be trendy and Coca Cola is definitely one such company.

With respect to the second component which is changing consumer tastes and preferences, the latest trend in the market is that many Australians are interested in healthy dietary solutions.

· Competitor analysis- Competitors are also interested in capturing the Australian market and they are interested in the young consumers. Furthermore, the competitors are also churning out healthy beverage solutions that can compete with Coca Cola.

· Contribution to the business- Targeting the young consumes which are among the majority of the potential consumers will definitely result in enhanced performance of the business organization.

1d. Demonstrate at least 3 entrepreneurial, innovative or creative ways to develop your marketing ideas.

1e. Discuss the marketing principles and marketing mix of your ideas – 4Ps

· Product- Product refers to the item that is actually sold by the company. The product must be well designed and meet the expectations of the market.

· Price – This is the monetary value of the product. The price should reflect the actual value of the product and one that the market can sustain.

· Place- Place refers to the physical or virtual location where the product can be accessed. Coca Cola should ensure that it is able to make its products available in the most convenient locations within the Australian market (Ferrell, 2013).

· Promotion- Promotion refers to all those activities that are geared towards enhancing the performance of the product in the market. Coca Cola should ensure that it engages in effective product promotion activities that will create awareness in the market.

2. Investigate Marketing Opportunities

2a. Identify two (2) organizational goals for your chosen company and discuss how your new ideas fit within those goals.

There are several organizational goals and objectives of Coca Cola and they include capture key international market destinations. This is in line with the idea of targeting the young demographic.

The second organizational goal of Coca Cola is to manufacture products that are in line with market expectations. This is in line with the company’s idea of manufacturing healthy products for the Australian market.

2b. Evaluate how your ideaswill affect the,

· Current business viability and- The business viability will be enhanced due to the fact that the company will be able to attract more customers to purchase the company’s products.

· The current customer base- Coca Cola will be in a better position to diversify its customer base if it adopts the proposed ideas.

2c. Prepare a SWOT analysis for each new marketing idea.

INTERNAL
Strengths	Weaknesses
EXTERNAL
Opportunities	Threats

Targeting young customers

Strength – The Company will benefit from high sales figures since there is a high number of a young consumer in Australia.

Weakness- Coca Cola might end up overlooking other market segments such as the older consumers.

Opportunity- Australia is one of the most politically suitable countries. This implies that companies operating in the country have a high success potential.

Threats- There are many players within the Australian soft drinks industry with some of them being locally based companies. These players can be a source of significant competition to Coca Cola with respect to its Australian operations (Lowe, 2008).

Manufacturing diet products

Strength – These products will serve to attract the more sensitive consumers who would want healthier soft drinks products.

Weakness – the company might end up alienating some of its traditional consumers who love Coca Cola because of its current product design.

Opportunities- Coca Cola can take advantage of advancements in the technological scene within the country to carry out research on better products.

Threats – The Company has to contend with the possibility of its new product range not finding favor within the market (Paley, 2006).

Note: External factors can include;

· Economic

· Technological

· Cultural

· Political

2d From your research, rank each of your marketing ideas in terms of their likely contribution to their business success within Australia. Present these marketing ideas to the trainer and in the class.

New Marketing Opportunities
Idea 1	Targeted marketing
· Effect on sales	Increase sales
· Market share	Increase market share
· Profitability	Enhance profitability
Idea 2	Product diversification
· Effect on sales	Sales might remain unchanged
· Market share	Market share will increase
· Profitability	Profitability might remain unchanged

2e On the basis of your research and class discussion determine and communicate the viability of the new idea to the trainer and the class.

3.Evaluate required changes to the current business operations.

3a.Summarise the changes which will need to occur so that your nominated marketing idea can be introduced into the Australian market place.

Summary of Proposed Changes
Resource	Type	Change
Staff	· mber of staff · Job roles · Organisational structure	Increase number of staff involved in marketing and research for the company.
Customers	resource	Ensure that the customers’ needs are taken care of. This will be attained through diversification to come up with products for different customers.
Infrastructure	Material	Increase investment in key infrastructural facilities. This might include key infrastructure such as manufacturing equipment, technology for production and other major infrastructure within the company’s disposal.
Equipment	Material	Coca Cola should ensure that it has put in place proper equipment to implement its proposed changes. There are additional equipment that should be used to facilitate manufacture of diet drink and such equipment will differ from the already existing equipment that is used in the manufacture of the conventional Coca Cola product.
Marketing	Initiative	The marketing approach that Coca Cola uses should be aligned with its proposed objectives. The marketing should target the young consumers more than the older ones and also increase focus in promotion of new products that are not necessarily popular within the market (Paley, 2006).

3b. How can you ensure your chosen idea will not affect the quality of customer service existing customerscurrently experience.

Customer Service Review
Potential Problem	Solution
Product dissatisfaction	Improve product design
Lack of awareness within the market	Enhance the product promotion initiatives to create awareness within the market.

3c. From the information you gathered in 3a, estimate the possible cost of additional resources.

Resources	Description Approx Cost $
Additional Staff	2 new salespeople	50,000
New equipment	Manufacturing equipment	100,000
New Technology	Technology	150,000
New advertising campaign	Promotion	50,000
Estimated Total Cost	350,000

4. Legislation

4a. Discuss how your chosen company will comply with the following

legislation acts and codes of practice within Australia.

a. Work, Health and Safety Act, 2009

The company should ensure that all requirements relating to health and safety of employees are adequately addressed.

b. Competition and Consumer Act, 2010

Coca Cola should ensure that it does not engage in any unfair competition practices that might undermine the operations of its competitors.

c. Privacy Act, 1988 (cth)

The Privacy Act will require Coca Cola to come up with appropriate policies to ensure that its operations conform to the requirements of the Privacy Act of 1988.

d. Do Not Call Register Act, 2006

Coca Cola should instruct its employees not to make unsolicited calls to customers.

e. Australian e-Marketing Code of Practice – March 2005

The e-Marketing Code of Practices an important piece of legistaion that seeks to integrate technology within the country’s corporate scene. All of the company’s e-marketing initiatives should conform to the code.

Please submit the following to your trainer for assessment.

· Completed report and supporting documentation.

References

Ferrell, O. (2013). Marketing Strategy, Text and Cases. New York: Pearson.

Lowe, R. (2008). International Marketing Strategy: Analysis, Development. New York: Pearson.

Paley, N. (2006). The Manager’s Guide to Competitive Marketing Strategies. London: Routledge.