Assessment Task 1 BSBMKG401B Profile the market

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Assessment Task 1 BSBMKG401B Profile the market

Assessment Task 1

BSBMKG401B Profile the market

1. List three (3) three ways to describe the total market for a product or service?

Target market

A target market is a group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market the first element of a marketing strategy.

Market Share

Market share is the percentage of an industry or market’s total sales that is earned by a particular company over a specified time period. Market share is calculated by taking the company’s sales over the period and dividing it by the total sales of the industry over the same period.

Consumers

A consumer is a person or organization that uses economic services or commodities.

2. What is the main aim of the Competition and Consumer Act 2010 and what aspects of business does it address?

Its purpose is to enhance the welfare of Australians by promoting fair trading and competition, and through the provision of consumer protections.

  • product safety and labelling
  • unfair market practices
  • price monitoring
  • industry codes
  • industry regulation – airports, electricity, gas, telecommunications
  • mergers and acquisitions.
  • 3. If you were using primary research to collect data for market segmentation, what data collection techniques could you use? List at least 4.

    There are many methods of collecting primary data.  The main methods include:

  • questionnaires
  • interviews
  • focus group interviews
  • observation
  • case-studies
  • scientific experiments
  • 4. Choose 2 of the data collection techniques that you have listed and outline how you would analyse the data?

    Questionnaires

    Questionnaires provide a relatively cheap, quick and efficient way of obtaining large amounts of information from a large sample of people. Data can be collected relatively quickly because the researcher would not need to be present when the questionnaires were completed. This is useful for large populations when interviews would be impractical.

    Focus Groups

    A focus group is a form of qualitative research in which a group of people are asked about their perceptions, opinions, beliefs, and attitudes towards a product, service, concept, advertisement, idea, or packaging

    5. Describe 4 possible positioning strategies.

    Brand Positioning Strategy

    First, you determine WHAT dimensions are critical to the positioning. This has everything to do with the target customers. What are the top two to five core criteria for their decision making? Then, you need to understand WHERE the brand is currently positioned, assuming you’re already in market, against these brand criteria.

    Product Positioning Strategy

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    Assessment Task 1 BSBMKG401B Profile the market
    Last updated: Feb 2024

    Page 1

    Product Positioning Strategy

    Good product positioning strategy requires looking both internally and externally. First, your business as a whole needs to be properly positioned, then your product or services portfolio needs to be positioned.

    Competitive Pricing Strategy

    Pricing strategy has its roots in the very heart of competitive positioning. If your company boasts a better product or service and also leads in market reputation (or brand) then you have the opportunity to command premium pricing. However, an initial question becomes: to what degree are my customers price-sensitive?

    Competitive Positioning Strategy

    Positioning strategy, by its very nature, involves your value relative to your competition. What do you do or offer that’s better (or not as competitive) as others who offer similar products and services? When these differences are identified, supported with proof points, and properly merchandised your prospects will have an accurate and compelling basis to compare your company to others. 

    6. Describe 2 possible advertising strategies.

    Segmentation

    Dividing the marketing into distinct groups

    Targeting

    Deciding which of these groups to communicate with, and how to talk to them

    7. Describe 2 possible distribution strategies.

    1. Intensive distribution Used commonly to distribute low priced or impulse purchase products eg chocolates, soft drinks.

    2. Exclusive distribution Involves limiting distribution to a single outlet. The product is usually highly priced, and requires the intermediary to place much detail in its sell. An example of would be the sale of vehicles through exclusive dealers.

    8. Describe 4 possible targeting strategies.

    1. Undifferentiated marketing:

    There may be no strong differences in customer characteristics. Alternatively, the cost of developing a separate marketing mix for separate segments may outweigh the potential gains of meeting customer needs more exactly.

    2. Differentiated marketing or multi-segment targeting:

    When market segmentation reveals several potential target segments that the company can serve profitably, specific marketing mixes can be developed to appeal to all or some of the segments.

    3. Focus or concentrated targeting:

    Several segments may be identified but a company may not serve all of them. Some may be unattractive or out of line with the company’s business strengths.

    4. Customized marketing:

    In some markets, the requirements of individual customers are unique and their purchasing power is sufficient to make designing a separate marketing mix for each customer a viable option.

    9. What is the marketing mix?

    “Marketing mix” is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market.

    The 4Ps is one way – probably the best-known way – of defining the marketing mix, the 4Ps are:

  • Product (or Service).
  • Place.
  • Price.
  • ...

    Assessment Task 1 BSBMKG401B Profile the market
    Last updated: Feb 2024

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