Outline financial and bench marking metrics for monitoring performance and the data sources that will provide the data for the metrics.

BSBMKG502: Establish and adjust the marketing mix

Assessment 2

 

What you have to do

This assessment requires you to assume you are working as a marketing consultant for the scenario company. A fictitious scenario brief is provided based on “The Aussie Toy Company Ltd” .  Your role is to provide recommendations on the existing marketing mix for a toy, research competitors’ market mix and promotional activities and provide recommendations to adjust and improve existing marketing mix strategies of the toy product.

Read the detailed requirements of the tasks and complete the three tasks, using templates when provided.

This assessment does not require you to provide definitions or descriptions of marketing terms.  You can make reasonable assumptions based on the information provided in the scenario company.

Assessment Tasks Overview

Refer to page 2 for more detailed requirements for each task. This is a summary of the tasks. Complete the following 3 (three) tasks:

 

Task 1

  • Provide recommendations to adjust the geographic pricing strategy for Aussie Toys.

Task 2

  • Present, in the marketing mix strategies table, existing marketing mix for an existing product and outline recommendations for improvements to the marketing mix.

Task 3

  • Outline financial and bench marking metrics for monitoring performance and the data sources that will provide the data for the metrics.

 

Refer to the assessment checklist and marking criteria on the last page for additional guidelines for completing this assessment.

Resources

To complete this assessment, refer to the OLS learning resources:

You will be assessed on how well you interpret each task and how you are able to relate with examples of a product or service applicable for each task.   Before submitting your assessment, refer to the checklist at the end of this document.

You can make any realistic assumptions and use any relevant workplace information in your responses. To complete the tasks, you are required to visit toy store(s), either physical store(s) and/or virtual/online store(s) to research the direct competitor toy products to discuss how they are marketed and promoted.

 

Case study scenario

The Aussie Toy Company Ltd

The Aussie Toy Company Ltd. has been established for ten (10) years and is one of the leading toy distributors in the Australian Toy market.   The company also operates several retail stores in NSW selling toys and games, both traditional and video/digital online games.  They have a large team of merchandisers and sales representatives in each state servicing, in NSW, their own retail outlets and in the other states department chains such as K-Mart, Target, Big W, Myers and specialist toy stores.

Aussie Toy’s mission is “To grow through excellence in the supply of toy products in a socially responsible manner, which maximises the wealth of shareholders and customer satisfaction in the industry”. The focus of this statement is on long-term growth rather than short term profitability.  To achieve this growth, initially they are wanting to focus their future marketing activities on one specific target market.

As a newly-appointed marketing consultant for The Aussie Toy Company Ltd. for the national market, your role requires you to conduct a comprehensive and an objective review of the market and the marketing activities. You are required to segment the toy market, select a target market for The Aussie Toy Company Ltd to market in the Australian Toy market.  Your role is to describe the marketing mix for an existing toy product and recommend any improvments to each component of the marketing mix required.

Tasks

Task 1

The Aussie Toy Company Ltd are considering applying a uniform geographic pricing policy

  1. Describe the various forms of geographic pricing and their advantages and disadvantages.
  2. Which method would you recommend for Aussie Toys. Justify your recommendation.

(A pricing template is provided for your answer).

Task 2

  1. Provide DETAILED descriptions of all the elements of the current marketing mix for an existing toy product in the Australian toy market.
  2. Make recommendations on how you might improve on the strategies for each element of the marketing mix.

 (A marketing mix strategies table is provided for you to outline your recommendations).

Task 3

Refer to the objectives and positioning strategy that you outlined in assignment 1 and the marketing mix strategy table in task 2.

  • Describe one financial metric and one benchmarking metric that you would use to monitor performance of your marketing activities.
  • What data collection research methods/source would you use to gather the data for each of these two metrics?

(A metrics template is provided for your answer).

 

 

Geographic pricing strategies (Task 1)

Name of strategy Description of strategy Advantages Disadvantages
1.      
2.      
3.      
4.      
5.      

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing Mix Strategies table (Task 2)

Product name:

Marketing mix strategies Check list Outline the existing marketing mix for a toy product currently in the marketplace. Your recommendations for improvement for each element of the marketing mix.
Product strategy: ·         What does the product look like?

Describe the product packaging (graphics, colours etc.)?

·         What are the product? sizes/variations?

·         What are the product features?

·         Is there a product range? If so, describe it.

·         Does it have a unique brand name or does it use a family brand?

·         Describe the product image and positioning.

·         How is the product different from competitors?

   
Placement strategy: ·         What distribution channels are being used?

·         How extensive is the distribution?

·         Which retailers stock the product?

·         What distribution strategy is being used (intensive, selective, exclusive, franchising)?

·         Is online ordering and distribution available?

·         What are the competition doing?

   
Pricing Strategy:  

·         What is the price actually being charged?

·         Is there a price range?

·          Are any discounts available to retailers or consumers?

·         What is the pricing strategy being used (penetration, skimming, neutral)?

·         How price sensitive is the product?

·         What are the competition doing?

 

1.       2.      
Promotion Strategy:  

·         What advertising is being used on main media (creative strategy, which media, frequency of advertising)?

·         Which electronic media  are being used (social media, websites, YouTube videos)?

·          What  sales promotion (price related, competitions)?

·         What  PR is being used (press releases, sponsorships, events)?

·          What personal selling is being used (activities of the sales force)?

·         What are the competition doing?

3.       4.      

 

 

Metrics (Task 3)

 

  Name/description of metric Source of data for metric
 Financial    
Benchmarking    

 

Checklist

Writing Style

For assessment writing, case studies and research reports always use the third person.  Third person makes your writing more objective and less personal.  For academic and professional writing, this sense of objectivity allows the writer to seem less biased and therefore more credible.  Third person helps the writing stay focussed on facts and evidence instead of personal opinion.  To effectively write in the third person use the titles of people, avoid using pronouns such as “I” and “me”.

 

I have:

  • Created the assessment as a Word document (or similar software). Used clear, direct legible English constructed into sentences
  • Used 12 points font size and business report style font (e.g. calibri, times new roman etc.). Inserted page numbering, spell checked and proof read the assessment before submission
  • Ensure each task has been answered and included references both within the body of the text as well as at the end in the reference list
  • Included my name, student number, unit number, assessment number
  • Saved a copy on my own computer.

 

 

BSBMKG502 Establish and adjust the marketing mix Assessment 2

Marking Criteria: (This is for students to view and assessors to complete)

This unit describes the skills and knowledge required to determine the optimum marketing mix for a business through analysis of interrelated marketing components.    Your result is based on the evidence you provide to meet the criteria as specified in the unit of competency. You will receive a result of either Satisfactory or Unsatisfactory. If your result is Unsatisfactory you will be required to redo incorrect tasks and resubmit your work.

Criteria assessed Comments Satisfactory Unsatisfactory
Task 1      
Knowledge evidence required to describe geographic pricing strategies      
Reviewed pricing policy and analysed pricing variables to determine their effect on demand. Describe the advantages and disadvantages of each strategy. Select and justify  a pricing strategy to recommend for a specified situation.      
Task 2      
Reported on existing marketing mix for a product.

Evaluated and recommended adjustments for components of marketing mix in response to market factors and consumer response on competitor marketing and promotional activities.

     
Task 3      
Monitor marketing mix against marketing performance.  Outlined how the marketing mix strategies can be monitored with: –

–       Financial metrics

–       Benchmarking metrics

     
Described sources of data for the metrics      
Overall result:  With the satisfactory completion of the above tasks the student will be deemed competent in this assessment. Assessor/teacher – please circle one of the following: Satisfactory Unsatisfactory (Resubmit Required)
Assessor Comments:

 

 

 

 

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