explain how these techniques can be used to evaluate

Assignment Detail:- Intellectual Property StatementVET Fair -ABN 44 983 956 589- is a provider of educational products and services for the vocational education and training -VET- sector-By purchasing the ‘BSBMKG501Identify and Evaluate Marketing Opportunities' assessment resources -"Product"-, you are entitled to use it for educational purposes only, but the intellectual property remains with VET Fair- This Product includes the following components:• Assessor Guide• Student Assessment Guide• Student Assessment Workbook• any other material to support the implementation of the Product -e-g- policy and procedures, templates, etc---VET Fair owns all copyright to the Product as subject to the provisions of the Copyright Act 1968- This purchase grants you a non-exclusive, perpetual, non-sublicensable, and non-shareable right to use and contextualise this Product- You have the right to distribute unlimited copies of this Product to your students or internal staff, limited to only for educational purposes; however, you must not:a- reproduce this Product or produce other assessment resources based on this Productb- share this Product with any other external person or entity other than your students and internal staff through physical or electronic including online accessc- use this Product for any other purposes than education -e-g- assessing student competency, conducting validation and moderation activities, etc--d- resell this Product to any party of individuale- use this Product without affixing the following statement in each copy of a modified, adapted, customised or contextualised version of this Product that is distributed electronically or in a physical format to your target learner audience:"The assessment activities and information in this guide are derived from the BSBMKG501Identify and Evaluate Marketing Opportunities assessment resources provided by VET Fair- VET Fair owns all copyright to this information and the intellectual property of this resource remains with VET Fair-"Breaches of this copyright will result in VET Fair claiming for loss of sales- Assessment Event 1 - Knowledge Questions The information contained in this assessment event lists the questions that you will need to develop a written response- These questions are theoretical and provide evidence of your understanding of legislative requirements in marketing operations, principles of marketing and marketing mix, and statistical techniques to evaluate marketing opportunities-Each question includes the requirements which indicate what you have to do and the depth of your response to achieve a satisfactory result- Question 1Outline key provisions of relevant legislation, codes of practice and national standards affecting marketing operations- R 1- list five legislation, five codes and two standards relevant to marketing operations:• correctly write the name and date of each item• these names and dates must be currentR 2- for each list item, provide a summary of key provisions on marketing operationsR 3- word count is approximately 25 words per summary- Question 2In the table provided, explain principles of marketing and marketing mix-R 1- explain each of the four principles of the marketing:• include in your explanation a minimum of two factors that underpinned that principle• word count is approximately 25 words per explanationR 2- identify an industry of their choice and provide an example of how these four principles apply to it:• clearly stateyour chosen industry• include an example for each of the principles• word count is not critical- Question 3Describe statistical methods and techniques, including forecasting techniques,to evaluate marketing opportunities-R 1- listten statistical methods and techniquesR 2- a minimum of five must focus on forecastingR 3- explain how these techniques can be used to evaluate marketing opportunities in the fitness industry:• include an example for each of the techniques• word count is approximately 20 words per example- Assessment Event 2: Emu FitnessSimulationIn this simulation, you will take the role of Marketing Specialist for a fitness and health organisation called Emu Fitness- In this role, you will show your skills in identifying, evaluating and taking advantage of marketing opportunities- You will undertake an analysis of the market data and information, review the characteristics and trends, and then assess the viability of changes to its current operations-Please ensure that you familiarise yourself with this set of requirements that underpin this simulation- This includes understanding the background of the simulation and the criteria you will be assessed on- These are located in the Appendix of this document- Part 1: Identify Marketing OpportunitiesIn this task, you will focus on an analysis of the external market in particular variables such as consumer interests, technology, competition etc- in an attempt to identify potential marketing opportunities- 1-1 Analyse information on marketR 1- analyse the ‘Strategic Marketing Review' document:• listand explain five macro facts• list and provide a rationale of five opportunities arising from these factsR 2- word count is approximately 400 words-1-2 Research potential new marketsR 1- select and research two of these marketing opportunities, then describe their viability based on:• size and growth of the opportunity • amount of competition • level of interest by customers and potential customers• external costs of entering this market• external risks of entering this marketR 2- word count is approximately 500 words per opportunity-1-3 Explore entrepreneurial approaches for their potential business applicationR 1- with each marketing opportunity, describe innovative approaches to increasing potentialR 2- word count is approximately 150 words per opportunity- Part 2: Investigate Marketing OpportunitiesIn this task, you will review your two marketing opportunities for alignment with the organisations capability- This analysis will lead to an estimation of the return on investment and from this the development of a priorities matrix-2-1 Analyse fit between marketing opportunities and organisational goals and capabilitiesR 1- analyse and provide review on the two opportunities based on the following factors:• fit with organisational goals• fit with five organisational capabilities R 2- word count is approximately 500 words-2-2 Evaluate each opportunity to determine impact on business and customer baseR 1- evaluate the impact of each of the two opportunities based on the following:• current business• customer baseR 2- word count is approximately 250 words-2-3 Determine probable return on investmentR 1- estimate ROI for each marketing opportunity:• estimate the total annual costs required to implement each marketing opportunity• estimate the total annual revenue for each marketing opportunity• calculate the ROI for each opportunityR 2- word count isnot critical-2-4 Determine potential competitorsR 1- analyse competitors from the Strategic Review:• list two potential competitors for each of your chosen marketing opportunity• provide your rationale for each competitorR 2- word count is approximately 200 words in total-2-5 Describe and rank marketing opportunitiesR 1- analyse and complete the Screening Matrix for contribution and viability R 2- rank marketing opportunities on these factorsR 3- word count is approximately 200 words- Part 3: Evaluate Required Changes to Current OperationsIn this task,you will develop strategies and resources to ensure that Emu Fitness can provide quality customer service to its current members which will take advantage of the planned marketing opportunities- 3-1 Identify and document changes and resources required for current operationsR 1- develop a Change Management document that contains the following:• a minimum of four strategies and their rationale• a minimum of three actions and resources to achieve these strategiesR 2- word count is approximately 500 words-3-2 Communicate viability of changes to current operationsR 1- deliver a collaborative session on the changes requiredR 2- seek and note feedbackR 3- session must be completed in 60 minutes-3-3 Document newly identified report on marketing opportunities and required changes to operationsR 1- review your notes made from the collaborative session:• list and make adjustments if required, to the Change Management Plan• attach the finalised version of the Change Management Plan• include a rationale on why these changes were adopted or not usedR 2- word count is not critical- Attachment:- Identify and Evaluate Marketing Opportunities-rar

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