Task 1 Assessment Specifications Part A requires you to identify and evaluate two opportunities for BBQ fun business.
• To identify opportunities, analyse information on organisation’s market and business needs, for example: o Comparative market information o Competitors’ performance o Customer requirements o Legal and ethical requirements o Market share o Market trends and developments o New and emerging markets o Profitability o Sales figures • Research potential new markets for the organisation, for example:
• Export markets
• Segments of the market not currently penetrated
• Consider strategic marketing approaches such as:
• Increasing market share
• Developing new markets
• Developing new products
• Using a suitable methodology, such as gap analysis, market or marketing analysis, or competitor analysis, identify and decide on two marketing opportunities to focus on and investigate further.
1. In your analysis, consider types of markets and aspects of the marketing mix such as distribution, products and types of promotional activities, for example:
• Business to business (B2B) marketing
• Direct marketing
• Marketing of goods
• Estimate the effect of the two marketing opportunities on the business, for example: • Effect on sales volume
• Market share
• Use numerical analysis or statistical methods to forecast effects. For example, use estimated demand to calculate effect on sales and profitability.
• Explore and develop entrepreneurial, innovative or creative options (one for each opportunity).
Prepare a presentation for marketing peers explaining and supporting the two marketing opportunities you have identified.
Ensure you complete the following:
• Describe two marketing opportunities and how you identified them. Describe the process you undertook to analyse your organisation to identify the marketing opportunities. Refer to current organisational marketing plan and products/services
• Support your choice of marketing opportunities with reference to market information such as market trends and sales figures. Include relevant statistics.
• Describe the effect of opportunities on the business, for example:
• Sales volume
• Market share