Marketing Mix

Module 6 

Term and Year : Term 3 2018

Qualification : BSB50215 Diploma of Business

Unit Code: BSBMKG502

Unit Title: Establish and adjust the marketing mix

Procedures and Specifications of the Assessment

The candidate must demonstrate the ability, knowledge and skills to evaluate each component of the marketing mix and determine a suitable marketing mix for specific markets, as well as monitor and adjust the marketing mix.

The candidate is to write a brief on the marketing mix in their own workplace or a workplace that they are familiar with. The brief should address the evaluation of all components within the marketing mix and marketing performance. The brief is to be presented to the class.

The brief (Task 1 and 2) should consider the key characteristics of the product, the promotion methods and each component of the adjusted marketing mix. The brief needs to evaluate the contribution made towards the organisation’s marketing objectives, strategies and desired positioning.

Your assessor will be looking for a brief that:

·         addresses each point of the procedure described above

·         establishes the marketing mix for a specific market

·         evaluates each component of the marketing mix

·         demonstrates the monitoring and adjusting of the marketing mix

·         demonstrates culturally appropriate communication skills to relate to people from diverse backgrounds and people with diverse abilities

·         contains the literacy skills needed to analyse market information, write in a range of styles for different audiences and interpret requirements

·         contains the numeracy skills to interpret test results and to manage marketing budgets

·         demonstrates organisational and time management skills to design and adjust a marketing mix.

Candidates must demonstrate their knowledge of:

·         key provisions of relevant legislation, codes of practice and national standards that affect business operations

·         organisational policies, procedures, products and services

·         principles and concepts of marketing such as buyer behavior and the analysis of elements of the marketing mix

·         numeracy techniques.

Task 1

1. Research the marketing of the company’s products or services of your choice.

2. Identify the key characteristics of the products and/or services and their significance to the market.

3. Review pricing policy and analyze pricing variables to determine their effect on the market.

4. Analyze the significance to market outcomes of:

     a. Promotional methods

     b. Customer base

     c. Channels of distribution

     d. Level of customer service provided

5. Establish the marketing mix components on areas such as:

·         Information on how each element of the marketing mix has been used. 

·         Analyse and test their significance to each other and relevance to customer base.

Task 2

1. Based on Assessment Week 5’s practical case scenario, identify environmental factors and assess their potential impact on the marketing mix.

a.      Politics

(how does this factor impact the company’s marketing mix)

b.  Economics

(how does this factor impact the company’s marketing)

c. Social 

(how does this factor impact the company’s marketing mix)

d.  Technological

(how does this factor impact the company’s marketing mix)

2. Provide a list of consequences for the organisation and customers/ clients in a SWOT analysis

a.  Strengths

b. Weaknesses

c. Opportunities

d. Threats

3. Identify customer/consumer priorities, needs and preferences and the way they impact the marketing mix (relate it to either Product, Price, Place, Promotions, People, Physical or Process).

a. Flexibility

(how easy-going  is the service)

b. Engagement

(how sincere is the service given)

c.Fairness

(Is the service free from discriminatory treatment)

d.Information

(Is there sufficient provided during service)

4. If additional products or services or new products will be offered by the company, how would you evaluate these against: marketing objectives, target market characteristics and desired positioning.

a.  Marketing objectives

b.  Target market characteristics

c.  Product/ service positioning

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