BSBSMB403A Market the small business Learner Workbook
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Table of Contents .................................................................................................................................................... 1 Table of Contents ......................................................................................................................... 2 Candidate Details ......................................................................................................................... 3 Assessment – BSBSMB403A Market the small business ................................................................ 3 Competency Record to be completed by Assessor ........................................................................ 4 Activity 1a........................................................................................................................................ 5 Activity 1b ....................................................................................................................................... 6 Activity 1c ........................................................................................................................................ 9 Activity 1d ..................................................................................................................................... 11 Activity 1e ..................................................................................................................................... 14 Activity 2a...................................................................................................................................... 16 Activity 2b ..................................................................................................................................... 17 Activity 2c ...................................................................................................................................... 19 Activity 3a...................................................................................................................................... 21 Activity 3b ..................................................................................................................................... 23 Activity 4a...................................................................................................................................... 25 Activity 4b ..................................................................................................................................... 26 Activity 4c ...................................................................................................................................... 28
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Candidate Details Assessment – BSBSMB403A Market the small business Please complete the following activities and hand in to your trainer for marking. This forms part of your assessment for BSBSMB403A Market the small business. Name:
_____________________________________________________________
Address:
_____________________________________________________________ _____________________________________________________________
Email:
_____________________________________________________________
Employer:
_____________________________________________________________
Declaration I declare that no part of this assessment has been copied from another person’s work with the exception of where I have listed or referenced documents or work and that no part of this assessment has been written for me by another person. Signed:
____________________________________________________________
Date:
____________________________________________________________
If activities have been completed as part of a small group or in pairs, details of the learners involved should be provided below; This activity workbook has been completed by the following persons and we acknowledge that it was a fair team effort where everyone contributed equally to the work completed. We declare that no part of this assessment has been copied from another person’s work with the exception of where we have listed or referenced documents or work and that no part of this assessment has been written for us by another person. Learner 1:
____________________________________________________________
Signed:
____________________________________________________________
Learner 2:
____________________________________________________________
Signed:
____________________________________________________________
Learner 3:
____________________________________________________________
Signed:
____________________________________________________________
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Competency Record to be completed by Assessor Learner Name:
_______________________________________________________
Date of Assessment:
_______________________________________________________
The learner has been assessed as competent in the elements and performance criteria and the evidence has been presented as; Assessor Initials Authentic Valid Reliable Current Sufficient
Learner is deemed:
COMPETENT
If not yet competent, date for re-assessment:
NOT YET COMPETENT (Please circle)
____________________________________
Comments from Trainer / Assessor: __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ Assessor Signature:
________________________________________________________
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Activities Activity 1a Estimated Time
30 minutes
Objective
Analyse the business and its key products or services to determine the focus of marketing activities, in accordance with the objectives of the business plan
Activity
Either in groups or the full class, as directed by the instructor, discuss these eight (8) small business examples and identify the key products and services for each with the view of determining what you think would be the focus of marketing activities. This Activity Assumes There Is A Marketing Plan In Place! # 1
2
3
4
5
6
7
8
COMMENTS: Focus on marketing activities
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Activity 1b Estimated Time
20 minutes
Objective
Analyse the business and its key products or services to determine the focus of marketing activities, in accordance with the objectives of the business plan
Activity
Consider some of these marketing strategies drawn from industry ‘experts’
In order to best target the needs of each buyer segment it better serves the organisation to de-centralise the marketing plans Advantages / Disadvantages
Strategy can get left behind and having the right people with the right skills is compromised for the sake of “targeting” Advantages / Disadvantages
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I believe the best ideas are born from first understanding the right problem to solve and then having the courage required to go against the status quo and take a different approach. Advantages / Disadvantages
By focusing on results, you can stop spending time executing, or planning throughout the year, and spend your efforts optimising your marketing programs around the elements that are producing the best results Advantages / Disadvantages
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By moving to a strategic and integrated marketing plan, the elimination of waste alone can remove tremendous amounts of inefficiency Advantages / Disadvantages
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Activity 1c Estimated Time
20 minutes
Objective
Evaluate the customer base and target market for the small business as a basis for the marketing objectives and strategies
Activity
How would you approach these options and what do you consider are the advantages and disadvantages? Watching key competitors marketing efforts and copying them Advantages
Disadvantages
Talking to key trade buyers about new product introductions Advantages
Disadvantages
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Conducting needs analysis from qualitative research with individuals and groups Advantages
Disadvantages
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Activity 1d Estimated Time
20 minutes
Objective
Evaluate the customer base and target market for the small business as a basis for the marketing objectives and strategies
Activity
Explain how these OBJECTIVES fit within your evaluation of segmented markets and your customer base and target markets. Achieving lower costs of production and distribution than competitors
Creating a very different product line or service so that the business becomes a class leader in the industry
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Distribution Pricing, presentation and display of products/services
Product design and packaging Product range and mix
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Promotion and advertising
Pursuing cost leadership and/or product differentiation within a specialist market segment
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Activity 1e Estimated Time
30 minutes
Objective
Determine marketing objectives and strategies that are ethically and culturally appropriate, in consultation with relevant people and in accordance with the business plan
Activity Some objectives and strategies used... Achieving lower costs of production and distribution than competitors
Creating a very different product line or service so that the business becomes a class leader in the industry
Demographic bases, including age, family size, life cycle, occupation
What cultural and ethical appropriateness should be observed here?
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Geographic bases such as states, regions, countries
Behaviour bases, such as product knowledge, usage, attitudes, responses
Psychographic bases lifestyle, values, personality
Use as much space as needed
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Activity 2a Estimated Time
30 minutes
Objective
Balance product mix, volumes and pricing to optimise sales and profit
Activity
Taking into account the examples in your learner guide of balancing your product mix, volumes and pricing, relate these additional sales optimisation suggestions to how they would INTERRELATE. #1: Product #2: Price #3: Place #4: Promotion Do they interrelate or stand alone? Why? Product Marketing & Advertising Customers / CUSTOMER SERVICE Employees
Define your target audience Technology needed to optimise sales performance Support systems
Accountability
Training /improving your sales team capabilities
Price
Place
Promotion
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Activity 2b Estimated Time
30 minutes
Objective
Evaluate the costs and benefits of using different distribution channels and/or providing different levels of customer service and consider the results in determining the marketing mix
Activity
Evaluate the costs and benefits of using different distribution channels and/or providing different levels of customer service. Assume you are using the following distribution methods, provide your assessment on costs and benefits PLUS customer service levels to your small business or it that option is not possible, consult with the instructor to use a hypothetical small business evaluation. Costs Direct sales
Original equipment manufacturer sales
Brokers
Benefits
Customer service
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Independent stores
Direct mail
Wholesaler
Use as much space as needed
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Activity 2c Estimated Time
20 minutes
Objective
Determine promotional activities to suit the target market Consider customer needs and preferences in determining the marketing mix Determine the marketing mix according to market and business needs
Activity
Discuss the following issues relating to customer needs and preferences in determining the marketing mix Asking questions to uncover your customer's needs and wants How to go about doing this? Identify unique features or benefits of your products
Establish your customer requirements for the product
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Identify product pricing criteria
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Activity 3a Estimated Time
20 minutes
Objective
Implement marketing strategies
Activity Schedule informal communication Add your own comments
Meet one on one
Meet in groups
Sharpen your message
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Recognise good work
Prepare for meetings
Add your own comments
Understand unspoken signals. Body language, for example
Follow up
Take input seriously
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Activity 3b Estimated Time
20 minutes
Objective
Implement marketing strategies
Activity
Select a PROMOTIONAL ACTIVITY and suggest its benefits in accordance with marketing objectives and budgetary requirements that you decide are necessary. You can select from the list provided in the notes or another of your choice.
My Promotional Activity
Promotional Activity Purpose and Objective
Instructors Notes Examples: Build Awareness Create Interest Provide Information Stimulate Demand
Benefits in accordance with marketing objectives
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Budget considerations
Key Message
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Activity 4a Estimated Time
30 minutes
Objective
Monitor marketing activities and evaluate business performance according to the objectives and targets of the business plan
Activity
In your own words, describe FIVE (5) Key Performance Indicators for monitoring marketing activities and evaluating business performance for a marketing plan. 1
2
3
4
5
Use as much space as needed.
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Activity 4b Estimated Time
20 minutes
Objective
Analyse performance gaps and take corrective action or set new targets Encourage all relevant people to propose ways to improve marketing performance Seek and analyse customer reaction to all aspects of the marketing mix, using culturally appropriate processes, to improve targeting and outcomes
Activity
Using the information in the notes on this element, discuss in groups of three (3) or as directed by the instructor, your views on each of the following suggested range statements: Seek and analyse customer reaction Suggested Process Customer Meetings
Focus Groups
Your Comments
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Informal Discussion
Survey
Trend Analysis
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Activity 4c Estimated Time
20 minutes
Objective
Conduct ongoing research of customer requirements to identify opportunities for change and improvement Monitor and investigate changes in the market for new opportunities to aid business development
Activity
Positives and Negatives related to change Change Positives New opportunities to grow
Change Negatives Stress and uncertainty
Changing people and situations 1. Have you tried to change something or someone in your organisation before?
2. Was it successful? YES/NO YES: NO: Why?
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What factors do YOU think determine change success or failure?
What skills do YOU think are necessary for instituting change?