BSB40320 Certificate IV in Entrepreneurship and New Business

Term 4 2023 assignment
Student Details/ Declaration

Unit of Competency BSBESB302 Develop and present business proposals
BSBESB404 Market new business ventures
I declare that (please tick): ☒
I fully understand the context and purpose of this assignment.
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I am fully aware of the competency standard/ criteria against which I will be assessed.
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I am aware of the resources I need and how the assignment will be conducted.
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I have had the appeals process and confidentiality explained to me.
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I understand that the assignment is an individual effort and that all written work is my own.
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I am aware that if I am caught with either collusion or plagiarism of another student’s work, I will be penalised for academic misconduct which could result in the suspension or cancellation of my course enrolment/ student visa.
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I understand that I will not disclose any assignment question or answer, in whole or in part, in any form or by any means before, during, or after I have submitted my assignment to Canvas on any internet ‘share space/ chat room, or otherwise, which will constitute a breach of academic misconduct and would result in the suspension or cancellation of my course enrolment/ student visa.
Student’s Name
Student ID ECS Submission Date

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1.
Submission Notes – You must complete your assignment by utilizing only this official assignment tool document (which features working answer/ portfolio templates) to meet the requirements of validity principles.
– Please check on all the boxes in the Statement of Declaration prior to uploading assignment to Canvas as an authentication procedure.
– If you do encounter any issues with working on this document or any other matter related to academic progress, please request for Helpance from Student Services at students@eve.edu.au.

2. Assessor Use Only – I declare that I have conducted a fair, valid, reliable, and flexible assignment with this student.
– I have provided appropriate feedback (including verifying all answer pages within this assignment either on the check box or at the answer fields as well as leaving comments in Canvas).

Knowledge Criteria S ☐
Performance Criteria S ☐
Overall result C ☐
Assessor Initials & Date
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NYS ☐
NYC ☐

Knowledge criteria (short answer questions) BSBESB403

1. Explain how the factors listed below affect the financial viability of business ventures (each answer should not exceed 30 words).

– General economic trends An economic trend reflects the direction in which the economy is headed. On the other hand, economic growth refers to the increase in the production of goods and services in an economy over time.
– Financial returns The return is the total income an investor gets from his/her investment every year and is usually quoted as a percentage of the original value of the investment.
– Cost of operations Operating costs or operational costs, are the expenses which are related to the operation of a business, or to the operation of a device, component, piece of equipment or facility.
– Changing business technology Technological change refers to the idea of improving existing technologies and developing new ones to improve the existing products and to create new products in the market.

2. Provide a brief explanation (each answer should not exceed 50 words) of the three business risks listed below and how they that can affect the viability of your business idea, according to their level of severity.

• Financial risks Financial risk is the possibility of losing money on an investment or business venture.
• Human resources risks Individual risks include: company culture, lack of talent and retention, inefficiency, reduced employee job performance, unethical behavior, reduced employee health, reduced moral support, conflicts and grievances, excessive absenteeism, workplace sabotage and other risks the company may encounter it.
• Physical risks Physical risks include dangers that pose a threat to physical assets, including your buildings, equipment and people. Risks could be events such as fire, flooding, or crimes like theft and vandalism.

3. Answer the following question about formats and methods of business presentations.

– List two (2) formats A business plan presentation is a summary of your business idea which highlights the company’s purpose, business model, funding requirements, development status, and other business essentials. A presentation template typically includes the following: Problem. Solution. Product and/or Service Demo
– List two (2) methods – Sales presentations.
– Pitches to investors.
– Training sessions.
– Status updates.
– Project reviews.
– Strategy summaries.
– Marketing events.

Knowledge criteria (short answer questions) BSBESB404

4. You are currently working as a marketing officer in Bounce Fitness. In line with your role, you must understand how to identify trends relevant to the organization (refer to 1. BSBESB302 & 404 – Case Study – Bounce Fitness – Market Research Policy and Procedures V2022.1).

– List the eight (8) steps required for conducting market research 1. Clear your Research objectives.
2. Decide the research approach.
3. Make a decision about research instrument.
4. Make a sampling plan.
5. Collect all information.
6. Analyze the information.
7. Present the findings.
8. Decision making.
– Outline the three (3) question you must ask when designing a research sample 1. Who enters the marketplace, where my products are sold.
2. Who are my respondents representing.
3. Gain an accurate market research sample and get better data as a result.

5. Answer the questions below about communicating marketing strategies to relevant stakeholders (refer to 1. BSBESB302 & 404 – Case Study – Bounce Fitness – Market Research Policy and Procedures V2022.1 as well as 2. BSBESB302 & 404 – Case Study – Bounce Fitness – Marketing Policy and Procedures V2022.1).

– Outline the five (5) requirements Bounce Fitness’ Marketing Policy statement in relation to providing accurate information to customers. 1. Honesty and integrity

2. Respect for human research participants and the environment
3. Good stewardship of resources used to conduct research
4. Appropriate acknowledgment of the role of others in research
5. Responsible communication of research results.
– According to the Marketing Research policy and procedure (refer to 1. BSBESB404 – Case Study – Bounce Fitness – Market Research Policy and Procedures V2022.1), outline the ten (10) steps of the procedures for conducting focus group discussion. 1. Establish the goal of the discussion.
2. Find the appropriate leader for the discussion.
3. Assign a recorder.
4. Identify the external source of consultees.
5. Identify the incentives of the external source of consultees.
6. Establish the details of the discussion.
7. Prepare questions.
8. Recruit and contact external source of consultees.
9. Conduct the discussion.
10. Analyse data.

– Outline the seven (7) steps of the prescribed sequence to follow when conducting a focus group discussion based on Marketing Research policy and procedures (refer to 2. BSBESB302 & 404 – Case Study – Bounce Fitness – Marketing Policy and Procedures V2022.1) 1.
2.
3.
4.
5.
6.
7.

6. Answer the following questions on how the marketing mix supports customer and marketing needs (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1)

– Explain how the current pricing strategy is reaching target markets
– Identify the three (3) current marketing needs of Bounce Fitness’ customers. 1.
2.
3.

– Explain how the current customer service portion of the marketing mix addresses current marketing needs.
– Explain why the current promotion methods are used in relation to the strategy pyramids.

7. Answer the questions about marketing new business ventures through ethical and culturally appropriate means.

– Briefly explain ethical appropriateness in advertising (answers should not exceed 40-word count limit)
– Identify at least five (5) principles of ethical marketing that must be considered by a business owner. 1.
2.
3.
4.
5.

– Briefly explain cultural appropriateness in advertising (answers should not exceed 30-word count limit)
– Explain how an organization can exercise cultural sensitivity for each aspect of culture outlined below (answers should not exceed 30-word count limit) Aspect of Culture How Organization can Exercise Cultural Sensitivity

o Language
o Religion
o Demographics
o Socioeconomic class

8. Answer the questions about performance Assessment methods relating to marketing strategies.

– Briefly explain how each cost-benefit analysis is conducted (answers should not exceed 30-word count limit) o SWOT Analysis

– Briefly explain how each cost-benefit analysis is conducted (answers should not exceed 30-word count limit; cont.) o PESTEL Analysis
o Earned Value
– Briefly explain how each method monitors customer satisfaction (answers should not exceed 30-word count limit) o Feedback forms
o Net Promoter Score
– Briefly explain how each of the following is used to evaluate marketing strategies (answers should not exceed 30-word count limit) o Referrals
o Organic Reach
o Secondary (desk) research

9. Answer the following questions about conducting market research and analysis.

– Briefly define the two types of research (answers should not exceed 30-word count limit) o Primary (field) research
o Secondary (desk) research
– Explain what type of information each method gathers for research and analysis (answers should not exceed 30-word count limit) o Focus groups
o Surveys
o Participant observation
o Interviews

10. Briefly explain how each digital marketing contributes to engaging, responding and monitoring customer

Digital marketing tools Common features Contribution to engaging, responding and monitoring customer

– Digital devices (answers should not exceed 30-word count limit) o Web browser
o Personal email and messaging
– Digital platforms (answers should not exceed 30-word count limit) o Interactivity activities
o Big data and market trends

Checklist/ performance criteria matrix for Short Answers Questions (for Assessor use only) This is a clustered units of competency assessment.
Instructions to Assessors
This checklist is to be used to record the student’s responses to the questions outlined in Q 1 – 10. When completing this checklist, you must ensure that:
• Each checklist item is assessed against the criteria listed.
• An assignment result, either a Yes or No, is recorded in one of the two columns on the right of the checklist.
• Feedback is provided to the student in the assignment cover sheet and/ or, at the Canvas commentary section.
• Italic fonts represent BSBESB302 while regular fonts represent BSBESB404.

Did the learner: Yes No
Answer all short questions covering: Relating to unit’s performance criteria:
• Explain how the factors listed below affect the financial viability of business BSBESB302:
1.2 Research key factors influencing their financial viability*
• Provide a brief explanation of the three business risks and how they that can affect the viability of your business idea, according to their level of severity. 2.1 Identify potential risks associated with opportunity ideas and viability of business*
• Answer the following question about formats and methods of business presentations 4.1 Determine presentation method suited to audience*
4.2 Provide customised business proposal to target audience*
• You are currently working as a marketing officer in Bounce Fitness. In line with your role, you must understand how to identify trends relevant to the organization
1.1 Identify focus of marketing activities according to business plan objectives and products and/or services being provided
• Answer the questions below about communicating marketing strategies to relevant stakeholders 1.2 Establish marketing objectives in consultation with required people and according to business plan and workplace procedures
• Answer the following questions on how the marketing mix supports customer and marketing needs 1.3 Identify customer base, target market and competitors according to identified marketing objectives
• Answer the questions about marketing new business ventures through ethical and culturally appropriate means. 1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations
• Answer the questions about performance Assessment methods relating to marketing strategies. 4.1 Assess business performance according to business plan objectives
• Answer the following questions about conducting market research and analysis. 2.2 Research and evaluate costs and benefits of available distribution channels and customer service strategies
• Briefly explain how each digital marketing contributes to engaging, responding and monitoring customer 3.4 Assess use of digital devices, platforms and technologies for effectiveness in implementing marketing activities

Short Answers section has met satisfactory performance requirements ☐
Short Answers section has not met satisfactory performance requirements (please refer to the feedback on Canvas commentary section) ☐

Performance criteria: Case study/ project portfolio/ observation
The Practical Assessment is a set of tasks that must be completed in a workplace, or in an environment with conditions like that of a real workplace.
To be assessed for this unit of competency, you must demonstrate your skills and knowledge to develop and implement a marketing strategy for a business or new business ventures, addressing activities in the digital environment.
The Practical Assessments in this assignment include:
• Workplace Project Assessment – A series of tasks assessing the learner’s practical knowledge and skills relevant to the unit of competency. This includes the learner completing workplace documents or similar as evidence of competent performance.
• Workplace Practical Observation – A set of assessment tasks where the learner must demonstrate practical skills relevant to the unit of competency. These skills are to be demonstrated while being observed by the assessor.

Case scenario
Introduction

Bounce Fitness was formed in 2001 in Cairns, Queensland as a corporation. Bounce Fitness is a dynamic fitness corporation poised to capture substantial market share in one of the fastest growing services industries in the country. Bounce Fitness is a Cairns corporation incorporated in 2001 and wholly owned by Margaret House. A Board of Directors has been established and the Head Office now has a team of General Manager Finance, Human Resource and Marketing, an Executive Helpant, and support staff. The Centres have a Centre Manager, Helpant Manager, and a team of various sizes composed of experts in health related and fitness disciplines. Bounce Fitness will continue to have its base of operations in Cairns (Fitness Centre and Head Office), Brisbane, Sydney and Melbourne. Bounce Fitness intends to expand their services as demand increases.

The company’s mission statement:

The centers will serve the community with quality, comprehensive, unique and distinctive health programs and services. The employee team will expand upon the preventive services while improving the quality of life among participants through health and fitness services utilizing state of the art equipment and practices. These programs will reflect members’ needs and be financially viable for all stakeholders.

The company’s vision statement:

Bounce Fitness is committed to an expanding role as a premier provider of wellness integrated services. Through the evolvement of an empowered employee culture and the creative acquisition and use of resources, we will develop and implement comprehensive programs and services appealing to all.

The owner and Chief Executive Officer, Margaret House, has extensive experience as a personal trainer, life coach, and manager of fitness centres. Bounce Fitness has set out the following objectives to achieve:

• Generate a 10% increase in sales through boosting gym membership sales leads by the end of the fiscal year
• Increase market penetration by 15% through utilization of marketing strategies every quarter
• Decrease customer acquisition costs by 4% every two quarters through the implementation of the USP strategy
• Continue to cultivate the image as a premier long-term wellness program provider
• Expand the business to the food industry to increase the number of customers by 10%

The CEO is of the opinion, that the Company would like to explore other business avenues that has potential to gain a reputation for offering healthy entertainment in addition to healthy lifestyle choices. Ms. Margaret, has appointed you as a General Manager Marketing, to develop a business proposal and marketing plan for a new business venture, i.e., an Internet Coffee Shop.

You are required to:

• Review organization’s current marketing performance
• Develop a business proposal for the new business venture
• Develop marketing strategy for business venture
• Establish marketing mix for business venture
• Present marketing strategy
• Implement and monitor marketing strategy
• Review marketing strategy

This project requires you to complete the assessment tasks in a real workplace, or in an environment with conditions similar to that of a workplace. Each task comes with a set of instructions. You are to follow and perform these instructions while being observed by the assessor and/or submit any required documentation as evidence of task completion.

Supplementary Case Study Materials (please use these documents to Help in your assignment)
1. BSBESB302 & 404 – Case Study – Bounce Fitness – Market Research Policy and Procedures V2022.1 1 0f 6
2. BSBESB302 & 404 – Case Study – Bounce Fitness – Marketing Policy and Procedures V2022.1 2 0f 6
3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1 3 0f 6
4. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan Performance Review V2022.1 4 0f 6
5. BSBESB302 & 404 – Case Study – Bounce Fitness – Business Plan V2022.1 5 0f 6
6. BSBESB302 & 404 – Case Supplement – National Union of Students (Pre-Budget 2020 to 2021) V2022.1 6 0f 6

Workplace project/ workplace practical observation form

Candidate’s name
Student ID ECS
Observation done ☐
In person (classroom) ☐
Via remote (insert screenshot below)
Date of observation
Please note:
• Include a Zoom Meeting Screenshot (of yourself only; strictly no group nor selfie shots) with your name in the image.
• Resize landscape image to fit into space provided on the right.
Insert your Zoom Meeting Image # 1 (own image in landscape orientation)

Work activities This workplace project assessment requires you to develop and implement a marketing strategy for a business, or new business venture, addressing activities in the digital environment.

This assessment is divided into two (2) tasks:
o Task 1 – Review organization’s current marketing performance and develop a Business Proposal for the new business venture (BSBESB302 & 404)
• Activity One – Review organization’s corporation marketing plan
• Activity Two – Develop a proposal for new business venture
• Activity Three – Consult with relevant stakeholder for feedback and approval
o Task 2 – Develop marketing strategy for business venture and establish marketing mix, implementation, monitor and review for business venture, and present marketing strategy for implementation (BSBESB404)
• Activity One – Conduct marketing research to support business proposal
• Activity Two – Develop a marketing plan to support business proposal
• Activity Three – Present the marketing plan and obtain approval for implementation

Workplace project/ workplace practical observation form (cont.)

Rules of Evidence (for Assessor use)

The assessment submitted by the learner achieves:

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Valid (the extent to which the assessment outcome is supported by evidence where its evidence is considered valid when the learner’s performance matches the performance required in a competency standard; he or she should be able to demonstrate the skills, knowledge, and attributes described in the unit/s of competency and associated assessment requirements)
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Current (the evidence presented must comply with the current standards and demonstrate the learner’s current skills and knowledge)
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Sufficient (there should be quality, quantity, and relevance from the gathered evidence to enable a judgment based on the learner’s competency)
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Authentic (the evidence presented during the assessment should be the work of the learners and be able to verify as ‘genuine’)

Assessor’s Declaration

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I confirm that the outcomes of the assessments listed above is a true reflection of the learner’s competence within this unit of competency.
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I verify that the learner has sufficient evidence and information been provided by the learner to prove their competency across the entire unit.
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Where assessment conducted with a reasonable adjustment, supporting evidence is provided.
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All required initials, dates and feedback has been completed within the assessment.

Assessor’s name ☐
Josep Aiguade ☐
Eva Busina ☐
Cherie Soto
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Eugene Lim ☐
Erwan Tjan ☐
Lydia Su
Assessor’s initials Date

Task 1: Review organization’s current marketing performance and develop a Business Proposal for the new business venture
Assuming the role of General Manager – Marketing, you are required to develop a marketing strategy for an Internet Coffee Shop by:
Activity One – Review organization’s corporation marketing plan
o Review Bounce Fitness’ Corporate Marketing Plan (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1) and answer the following:
• Organizational current business product or service
• Organization’s current marketing strategy
• Organization’s current business performance
• Organization’s marketing KPIs
• Current target markets
• Current brand positioning
• Organization’s current marketing activities:
– Market research
– Pricing
– Advertising and promotions
– Customer service
• Marketing activities conducted by direct or indirect competitors of your business
Activity Two – Develop a proposal for new business venture
o Developing a Business Proposal for the new business venture covering:
• Identification of type of growth strategy for the new business opportunity
• Goals and objectives
• Anticipated outcomes in terms of:
– Business constraints
– Business performance
• Recommendations
• Justification on how it would impact:
– Organization
– Business
– Processes

(cont.)
 Strategic alignment
 Cost Benefit Analysis

Activity Three – Consult with relevant stakeholder for feedback and approval

This task will require you to collect feedback from the CEO (your classmate or alternatively, your Trainer can undertake this role), on the completed Business Proposal (based on Task 1 Activity 2), including:

o Collect feedback from one (1) stakeholder about:
• Introducing the new business opportunity
• Reviewing the organization’s corporate marketing plan and how it reflects:
– the current marketing strategy
– brand positioning
– expected marketing KPIs
• Identify the new business opportunity’s assumptions and type of growth strategy for it, including:
– Justification for the chosen growth strategy
– Goals and objectives
– List project milestones for the new business venture for the respective fitness centres and their target completion dates
• Provide a brief discussion on what are the anticipated outcomes of this new business venture in terms of positively impacting the:
– Organization
– Business
– Process
• Identifying the potential business risk/s faced
• Conducting a risk assessment analysis addressing at least five (5) plausible business risks
• Conduct a Cost Benefit Analysis for the New Business Venture
• Prepare and develop a financial plan for the new business opportunity, including:
– Identify start-up expenses
– Identify profitability assessment
– Determine financial source and justification
– Sales forecast

Activity One – Review organization’s corporation marketing plan

As General Manager – Marketing, you have been tasked by Margaret House, CEO for Bounce Fitness, to review the organization’s current marketing practices (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1), covering:
o Current marketing activities
o Current marketing performance
o Target markets
o Marketing KPIs
o Current marketing mix
o Current competitors

– Organizational current business product or service (refer to 3. BSBESB302 & 404 -Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1)
–
–
–

– Organization’s current marketing strategy (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1) –
–

– Organization’s current business performance outcomes (refer to 4. BSBESB302& 404 – Case Study – Bounce Fitness – Corporate Marketing Plan Performance Review V2022.1; answers should not exceed 70-word count limit)

– Current target markets ☐
Corporate clientele ☐
Regular clientele

– Current brand positioning (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1)

– Organization’s marketing KPIs (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1) –
–
–

Organization’s current marketing activities outcomes (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing PlanV2022.1):

– Market research

Organization’s current marketing activities outcomes (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1; cont.):

– Pricing
– Advertising and promotions
– Customer service

Marketing activities conducted by direct or indirect competitors of the business (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1)

– Competitor # 1
– Competitor # 2
– Competitor # 3

Activity Two – Develop a proposal for new business venture

Having reviewed Bounce Fitness’s marketing performance, you are now tasked to develop a detailed Business Proposal for the new business venture, i.e., Internet Coffee Shop, covering:

o Purpose of this document
o New business venture description
o New business venture assumptions
o Identification of type of growth strategy for the new business opportunity
o Justification for the chosen growth strategy
o Goals and objectives
o List project milestones for the new business venture for the respective fitness centers and their target completion dates
o Provide a brief discussion on what are the anticipated outcomes of this new business venture in terms of positively impacting the:
• Organization
• Business
• Process
• Potential business risk faced
• Conduct a Cost Benefit Analysis for the New Business Venture
o Obtain approval for the Business Proposal.

Business Proposal

Project name Internet Coffee Shop Date prepared
Location ☐
Melbourne ☐
Sydney ☐
Brisbane ☐
Cairns

Document version V2022.1 Document ID BP–2022–08-012
Prepared by Position General Manager – Marketing

Purpose of this document (select one option) ☐
To help manage an organization by stating ambitions, how they will be achieved, and exactly when
☐
To identify, describe and analyze a business opportunity and/or a business already under way, examining its technical, economic, and financial feasibility.

Business Proposal (cont.)

– New business venture description (answer should not exceed 80-word count description of the business type, performance criteria expectations, etc.)

– New business venture assumptions (select option/s accordingly) ☐
New business venture has executive-level support and backing.
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Sufficient funding is available.
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All Center Managers will provide necessary support to ensure new business venture would be a success.

– Identification of type of growth strategy for the new business opportunity (select appropriate strategy option) ☐
Market development (existing market and existing product)
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Market penetration (new market and existing product)
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Product development (new product and existing market)
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Diversification (new product and new market)

– Viability justification for the chosen growth strategy (select option/s accordingly) ☐
Australia’s sophisticated coffee culture trend as coffee is popular among Australians.
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Domestic coffee consumption in Australia had steadily increased between 2017 and 2019 followed by a slight decrease in 2020 where the national consumption rate reached 1.96 million sixty-kilogram bags.
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A place to socialize and share fitness experience with friends and colleagues after-workout.
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Value-adding services that be packaged with fitness membership.
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Brand positioning of fitness center will differentiate itself from rival companies.
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A platform to create meaningful and lasting relationships with customers.
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Attracting new target market as a cool place for people to identify with.
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Lucrative business to get in due to high growth rate at CAGR of 8.6% and market size of US$7.8 billion annually.

Business Proposal (cont.)

– Goals and objectives to meet organizational requirements (select option/s accordingly) ☐
Return on investment of at least 15%.
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Increase net earnings by at least 10%.
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Achieve a market share of 15% in each area.
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Increase sales 5% by June 30 through marketing initiatives
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10% new memberships

– Identify relevant legislation & regulation related with new business venture (select options accordingly) ☐
The Work Health and Safety Act 2011 requirements
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Local council approval and licensing requirements in terms of zoning, DA applications & noise restrictions
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Advertising and Selling Guide by Australian Competition & Consumer Commission (ACCC)
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Adherence to the Copyright Act 1976 requirements
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Food Standards Code by NSW Food Safety Standards
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Compliance to the AS 4674-2004 for design, construction and fit out of food premises
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Compliance, monitoring and enforcement guidance by Food Regulation Australia

List project milestones for the new business opportunity (to be done in stages to ensure minimal disruption) and expected target completion dates (assumptions may be made but need to be realistic to a typical construction timeline)

Milestones/ deliverables Milestones
September November December January
W1 W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 W4 W15 W16

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– Project kickoff ☐
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Business Proposal (cont.)

Provide a brief discussion (each answer should not exceed 50-word count) on what are the viability of business opportunity for this new business venture in terms of positively impacting the:

– Organization (why the new venture is aligned with its business goals)
– Business (how will the new venture support and benefit the business performance)
– Process (how will the new venture support and benefit the marketing initiatives)

– Potential risk associated with viability of business (select four options accordingly) ☐
Pandemic is a rapidly spreading infectious disease severely upset business operations and impeding the ability to deliver products and services to customers.
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Competitors may appear or change and begin offering a similar product or service.
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Financial stability may weaken when the company with a high amount of debt can become over-leveraged, meaning they have high fixed costs relating to financing, etc.
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Economic instability as the economy is constantly changing as the markets fluctuate.
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Business interruption in the case where an unexpected event could be a natural disaster or fire that damages or destroys physical business.
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Employee or customer injuries, property damage, or failure to meet contractual obligations are all examples of liability risks that can lead to costly lawsuits and fines for small organizations
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Cyber risk is the threat of financial loss, disruption, or reputational damage to an organization due to some sort of failure from its IT systems.

Business Proposal (cont.)

Develop a risk assessment plan (to prepare for the unexpected based on the potential risk identified that could impact the new business)

Plausible risks that could occur (selection is based on earlier task) Risk assessment (select the appropriate option for each column) Contingency strategy options (select only one for each risk)
Likely risk impact Consequences Risk rating

 Pandemic is a rapidly spreading infectious disease severely upset business operations ☐
Rare ☐
Negligible ☐
1 = Remote ☐
Incident response planning
☐
Unlikely ☐
Minor ☐
2 = Unlikely ☐
Identify and address supply chain issues
☐
Moderate ☐
Medium ☐
3 = Average ☐
Business impact analysis
☐
Likely ☐
Major ☐
4 = Likely ☐
Employee and customer safety
☐
Certain ☐
Severe ☐
5 = extremely likely ☐
Recovery planning

 Competitors may appear or change and begin offering a similar product or service. ☐
Rare ☐
Negligible ☐
1 = Remote ☐
Set competitive pricing
☐
Unlikely ☐
Minor ☐
2 = Unlikely ☐
Improve services by finding a niche via specialization
☐
Moderate ☐
Medium ☐
3 = Average ☐
Step up advertising & promotional activities
☐
Likely ☐
Major ☐
4 = Likely ☐
Continuous improvement/ innovation measures
☐
Certain ☐
Severe ☐
5 = extremely likely ☐
Take on a different diversification strategy

 Financial stability may weaken when the company with a high amount of debt can become over-leveraged ☐
Rare ☐
Negligible ☐
1 = Remote ☐
Modelling comprehensive contingency scenarios
☐
Unlikely ☐
Minor ☐
2 = Unlikely ☐
Implementing hibernation strategies
☐
Moderate ☐
Medium ☐
3 = Average ☐
Managing liquidity by stabilising cash flows
☐
Likely ☐
Major ☐
4 = Likely ☐
Consider mechanisms for increasing revenue
☐
Certain ☐
Severe ☐
5 = extremely likely ☐
Consider diversifying revenue streams

 Economic instability as the economy is constantly changing as the markets fluctuate. ☐
Rare ☐
Negligible ☐
1 = Remote ☐
Scale down overheads
☐
Unlikely ☐
Minor ☐
2 = Unlikely ☐
Negotiate reserves with bank
☐
Moderate ☐
Medium ☐
3 = Average ☐
Scale down planned activities
☐
Likely ☐
Major ☐
4 = Likely ☐
Regular economic tracking
☐
Certain ☐
Severe ☐
5 = extremely likely ☐
Scale down marketing budget

Business Proposal (cont.)

Develop a risk assessment plan (cont.)

Plausible risks that could occur (selection is based on earlier task) Risk assessment (select the appropriate option for each column) Contingency strategy options (select only one for each risk)
Likely risk impact Consequences Risk rating

 Business interruption in the case where an unexpected event, i.e., fires, etc. ☐
Rare ☐
Negligible ☐
1 = Remote ☐
Adequate insurance cover
☐
Unlikely ☐
Minor ☐
2 = Unlikely ☐
Structural design mitigation
☐
Moderate ☐
Medium ☐
3 = Average ☐
Hazard forecasting
☐
Likely ☐
Major ☐
4 = Likely ☐
Emergency action plans
☐
Certain ☐
Severe ☐
5 = extremely likely ☐
Allocation of contingency fund

 Employee or customer injuries, property damage, or failure to meet contractual obligations ☐
Rare ☐
Negligible ☐
1 = Remote ☐
Emergency/ incident response procedures
☐
Unlikely ☐
Minor ☐
2 = Unlikely ☐
Workplace preparedness plans
☐
Moderate ☐
Medium ☐
3 = Average ☐
Reducing or eliminating hazards/ risks
☐
Likely ☐
Major ☐
4 = Likely ☐
Business recovery and resumption plan
☐
Certain ☐
Severe ☐
5 = extremely likely ☐
Business interruption insurance coverage

 Cyber risk is the threat of financial loss, disruption, or reputational damage ☐
Rare ☐
Negligible ☐
1 = Remote ☐
Conducting activities for recovery & restore
☐
Unlikely ☐
Minor ☐
2 = Unlikely ☐
Restoring information systems using alternate equipment
☐
Moderate ☐
Medium ☐
3 = Average ☐
Implementing of appropriate contingency planning controls
☐
Likely ☐
Major ☐
4 = Likely ☐
Disabling compromised accounts
☐
Certain ☐
Severe ☐
5 = extremely likely ☐
Shut down all company systems and networks

Risk Rating Guide

Likelihood Scale Level Description
Rare The event may occur in exceptional circumstances.
Unlikely The event will probably occur at some time.
Moderate The event will probably occur at some time.
Likely The event will occur in most circumstances.
Certain The event is expected to occur in all circumstances.

Consequence Scale Negligible A risk event that, if it occurs, will have little or none impact on achieving desired results, to the extent that one or more stated outcome objectives.
Minor A risk event that, if it occurs, will have a minor impact on achieving desired results, to the extent that one or more stated outcome objectives will fall well below goals but well above minimum acceptable levels.
Medium A risk event that, if it occurs, will have a moderate impact on achieving desired results, to the extent that one or more stated outcome objectives will fall well below goals but above minimum acceptable levels.
Major A risk event that, if it occurs, will have a significant impact on achieving desired results, to the extent that one or more stated outcome objectives will fall below acceptable levels.
Severe A risk event that, if it occurs, will have a severe impact on achieving desired results, to the extent that one or more of its critical outcome objectives will not be achieved.

Risk Matrix Guide

Likelihood Consequence
Negligible Minor Medium Major Severe
Certain 3 2 1 1 1
Likely 3 3 2 1 1
Moderate 4 3 3 2 1
Unlikely 5 4 3 3 2
Rare 5 5 4 3 3

Descriptions 1 = Remote or Extreme
2 = Unlikely or High
3 = Average or Moderate 4 = Likely
5 = Extreme Likely

Business Proposal (cont.)

Conduct a Cost Benefit Analysis for the new business opportunity (each answer should not exceed 40-word count limit)

 Cost (list three points on how the new business opportunity would negatively impacting the Company) 1.
2.
3.
 Benefit (list three points how would the new business opportunity positively impact the Company) 1.
2.
3.

Prepare and develop a financial plan for the new business opportunity (estimate the potential expenses and potential financial earnings of the identified business idea)

 Identify start-up expenses for the business idea Type of expenses Expenses ($)

1. Renovation works $
2. Furniture and fittings $
3. Equipment and suppliers $
4. Insurance and permit fees $
5. Wages $
6. Advertising and promotion $
Estimated total $

Business Proposal (cont.)

 Identify profitability assessment Expected Returns on Investment (refer to https://www.omnicalculator.com/finance/roi for Helpance)
Revenue to achieve ($) Profits to achieve ($)

Expected ROI of 20% in the first (1st) year of operations is to be achieved, what would be the profit be? $ $

Estimated payback period (payback period = initial investment/ annual payback) for the new business would be? years

– Financial source and justification (answer should not exceed 80-word count limit) ☐
Debt financing ☐
Equity financing ☐
Working capital

Scenario
As the General Manager Marketing, you are required to provide a financial overview to address sales and expense forecast to ascertain the business’ profitability.
In terms of breakeven analysis, it is expected that Bounce Fitness Café is operating in an industry capable of supporting high gross margins. Variable costs in relationship to per-unit revenues are low and these costs are equal to roughly 25% of per-unit revenues. It is expected that the value of this cost will decrease to 20% due to economies of scale.
You would need to calculate:
o The Sales forecast for Years 4 and 5 (data for Corporate Employees and Regular Clients have been provided and assumption for the Internet Coffee Shop is $150,000 for Year 4).
o The Direct Cost of Sales for Years 4 and 5 (data for Corporate Employees and Regular Clients have been provided and assumption for the Internet Coffee Shop is $57,000 for Year 4).
o Marketing Expense for Years 4 and 5 (data for Corporate Employees and Regular Clients have been provided and assumption for the Internet Coffee Shop is $10,000 for Year 4).

Business Proposal (cont.)

– Sales forecast Sales (assumption that revenue for the coffee shop is $150,000 for Year 4) Current data Forecast (calculate all sections)
Year 2 ($) Year 3 ($) Year 4 ($) Year 5 ($)

Corporate employees 389,776 455,678
Regular clients 288,739 333,890
Internet Coffee Shop 0 0 150,000
Total sales 678,515 789,568

– Direct cost of sales forecast Direct cost of sales (assumption that cost of sales for the coffee shop is $57,000 for Year 4) Current data Forecast (calculate all sections)
Year 2 ($) Year 3 ($) Year 4 ($) Year 5 ($)

– Corporate employees 38,978 45,568
– Regular clients 28,874 33,389
– Internet Coffee Shop 0 0 57,000
Total sales 67,852 78,957

– Marketing expense forecast Marketing expense (assumption for the Internet Coffee Shop is $10,000 for Year 4) Current data Forecast (calculate all sections)
Year 2 ($) Year 3 ($) Year 4 ($) Year 5 ($)

Fitness services:
– Pamphlet production 1,200 1,000
– Website production 8,500 8,500
– Other 12,000 9,250
Internet Coffee Shop:
– Digital/ mainstream media 0 0 10,000
Total marketing expenses 21,000 18,750

Business Proposal (cont.)

Scenario

It is assumed that the fixed costs for Bounce Fitness Café equal to almost $7,500 which includes payment of debt, facility lease costs, hardware costs, and other costs Bounce Fitness Café must maintain monthly basis. These costs are fixed and are not impacted by an increase or a decrease in sales.
To calculate the monthly revenue breakeven analysis, the following assumptions apply:
o Estimated monthly fixed cost – $7,500
o Average per unit revenue – $3.35
o Average per unit – $0.84

– Monthly revenue breakeven Breakeven point formula (it is that level of business activity where the sales are just enough to meet the total cost, which includes both Fixed and Variable Costs; also, the Breakeven point acts as an essential level for a business to attain before making a profit)

Step 1 Deduct average per unit from average per unit revenue to obtain contribution margin per unit $
Step 2 Estimated monthly fixed cost divided by contribution margin to obtain breakeven point per unit $
Step 3 Breakeven point per unit multiply by average per unit revenue to obtain monthly revenue breakeven point $

Conclusion (provide conclusive statements in terms of the project’s profitability and growth; each answer should not exceed 60-word count limit)

– Profitability
– Growth

Activity Three – Review business plan with relevant stakeholder for approval
Make an appointment with the CEO (your classmate/ Trainer would undertake this role), to make a formal presentation of the business proposal completed in Task 1 Activity 2.
For this task you are required to:
o Provide an oral presentation to the CEO (your classmate/ Trainer would undertake this role) to present the Business Proposal for the new business opportunity, i.e., Internet Coffee Shop, and seek approval for it.
o The CEO (your classmate/ Trainer would undertake this role) will assess your business proposal using business plan viability frameworks.

You will be assessed on your oral interaction skills to:
o Review and present the Business Proposal based on Task 1 Activity 2
o Use appropriate oral presentation techniques to communicate information:
• Seize the audience’s attention by keeping informative presentation brief and to the point.
• Disclose the problem or needs that your product or service will satisfy
• Captivate the audience by describing the advantages of solving the problem or need

Business Plan Assessment (to be completed by CEO role)

Project name Internet Coffee Shop Date prepared
Location ☐
Melbourne ☐
Sydney ☐
Brisbane ☐
Cairns

Document version 2022.1 Document number BPE–2022–08-012
Evaluated by Position CEO

Business viability components (to be completed by the CEO role) Scoring

– Market viability (market environment, competitors, similar products, pricing, packaging, distribution, promotion/ advertising)
☐
1 = Strongly disagree ☐
2 = Disagree ☐
3 = Neutral ☐
4 = Agree ☐
5 = Strongly agree

Business Plan Assessment (cont.)

Business viability components (to be completed by the CEO role; cont.) Scoring

– Technicality viability (capacity, available and quality of resources, inclusive of raw materials/ labour and professional expertise, supply chain implications, IP potential)
☐
1 = Strongly disagree ☐
2 = Disagree ☐
3 = Neutral ☐
4 = Agree ☐
5 = Strongly agree

– Business model viability (uniqueness of model in terms of competitive advantage, ability of competitor to duplicate, ability to create value through priority knowledge & process, ability to create wealth, ability to scale up the business)
☐
1 = Strongly disagree ☐
2 = Disagree ☐
3 = Neutral ☐
4 = Agree ☐
5 = Strongly agree

– Management model viability (application of knowledge & skills, management of risk, ability to measure business process)
☐
1 = Strongly disagree ☐
2 = Disagree ☐
3 = Neutral ☐
4 = Agree ☐
5 = Strongly agree

– Economic and financial viability (start-up costs, working capital, operating costs, overall return on investment, overall profitability, sustainability of market versus projected revenue, ability to generate economic value)
☐
1 = Strongly disagree ☐
2 = Disagree ☐
3 = Neutral ☐
4 = Agree ☐
5 = Strongly agree

Total score

Overall Assessment (based on the scoring for the viability components; answer should not exceed 30 words)

Checklist/ performance criteria matrix for Task 1 (for Assessor use only) This is a clustered units of competency assessment.
Instructions to Assessors
This checklist is to be used to record the student’s responses to the questions outlined in Task 1 Activities 1 – 3. When completing this checklist, you must ensure that:
• Each checklist item is assessed against the criteria listed.
• An assignment result, either a Yes or No, is recorded in one of the two columns on the right of the checklist.
• Feedback is provided to the student in the assignment cover sheet and/ or, at the Canvas commentary section.
• Italic fonts represent BSBESB302 and regular fonts represent BSBESB404.

Did the learner: Yes No
Evidence of interview with identified individual, submitted by the learner: Relating to unit’s performance criteria:
o Review Bounce Fitness’ Corporate Marketing Plan and answer the following: 1.1 Identify focus of marketing activities according to business plan objectives and products and/or services being provided
1.3 Identify customer base, target market and competitors according to identified marketing objectives
1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations
2.1 Assess product mix, volumes and pricing opportunities according to marketing focus and business plan objectives

BSBESB302:
1.4 Record outcomes of Assessment according to workplace procedures
o Organizational current business product or service
o Organization’s current marketing strategy
o Organization’s current business performance
o Current target markets
o Current brand positioning
o Organization’s marketing KPIs
o Marketing activities conducted by direct or indirect competitors of the business
• Having reviewed Bounce Fitness’s marketing performance, you are now tasked to develop and present it to the CEO a Business Proposal for the new business venture, i.e., Internet Coffee Shop, covering: 1.2 Establish marketing objectives in consultation with required people and according to business plan and workplace procedures
1.1 Identify focus of marketing activities according to business plan objectives and products and/or services being provided

BSBESB302:
1.1 Identify ideas relating to business opportunities
3.1 Identify audience for proposal, and required structure and content
3.3 Develop description of business idea according to identified budget and business opportunities
4.1 Determine presentation method suited to audience
4.2 Provide customised business proposal to target audience
o Purpose of this document
o New business venture description
o New business venture assumptions

Did the learner (cont.): Yes No
Evidence of interview with identified individual, submitted by the learner: Relating to unit’s performance criteria:
o Identification of type of growth strategy for the new business opportunity 1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations
BSBESB302:
1.1 Identify ideas relating to business opportunities
o Viability justification for the chosen growth strategy
o Goals and objectives 1.2 Establish marketing objectives in consultation with required people and according to business plan and workplace procedures
o Identify relevant legislation & regulation related with new business venture 1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations
o List project milestones for the new business venture for the respective fitness centres and their target completion dates 1.1 Identify focus of marketing activities according to business plan objectives and products and/or services being provided
o Provide a brief discussion on what are the anticipated outcomes of this new business venture in terms of positively impacting the: 1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations
BSBESB302:
1.2 Research key factors influencing their financial viability
1.3 Analyse business ideas to determine viability of business opportunity
1.4 Record outcomes of Assessment according to workplace procedures
2.1 Identify potential risks associated with opportunity ideas and viability of business
– Organization
– Business
– Process
o Potential business risk faced
o Potential risk associated with viability of business BSBESB302:
2.2 Communicate with relevant stakeholders the potential risks
2.3 Help relevant stakeholders to develop risk management systems
o Develop a risk assessment plan
o Conduct a Cost Benefit Analysis for the New Business Venture 2.2 Research and evaluate costs and benefits of available distribution channels and customer service strategies
BSBESB302:
1.3 Analyse business ideas to determine viability of business opportunity
1.4 Record outcomes of Assessment according to workplace procedures
3.2 Establish budget according to financial viability
o Prepare and develop a financial plan for the new business opportunity in terms of:
– Identify start-up expenses for the business idea
– Identify profitability assessment

Did the learner (cont.): Yes No
Evidence of interview with identified individual, submitted by the learner: Relating to unit’s performance criteria:
– Identify financial source and provide justification 2.2 Research and evaluate costs and benefits of available distribution channels and customer service strategies
BSBESB302:
1.3 Analyse business ideas to determine viability of business opportunity
1.4 Record outcomes of Assessment according to workplace procedures
3.2 Establish budget according to financial viability
o Provide a financial overview to address sales and expense forecast to ascertain the business’ profitability, covering:
– Sales forecast
– Direct cost of sales forecast
– Marketing expense forecast
o Calculate the monthly revenue breakeven analysis
o Provide a conclusion, covering: BSBESB302:
3.3 Develop description of business idea according to identified budget and business opportunities
– Profitability
– Growth
• Make an appointment with the CEO to make a formal presentation of the business proposal completed in Task 1 Activity 2. 1.2 Establish marketing objectives in consultation with required people and according to business plan and workplace procedures
4.3 Analyse stakeholder response to all aspects of marketing mix to improve targeting and outcomes

BSBESB302:
3.4 Confirm that draft proposal meets requirements
4.3 Seek feedback to inform future proposals
• Uses communication techniques appropriate to audience to communicate:
BSBESB302:
4.1 Determine presentation method suited to audience
4.2 Provide customised business proposal to target audience
4.3 Seek feedback to inform future proposals
o Follows logical sequence when discussion and does not jump from topic to topic
o Ensures explanations are concise yet meaningful
o Provides sufficient evidence to support their statements
o Answers questions raised by the audience about concepts discussed

Did the learner (cont.): Yes No
Evidence of interview with identified individual, submitted by the learner: Relating to unit’s performance criteria:
• Uses communication techniques appropriate to environment to communicate:
BSBESB302:
4.1 Determine presentation method suited to audience
4.2 Provide customised business proposal to target audience
4.3 Seek feedback to inform future proposals
o Projects voice sufficiently throughout the room in the absence of a mic
o Maintains professional behaviour and standards during communication to establish and ensure credibility
o Uses appropriate body language (e.g., eye contact) that can be observed throughout the session
o Summarises discussion point or questions from the speaker to confirm understanding
o Provides relevant responses to the person’s questions

Task 1 has met satisfactory performance requirements ☐
Task 1 has not met satisfactory performance requirements (please refer to the feedback on Canvas commentary section) ☐

Task 2: Develop marketing strategy for business venture and establish marketing mix, implementation, monitor and review for business venture, and present marketing strategy for implementation
As the General Manager Marketing, this task will require you to establish the marketing mix for your business venture. To complete this task, you must:

Activity One – Conduct marketing research to support business proposal
This task will require you to:
o Conduct research on the following to complete the Marketing Plan:
• Background information on target markets.
• Identify current market trends.
• Analyze each target market’s level of attractiveness
Activity Two – Develop a marketing plan to support business proposal
This task will require you to:
o Assess the marketing mix, against the customer’s journey based on researched information above and develop an action plan required to implement marketing mix, which must include:
• Key performance indicators for each aspect of marketing mix
• Role of at least two relevant stakeholders required to implement marketing mix
• Implement 7Ps marketing mix by proposing:
• Promotional activities, which must include:
– At least two (2) mainstream media
– At least two (2) digital devices/ platforms/ technologies media
• Monitoring strategies for implementation of marketing mix
• Provision of contingency planning

Activity Three – Present the marketing plan and obtain approval for implementation
This task will require you to:
o Conduct a meeting with the Board of Directors (your classmate or alternatively, your Trainer can undertake this role) to consult and obtain approval for the marketing plan based from Task 2 Activity 2.

(cont.)

o Communicate the Marketing Plan to:
• Consult and negotiate with the stakeholders to assess each risk identified
• Reach consensus on the marketing plan you have presented.
• Select appropriate conventions and protocols when communicating with the stakeholders, ensuring:
– Seize the audience’s attention by keeping informative presentation brief and to the point.
– Disclose the problem or needs that your workforce planning will satisfy
– Captivate the audience by describing the advantages of solving the problem or need
o One of the Board of Directors (your classmate or alternatively, your Trainer can undertake this role) will provide feedback on the Marketing Plan using the Marketing Plan Assessment Framework form.

Scenario

Marketing will play a vital role in the success of Bounce Fitness Café. Bounce Fitness must build a brand around the services it offers by heavily promoting itself through local television, radio and print advertising. Marketing efforts are just beginning by the time a potential customer enters Bounce Fitness Café for the first time. A strong emphasis will put on keeping customers and building brand loyalty through programs focused on staffing, experience, and customer satisfaction.
Apart from the existing target markets, i.e., corporate and regular walk-ins, the CEO would like to know your opinion that the inclusion of additional target markets should be considered to include:
o Students from nearby housing centres
o Business people from the downtown business centres and professional buildings
o Seniors from nearby retirement facilities

Activity One – Conduct marketing research to support business proposal

As the General Manager Marketing, you are task to identify which of the three identified target markets should be prioritized. The market research report should provide evaluative information on:
o Each target market demographics
o Provide an understanding their needs
o Present an insight into the market trends
o Determine target market attractiveness by evaluating:
• Identifiable and reachability
• Responsiveness
• Substantial and profitability
o Determine Assessment outcome on the choice target market to focus on.

Marketing Research Report

Business name Internet Coffee Shop Date prepared
Document version V2022.1 Document ID MRR – 2022 – 08 – 12
Prepared by Position General Manager – Marketing

– Objectives of this market research report (select the appropriate option/s) ☐
How can we improve our offer to customers (the product/service, the delivery, the guarantees, the service support, etc.)?
☐
How can we segment the market so that we can better satisfy customers’ needs?
☐
How can we persuade people to buy our products when they are being tempted in other directions?
☐
Which new products or services could we offer to our customers?

– Proposed target market (select the appropriate options) ☐
College/ university students ☐
Contract workers/ trades
☐
Stay-at-home parent/s ☐
Working professionals
☐
Retired senior citizens ☐
Retail associates

Marketing Research Report (cont.)

Provide an analysis of each target market selected who are based in Sydney by researching information from the Australian Bureau of Statistics for the 2021 Census QuickStats at URL: https://abs.gov.au/census/find-census-data/quickstats/2021/AUS

– Gender make-up % Males % Females

– Age groups (% for Sydney only) College/ university students (age group from 20 – 24) Working professionals (age groups from 25 – 69; provide total percentages) Retired senior citizens (age group from 70 – 85 year and over)

% % %

– Registered marital status Married Separated & divorced (provide total percentages) Never married

% % %

– Education Secondary (include Government, Catholic and non-Government; provide total percentages) Vocational education University or tertiary institution

% % %

– Country of birth (only top 6 countries) Australia China (excludes SARs and Taiwan) India

% % %
England Philippines New Zealand

% % %

– Income and work Personal Family Household

$ $ $

– Annual income College/ university students # Working professionals * Retired citizen (for a single person in modest lifestyle) +

$ $ $
# Refer to 6. BSBESB302 & 404 – Case Supplement – National Union of Students (Pre-Budget 2020 to 2021 V2022.1)
* https://www.payscale.com/research/AU/Location=Sydney-New-South-Wales/Salary
+ https://www.intheblack.com/articles/2019/08/01/how-much-super-do-you-need

Marketing Research Report (cont.)

Provide a brief discussion on the understanding of each target market needs expectations, e.g., ease of use, accessibility, location convenience, pricing affordability, quality of service, choice options, etc. (each answer should not exceed 30-word count)

– College/ university students
– Working professionals
– Retired citizens

Present a brief insight (each answer should not exceed 30-word count) into the market trends for coffee shops in terms of:

– Interior design
– Use of technology
– Faster service and convenience
– Product variety and differentiation

Marketing Research Report (cont.)

Determine target market attractiveness by evaluating between high potential (scoring of 3) to low potential (scoring of 1) each target market in terms of identifiable & reachable, responsive and substantial & profitable variables.

Target market type Evaluating each segment’s attractiveness
Identifiable & Reachable
(Segment is distinct and easily accessible) Responsive
(React positively to service offering) Substantial & Profitable
(Size and growth potential) Total score Ranking (highest score = 1, lowest score = 3)

– College/ university students ☐
3- high potential ☐
3- high potential ☐
3- high potential
☐
2- fair potential ☐
2- fair potential ☐
2- fair potential
☐
1 – low potential ☐
1 – low potential ☐
1 – low potential
– Working professionals ☐
3- high potential ☐
3- high potential ☐
3- high potential
☐
2- fair potential ☐
2- fair potential ☐
2- fair potential
☐
1 – low potential ☐
1 – low potential ☐
1 – low potential
– Retired citizens ☐
3- high potential ☐
3- high potential ☐
3- high potential
☐
2- fair potential ☐
2- fair potential ☐
2- fair potential
☐
1 – low potential ☐
1 – low potential ☐
1 – low potential

– Determine Assessment outcome on the choice target market/s to focus on (answer should not exceed 50-word count)

Activity Two – Develop a marketing plan to support business proposal
o Assess the marketing mix, against the customer’s journey based on researched information above and develop an action plan required to implement marketing mix, which must include:
• Key performance indicators for each aspect of marketing mix
• Role of at least two relevant stakeholders required to implement marketing mix
• Implement the 7Ps marketing mix
• Promotional activities, which must include:
o At least two (2) mainstream media
o At least two (2) digital devices/ platforms/ technologies media
• Monitoring strategies for implementation of marketing mix
• Provision of contingency planning

Marketing Plan

Business name Internet Coffee Shop Date prepared
Document version V2022.1 Document ID MP – 2022 – 08 – 12
Prepared by Position General Manager – Marketing

– Marketing plan objectives (select the appropriate option/s) ☐
Grow total sales by 10% annually ☐
Target new customers
☐
Diversify the service offering ☐
Build customer loyalty
☐
Grow market share ☐
Brand building and value-adding

– Situational analysis (provide the rational for this marketing plan; answer should not exceed 50-word count)

Marketing Plan (cont.)

– Proposed target market (select the appropriate option/s) ☐
College/ university students ☐
Working professionals ☐
Retired citizens

– Current competitors ☐
Community Fitness ☐
Forever Fit Gym ☐
Better Bodies Fitness
– With coffee shop facility? ☐
Yes ☐
No ☐
Yes ☐
No ☐
Yes ☐
No

Provide a SWOT analysis of Bounce Fitness’ key strengths and weaknesses with the company, and describe the opportunities and threats facing the Company (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1).

– Strengths –
–
–
– Weaknesses –
–
–
– Opportunities –
–
–
– Threats –
–
–

Marketing Plan (cont.)

– Building business growth through product development strategy (select the appropriate option) ☐
Improving an existing product or service offering (continuous improvement)
☐
Extending product lines (wider products/ services to be made available)
☐
Developing new product or service offerings (adding a new product/ service)

Provide an overview of the market potential growth in Australia for years 2007 – 2022 (refer to https://www.ibisworld.com/au/market-size/cafes-coffee-shops/) for the new business venture in terms of:

– Market size in 2022
– Growth rate in 2022
– Growth/ decline trend over the past 5 years
– Industry ranking in terms of market size in 2022
– Factors affecting industry growth
– Opportunity for growth in Australia

Marketing Plan (cont.)

– Key/s to success (select the appropriate option/s) ☐
The creation of a unique, innovative, up-scale atmosphere that will differentiate Bounce Fitness Café from other local coffee shops and future internet cafes.
☐
The establishment of Bounce Fitness Café as a community hub for socialization and entertainment.
☐
The creation of an environment that would not intimidate the novice user (Bounce Fitness Café will position itself as an education resource for individuals wishing to learn bout the benefits the internet has to offer).
☐
Great coffee and bakery items
☐
Availability of healthy food/ beverage alternatives
☐
Faster service and convenience

– Critical issues for consideration (select the appropriate option/s) ☐
Will there be a continuous demand for such services?
☐
Would the business concept be able to sustain in the long-term?
☐
Would individuals be willing to pay for such services?
☐
Would there be issues maintaining food standards according to regulatory requirements?
☐
Would there be breach of privacy/ security issues for offering such services?

Develop the marketing mix (7Ps) that will be used to position Bounce Fitness Café to meet its customer needs. In addition, you must provide consideration for a digital marketing strategy, which will focus in achieving greater customer reach and engagement.

– Product/ service (how can you develop your product/ service?) Product type (select option/s) Brief explanation about the product/ service idea to be developed (answer should not exceed 50-word count)

☐
Convenience
☐
Shopping
☐
Speciality

Marketing Plan (cont.)

– Prices/ fees (how much should we charge customers for the product/ service?) Price (select an option)
Quality High Medium Low

High ☐
Premium ☐
High value ☐
Superb value
Medium ☐
Over-charging ☐
Average ☐
Good value
Low ☐
Rip-off ☐
False economy ☐
Economy
– Justification for the price option (answer should not exceed 40-word count limit)

– Place/ access (select appropriate location option/s) ☐
Sydney Fitness Centre ☐
Brisbane Fitness Centre
☐
Melbourne Fitness Centre ☐
Cairns Fitness Centre
– Justification for the place option (answer should not exceed 40-word count limit)

– Promotion activities (how can you build awareness of the product/ service to customers?) Type of promotional activity (select option/s) Type of media/ digital media to be used (select combination of 2 mainstream and 2 digital media)

☐
Advertising (any paid form of non-personal presentation and promotion of ideas, goods/ services by an identified sponsor) ☐
Newspapers ☐
TV/ radio
☐
Magazines ☐
Posters/ flyers
☐
Facebook ☐
Website
☐
LinkedIn ☐
YouTube
☐
Google + ☐
Instagram
☐
Sales Promotion (short-term incentives to encourage the purchase of sale of a product/ service) ☐
Demonstrations ☐
TV/ radio
☐
Discounts ☐
Coupons
☐
Facebook ☐
Media sharing
☐
Twitter ☐
Blog site
☐
Native advertising ☐
Website

Marketing Plan (cont.)

– Promotion activities (how can you build awareness of the product/ service to customers; cont.) Type of promotional activity (select option/s) Type of media/ digital media to be used (select combination of 2 mainstream and 2 digital media)

☐
Personal Selling (personal presentation by the firms’ sales force for the purpose of making sales/ building customer relationships) ☐
Sales presentations ☐
Incentive programs
☐
Trade shows ☐
Mobile marketing
☐
Blog sites ☐
Influencer relations
☐
Sponsored content ☐
Native advertising
☐
Public relations (building good relations with the company’s various publics by obtaining positive brand image/ event) ☐
Press release ☐
Events
☐
Sponsorships ☐
Website
☐
Influencer relations ☐
Blogger relations
☐
Videos ☐
Community service
☐
Direct Marketing (direct connections with carefully targeted consumers to obtain an immediate response) ☐
Catalogues ☐
Direct-response
☐
TV ☐
Kiosks
☐
Blog sites ☐
Mobile marketing
☐
Brand ambassadors ☐
Sponsored content

– Physical environment (determining the service environment impression to customers; answers should not exceed 50 words each) Spatial layout and functionality (the way you arrange the furnishings, equipment and machinery, their shape and size and of course, the spatial relationship which exists amongst them.)
Signs, symbols, and artifacts (explicit signals that can communicate directly with a customer in a physical environment which are prominently displayed on both exterior and interior of a place and generally act as communicators.)

Marketing Plan (cont.)

– Physical environment (cont.; determining the service environment impression to customers; answer should not exceed 50 words) Ambient conditions (background conditions of an environment like colour, noise, music, sound, lighting, etc. are included in ambient conditions as they affect one or other of our five senses and can change the mindset and perception of a person.)

– Processes efficiency (refers to the mechanisms, way or flow of activities by which a service is delivered; select options as appropriate) ☐
Ensure clarity to all stakeholders about general business procedures as well as role-specific procedures
☐
Standardizing customer relationship services in terms of process and procedures
☐
Maintaining ethical marketing/ sales practices including sales policies, e.g., code of conduct, refunds, etc.
☐
Energy efficiency and environmental consideration work practices
☐
Good practice and compliance to the code of conduct (Fitness Australia), regulatory/ legislative requirements (ACCC, Privacy, WHS, Safe Food, etc.)
☐
Use of technology to support and streamline work flow to increase efficiency.
☐
Plan work floor to maximise task completion efficiency and simplicity to reduce wait time and increase service satisfaction for customers.

– People (having the right staff personnel in place to support the service delivery) ☐
Develop your marketers’ skills so they can carry out the marketing mix strategy
☐
Foster positive company culture and brand building in the workplace.
☐
Regular staff training and performance reviews to ensure their understanding the process of handling client interactions.
☐
Hire professionals to design and develop your products or services.
☐
Regular communication through meetings for feedback and continuous improvement initiatives.

Marketing Plan (cont.)

Implementing the marketing plan – as the General Manager Marketing, you are required to provide an action plan to outline key dates and costings (you may refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1 and/ or conduct online research, e.g., www.astonsocial.com.au, etc.) that the marketing team must meet. The action plan includes both sales goals and deadlines for major projects that impact the programs outlined in the Marketing Expense budget.

Advertising activities Start date End date Budget ($) Responsibility

– TV Ad creative
– Magazine ad creative
– Social media ad creative

Sales activities Start date End date Budget ($) Responsibility

– Demonstrations
– Social media
– Coupons/ discounts

Personal selling activities Start date End date Budget ($) Responsibility

– Sales presentation
– Trade shows

Public relations activities Start date End date Budget ($) Responsibility

– Press release
– Influencer relations

Direct marketing Start date End date Budget ($) Responsibility

– Mobile marketing
– Kiosks

Marketing Plan (cont.)

Reviewing the marketing plan (identify how you will know your plan has been a success, put timescales and measures for success against each activity in your action plan; select the appropriate performance metric for each of the marketing activities and simulate the performance expectations for both review sessions)

Marketing activities Type of metric used 1st review date Measure of success 2nd review date Measure of success

– Advertising (select options accordingly) ☐
Traffic sources and channels 1 week after activity started ☐
Exceptional 2 weeks after activity started ☐
Exceptional
☐
Click through rate (CTR) ☐
Above average ☐
Above average
☐
Conversion rate ☐
Average ☐
Average
☐
Social metrics ☐
Below average ☐
Below average

o Sales (select options accordingly) ☐
Conversion/win rate Weekly basis ☐
Exceptional Weekly basis ☐
Exceptional
☐
Revenue ☐
Above average ☐
Above average
☐
Percentage of sales team hitting quota ☐
Average ☐
Average
☐
Average deal size ☐
Below average ☐
Below average

o Personal selling (select options accordingly) ☐
Time spent selling Weekly basis ☐
Exceptional Weekly basis ☐
Exceptional
☐
Lead response time ☐
Above average ☐
Above average
☐
Opportunity win rate ☐
Average ☐
Average
☐
Sales cost ratio ☐
Below average ☐
Below average

Marketing Plan (cont.)

Reviewing the marketing plan (cont..)

Marketing activities (cont.) Type of metric used 1st review date Measure of success 2nd review date Measure of success

– Public relations (select options accordingly) ☐
Mentions 2 days after activity started ☐
Exceptional 1 month after activity started ☐
Exceptional
☐
Reach ☐
Above average ☐
Above average
☐
Engagement ☐
Average ☐
Average
☐
Relationship ☐
Below average ☐
Below average

– Direct marketing (select options accordingly) ☐
Response rate Weekly basis ☐
Exceptional Weekly basis ☐
Exceptional
☐
Conversion rate ☐
Above average ☐
Above average
☐
Cost per response ☐
Average ☐
Average
☐
Cost per acquisition ☐
Below average ☐
Below average

Contingency planning (plans do not always work out and as the General Manager Marketing, you have to be ready to deal with the likelihood that Bounce Fitness Café would not make good on the projections outline in this plan; the following are some possible scenarios of which requires you to select the appropriate strategy to address it)

– Revenues exceed projections (select option accordingly) ☐
Opportunities to increase marketing budget above the allocated 20% and emphasizing greater frequency of advertising and promotions.
☐
Reinvestment to the business by adding locations or adding new products to further increase the number of revenue streams.
– Revenues miss projections (select option accordingly) ☐
Doubling marketing efforts and ensure marketing/ any other expenditure does not exceed budget.
☐
Identify and analyse the issue and come up with a solution/ plan to move forward.
– New business plays a lesser role (select option accordingly) ☐
Revisit business plan and conduct further market research to determine the costs and inputs needed as unique selling propositions for the business
☐
Need to procure additional funding for the new business as it needs further awareness building activities.

Activity Three – Present the marketing plan and obtain approval to implement it

Make an appointment with the Board of Directors (your classmate/ Trainer would undertake this role), to make a formal presentation of the marketing plan and action plan completed in Task 2 Activity 2.
You will be assessed on your oral interaction skills to:
o Explain the marketing plan (based from Task 2 Activity 2)
o Use appropriate presentation techniques to communicate information:
• Seize the audience’s attention by keeping informative presentation brief and to the point.
• Disclose the problem or needs that your product or service will satisfy
• Captivate the audience by describing the advantages of solving the problem or need
• Create a compelling reason for the audience to agree with you by describing exactly how your product or service with fill their real needs by presenting sufficient logic, evidence, and emotion to sway the audience to your viewpoint.
• Close your persuasive presentation with a call to action
o Use appropriate active and listening skills to check and confirm understanding of audience

Instructions

For this task you are required to:
o Provide an oral presentation to the Board of Directors (your classmate/ Trainer would undertake this role) to propose the marketing plan for the new business venture, i.e., Internet Coffee Shop, and seek feedback on your marketing proposal.
o Obtain feedback from one of the Board of Directors (your classmate/ Trainer would undertake this role) to assess your marketing plan presentation using the Marketing Plan Assessment Framework.

Marketing Plan Assessment Framework (to be completed by Board of Director role)

Marketing plan name Internet Coffee Shop
Presented by
Evaluated by
Job role Director
Director’s initials & date

Scoring: 1 = Strongly disagree, 2 = Disagree, 3 = Neutral, 4 = Agree and 5 = Strongly agree
Add each rubric category to reflect a cumulative total

Market analysis 1 2 3 4 5 Total
o Identified target customer/s ☐
☐
☐
☐
☐

o Completed SWOT analysis: Competition ☐
☐
☐
☐
☐

o Conducted market analysis ☐
☐
☐
☐
☐

o Identified keys to success ☐
☐
☐
☐
☐

o Critical issues for consideration ☐
☐
☐
☐
☐

Marketing mix 1 2 3 4 5 Total
o Provided comprehensive details of products / services ☐
☐
☐
☐
☐

o Pricing structure and determination method provided with evidentiary explanation ☐
☐
☐
☐
☐

o Target market location provided with evidentiary explanation ☐
☐
☐
☐
☐

o Detailed promotional strategy including advertising, sales promotion, personal selling, public relations and direct marketing activities ☐
☐
☐
☐
☐

o Clearly spelling out how the physical environment would be developed in terms of spatial layout and functionality, signs, symbols and artifacts and, ambient conditions. ☐
☐
☐
☐
☐

o Determined the parameters of process efficiency. ☐
☐
☐
☐
☐

o Management of personnel to support new business venture ☐
☐
☐
☐
☐

Marketing Plan Assessment Framework (to be completed by Board of Director role)

Financials 1 2 3 4 5 Total
o Provided sales forecasts for subsequent years ☐
☐
☐
☐
☐

o Provided expenses forecasts for subsequent years ☐
☐
☐
☐
☐

Implementation 1 2 3 4 5 Total
o Action plan for advertising activities ☐
☐
☐
☐
☐

o Action plan for sales activities ☐
☐
☐
☐
☐

o Action plan for personal selling activities ☐
☐
☐
☐
☐

o Action plan for public relations activities ☐
☐
☐
☐
☐

o Action plan for direct marketing activities ☐
☐
☐
☐
☐

Review and Contingency 1 2 3 4 5 Total
o Provided review plan to evaluate effectiveness of marketing activities. ☐
☐
☐
☐
☐

o Provided contingency planning for possible scenario outcomes. ☐
☐
☐
☐
☐

Grand total

Overall Assessment (based on the scoring for the rubric framework)

Checklist/ performance criteria matrix for Task 2 (for Assessor use only)
Instructions to Assessors
This checklist is to be used to record the student’s responses to the questions outlined in Task 2 Activities1 – 3. When completing this checklist, you must ensure that:

• Each checklist item is assessed against the criteria listed.
• An assignment result, either a Yes or No, is recorded in one of the two columns on the right of the checklist.
• Feedback is provided to the student in the assignment cover sheet and/ or, at the Canvas commentary section.
• This task is mapped solely for BSBESB404.

Did the learner: Yes No
Evidence of interview with identified individual, submitted by the learner: Relating to unit’s performance criteria:
• As the General Manager Marketing, you are task to identify which of the three identified target markets should be prioritized. The market research report should provide evaluative information: 1.1 Identify focus of marketing activities according to business plan objectives and products and/or services being provided
o Objectives of this market research report 1.2 Establish marketing objectives in consultation with required people and according to business plan and workplace procedures
o Proposed target market 1.3 Identify customer base, target market and competitors according to identified marketing objectives
2.4 Analyse customer journey to evaluate marketing mix
o Provide an analysis of each target market selected who are based in Sydney by researching information from the Australian Bureau of Statistics for the 2016 Census QuickStat
o Provide a brief discussion on the understanding of each target market needs expectations
o Present a brief insight into the market trends for coffee shops 1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations
o Determine target market attractiveness by evaluating each target market in terms of identifiable & reachable, responsive and substantial & profitable variables. 1.3 Identify customer base, target market and competitors according to identified marketing objectives
2.4 Analyse customer journey to evaluate marketing mix
o Determine Assessment outcome on the choice target market/s to focus on
• Assess the marketing mix, against the customer’s journey based on researched information above and develop an action plan required to implement marketing mix: 2.1 Assess product mix, volumes and pricing opportunities according to marketing focus and business plan objectives

Did the learner (cont.): Yes No
Evidence of interview with identified individual, submitted by the learner: Relating to unit’s performance criteria:
o Marketing plan objectives 2.4 Analyse customer journey to evaluate marketing mix
o Situational analysis
o Proposed target market 2.3 Select marketing and promotional activities to suit target market and according to marketing strategies
o Current competitors 1.3 Identify customer base, target market and competitors according to identified marketing objectives
o Provide a SWOT analysis of Bounce Fitness’ key strengths and weaknesses with the company, and describe the opportunities and threats facing the Company 1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations
o Building business growth through product development strategy 1.1 Identify focus of marketing activities according to business plan objectives and products and/or services being provided
o Provide an overview of the market potential growth in for the new business venture in terms of:
– Key/s to success 4.1 Assess business performance according to business plan objectives
4.2 Develop a plan to address performance gaps
– Critical issues for consideration
o Develop the marketing mix (7Ps) that will be used to position Bounce Fitness Café to meet its customer needs. In addition, you must provide consideration for a digital marketing strategy, which will focus in achieving greater customer reach and engagement. 3.1 Plan marketing activities according to marketing objectives and strategy and budgetary requirements
3.4 Assess use of digital devices, platforms and technologies for effectiveness in implementing marketing activities
o As the General Manager Marketing, you are required to provide a financial overview to address sales and expense forecast to ascertain the business’ profitability 4.1 Assess business performance according to business plan objectives
4.2 Develop a plan to address performance gaps
– Financial forecasts
– Expenses forecasts
– Implementing the marketing plan 3.2 Communicate roles and responsibilities to required people according to marketing plan and workplace procedures

Did the learner (cont.): Yes No
Evidence of interview with identified individual, submitted by the learner: Relating to unit’s performance criteria:
o Reviewing the marketing plan 3.3 Monitor implementation of marketing activities according to marketing plan
4.3 Analyse stakeholder response to all aspects of marketing mix to improve targeting and outcomes
4.4 Assess changes in customer requirements in both online and offline environments, where applicable, and identify opportunities for improvement
o Contingency planning 4.2 Develop a plan to address performance gaps
• Make an appointment with the Board of Directors to make a formal presentation of the marketing plan and action plan completed in Task 2 Activity 2. 1.2 Establish marketing objectives in consultation with required people and according to business plan and workplace procedures
4.3 Analyse stakeholder response to all aspects of marketing mix to improve targeting and outcomes

• Uses communication techniques appropriate to audience to communicate:
o Follows logical sequence when discussion and does not jump from topic to topic
o Ensures explanations are concise yet meaningful
o Provides sufficient evidence to support their statements
o Answers questions raised by the audience about concepts discussed
• Uses communication techniques appropriate to environment to communicate:
o Projects voice sufficiently throughout the room in the absence of a mic
o Maintains professional behaviour and standards during communication to establish and ensure credibility
o Uses appropriate body language (e.g., eye contact) that can be observed throughout the session
o Summarises discussion point or questions from the speaker to confirm understanding
o Provides relevant responses to the person’s questions

Task 2 has met satisfactory performance requirements ☐

Task 2 has not met satisfactory performance requirements (please refer to the feedback on Canvas commentary section) ☐

__________________________________________

Factors Affecting Financial Viability of Business Ventures
General economic trends: Economic trends can impact the financial viability of business ventures by influencing consumer spending, market demand, and overall economic stability.
Financial returns: The level of financial returns directly affects the profitability and sustainability of a business venture. Higher returns attract investors and provide the necessary capital for growth and expansion.
Cost of operations: The cost of operations directly impacts the profitability of a business venture. Higher operating costs can reduce profit margins and hinder financial viability.
Changing business technology: Technological advancements can both positively and negatively impact the financial viability of business ventures. Embracing new technologies can enhance efficiency and competitiveness, while failing to adapt can lead to obsolescence and loss of market share.
Business Risks and Viability
Financial risks: Financial risks can significantly impact the viability of a business idea. These risks include market volatility, economic downturns, and poor financial management, which can lead to financial losses and even bankruptcy.
Human resources risks: Human resources risks can affect the viability of a business idea by impacting employee productivity, morale, and retention. Issues such as a lack of talent, conflicts, and unethical behavior can hinder business operations and success.
Physical risks: Physical risks pose a threat to the viability of a business idea by potentially damaging physical assets and disrupting operations. Events like fire, natural disasters, theft, and vandalism can lead to financial losses and operational disruptions.
Formats and Methods of Business Presentations
Formats:
Business plan presentation: A comprehensive summary of the business idea, including its purpose, business model, funding requirements, and development status.
Presentation template: A structured format that includes sections such as problem identification, proposed solution, and product/service demonstration.
Methods:
Sales presentations: Presentations aimed at persuading potential customers to purchase a product or service.
Pitches to investors: Presentations designed to attract investment by showcasing the business idea, its potential, and financial returns.
Training sessions: Presentations used to educate employees or stakeholders on specific skills, processes, or knowledge.
Status updates: Presentations providing updates on the progress, achievements, and challenges of a project or business.
Project reviews: Presentations evaluating the performance, outcomes, and lessons learned from a specific project.
Strategy summaries: Presentations outlining the strategic direction, goals, and initiatives of a business.
Marketing events: Presentations delivered at events or conferences to promote products, services, or the overall brand.
Steps for Conducting Market Research
Clear research objectives: Define the purpose and goals of the research.
Decide the research approach: Determine the methodology and techniques to gather data.
Choose the research instrument: Select the tools and methods for data collection, such as surveys, interviews, or observations.
Make a sampling plan: Determine the target population and the sample size for data collection.
Collect all information: Gather data through primary and secondary research methods.
Analyze the information: Process and interpret the collected data to derive meaningful insights.
Present the findings: Communicate the research findings through reports, presentations, or visualizations.
Decision making: Use the research findings to make informed decisions and take appropriate actions.
3 Questions for Designing a Research Sample
Who enters the marketplace where my products are sold? Understanding the target market and its characteristics is crucial for designing an effective research sample.
Who are my respondents representing? Identifying the relevant stakeholders and their perspectives helps ensure the sample represents the target population accurately.
How can I gain an accurate market research sample and obtain better data as a result? Considering sampling techniques, sample size, and data collection methods can help improve the accuracy and reliability of the research sample.
References:
Porter, M. E. (2016). What is strategy? Harvard Business Review, 74-92.
Kotler, P., & Keller, K. L. (2016). Marketing management. Pearson Education Limited.
Hair Jr, J. F., Wolfinbarger, M., Money, A. H., & Samouel, P. (2019). Essentials of business research methods. Routledge.
Saunders, M. N., Lewis, P., & Thornhill, A. (2016). Research methods for business students. Pearson Education Limited.