BSBMKG501 is a unit that deals with the knowledge and skills that are necessary in the process of identifying, evaluating, and taking marketing opportunities advantage by differentiating characteristics of possible markets, examining and evaluating market data, and assessing changes to operations. This unit is covered in different level of study such as – Diploma of Marketing and Communication, Diploma of Business, Diploma of Banking Service Management, Diploma of Financial Services, etc. Additionally, there are few training packages like Furnishing Training Package, Business Service Training Package, etc. During all these courses, you are required to write BSBMKG501 assessment answer for the assigned task.
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Brief Introduction to BSBMKG501 Assessment
In the BSBMKG501 assessment, there are two parts to deal with such as –
PART 1: Identifying Market Opportunities
PART 2: Evaluate Marketing Opportunities
In task 1, you are asked to analyse the imitate business to determine at least two marketing opportunities, assess opportunities to business, research the possible new markets, and discuss innovative approaches. After this, you may compile a short presentation supporting the identified marketing opportunities.
In assessment task 2, you will be asked to evaluate three marketing opportunities that you have identified, categorise them on viability. Then, draft a report for Board of Directors. You may document the required changes and marketing opportunities.
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Steps to write BSBMKG501: Identify and Evaluate Marketing Opportunities Assignment Answer
Step 1: Determine marketing opportunities
1.1 Examine and evaluate market information and needs for business to determine the marketing opportunities
1.2 Identify the key potential markets and opportunities to shape, enter, or affect each market
1.3 Explore innovative methods, entrepreneurial approaches, and creative ideas for business application
1.4 Make these ideas, methods, and approaches to marketing opportunities
Step 2: Analyse marketing opportunities
2.1 You are now required to consider, examine, and study the identified opportunities with reference to their organisational capabilities and goals
2.2 Assess and measure all the opportunities to know its effect on customer base and existing business
2.3 Make use of external factors, benefits, costs, opportunities, and risks to identify the financial viability of all the marketing opportunities
2.4 Ascertain likely potential competitors and return on investment
2.5 Explain the marketing opportunities depending on their contribution and viability
Step 3: Evaluate required changes to current operations
3.1 Determine and record each change that is required to current operations in order to make advantage of feasible marketing opportunities
3.2 Make sure that the organisational service changes is increased or alternate customer base including the stipulation for providing quality-based service to customers
3.3 Compute resource requirements for operations that have been changed
3.4 Identify and communicate each practicality of making changes
3.5 Make a list of determined marketing changes and opportunities
In addition to the above-discussed steps, there are few skills you may need in writing bsbmkg501 identify and evaluate marketing opportunities assignment answers. The skills are as followed –
- Examining and comprehending textual information by using various sources and make your conclusion
- You may be proficient in Integrating information that are collected from different sources for developing materials by using appropriate and correct grammatical structure and logical and clear language
- Prepare plans to manage complex tasks
- Draw decisions based on analysed information, identified, and evaluation options
- Examine and measure decision outcomes appropriately to identify chances for improvement
- Create innovative and new ideas through analysis, exploration, and critical thinking
- clearly present your ideas, opinions, and organisational requirements and use presentation techniques and language creatively
- Examining and evaluating marketing and financial data using percentages, decimals, and whole numbers to make correct calculations
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