Business assessment Paper two
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Diploma of Business
BSB50207
ASSESSMENT TWO
Instructions to students:
Each assessment question requires a written answer of at least 100 words.
Use your study materials and personal research to answer these questions.
Don’t copy, or cut and paste
Please remember to place your name at the top or bottom of your document and email to business@academique.com.au or print and hand in at Reception.
ASSESSMENT TWO
Part A
You will need to refer to your business plan to complete part A of this assessment.
Prepare a minimum (2 page) report to the Managing Director of Global Star. Your report should communicate the viability of making changes to current business operations.
Please include the following points (minimum 1 paragraph) per point in your report as follows:
- Outline at least three new marketing ideas and opportunities as a result of your research
- Link these new marketing ideas to the goals and future objectives of the organisation
- Evaluate each opportunity and outline the impact to the current business
- Include financials and feasibility information to include a probable return on investment
- Suggest recommended operational changes to the current business model
- Estimate the resources and costs associated with these operational changes
- Include all relevant forms of Legislative considerations when making operational changes (e.g. privacy laws, anti-discrimination, ethical principles etc.)
Your report should be written in a way which is culturally appropriate and relates to people from diverse backgrounds and abilities.
Part B
Research and interpret a current marketing plan (template). www.business.gov.au or other website searches will assist you in the following task. Please ensure you outline and list all the key elements (content) required when creating a sustainable marking plan for a business.
Not only are you required to provide a list of content but also provide a brief description against each key point.
For example: Marketing Objectives defines what you want to accomplish through your marketing activities.
GOOD LUCK!!!
SAMPLE ANSWER
Part A
Question 1:
The three new marketing ideas and opportunities that would create a great commercial opportunity to Global star are: first, what need to fill or what problem to solve that will create a value proposition to the company. Second is the idea of how to make money which provides an opportunity of the revenue model. Third is the idea of how the market will either grow or shrink. This is the market growth. It should create an opportunity for the increase in demand of the products or services of the business over time (Hyman & Sierra, 2010).
Question 2:
If Global Star should consider the value proposition, they will be able to achieve their goals on the manufacturing since they will be able to use the best-in-class door and window in manufacturing techniques that will maximize the quality of all their products. Identification of the revenue model will help to attract even more people and keep innovative customer-focused employees who will in return reward the company’s performance fairly and equitably. If the market growth factor is considered, the company will be able to achieve its operations goal in achieving the best in class warehousing, ordering and the distribution practices.
Question 3:
Value proposition applies to an entire organization. It is based on a review and the analysis of benefits, costs and value that the organization can deliver to its customers both new and prospective. Its impact to Global Star is that it positions value. That is, Value is said to be equal to benefits minus costs where costs include the economic risk like investing in common stock. The revenue model allows the entire business to be structured around the around it. It does not allow any decision to have more potential to break the business. Its impact to global Star is that it impacts the marketing and the sales efforts and it also affects the product and the service design on the company. The market growth can at times be slow more especially if the consumers do not adopt to a high demand if the consumers find their product or service important for the price level. It is however important to Global Star if it has to grow and prosper. Its success will generate increased incomes, which would encourage further economic growth.
Question 4:
To include a probable return on investments, Global star is required to know its goals, by which to measure the success of the finances, know a good and reliable range for demand, know the cash needs to start up a business and know the operating expenses. Just by looking at the business from its financial perspective, it is possible to predict with reasonable accuracy whether or not the business is feasible. It is necessary to assess the business goals, the skills, resources, experience, knowledge and barriers among others. On the financials, the startup capital needs are analyzed, the Pro Forma balance Sheet and the income statement, the operating revenue projections and expenses, the working capital and the future cash flow need.
Question 5:
The recommended operational changes are on the technological changes, which are often introduced as the components of larger strategic changes although they at times take place specifically on their own. This is an important aspect because it will help in the determination of who within the company will be threatened by the change. This should be incorporated within the company’s overall system and at the same time, a management structure is created to support it. Another operational change includes the people changes, which involve the change of workers considering their attitudes and behaviors so as to increase their effectiveness. This is the most difficult though the most important part of the change process.
Question 6:
There are four major costs for the change management in organizations (Cameron & Green, 2009). First, is the dedicated resource on a project team. The project manager takes on the responsibility for a small change to a change ready group. Second is the procurement of methodology and tools. These are the tools that are available to be used by the change management resources. Third is the purchase of the source materials necessary for change. These materials are used by managers and supervisors in their exercises in coaching during the change process. Last is the training time and costs necessary during training. This applies to everyone involved in the company. This involves the managers and the supervisors as the trainers for change, the senior leaders as sponsors, the change management resources and the project teams.
Question 7:
When making changes, the privacy laws provide better protection to individuals with regard to how the personally information may have been collected. The operational changes include the privacy principles and apply to small businesses with a turnover of $3 million or less and also to those with an annual turnover of $3million or more. On the other hand, the state laws require that organizations should form a workplace that is free from anti-discrimination. It is important for employers to understand their rights and responsibilities under the human rights and the antidiscrimination law. By putting all these in place in your business, then you are assured of an improved productivity and increased efficiency (Cameron & Green, 2009).
Part B: Marketing plan
One of the most important areas of the small business owners is the development of a marketing plan. Though being the most important, most businesses overlook it. An effective marketing plan acts as a reference document that helps in the execution of the marketing strategy. It also helps to develop a methodical approach for creating products and services that would satisfy the customer’s needs (Marketing plan template, 2013).
Market planning should be an ongoing business activity. As there exists change in the market conditions and the business, you will need to revisit many of the ideas and strategies that are outlined in the marketing plan. Referring to the plan ensures that the business keeps heading in the right direction.
Key Elements Required When Creating a Sustainable Marketing Plan for a Business
First, there should be a background analysis for the business. The business opportunities and the challenges should be detailed. This helps to define the business capabilities. Second is the future analysis of the business where the vision statement and the marketing objectives are stated. This defines exactly what you would want your marketing plan to accomplish in the future. Third is the analysis of the market where the business states its target market, marketing strategy and the marketing mix. The target market explains who the business will be selling its products to. The marketing strategy details how you will bring your products and services to the market in a customer satisfaction way. The marketing mix is the elements that make up the marketing strategy. Fourth is the financial analysis of the business where the action plans and budgets bring the strategies and the marketing goals to life.
References
Cameron, E., & Green, M. (2009). Making Sense of Change Management : A Complete Guide to the Models, Tools & Techniques of Organizational Change. London: Kogan Page.
Hyman, M. R., & Sierra, J. J. (2010). Marketing Research Kit for Dummies. Hoboken, N.J.: Wiley.
Marketing Plan Template: Exactly What to Include. (2013). Promotional Marketing, 3.
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