Business assessment paper; Question and answer
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ASSESSMENT ONE
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.
Do not 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 ONE
1. Write a definition and give one example for each of the following:
- Profitability
- Public sector marketing
- Telemarketing
- Knockout factors
- Return on investment
- Weighted criteria
2. Research and analyse the attached Business Plan on Global Star to determine their future marketing needs and opportunities. Provide a brief outline of at least 3 marketing opportunities you can see as a result of your research.
3. Outline and rank in order of priority the 3 marketing opportunities in terms of their overall contribution to the businesses bottom line.
4. Using the same business plan determine 2 potential new market opportunities for the business and provide a brief outline of these prospects.
5. Consider some innovative and creative marketing ideas that you could develop into potential marketing opportunities.
6. Identify and research the goals and objectives of the organization as listed in the business plan. How do the marketing opportunities link to organizational goals and capabilities?
7. Evaluate 3 marketing opportunities and discuss how these impact the business and its customer base in general.
8. Outline the financial viability of each marketing opportunity. (A SWOT analysis may assist you to identify the financial feasibility of each opportunity – this is not compulsory).
9. Provide a brief summary on the probable return on investment and potential competitors for each marketing opportunity.
10. List at least 3 operational changes you would need to make to ensure viability of these new marketing opportunities. How would you ensure quality of service to the existing customer base?
11. Provide a brief summary of the estimated resources required to support the operational changes.
SAMPLE ANSWER
Business assessment paper
Profitability: This is the primary goal of any organization’s operations. It is a measure that is used to determine how an organization is able to balance between its incomes and expenses. When an organization sells products it generates an income. For the sold product to be produced, the organization incurs costs. The difference between the two shows the profitability.
Public sector marketing: This is seeks to recommend and express solutions that address the relationships and exchanges that occur between government organizations, groups of individuals, organizations, communities and individuals, with respect to performance of and request for public-oriented tasks and services.
Telemarketing: This is a form of marketing where the proponents use the telephone to solicit for prospective buyers to purchase the products or services on offer. It is the most interactive marketing medium of all available. Its interactive nature allows the telemarketer to address concerns raised by prospects, answer their questions and overcome their objectives
Knockout factors: These are exceptional qualities that vigorously contribute to an achievement. They could also be items of selection criteria use in performing comparative analysis and eliminate certain options and other considerations.
Return on investment: This could be defined as the benefit of an investment when viewed against the cost on investment. It is determined when the net profit is divided by net worth. The resultant figure shows the performance of the business.
Weighted criteria: This seeks to assign a weight – measure of importance, to a particular component or factor, which shows the value attached to it. A weighted criterion allows for evaluation of alternatives and determination of the most appropriate given the specific need to be added.
2. Research and analyse the attached Business Plan on Global Star to determine their future marketing needs and opportunities. Provide a brief outline of at least 3 marketing opportunities you can see as a result of your research.
Global Star Enterprise (GSE) needs to expand its operations beyond the Australian borders, expand the product portfolio, value add on present products and offer services that add value to their products – installation of doors sold by GSE. GSE could expand into South East Asia, develop products that complement the current product line, offer services that complement current product portfolio and increase market share by more outlets in Australia (Heng, 2008).
3. Outline and rank in order of priority the 3 marketing opportunities in terms of their overall contribution to the businesses bottom line.
The most important marketing opportunity lies across the border in South East Asia. The market for GSE products and services is huge and growing. Despite the additional costs of actualizing this strategy, it should contribute positively and significantly to the bottom line once the market is established. There also exists marketing opportunities within the already existing markets by offering services not previously on offer – installation. Finally, GSE could expand internally by opening more outlets and showrooms across the country.
4. Using the same business plan determine 2 potential new market opportunities for the business and provide a brief outline of these prospects.
South East Asia offers the best prospect of success among the potential market opportunities that exist. The South East Asia should not be a hard market to penetrate and serve given the proximity to Australia. Another potential market opportunity lies in new territories within Australia boundaries. GSE has not been able to cover the whole country. Opening new showrooms and outlets will allow GSE bring the products closest to the consumers (Covello, & Hazelgren, 2006).
- Consider some innovative and creative marketing ideas that you could develop into potential marketing opportunities.
GSE could consider offering installation services with every purchase of its products, as a way of introducing its installation services to consumers. GSE could also consider following up on all customers who have come through its doors and ask for a recommendation. GSE could also map out all the construction sites and visit them aggressively seeking new business for its new and existing product line.
6. Identify and research the goals and objectives of the organization as listed in the business plan. How do the marketing opportunities link to organizational goals and capabilities?
It is GSE’s goal to expand its market. It has the capacity to meet the additional product requirement in the new markets. It also offers the marketing team new territories where to seek new markets. It is also the goal of GSE to diversify its product portfolio. To this end, GSE is looking to start producing Awnings in addition to offering additional services – installations services. This helps GSE diversify its income streams – cushioning the business from traditional business shocks and ensure the business is able to maintain its growth trajectory (Zaharuddin, 2008).
7. Evaluate 3 marketing opportunities and discuss how these impact the business and its customer base in general.
Expansion to South East Asia offers a whole new market for GSE products. The successful entry into the South East Asian market will double if not triple the customer base. Secondly, expansion within Australia via opening of new showrooms and outlets will see GSE expand its footprint to more regions in Australia. This should considerably increase the customer base.
Thirdly, the introduction of new products will bring into GSE customer base a new demographic group previously not part of its base. This new group will also include previous customers who did seek complementary services from other vendors given GSE was not offering (Zaharuddin, 2008).
8. Outline the financial viability of each marketing opportunity. (A SWOT analysis may assist you to identify the financial feasibility of each opportunity – this is not compulsory).
The south East Asia will offer GSE a dynamic and rapidly expanding market that should profitable to service. Though the servicing the South East Asia market will require developing logistics capabilities, it offers GSE opportunity to enter a new market and offer new product lines. However, the threat of cheap knock-offs competing unfairly in this market.
The development of the Awnings will allow GSE to exploit the excess capacity already existing to maximize returns. Though this is a new product – not previously produced by GSE, it has the potential of opening new markets segments. This however could result in GSE stretching itself such that the quality associated with its current product portfolio getting compromised.
Finally, offering value addition services – installation, GSE will rely on its developed reputation for developing quality product and established sales channels to push the new service. This is at the risk of consumers deciding that they like the separation of services as things were. Despite this weakness, the service will allow GSE to be a player in market segments that were previously not addressed while making a strong case against the external and independent contractors GSE used to do the installation (Covello, & Hazelgren, 2006).
9. Provide a brief summary on the probable return on investment and potential competitors for each marketing opportunity.
The expansion into South East Asia could result in significantly raise GSE product output while opening new feedback channels. GSE must however be aware of potential completion from cheap knock-offs from Asia and already existing companies.
The introduction and addition of Awnings into GSE product portfolio opening up a new income stream for the company. Despite the potential of competition from organizations already producing the products, given GSE does not invest in new infrastructure to product the product means the cost will be low, allowing it a competing chance (Heng, 2008).
- List at least 3 operational changes you would need to make to ensure viability of these new marketing opportunities. How would you ensure quality of service to the existing customer base?
To meet the requirement of the South East Asian market, the production shifts could increase – especially when the market has been conquered. With the production of the Awnings, GSE will have to train employees to produce them. The introduction of the installation services, GSE will need employee who can perform the installation.
- Provide a brief summary of the estimated resources required to support the operational changes.
GSE will need to invest in training of personnel to undertake the new services, and to inform about the existing product and service lines. There will be a need for sales people to be hired in South East Asia to drive the sales in the new market. GSE will also need to train its existing staff on production of Awnings and offer installation service
References
Covello, J. A & Hazelgren, B. J (2006) Complete Book of Business Plans: Simple Steps to Writing Powerful Business Plans, Sourcebooks, Inc, Naperville, IL.
Heng, G. M (2008) Conducting Your Impact Analysis for Business Continuity Planning, 2nd Ed, Tampines Central, Singapore.
Zaharuddin, H (2008) Business Plan Analysis for Steel Fabricators, Dian Anugerah Prakasa, West Java, Indonesia.
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