SGA1238 Marketing Essentials Workbook 138 © Study Group Australia Pty Limited, SGA1238-L6/10/13-V1 Assessment Task 2 This assessment consists of 4 parts all of which must be answered. The instructions to complete this assessment are included on the following page. Follow the instructions with each question. When you are confident that you have met all requirements for this assessment task, upload your file using Study Smart for marking. Make sure your work follows the style guide and naming conventions presented in the Style Guide document available in the Learning and Study Support section of Study Smart. Workbook SGA1238 Marketing Essentials © Study Group Australia Pty Limited, SGA1238-L6/10/13-V1 139 Assessment Task 2: Adjusted Marketing Mix Report (Paired Assessment) Scenario or background information You are a marketing analyst employed by a large retail organisation of your choice. Company-wide sales in various markets have recently declined and senior management needs to assess the marketing strategy for one of their underperforming products. As part of your role, your manager has asked you to investigate and evaluate potential changes to the marketing mix of one of your underperforming products to increase sales and regain market share. (Note: No sales data is available for this assessment). Note: It is important that you choose an organisation that: • has multiple product lines from which you can choose and one that you can identify as having low sales • is a place you can visit in person • has an online website so that organisational and product research can be conducted • is different to the organisation and products used in Assessment Task 1 Requirements Resources: You will need: • A digital camera to take still photographs of the product that you choose; also include a photograph of the store/building location. This will form part of your evidence submission. Please note: You cannot take photographs in store without permission of store management. (You could obtain brochures of the product). • The product that will be used during the administration of the survey • Support documentation (i.e. surveys, writing paper, pens) SGA1238 Marketing Essentials Workbook 140 © Study Group Australia Pty Limited, SGA1238-L6/10/13-V1 1. Online research • Choose the organisation • Conduct online research on your employer summarising: o strategic goals/objectives o vision statement (if provided) o marketing goals/objectives from the literature provided in the web page o their range of product offerings 2. Applied research Conjointly with another student you are required to undertake the following: • In relation to your organisation, locate the nearest store to you and select a product that is available but underperforming (check the number of items, location of the item in relation to others, and other variables which may indicate low sales. Ask one of the store managers to help you with your research). • Identify and describe the marketing mix of the underperforming product including the price of the product, the promotions of the product, place (how the product is distributed to the store) and number of stores in your region, and the key characteristics/features of the product. • You will need to purchase the product and keep the receipt. Note: For the purpose of this assessment task keep the product cost low and the product size relatively small. • Conduct a survey on at least 20 customers and investigate an alternative marketing mix for your chosen product by analysing the survey. Remember you are trying to increase sales of the underperforming product. Workbook SGA1238 Marketing Essentials © Study Group Australia Pty Limited, SGA1238-L6/10/13-V1 141 • When you are ready administer the survey: See below for further instructions. 3. Undertaking consumer market research If you have not undertaken market research before then you will need to do the following: Prior to the survey: • Be organised with you partner. Discuss dates, timeframe to undertake the survey, store management contact, facilitator contact where possible and ensure you have the necessary documents (surveys), the product (most importantly extra samples) and stationery to complete the surveys and other writing paper. Remind yourself of the purpose of the research, which is to identify the target market of the product, demographic data, generate responses and thoughts/feelings towards the product and whether changes to one or more elements of the marketing mix will affect their desire/need for the product and purchase decision. At the store: • Choose a suitable day and time. Liaise with store management and set up in an area where you can discuss the survey with customers. Do not choose the entrance. Do not stand in front of signs of other retailers. Administering the survey: Number of customers/respondents for survey: 10 per student = 20 customers/respondents. More if required. You can also send the survey and photo of the product via email to customers who would buy such a product. • Introduce yourselves and your partner to a potential customer/respondent and explain the purpose of the research and survey. SGA1238 Marketing Essentials Workbook 142 © Study Group Australia Pty Limited, SGA1238-L6/10/13-V1 • Explain that the survey will only take a few minutes of their time. If the customer/respondent chooses to undertake the survey ask the questions and record their responses. If the customer/respondent chooses not to undertake the survey do not pressure the person into staying or doing the survey and respect their decision. • Do not engage in any conflict whatsoever with the customer or respondent. Be wary of respondent/customer actions whilst undertaking the survey. Keep to the survey questions and ensure that you obtain information about the product and the changing of the marketing mix. • You will need identification to demonstrate that the survey is ‘real’ for education purposes and that the information will remain confidential and private only for yourself and the facilitator. • At the conclusion of the survey, thank the customer/respondent for their time. Analysing the data: You will need to break down and examine the demographic data of the respondents, break down and examine the responses of each respondent and group them accordingly. Identify trends from the sample. Note: Due to the small sample size there will be some limitations in the reliability of the findings. 4. Report Your manager has requested a written report of approximately 1200 words summarising the organisation, including the goals/objectives and products sold, as well as the current marketing mix current for a product range, the adjusted marketing mix, and your market research findings with recommendations for the underperforming product. • Introduction/summary of organisation including strategic goals/objectives, mission or vision statement/values statement and marketing objectives Workbook SGA1238 Marketing Essentials © Study Group Australia Pty Limited, SGA1238-L6/10/13-V1 143 • Undertake an analysis of the product in terms of its current marketing mix. • Analysis of the consumer responses relating to this purchase behaviour and frequency of purchase of this product or similar product, changing one or more of the 4 Ps of the marketing mix and product quality. • Estimate the cost of making a proposed change to one area of the marketing mix, such as the cost of altering the promotion of the item. • Summarise your findings of the survey to assess if your proposed changes to the marketing mix of each product will affect consumer behaviour. • Select the adjusted marketing mix for the product which you believe will increase sales and market share using your qualitative survey results as evidence. You are to prepare an adjusted marketing mix report on the following: • Introduction/summary of the organisation • The product marketing mix o Current marketing mix of the underperforming product o Proposed changes to the marketing mix o Implications of altering the marketing mix o Estimated cost to alter one element of the marketing mi x. o Customer response to the adjusted marketing mix • Conclusion • Recommendations o Selection of preferred marketing mix in response to findings. • Appendix – Scan at least 5 surveys (to show evidence of completion) and upload the file/s. SGA1238 Marketing Essentials Workbook 144 © Study Group Australia Pty Limited, SGA1238-L6/10/13-V1 Criteria 1. Items 1–4 are fully described according to the requirements. 2. An underperforming product is identified for analysis. 3. The marketing mix for the product is described. 4. One or more adjusted marketing mixes are tested for consumer response. 5. Recommendations are made to highlight the most effective adjusted marketing mix to encourage an increase in sales and market share. 6. Documentary evidence of research to be provided in the form of URLs of the organisation website, receipts (if practicable), photographs of products and actual survey results. 7. The report length was adhered to + or – 10%. Word limit – 1200 words. When completed upload your completed report and research documents to Study Smart. (Refer to the link ‘How to submit an assessment’ in the Study Smart home page). Due Date: Session 20