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- 1. BSBSMB403A Market the small business Learner Workbook
- 2. P a g e | 2 Table of Contents ....................................................................................................................................................1 Table of Contents.........................................................................................................................2 Candidate Details.........................................................................................................................3 Assessment – BSBSMB403A Market the small business ................................................................3 Competency Record to be completed by Assessor ........................................................................4 Activity 1a........................................................................................................................................5 Activity 1b .......................................................................................................................................6 Activity 1c........................................................................................................................................9 Activity 1d .....................................................................................................................................11 Activity 1e .....................................................................................................................................14 Activity 2a......................................................................................................................................16 Activity 2b .....................................................................................................................................17 Activity 2c......................................................................................................................................19 Activity 3a......................................................................................................................................21 Activity 3b .....................................................................................................................................23 Activity 4a......................................................................................................................................25 Activity 4b .....................................................................................................................................26 Activity 4c......................................................................................................................................28
- 3. P a g e | 3 Candidate Details Assessment – BSBSMB403A Market the small business Please complete the following activities and hand in to your trainer for marking. This forms part of your assessment for BSBSMB403A Market the small business. Name: _____________________________________________________________ Address: _____________________________________________________________ _____________________________________________________________ Email: _____________________________________________________________ Employer: _____________________________________________________________ Declaration I declare that no part of this assessment has been copied from another person’s work with the exception of where I have listed or referenced documents or work and that no part of this assessment has been written for me by another person. Signed: ____________________________________________________________ Date: ____________________________________________________________ If activities have been completed as part of a small group or in pairs, details of the learners involved should be provided below; This activity workbook has been completed by the following persons and we acknowledge that it was a fair team effort where everyone contributed equally to the work completed. We declare that no part of this assessment has been copied from another person’s work with the exception of where we have listed or referenced documents or work and that no part of this assessment has been written for us by another person. Learner 1: ____________________________________________________________ Signed: ____________________________________________________________ Learner 2: ____________________________________________________________ Signed: ____________________________________________________________ Learner 3: ____________________________________________________________ Signed: ____________________________________________________________
- 4. P a g e | 4 Competency Record to be completed by Assessor Learner Name: _______________________________________________________ Date of Assessment: _______________________________________________________ The learner has been assessed as competent in the elements and performance criteria and the evidence has been presented as; Assessor Initials Authentic Valid Reliable Current Sufficient Learner is deemed: COMPETENT NOT YET COMPETENT (Please circle) If not yet competent, date for re-assessment: ____________________________________ Comments from Trainer / Assessor: __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ Assessor Signature: ________________________________________________________
- 5. P a g e | 5 Activities Activity 1a Estimated Time 30 minutes Objective Analyse the business and its key products or services to determine the focus of marketing activities, in accordance with the objectives of the business plan Activity Either in groups or the full class, as directed by the instructor, discuss these eight (8) small business examples and identify the key products and services for each with the view of determining what you think would be the focus of marketing activities. This Activity Assumes There Is A Marketing Plan In Place! # COMMENTS: Focus on marketing activities 1 2 3 4 5 6 7 8
- 6. P a g e | 6 Activity 1b Estimated Time 20 minutes Objective Analyse the business and its key products or services to determine the focus of marketing activities, in accordance with the objectives of the business plan Activity Consider some of these marketing strategies drawn from industry ‘experts’ In order to best target the needs of each buyer segment it better serves the organisation to de-centralise the marketing plans Advantages / Disadvantages Strategy can get left behind and having the right people with the right skills is compromised for the sake of “targeting” Advantages / Disadvantages
- 7. P a g e | 7 I believe the best ideas are born from first understanding the right problem to solve and then having the courage required to go against the status quo and take a different approach. Advantages / Disadvantages By focusing on results, you can stop spending time executing, or planning throughout the year, and spend your efforts optimising your marketing programs around the elements that are producing the best results Advantages / Disadvantages
- 8. P a g e | 8 By moving to a strategic and integrated marketing plan, the elimination of waste alone can remove tremendous amounts of inefficiency Advantages / Disadvantages
- 9. P a g e | 9 Activity 1c Estimated Time 20 minutes Objective Evaluate the customer base and target market for the small business as a basis for the marketing objectives and strategies Activity How would you approach these options and what do you consider are the advantages and disadvantages? Watching key competitors marketing efforts and copying them Advantages Disadvantages Talking to key trade buyers about new product introductions Advantages Disadvantages
- 10. P a g e | 10 Conducting needs analysis from qualitative research with individuals and groups Advantages Disadvantages
- 11. P a g e | 11 Activity 1d Estimated Time 20 minutes Objective Evaluate the customer base and target market for the small business as a basis for the marketing objectives and strategies Activity Explain how these OBJECTIVES fit within your evaluation of segmented markets and your customer base and target markets. Achieving lower costs of production and distribution than competitors Creating a very different product line or service so that the business becomes a class leader in the industry
- 12. P a g e | 12 Distribution Pricing, presentation and display of products/services Product design and packaging Product range and mix
- 13. P a g e | 13 Promotion and advertising Pursuing cost leadership and/or product differentiation within a specialist market segment
- 14. P a g e | 14 Activity 1e Estimated Time 30 minutes Objective Determine marketing objectives and strategies that are ethically and culturally appropriate, in consultation with relevant people and in accordance with the business plan Activity Some objectives and strategies used... What cultural and ethical appropriateness should be observed here? Achieving lower costs of production and distribution than competitors Creating a very different product line or service so that the business becomes a class leader in the industry Demographic bases, including age, family size, life cycle, occupation
- 15. P a g e | 15 Geographic bases such as states, regions, countries Behaviour bases, such as product knowledge, usage, attitudes, responses Psychographic bases lifestyle, values, personality Use as much space as needed
- 16. P a g e | 16 Activity 2a Estimated Time 30 minutes Objective Balance product mix, volumes and pricing to optimise sales and profit Activity Taking into account the examples in your learner guide of balancing your product mix, volumes and pricing, relate these additional sales optimisation suggestions to how they would INTERRELATE. #1: Product #2: Price #3: Place #4: Promotion Do they interrelate or stand alone? Why? Product Price Place Promotion Marketing & Advertising Customers / CUSTOMER SERVICE Employees Define your target audience Technology needed to optimise sales performance Support systems Accountability Training /improving your sales team capabilities
- 17. P a g e | 17 Activity 2b Estimated Time 30 minutes Objective Evaluate the costs and benefits of using different distribution channels and/or providing different levels of customer service and consider the results in determining the marketing mix Activity Evaluate the costs and benefits of using different distribution channels and/or providing different levels of customer service. Assume you are using the following distribution methods, provide your assessment on costs and benefits PLUS customer service levels to your small business or it that option is not possible, consult with the instructor to use a hypothetical small business evaluation. Costs Benefits Customer service Direct sales Original equipment manufacturer sales Brokers
- 18. P a g e | 18 Independent stores Direct mail Wholesaler Use as much space as needed
- 19. P a g e | 19 Activity 2c Estimated Time 20 minutes Objective Determine promotional activities to suit the target market Consider customer needs and preferences in determining the marketing mix Determine the marketing mix according to market and business needs Activity Discuss the following issues relating to customer needs and preferences in determining the marketing mix Asking questions to uncover your customer's needs and wants How to go about doing this? Identify unique features or benefits of your products Establish your customer requirements for the product
- 20. P a g e | 20 Identify product pricing criteria
- 21. P a g e | 21 Activity 3a Estimated Time 20 minutes Objective Implement marketing strategies Activity Schedule informal communication Meet one on one Meet in groups Sharpen your message Add your own comments
- 22. P a g e | 22 Recognise good work Prepare for meetings Understand unspoken signals. Body language, for example Follow up Take input seriously Add your own comments
- 23. P a g e | 23 Activity 3b Estimated Time 20 minutes Objective Implement marketing strategies Activity Select a PROMOTIONAL ACTIVITY and suggest its benefits in accordance with marketing objectives and budgetary requirements that you decide are necessary. You can select from the list provided in the notes or another of your choice. My Promotional Activity Promotional Activity Purpose and Objective Instructors Notes Examples: Build Awareness Create Interest Provide Information Stimulate Demand Benefits in accordance with marketing objectives
- 24. P a g e | 24 Budget considerations Key Message
- 25. P a g e | 25 Activity 4a Estimated Time 30 minutes Objective Monitor marketing activities and evaluate business performance according to the objectives and targets of the business plan Activity In your own words, describe FIVE (5) Key Performance Indicators for monitoring marketing activities and evaluating business performance for a marketing plan. 1 2 3 4 5 Use as much space as needed.
- 26. P a g e | 26 Activity 4b Estimated Time 20 minutes Objective Analyse performance gaps and take corrective action or set new targets Encourage all relevant people to propose ways to improve marketing performance Seek and analyse customer reaction to all aspects of the marketing mix, using culturally appropriate processes, to improve targeting and outcomes Activity Using the information in the notes on this element, discuss in groups of three (3) or as directed by the instructor, your views on each of the following suggested range statements: Seek and analyse customer reaction Suggested Process Your Comments Customer Meetings Focus Groups
- 27. P a g e | 27 Informal Discussion Survey Trend Analysis
- 28. P a g e | 28 Activity 4c Estimated Time 20 minutes Objective Conduct ongoing research of customer requirements to identify opportunities for change and improvement Monitor and investigate changes in the market for new opportunities to aid business development Activity Positives and Negatives related to change Change Positives Change Negatives New opportunities to grow Stress and uncertainty Changing people and situations 1. Have you tried to change something or someone in your organisation before? 2. Was it successful? YES/NO YES: NO: Why?
- 29. P a g e | 29 What factors do YOU think determine change success or failure? What skills do YOU think are necessary for instituting change?