BSBMKG542 Assessment Task 5.5.22

Magill College **We aren't endorsed by this school
Nov 4, 2023
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1 | P a g e BSBMKG542 - Establish and monitor the marketing mix Answer Paper - Mercury Colleges BSBMKG542 - Establish and monitor the marketing mix Assessment Answer Paper Qualification: BSB50620 Diploma of Marketing and Communication Training Package: Due Date: Week 4 Assessment Type: Assessment Guidelines Please read the following assessment guidelines carefully. 1. The purpose of this activity is to assess your knowledge and skills in 2. If you have any considerations that may affect your performance in the assessment, please inform your assessor immediately. Your assessor will provide you with a suitable alternative to complete this assessment. 3. Your assessor will mark your assessment and provide feedback and a grade to you via the assessment submission on Moodle. 4. If you feel the decision made by your assessor was incorrect you have the rights to appeal the grading through filling out an appeals form which will then be handle by the Academic Manager. 5. A "NYS" (not yet satisfactory) result of this task may be returned to you for a re-assessment. Re-assessments must be submitted by an agreed date with your assessor. 6. The re-assessment work must address the specific performance tasks beyond doubt for the assessor to issue a satisfactory (pass) result. A repeat NYS outcome could lead to an administration fee for further reassessment. 7. All work must be done individually. Copied work will not be accepted and By adding my name to this document, I hereby declare the work is my own and has not been copied from any other source. Student NAME: Natpatchara YUTTHASEN Date: May 5, 2022 Student Signature: Natpatchara YUTTHASEN
2 | P a g e BSBMKG542 - Establish and monitor the marketing mix Answer Paper - Mercury Colleges Please put your answer below: 1. Bounce Fitness must provide current and accurate information. This allows potential customers to make informed decisions. Check if the source is reliable or not. use print media (digital or print) and academic articles that cite the sources of information presented. Check if the source of the information is up to date. The date of any research data necessary to determine whether the information presented is current enough and not out of date. Verify that the source of the information is contextual. Use industry-related information set by an authority (e.g. regulators, regulators or executives) Bounce Fitness must market all products and services ethically authenticate Avoid misleading or vague statements. and enable learners to make informed decisions Consider the affected parties. Know all the key stakeholders involved in the project how do they want to communicate What are their needs? And what is the acceptable end result? Consider the consequences of each marketing approach to promote accountability. responsibility and problem solving together Consider the duty of the organization to comply with the laws and regulations related to business operations. staff management and customer relations 2. a. i. ZUMBA ii. YOGA b. i. 3 month membership
3 | P a g e BSBMKG542 - Establish and monitor the marketing mix Answer Paper - Mercury Colleges ii. Annual membership 3. a. Branding guarantees awareness and information about your products and services while creating brand value for your business. Branding is essential for marketing success. Because it will create a unique identity for your product or service. Consumers tend to identify themselves by branded products and their preference for a particular brand results in brand loyalty. It is important that a product Have a clear and distinct brand identity, with clear logos, slogans, colours, packaging, descriptions and advertisements. Branding should convey the value of the product and it should be relevant. b. Consumer behavior is the study of consumers and the processes they use to select, consume, and sell products and services. This includes emotional, psychological, and behavioral responses. Consumer behavior studies are important for marketers to understand what influences their customers' purchasing decisions. This information is used to create products that fill existing gaps in the market and meet the needs of potential customers. Consumer behavior studies also help marketers decide how to present their products in a way that maximizes impact and customer engagement to lead to successful sales. c. Buyer behavior refers to the way people buy goods or services. This includes how customers receive products and services. and all activities that lead to purchasing decisions including searching for information Evaluation of goods and services and payment method including the purchase experience 4. Production Concept This production idea will apply if there are two situations. First, when the demand for the product exceeds the supply This is seen in markets that are very price sensitive and budget conscious. under such circumstances Consumers are generally interested in owning a product. It is not the quality or feature of the product. Therefore, manufacturers are interested in increasing productivity. Second, if the production cost is very high That prevents consumers from buying products. Here, the company puts all its efforts into creating volumes and improving technology to reduce costs. Selling Concept In sales concept Marketers assume that customers will be persuaded to buy the product to like it. If you don't like it, maybe forget about your disappointment and buy a new one later. This is often a bad and costly assumption. Marketing Concept Here, marketing management takes a guide. "Customers come first" under the marketing concept. Customer focus and value is the path to sales and profits. The marketing concept is a philosophy. Customer-centric "feel and response" Your job is not to find the right customers for your product. but to find the right products for your customers Marketing concepts and sales concepts are two extreme and different concepts.
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