BSBMKG502: Purpose of a PESTLE analysis - Significant in Determining the Market - Management Assessment Answer

Subject Code: BSBMKG502 Internal Code: 1AGBFC

Management Assessment Answer

TASK: Assessment 1: Written Questions This assessment consists of sixteen (16) short answer questions to assess the student’s knowledge of BSBMKG502 Establish and adjust the marketing mix. PART: A Question/Answer 1 Explain why the characteristics of a product or service are significant in determining the market. Give an example. 2 Identify three (3) brands and how they market price. For each brand explain how the pricing would have an effect on demand. 3 Explain why promotional methods play such an important part in marketing outcomes. Give an example. 4 In your own words, explain the significance of distribution channels to marketing outcomes. Give an example. 5 Describe how customer service is significant to marketing outcomes and the impact that good customer service can have on them. 6 Explain why demographics of age, income and occupation are significant to identifying the potential customer base for a product or service. Give two (2) examples. 7 Identify and explain two (2) types of data you would use for analysis when determining the effect of marketing mix components. 8 Explain the purpose of a PESTLE analysis when identifying and assessing environmental factors and their impact on the marketing mix. 9 What types of things influence consumer priorities, needs and preferences? How do they affect the marketing mix? 10 Identify a very successful product or service and evaluate how price, promotion, distribution and customer service have contributed to its achievement of target market and positioning. 11 Identify a company and how it demonstrates its selected marketing mix best satisfies target market and meets marketing objectives. 12 Identify and give an example of how a product or service you know demonstrates it meets organisation objectives. 13 Explain the purpose of monitoring the marketing mix against performance. 14 Give an example of how a company has altered its marketing mix in relation to marketing factors and consumer response. 15 Explain the importance of ensuring that any adjustment to the marketing mix is still in line with budget requirements. 16 Give reasons for ensuring that the adjusted marketing mix continues to meet objectives. PART: B The following questions are based on the fictitious Income and Expense statement for McDonald's, which require you to demonstrate your knowledge on Marketing Metrics by performing the following tasks: Q.17 Compare and Contrast Total Growth for the last quarter of the year 2014 to that of first quarter of the year 2014. (Hint: Use Total Growth Formula) Calculate the Contribution Percentage for the following items: o Coffee o Big Mac o Filet-o-Fish Q.18 Compare and Contrast the Gross Profit figures for the first and the last quarters of the year 2014 for the following items: o Breakfast o Lunch o McCafe Q.19 Based on your calculations worked out for Q.17 & Q18 above, comment on the success of marketing mix activities that must have contributed to the positive results. If the results of your above Q.17 & Q.18 are not positive than comment on necessary adjustment to be introduced in the marketing mix. Q1. I. Identify key products & services and their estimated significance to the market. II. Evaluate each component of the marketing mix III. Evaluate combined contribution of the marketing mix to the organization's marketing objectives and strategies IV. Analyse the impact and importance of the following elements to market outcomes: Scenario: Assuming McDonald's in your suburb or in any of your preferred location, is underperforming. Based on this scenario, answer the following: Q.2 Using management tool of your choice, conduct environmental analysis on your chosen McDonald's outlet. Q3. Assess the potential impact of the factors discussed in above question on the marketing mix for McDonald's. Q4. Considering above environmental analysis and factors impacting on the marketing mix for McDonald's, establish and document the marketing mix to satisfy target market and business objectives detailing: • The target market • Business objectives • Product, pricing, promotional activities, distribution channels, customer service levels, and service variations. • If additional products or services or new products will be offered, evaluate these against marketing objectives, target market characteristics and desired positioning. • Suitability of marketing mix to the budget. Q5. Discuss how you would go about monitoring the marketing mix. Be specific in your answer as to what methods you would recommends to your management for monitoring the marketing mix.

This Management Assignment has been solved by our Management experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.