Establish and Adjust the Marketing Mix Assessment – Research, case study and report
Part A –
You are a student of Wentworth Metro College, use your knowledge, skills and own experiences to help answer the below question.
1. Research the marketing of Wentworth Metro College’s products and services.
2. Identify the key characteristics of the products and/or services and their significance to the market.
3. Review pricing policy and analyse pricing variables to determine their effect on the market. Include a copy of Wentworth Metro College’s policy and submit it as evidence along with your report.
4. Analyse the significance to market outcomes of:
a. promotional methods
b. customer base
c. channels of distribution
d. the level of customer service provided.
5. Establish the marketing mix components on areas such as:
a. information on how each element of the marketing mix has been used.
b. analyse and test their significance to each other and relevance to customer base.
Part B –
6. Identify environmental factors and assess their potential impact on the marketing mix.
7. Identify customer/consumer priorities, needs and preferences and the way they impact the marketing mix.
8. Consider product, pricing, promotional activities, distribution channels 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.
9. Analyse the marketing mix in relation to:
a. select the most appropriate mix and explain your decision.
b. evaluate marketing mix decision to ensure it meets organizational, strategic and operational marketing objectives.
Part C –
10. Monitor the performance of the organisation’s products and or services in order determine which components should be tested.
11. Evaluate the implications of altering one or more components of the marketing mix in response to market factors and consumer response.
12. Adjust components of the marketing mix in response to:
a. test results and evaluation of market response
b. budget requirements
c. continuously meet organisational strategic objectives
d. consistently maintaining operational marketing objectives and desired market positioning.
Procedures and Specifications of the Assessment –
The candidate must demonstrate the ability, knowledge and skills to evaluate each component of the marketing mix and determine a suitable marketing mix for specific markets, as well as monitor and adjust the marketing mix.
The candidate is to write and present a report on the marketing mix in their own workplace or a workplace that they are familiar with. The full report should address the evaluation of all components within the marketing mix and marketing performance. The report is to be presented to the class.
The report and the presentation should consider the key characteristics of the product, the promotion methods and each component of the adjusted marketing mix. The report needs to evaluate the contribution made towards the organisation’s marketing objectives, strategies and desired positioning.
You must provide:
a written report (18 – 20 pages)
Structure of the report must consist:
- title of report (concise heading indicating what the report is about)
- table of contents (list of major sections and headings with page numbers)
- executive summary (concise summary of main findings)
- introduction (what this report is all about?)
- body content (describes in the detail the key areas of the assessments, divided into several paragraphs using objective data, charts and visual imagery to illustrate the key points of your analysis and use of charts and graphs that include any relevant market research or internal company surveys used)
- conclusion (includes a warp-up of all your key points)
all relevant workplace documentation to support your research(to be attached as appendices where applicable), including:
- an organisation mission statement, outlining business objectives
- a market research report, defining the target market
- a marketing plan and/or strategy including budget
- a marketing campaign including marketing mix components and monitoring processes
- pricing policy.
Your assessor will be looking for a report that:
- addresses each point of the procedure described above
- establishes the marketing mix for a specific market
- evaluates each component of the marketing mix
- demonstrates the monitoring and adjusting of the marketing mix
- demonstrates culturally appropriate communication skills to relate to people from diverse backgrounds and people with diverse abilities
- contains the literacy skills needed to analyse market information, write in a range of styles for different audiences and interpret requirements
- contains the numeracy skills to interpret test results and to manage marketing budgets
- demonstrates organisational and time management skills to design and adjust a marketing mix.
Candidates must demonstrate their knowledge of:
- key provisions of relevant legislation, codes of practice and national standards that affect business operations
- organisational policies, procedures, products and services
- principles and concepts of marketing such as buyer behaviour and the analysis of elements of the marketing mix
- statistical techniques.