BSBESB404 Market new business ventures

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–   Pitches to investors.

–   Training sessions.

–   Status updates.

–   Project reviews.

–   Strategy summaries.

–   Marketing events.

This checklist is to be used to record the student’s responses to the questions outlined in Q 1 – 10. When completing this checklist, you must ensure that:

·       Each checklist item is assessed against the criteria listed.

·       An assignment result, either a Yes or No, is recorded in one of the two columns on the right of the checklist.

·       Feedback is provided to the student in the assignment cover sheet and/ or, at the Canvas commentary section.

·       Italic fonts represent BSBESB302 while regular fonts represent BSBESB404.

4.2 Provide customised business proposal to target audience*

To be assessed for this unit of competency, you must demonstrate your skills and knowledge to develop and implement a marketing strategy for a business or new business ventures, addressing activities in the digital environment.

The Practical Assessments in this assignment include:

·       Workplace Project Assessment – A series of tasks assessing the learner’s practical knowledge and skills relevant to the unit of competency. This includes the learner completing workplace documents or similar as evidence of competent performance.

·       Workplace Practical Observation – A set of assessment tasks where the learner must demonstrate practical skills relevant to the unit of competency. These skills are to be demonstrated while being observed by the assessor.

Bounce Fitness was formed in 2001 in Cairns, Queensland as a corporation. Bounce Fitness is a dynamic fitness corporation poised to capture substantial market share in one of the fastest growing services industries in the country. Bounce Fitness is a Cairns corporation incorporated in 2001 and wholly owned by Margaret House. A Board of Directors has been established and the Head Office now has a team of General Manager Finance, Human Resource and Marketing, an Executive Assistant, and support staff. The Centres have a Centre Manager, Assistant Manager, and a team of various sizes composed of experts in health related and fitness disciplines. Bounce Fitness will continue to have its base of operations in Cairns (Fitness Centre and Head Office), Brisbane, Sydney and Melbourne. Bounce Fitness intends to expand their services as demand increases.

The company’s mission statement:

The centers will serve the community with quality, comprehensive, unique and distinctive health programs and services. The employee team will expand upon the preventive services while improving the quality of life among participants through health and fitness services utilizing state of the art equipment and practices. These programs will reflect members’ needs and be financially viable for all stakeholders.

The company’s vision statement:

Bounce Fitness is committed to an expanding role as a premier provider of wellness integrated services. Through the evolvement of an empowered employee culture and the creative acquisition and use of resources, we will develop and implement comprehensive programs and services appealing to all.

The owner and Chief Executive Officer, Margaret House, has extensive experience as a personal trainer, life coach, and manager of fitness centres. Bounce Fitness has set out the following objectives to achieve:

·       Generate a 10% increase in sales through boosting gym membership sales leads by the end of the fiscal year

·       Increase market penetration by 15% through utilization of marketing strategies every quarter

·       Decrease customer acquisition costs by 4% every two quarters through the implementation of the USP strategy

·       Continue to cultivate the image as a premier long-term wellness program provider

·       Expand the business to the food industry to increase the number of customers by 10%

The CEO is of the opinion, that the Company would like to explore other business avenues that has potential to gain a reputation for offering healthy entertainment in addition to healthy lifestyle choices. Ms. Margaret, has appointed you as a General Manager Marketing, to develop a business proposal and marketing plan for a new business venture, i.e., an Internet Coffee Shop.

You are required to:

·       Review organization’s current marketing performance

·       Develop a business proposal for the new business venture

·       Develop marketing strategy for business venture

·       Establish marketing mix for business venture

·       Present marketing strategy

·       Implement and monitor marketing strategy

·       Review marketing strategy

This project requires you to complete the assessment tasks in a real workplace, or in an environment with conditions similar to that of a workplace. Each task comes with a set of instructions. You are to follow and perform these instructions while being observed by the assessor and/or submit any required documentation as evidence of task completion.

·       Include a Zoom Meeting Screenshot (of yourself only; strictly no group nor selfie shots) with your name in the image.

·       Resize landscape image to fit into space provided on the right.

This assessment is divided into two (2) tasks:

o   Task 1 – Review organization’s current marketing performance and develop a Business Proposal for the new business venture (BSBESB302 & 404)

·       Activity One – Review organization’s corporation marketing plan

·       Activity Two – Develop a proposal for new business venture

·       Activity Three – Consult with relevant stakeholder for feedback and approval

o   Task 2 – Develop marketing strategy for business venture and establish marketing mix, implementation, monitor and review for business venture, and present marketing strategy for implementation (BSBESB404)

·       Activity One – Conduct marketing research to support business proposal

·       Activity Two – Develop a marketing plan to support business proposal

·       Activity Three – Present the marketing plan and obtain approval for implementation

Activity One – Review organization’s corporation marketing plan

o   Review Bounce Fitness’ Corporate Marketing Plan (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1) and answer the following:

·       Organizational current business product or service

·       Organization’s current marketing strategy

·       Organization’s current business performance

·       Organization’s marketing KPIs

·       Current target markets

·       Current brand positioning

·       Organization’s current marketing activities:

–   Market research

–   Pricing

–   Advertising and promotions

–   Customer service

·       Marketing activities conducted by direct or indirect competitors of your business

Activity Two – Develop a proposal for new business venture

o   Developing a Business Proposal for the new business venture covering:

·       Identification of type of growth strategy for the new business opportunity

·       Goals and objectives

·       Anticipated outcomes in terms of:

–   Business constraints

–   Business performance

·       Recommendations

·       Justification on how it would impact:

–   Organization

–   Business

–   Processes

–       Strategic alignment

–       Cost Benefit Analysis

Activity Three – Consult with relevant stakeholder for feedback and approval

This task will require you to collect feedback from the CEO (your classmate or alternatively, your Trainer can undertake this role), on the completed Business Proposal (based on Task 1 Activity 2), including:

o   Collect feedback from one (1) stakeholder about:

·       Introducing the new business opportunity

·       Reviewing the organization’s corporate marketing plan and how it reflects:

–   the current marketing strategy

–   brand positioning

–   expected marketing KPIs

·       Identify the new business opportunity’s assumptions and type of growth strategy for it, including:

–   Justification for the chosen growth strategy

–   Goals and objectives

–   List project milestones for the new business venture for the respective fitness centres and their target completion dates

·       Provide a brief discussion on what are the anticipated outcomes of this new business venture in terms of positively impacting the:

–   Organization

–   Business

–   Process

·       Identifying the potential business risk/s faced

·       Conducting a risk assessment analysis addressing at least five (5) plausible business risks

·       Conduct a Cost Benefit Analysis for the New Business Venture

·       Prepare and develop a financial plan for the new business opportunity, including:

–   Identify start-up expenses

–   Identify profitability assessment

–   Determine financial source and justification

–   Sales forecast

As General Manager – Marketing, you have been tasked by Margaret House, CEO for Bounce Fitness, to review the organization’s current marketing practices (refer to 3. BSBESB302 & 404 – Case Study – Bounce Fitness – Corporate Marketing Plan V2022.1), covering:

o   Current marketing activities

o   Current marketing performance

o   Target markets

o   Marketing KPIs

o   Current marketing mix

o   Current competitors

Having reviewed Bounce Fitness’s marketing performance, you are now tasked to develop a detailed Business Proposal for the new business venture, i.e., Internet Coffee Shop, covering:

o   Purpose of this document

o   New business venture description

o   New business venture assumptions

o   Identification of type of growth strategy for the new business opportunity

o   Justification for the chosen growth strategy

o   Goals and objectives

o   List project milestones for the new business venture for the respective fitness centers and their target completion dates

o   Provide a brief discussion on what are the anticipated outcomes of this new business venture in terms of positively impacting the:

·       Organization

·       Business

·       Process

·       Potential business risk faced

·       Conduct a Cost Benefit Analysis for the New Business Venture

o   Obtain approval for the Business Proposal.

2 = Unlikely or High

3 = Average or Moderate

5 = Extreme Likely

As the General Manager Marketing, you are required to provide a financial overview to address sales and expense forecast to ascertain the business’ profitability.

In terms of breakeven analysis, it is expected that Bounce Fitness Café is operating in an industry capable of supporting high gross margins. Variable costs in relationship to per-unit revenues are low and these costs are equal to roughly 25% of per-unit revenues. It is expected that the value of this cost will decrease to 20% due to economies of scale.

You would need to calculate:

o   The Sales forecast for Years 4 and 5 (data for Corporate Employees and Regular Clients have been provided and assumption for the Internet Coffee Shop is $150,000 for Year 4).

o   The Direct Cost of Sales for Years 4 and 5 (data for Corporate Employees and Regular Clients have been provided and assumption for the Internet Coffee Shop is $57,000 for Year 4).

o   Marketing Expense for Years 4 and 5 (data for Corporate Employees and Regular Clients have been provided and assumption for the Internet Coffee Shop is $10,000 for Year 4).

It is assumed that the fixed costs for Bounce Fitness Café equal to almost $7,500 which includes payment of debt, facility lease costs, hardware costs, and other costs Bounce Fitness Café must maintain monthly basis. These costs are fixed and are not impacted by an increase or a decrease in sales.

To calculate the monthly revenue breakeven analysis, the following assumptions apply:

o   Estimated monthly fixed cost – $7,500

o   Average per unit revenue – $3.35

o   Average per unit – $0.84

Make an appointment with the CEO (your classmate/ Trainer would undertake this role), to make a formal presentation of the business proposal completed in Task 1 Activity 2.

For this task you are required to:

o   Provide an oral presentation to the CEO (your classmate/ Trainer would undertake this role) to present the Business Proposal for the new business opportunity, i.e., Internet Coffee Shop, and seek approval for it.

o   The CEO (your classmate/ Trainer would undertake this role) will assess your business proposal using business plan viability frameworks.

You will be assessed on your oral interaction skills to:

o   Review and present the Business Proposal based on Task 1 Activity 2

o   Use appropriate oral presentation techniques to communicate information:

·       Seize the audience’s attention by keeping informative presentation brief and to the point.

·       Disclose the problem or needs that your product or service will satisfy

·       Captivate the audience by describing the advantages of solving the problem or need

This checklist is to be used to record the student’s responses to the questions outlined in Task 1 Activities 1 – 3. When completing this checklist, you must ensure that:

·       Each checklist item is assessed against the criteria listed.

·       An assignment result, either a Yes or No, is recorded in one of the two columns on the right of the checklist.

·       Feedback is provided to the student in the assignment cover sheet and/ or, at the Canvas commentary section.

·       Italic fonts represent BSBESB302 and regular fonts represent BSBESB404.

1.3 Identify customer base, target market and competitors according to identified marketing objectives

1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations

2.1 Assess product mix, volumes and pricing opportunities according to marketing focus and business plan objectives

BSBESB302:

1.4 Record outcomes of evaluation according to workplace procedures

1.1 Identify focus of marketing activities according to business plan objectives and products and/or services being provided

BSBESB302:

1.1 Identify ideas relating to business opportunities

3.1 Identify audience for proposal, and required structure and content

3.3 Develop description of business idea according to identified budget and business opportunities

4.1 Determine presentation method suited to audience

4.2 Provide customised business proposal to target audience

BSBESB302:

1.1 Identify ideas relating to business opportunities

BSBESB302:

1.2 Research key factors influencing their financial viability

1.3 Analyse business ideas to determine viability of business opportunity

1.4 Record outcomes of evaluation according to workplace procedures

2.1 Identify potential risks associated with opportunity ideas and viability of business

2.2 Communicate with relevant stakeholders the potential risks

2.3 Assist relevant stakeholders to develop risk management systems

BSBESB302:

1.3 Analyse business ideas to determine viability of business opportunity

1.4 Record outcomes of evaluation according to workplace procedures

3.2 Establish budget according to financial viability

BSBESB302:

1.3 Analyse business ideas to determine viability of business opportunity

1.4 Record outcomes of evaluation according to workplace procedures

3.2 Establish budget according to financial viability

3.3 Develop description of business idea according to identified budget and business opportunities

4.3 Analyse stakeholder response to all aspects of marketing mix to improve targeting and outcomes

BSBESB302:

3.4 Confirm that draft proposal meets requirements

4.3 Seek feedback to inform future proposals

BSBESB302:

4.1 Determine presentation method suited to audience

4.2 Provide customised business proposal to target audience

4.3 Seek feedback to inform future proposals

BSBESB302:

4.1 Determine presentation method suited to audience

4.2 Provide customised business proposal to target audience

4.3 Seek feedback to inform future proposals

Activity One – Conduct marketing research to support business proposal

This task will require you to:

o   Conduct research on the following to complete the Marketing Plan:

·       Background information on target markets.

·       Identify current market trends.

·       Analyze each target market’s level of attractiveness

Activity Two – Develop a marketing plan to support business proposal

This task will require you to:

o   Assess the marketing mix, against the customer’s journey based on researched information above and develop an action plan required to implement marketing mix, which must include:

·       Key performance indicators for each aspect of marketing mix

·       Role of at least two relevant stakeholders required to implement marketing mix

·       Implement 7Ps marketing mix by proposing:

·       Promotional activities, which must include:

–   At least two (2) mainstream media

–   At least two (2) digital devices/ platforms/ technologies media

·       Monitoring strategies for implementation of marketing mix

·       Provision of contingency planning

Activity Three – Present the marketing plan and obtain approval for implementation

This task will require you to:

o   Conduct a meeting with the Board of Directors (your classmate or alternatively, your Trainer can undertake this role) to consult and obtain approval for the marketing plan based from Task 2 Activity 2.

o    Communicate the Marketing Plan to:

·       Consult and negotiate with the stakeholders to assess each risk identified

·       Reach consensus on the marketing plan you have presented.

·       Select appropriate conventions and protocols when communicating with the stakeholders, ensuring:

–   Seize the audience’s attention by keeping informative presentation brief and to the point.

–   Disclose the problem or needs that your workforce planning will satisfy

–   Captivate the audience by describing the advantages of solving the problem or need

o   One of the Board of Directors (your classmate or alternatively, your Trainer can undertake this role) will provide feedback on the Marketing Plan using the Marketing Plan Evaluation Framework form.

Marketing will play a vital role in the success of Bounce Fitness Café. Bounce Fitness must build a brand around the services it offers by heavily promoting itself through local television, radio and print advertising. Marketing efforts are just beginning by the time a potential customer enters Bounce Fitness Café for the first time. A strong emphasis will put on keeping customers and building brand loyalty through programs focused on staffing, experience, and customer satisfaction.

Apart from the existing target markets, i.e., corporate and regular walk-ins, the CEO would like to know your opinion that the inclusion of additional target markets should be considered to include:

o   Students from nearby housing centres

o   Business people from the downtown business centres and professional buildings

o   Seniors from nearby retirement facilities

As the General Manager Marketing, you are task to identify which of the three identified target markets should be prioritized. The market research report should provide evaluative information on:

o   Each target market demographics

o   Provide an understanding their needs

o   Present an insight into the market trends

o   Determine target market attractiveness by evaluating:

·       Identifiable and reachability

·       Responsiveness

·       Substantial and profitability

o   Determine evaluation outcome on the choice target market to focus on.

* https://www.payscale.com/research/AU/Location=Sydney-New-South-Wales/Salary

+ https://www.intheblack.com/articles/2019/08/01/how-much-super-do-you-need

(Segment is distinct and easily accessible)

(React positively to service offering)

(Size and growth potential)

o   Assess the marketing mix, against the customer’s journey based on researched information above and develop an action plan required to implement marketing mix, which must include:

·       Key performance indicators for each aspect of marketing mix

·       Role of at least two relevant stakeholders required to implement marketing mix

·       Implement the 7Ps marketing mix

·       Promotional activities, which must include:

o   At least two (2) mainstream media

o   At least two (2) digital devices/ platforms/ technologies media

·       Monitoring strategies for implementation of marketing mix  

·       Provision of contingency planning

Activity Three – Present the marketing plan and obtain approval to implement it

Make an appointment with the Board of Directors (your classmate/ Trainer would undertake this role), to make a formal presentation of the marketing plan and action plan completed in Task 2 Activity 2.

You will be assessed on your oral interaction skills to:

o   Explain the marketing plan (based from Task 2 Activity 2)

o   Use appropriate presentation techniques to communicate information:

·       Seize the audience’s attention by keeping informative presentation brief and to the point.

·       Disclose the problem or needs that your product or service will satisfy

·       Captivate the audience by describing the advantages of solving the problem or need

·       Create a compelling reason for the audience to agree with you by describing exactly how your product or service with fill their real needs by presenting sufficient logic, evidence, and emotion to sway the audience to your viewpoint.

·       Close your persuasive presentation with a call to action

o   Use appropriate active and listening skills to check and confirm understanding of audience

Instructions

For this task you are required to:

o   Provide an oral presentation to the Board of Directors (your classmate/ Trainer would undertake this role) to propose the marketing plan for the new business venture, i.e., Internet Coffee Shop, and seek feedback on your marketing proposal.

o   Obtain feedback from one of the Board of Directors (your classmate/ Trainer would undertake this role) to assess your marketing plan presentation using the Marketing Plan Evaluation Framework.

Add each rubric category to reflect a cumulative total

This checklist is to be used to record the student’s responses to the questions outlined in Task 2 Activities1 – 3. When completing this checklist, you must ensure that:

·       Each checklist item is assessed against the criteria listed.

·       An assignment result, either a Yes or No, is recorded in one of the two columns on the right of the checklist.

·       Feedback is provided to the student in the assignment cover sheet and/ or, at the Canvas commentary section.

·       This task is mapped solely for BSBESB404.

2.4 Analyse customer journey to evaluate marketing mix

2.4 Analyse customer journey to evaluate marketing mix

4.2 Develop a plan to address performance gaps

3.4 Assess use of digital devices, platforms and technologies for effectiveness in implementing marketing activities

4.2 Develop a plan to address performance gaps

4.3 Analyse stakeholder response to all aspects of marketing mix to improve targeting and outcomes

4.4 Assess changes in customer requirements in both online and offline environments, where applicable, and identify opportunities for improvement

4.3 Analyse stakeholder response to all aspects of marketing mix to improve targeting and outcomes