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Evidence Guide: BSBMKG401B - Profile the market

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBMKG401B - Profile the market

What evidence can you provide to prove your understanding of each of the following citeria?

Segment the market

  1. Identify criteria for use in segmenting the market in accordance with the marketing plan
  2. Identify and access sources of information for segmenting and profiling markets in accordance with the marketing plan
  3. Segment the market in accordance with identified criteria
  4. Review market segments for their usefulness in terms of factors such as their size, potential, distinctive needs, easy identification of members or distinctive media use patterns
  5. Select market segments to meet marketing objectives, and choose and apply new segmentation criteria if required
Identify criteria for use in segmenting the market in accordance with the marketing plan

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify and access sources of information for segmenting and profiling markets in accordance with the marketing plan

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Segment the market in accordance with identified criteria

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Review market segments for their usefulness in terms of factors such as their size, potential, distinctive needs, easy identification of members or distinctive media use patterns

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Select market segments to meet marketing objectives, and choose and apply new segmentation criteria if required

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify the target market

  1. Evaluate approaches to determining and describing the total market for a product or service
  2. Define the target market in terms of the consumers to be included as prospective users of a product or service, and the selected market segments
  3. Use segment descriptors to describe the target market
  4. Identify available strategic marketing options and select targeting strategies that best meet the requirements of the marketing plan
Evaluate approaches to determining and describing the total market for a product or service

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Define the target market in terms of the consumers to be included as prospective users of a product or service, and the selected market segments

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Use segment descriptors to describe the target market

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify available strategic marketing options and select targeting strategies that best meet the requirements of the marketing plan

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Profile the target audience

  1. Describe the total market and selected market segments in the form of a consumer profile
  2. Identify consumer characteristics in standard statistical terms and/or the descriptive terms used in media selection in the consumer profile
  3. Use demographic and/or psychographic descriptions in the consumer profile in accordance with the requirements of the marketing plan
  4. Describe consumer attitudes to products or services being offered
  5. Ensure profile meets organisational requirements in terms of language, format, content and level of detail
Describe the total market and selected market segments in the form of a consumer profile

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify consumer characteristics in standard statistical terms and/or the descriptive terms used in media selection in the consumer profile

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Use demographic and/or psychographic descriptions in the consumer profile in accordance with the requirements of the marketing plan

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Describe consumer attitudes to products or services being offered

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Ensure profile meets organisational requirements in terms of language, format, content and level of detail

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop a positioning strategy

  1. Identify available positioning strategies and choose a strategy to meet marketing requirements and consumer profile
  2. Write a positioning implementation plan containing several options, in accordance with organisational requirements
  3. Submit plan to supervisor within specified time lines and make appropriate adjustments based on feedback
Identify available positioning strategies and choose a strategy to meet marketing requirements and consumer profile

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Write a positioning implementation plan containing several options, in accordance with organisational requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Submit plan to supervisor within specified time lines and make appropriate adjustments based on feedback

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential:

developing a market positioning strategy that documents market segmentation, consumer profiling, targeting and strategies relevant to a product or service being offered to the marketplace.

Context of and specific resources for assessment

Assessment must ensure:

access to appropriate documentation and resources normally used in the workplace

access to information on past profiling, segmentation and targeting performed for a product or service.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following assessment methods are appropriate for this unit:

assessment of positioning implementation plan

direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate

observation of the application of criteria to segment markets, selection of targeting strategies

oral or written questioning to assess knowledge and understanding

presentation of marketing profiling activities

review of authenticated documents from the workplace or training environment

review of testimony from team members, colleagues, supervisors or managers.

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

BSBMKG402B Analyse consumer behaviour for specific markets

BSBMKG507A Interpret market trends and developments.

Required Skills and Knowledge

Required skills

creativity and innovation skills to select targeting and positioning strategies that meet organisation's requirements

culturally appropriate communication skills to relate to people from diverse backgrounds and people with diverse abilities

key provisions of relevant legislation from all forms of government, codes of practice and national standards that may affect aspects of business operations such as:

Australian Direct Marketing Association (ADMA) Direct Marketing Code of Practice

Free TV Australia Commercial Television Industry Code of Practice

privacy laws

sweepstakes regulations

Trade Practices Act

literacy skills to prepare reports and to interpret internal and external marketing information

research skills to identify and analyse market segments and target markets.

Required knowledge

Australian Marketing Institute Code of Professional Conduct

data collection and analysis techniques

industry knowledge including:

components of the marketing mix

elements of marketing planning

marketing communications concepts and processes

organisational structures, roles, responsibilities, business and marketing plans

product and service standards and best practice models

relevant legislation from all forms of government that may affect aspects of business operation in addition to those listed above, especially in relation to occupational health and safety, environmental issues, equal opportunity, industrial relations and anti-discrimination

statistical terms used by the Australian Bureau of Statistics.

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Criteria may include:

attitude

average order value in units and dollars

desired benefits

business characteristics

consumer needs

demographics

geography

lifestyle

lifetime value in units, dollars and number of transactions

product or service usage

psychographics

recency and frequency of response to direct marketing activities

social and cultural factors

Sources of information for segmenting and profiling markets may include:

advertising sales representatives

existing research data

industry sources

media representatives

original a priori research (where the market segments are assumed at the beginning and research is used to confirm them)

original response based research

owners or brokers of mail, email and phone lists

sales representatives

website operators

Usefulness in terms of size may include:

segments which are large enough to justify the expense of creating distinctive offers and creative executions

small segments which are viable if telephone and email are used as communication media rather than other types of media

Potential may include:

high response of market segment members to test campaigns

high response to previous campaigns by members of market segments

Distinctive needs may include:

specific price points

specific products or services

specific response vehicles such as:

store visiting only

website only response

specific timing of communications such as:

day of week

seasonality

time of day

Easy identification of members may include:

flags such as:

postcode

date of last purchase

geographical location of segment members, such as:

city

metropolitan region

regional centre

rural region

state or territory

spending habits such as:

one-off purchasers

subscribers

Distinctive media use patterns may include:

age

email use

ethnic language television, newspapers and radio

gender

internet use

mobile phone use

special interests

Selection of market segments may be contingent upon:

expected frequency of purchase

expected lifetime as customers

expected volume of purchase

how efficiently segment members can be reached with targeted communications

one or more segments

Approaches may include:

describing total market in dollar or unit terms as gross sales of all other products or services similar to those offered by the organisation

describing total market in prospect terms as those most similar to current customers

identifying consumers with relevant needs

identifying current users of a product or service

identifying people with related characteristics

Prospective users may include:

market segment users most similar to current customers

Segment descriptors may include:

demographic descriptions

geographic descriptions

historic descriptions such as:

volume of purchase

frequency of purchase

psychographic descriptions

Strategic marketing options may include:

advertising strategies such as:

most cost effective creative executions

most cost effective media or media vehicle for each segment

most cost-effective media or media vehicle

distribution strategies such as:

one-step

multi-step

innovative strategies

Targeting strategies may include:

anniversary of first purchase

concentrated, differentiated and mass strategies

de-duping prospect lists against customer lists

differentiation and segmentation

ease of entry

frequency of purchase

gender

geography of home or workplace

growth considerations

innovation

market share

media usage

niche markets

price sensitivity

purchasing power

recency of purchase

sales volume

Standard statistical terms may include:

categories used by the Australian Bureau of Statistics in collecting and reporting census data

media selection terms such as:

behaviouristics

demographics

geo-demographic analysis of census data available from proprietary research suppliers

geographic selections and segmentations

Demographic descriptions may include:

age

date and place of birth

disability

education

first language

gender

household income

indigenous Australian

languages spoken at home

marital status

nationality

number and age of children

occupation

Psychographic descriptions may include:

activities

affiliations

attitudes

interests

lifestyle

opinions

political views

values

Positioning strategies may include:

competitive positioning

conspicuous positioning

convenience of use

convenience to buy

image perceptions

market follower positions

market leader positions

Me-Too positioning

prestige and exclusive positioning

pricing

quality

repositioning

service positioning

uniqueness

value positioning

Marketing requirements may include:

business-to-business marketing

direct marketing

ideas marketing

marketing of goods

public sector marketing

services marketing

telemarketing