BSB50620 Diploma of Marketing and Communication BSBMKG541 Identify and Evaluate Marketing Opportunities Assessment 1: Portfolio of Activities

BSB50620 Diploma of Marketing and Communication BSBMKG541 Identify and Evaluate Marketing Opportunities Assessment 1: Portfolio of Activities Student name: Student ID: (Ensure you choose an organisation first before starting) (Maximum length: 2,000 words) To identify opportunities, analyse information on your chosen organisation’s market and business needs, for example: a. comparative market information b. competitors’ performance c. customer requirements d. legal and ethical requirements e. market share f. market trends and developments g. new and emerging markets h. profitability i. sales figures. In 2018, Pat Mifsud, the company's current CEO, founded BBQfun. A wide variety of products, including both domestic and imported goods, are available from BBQfun. Up until 2020, when sales reached a peak of $10 million, BBQfun gradually grew its market share and profitability. Sales have been dismal since 2020 because of the highly competitive retail market, technological advancements, shifting consumer buying habits, and low customer confidence. However, BBQfun hopes to improve on its organisational advantages and achieve robust sales of $11 million in 2022. Organizational strengths will be developed through segment-specific marketing strategies and by taking advantage of marketing possibilities. a) comparative market information BBQ Fun believes that its competitive price, wide selection of high-quality products, outstanding customer service, and product warranties are its most important competitive advantages in a market dominated by subpar suppliers. The basic market demand is for high-quality, stylish, and distinctive outdoor living products that meet the expectations of our target market's home-proud consumers. In 2017, $300 million was spent on the national outdoor lifestyle sector. Sales of outdoor-lifestyle products are anticipated to increase by at least 6% during the coming several years. Many diverse reasons contribute to this expansion. the higher availability of inexpensive and intriguing quality imports due to the strong Australian dollar and the promotion by well-known TV shows. the higher disposable income from two-earner families. b) competitors’ performance The Yard: offers little variety but a lot of depth. While there is no considerable marketing or promotion, everything is Australian made. Although the cost is high, the products' quality is excellent. Mostly in Sydney and Melbourne, not Brisbane. Grills R Us a wide choice of accessories and furniture for an outdoor lifestyle. several inexpensive imports. worrying about mature markets. strong in the category of replacements. Local rival: These shops are all independently owned by individual owner-operators. Depending on the owner's wishes, ranges change. hardly any imports mostly selling produced items in Australia. They have a market share of 48%, an average item sale price of $250, and a growth rate of roughly 8% annually. c) customer requirements The goal of BBQ Fun is to offer customers the widest selection of high-quality outdoor-style products on the market. Our after-sales service is unmatched, and it's backed by our simple, long-term repayment plans, which attract consumers looking to buy speciality imported, high-quality outdoor living products and make them proud to own their homes.