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BSBMKG401: Assessment 1 What you have to do Provide responses for each of the following questions. 1. The segmentation, targeting and positioning (STP) process is an important concept in marketing....

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BSBMKG401: Assessment 1
What you have to do
Provide responses for each of the following questions.
1. The segmentation, targeting and positioning (STP) process is an important concept in marketing.
Define each of the following terms:
· Market segmentation
· Target market
· Positioning
Briefly explain how the process of segmentation, targeting and positioning relates to an organisation’s overall marketing strategy.
2. Focusing on the first step in the STP process, explain two advantages of segmenting a market.
3. Define consumer market and business market.
4. Identify four differences between consumer buyers and business (organisational or industrial) buyers.
5. Several bases (or descriptors) are used to effectively identify and define the segments that make up a typical market.
List and explain the bases for segmenting a consumer market.
List and explain the bases for segmenting a business market.
6. Not all market segments within a given market are of interest to an organisation. List and explain the criteria typically used to assess the viability of any particular market segment.
7. Focusing on the second step of the STP process, targeting, define each of the following target marketing strategies and discuss the advantages and disadvantages of each strategy:
mass (undifferentiated) marketing
targeted (differentiated) marketing
Concentrated (niche) marketing
micro-marketing
8. Sources of information for profiling the market. Research each of the following sources of information for building your profile of soft drink consumers in Australia. Outline for each site a description of the data available and what it may be useful for. Ensure you include the URL address and the date accessed for each source.
    Name of information and data source
    Name of data source
(For example: national census data – Australian Bureau of Statistics)
    Type of info and URL with date accessed
(For example – demographic info
www.abs.gov.au)
    IBIS World
    
    
    Census QuickStats - ABS
    
    
    Roy Morgan Research Soft Drink Consumption
    
    
    Australian Health Survey: Nutrition First Results Australian Bureau of Statistics
    
    
    Community Profiles - ABS
    
    
    Australian Beverages : New Australian Data shows consumption of soft drinks
    
    
    Statista Market size of soft drinks in Australia
    
    
    Asahi Holdings (Australia) Pty Ltd
    
    
    Aus Food News Australian Soft drink consumption
    
    
9. Which of these sources of information in Question 8 would you recommend as a reliable, authentic, and valid source of information for determining a more accurate size of the Australian soft drink market? Explain your choice.
10. The third step of the STP process, positioning, focuses on influencing the target market’s perceptions of a product or
and in relation to competing products or
ands.
Briefly describe each of the following positioning strategies:
a) Product characteristics
) Customer benefits
c) Quality
d) Prestige and exclusive
e) Market followe
f) Competitive
g) Product positioning on value
h) On use or application
i) Image/perception
j) Product class (market leader)
11. A home humidifier manufacturer plans to position its products as superior to its major competitor based on a number of product characteristics. It edits and slightly modifies some expert reviews and other data to support this claim in its product
ochures. Refe
ing to the Australian Marketing Institute Code of Professional Conduct, comment on this organisation’s positioning strategy.
12. Visit the Australian Bureau of Statistics and go to “Understanding Statistics”. http:
www.abs.gov.au/websitedbs/a XXXXXXXXXXnsf/home/statistical+language
Define the following statistical terms:
Statistics
Population
Frequencies
Measures of central tendency
Measures of e
o
Metadata
Frequency distribution
Census and sample
Variables
Data sources
Qualitative and quantitative data
Estimate and projection
Time series data
Social standards
Learners can quote directly any info (definition, etc.) from reliable secondary sources of info. However, learners are required to include a
ief description and discussion (if need be) plus in-text citation (referencing) along with a co
esponding entry in the list of references at the end of the assessment.
Checklist
I have:
· Provide responses to all 12 questions in this assessment 1
· Referenced all my sources of information with the URL address and date accessed. Included a reference list at the end of the assessment.
· Saved a copy of this assessment with my name and the unit name, unit number and assessment number in the file name.
· Before commencing on to assessment 2, please wait for feedback from your assessor.
If you are unable to complete this task for a specific reason, please contact your teacher to discuss alternative a
angements for demonstrating your skills and knowledge.
Assignment 1, LA number [#PRODUCT-NO#], Unit code [#CODE-NO#], Edition number [#EDITION-NO#]     1    
© New South Wales Technical and Further Education Commission, [#YEAR#] (TAFE NSW – WSI), Archive version [#VERSION#], [#MONTH#] [#YEAR#]
2         LA020706 Assessment 1, BSBMKG401, Ed 1
        © New South Wales Technical and Further Education Commission, 2016 (TAFE NSW – WSI), Archive version 1, October 2016
LA020706 Assessment 1, BSBMKG401, Ed 1         3
© New South Wales Technical and Further Education Commission, 2016 (TAFE NSW – WSI), Archive version 1, October 2016
Answered Same Day Mar 07, 2020 BSBMKG401

Solution

Ckreta answered on Mar 12 2020
145 Votes
Assessment 1
Answer 1
(a) The segmentation, targeting and positioning (STP) process is one of the key concepts in marketing.
Market segmentation- it a marketing concept which segregates the whole market set up into various smaller sub parts consisting of consumers with a alike preference, taste and demand. Market segmentation is done on the basis of gender, income, occupation, age group and marital status (Wedel & Kamakura 2012).
Target market- target market refe
ed as the end consumer to which the company is selling its product and service. Target marketing includes segregating the whole market into multiple segments and planning marketing strategies according to the market to maximize the market share (Moutinho, 2000).
Positioning- positioning refer to that concept which is followed by the marketers to build an image regarding product, service, organization or
and in the minds of customers.
(b) The process of segmentation, targeting and positioning relates to an organization’s overall marketing strategy because with the help of these three, an organization is able to create a space for itself in the market. Along with it, in order to capture value in return, these three helps the company in delivering superior customer value.
Answer 2
Two advantages of segmenting a market
· Facilitates effective tapping of the selected market segment- it helps in knowing and analyzing the demands of group of customers and offering them what they want.
· Determining market opportunities- segmentation helps the company in identifying market opportunities for its business. It helps the marketer in recognizing potential buyers and picking up their target market efficiently and effectively.
Answer 3
Consumer market- consumer market refers to a marketplace mainly consisting of potential customers that buy products or services for its own consumption rather than selling it further. In this market, products are offered to customers in individual units so that, they can purchase as and when required for its own utilization.
Business market- business market refers to that marketplace in which organizations or individuals sells goods and services to other organizations. These organizations use or sells these products and services so as to have support in its operational activities.
Answer 4
Difference between consumer buyers and business (organizational or industrial) buyers
    Consumers buyers
    Business buyers
    Consumer purchases goods for their own consumption.
    Business buyers purchases goods in bulk for its long term use.
    In consumer buyer, purchase volume is relatively smaller (Solomon, et. al., 2014).
    In business buyers, purchase volume is relatively large in comparison to consumer buyers.
    In this, there is availability of large number of customers.
    In this, number of customer is relatively less as compared to consumer market.
    Sales promotion activity cannot be taken place in consumer buyers.
    In business or organization or industrial buying, option of sales promotion is present.
Answer 5
(a) List and explain the bases for segmenting a consumer market.
    Segmentation base
    Description
    Geographic
    Segmenting on the basis of country, city, region and other geographic basis.
    Psychographic
    This approach of segmentation includes an understanding of consumers opinions, lifestyle and interests.
    Behavioral
    This segmentation is done on the basis of user status, attitude, occasion, and loyalty status and buyer-readiness stage.
(b) List and explain the bases for segmenting a business market.
    Segmentation base
    Description
    On the basis of company size
    It means to determine which size of the company business serves i.e. small, medium or large.
    Geographic
    It involves...
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