need to be done assesment task 2 only

Running head: ASSESSMENT TASK 2: 1

ASSESSMENT TASK 2: 8

Evaluate and Report Marketing Opportunities

Student’s Name

Institutional Affiliation

Evaluate and Report Marketing Opportunities

General review

Deep analysis has been conducted on the three marketing opportunities and the operational changes have been endorsed to make a difference in the top-ranked marketing opportunities that we have. This analysis has been applied to both the financial and non-financial perspective to enable studies in all dimension of any available opportunities. The benefits and potential threats that are associated with the opportunities are discussed and a comprehensive report produced to help in giving the companies mitigation strategies of the risks that are expected to happen. At the end analysis, the top-ranked opportunity will be selected out from the rest and then relevant changes are added onto its operation and the cost for the changes that will be done are listed down in the report.

Introduction

The business that identified is the BQQfun, the business was established in 2009 and its CEO is Pat Mifsud who is still the current leader in the business. The business deals with a range of different products that range from locally produced to some which are imported from other countries. The company has experienced many changes in the competition in the retail market, the way their customers buy the goods and the changes in the technology and the consumers levels of the confidence has grown to levels that disappoint the sales. All this change has happened over and over again since the years 2010. The business though going through all those changes have the intention to recover the sale to the health state of their target of 11 million dollars by putting in place measures like, building the strength by using the different organizational strategies that aim at maximizing their input my exploiting all the marketing opportunities.

Three marketing opportunities analysis

For marketing to be effective there is a need for marketing to put their focus wants satisfaction and shift away from just acquisition of goods, therefore, allow markers to create value (Polonsky, 2011). In order to implement its activities and plan, the business identifies three marketing opportunities to evaluate:

· Manufacture their own and sell their own brand of product. This opportunity will allow the business to manufacturer and retail their own branded barbecue products to their customers. The manufacturing activities would take place in another country like India where they have no manufacturing capabilities. Other plants like the one in Australia would be so expensive to run and manage, therefore it would not be fit to set it up there.

· Selling their products through e-commerce. This marketing opportunity will open the online stores that will make the activities of marketing of the barbecues even easier. At the business store, the stock will be stored at no extra cost. More so, the customer will be expected to pay the charges of the delivery of the barbecues delivered to them.

· Bargained price. The business allowed the sale of the products at a bargained price when the customers need a subsidy on the products. This marketing opportunity aims at appealing the customers.

	Marketing plan	Marketing mix	structure
Manufacturing and sell off own brand	The survey that was conducted state that many of the Australian customers preferred Australian made products.	Since they are outsourced in India, they are therefore good to reduce the expenses.	Since the business emphasis more on their value than just the price of the good, they back that will three years guarantee.
Making sells through e-commerce	The business competitors have gone for the e-commerce whereas quality indoors customer service might not be experienced to the fullest.	A survey showed customer would like shopping online and pay online. More so, that will help to target all the market all over the work via e-commerce. Social media, however, should not be considered a very practical way to help market the goods	It is an easy method to establishing, as stock will be available on the store and the customer is always willing to pay for the good upon delivery.
Bargain option	Customers need a platform to bargain, they need goods and services competitively proceed relative to the competitor.	The replacement to that thinks that price is more valued than the service that should be offered.	The BQQfun business will, therefore, position itself as a unique outdoor retailer

Evaluation of marketing opportunities.

The business as explained above has a budget to meet. The marketing potential for the nest financial years is high and it also entails some outdoor furniture and added accessories.

More so, as discussed above opportunities and figures that are outlined in the for the section including calculations, we can come up with a calculation that, e-commerce would help the BQQfun business by assisting to get the big volume in their sales on BQQ, furniture and unit accessories that they have. The next in line would be sale volume and the customer’s use of the bargain market that are available. However, despite the effort done, the sale is done on their own brand still remain to be the one that made the least sales.

While using the e-commerce means to meet the customers, this is practical where they practice e-commerce either locally in Australia or even in other countries. This is because they value the brand recognition and which will result in having trusted and potential customers. When the business wants to see the total gross profit that is made from the three marketing opportunities when they sell their own made products. The profit was highest for the own good sold, followed by the e-commerce and lastly the bargain market.

The net profit from the three opportunities also varied, e-commerce was leading followed by the profit made from own brand, then lastly the bargaining market that hat a negative net profit. Basing the argument on the profitability of the good and services that are sold in the business, we can conclude that, the e-commerce is the best opportunity for BQQ business to help it generate more revenue by attracting more customers to the good and services.

All the calculation that is made in the analysis and the evaluation of the business shows that the business own products gave a percentage of 24%, the bargain market, on the other hand, took 25% of the barbecue shares and lastly the e-commerce took 24% of the BQQfun market shares. This also shows the numbers of customers that were attracted by the different factors as mentioned above. Bargain market was highest, followed by the business own branded products and finally, the e-commerce opportunity attracted the least customers. However, e-commerce had the highest sale volume compared to the rest.

External factors that may be relevant to each marketing opportunities.

There are sale and marketing and procedure that need to be adhered to for the BQQfun to be in line with the required legislation of all the marketing practice, more so the practice should be able to meet the standards and the code such as the obvious one the Advertising Standard Bureau (ASB) and their code of conducts. Below are the relevant code and legislation that need to be met:

· The privacy act: State that all the good and product that is involved in the business and the activities should adhere to the privacy act. They are not allowed to use personal images to advertise or market their good and products. The BQQfun would only collect information that belongs to the customer according to the law. More so, the business should not let any other person access the information about their customers without their consent.

· Antidiscrimination act: when the image or written words are used in the products and good from the business then the business should ensure that the information is not offensive or negative. Alternatively, the information should not be stereotypical on the basis of the customer’s or users’ sex, marital status or their gender. The acts should be used in all the opportunities and should be used in all the transaction with the clients.

· Competition and consumption act: Employee is not allowed to place their own interest in business and should not violate any law or regulation. The spam act, on the other hand, entails stating that, all the sale activities and campaigns should not entail spam campaigns.

Strategies to mitigate risk

	Benefit	risk	strategy
Own band	The manufacturer will take lease where the plant in Indian that helped to save on expenses	-band communication results in poor quality -some team may give information competitor	- improve communication with an offshore team that is in India - add security to the system to prevent leaking information
e-commerce	-Traffic online has increased -BQQfun has become more available and reliable	-Internet failure -The disaster that happens by nature may lead to information loss	-Working with the most reliable internet company -Having a back-up of the information you use online -Make a contingency plan
Bargain market	-Attack the customer by using the price	-Negative profit -The bad picture created as people believe expensive products are of good quality	-Setting the price on the basis of the fixed cost

Ranking the three marketing opportunities.

Using the data and the calculation that are from the data, we can cleaver see that e-commerce have the highest return on the investment and the results also show that it has the highest profitability index compared to the rest opportunities. And therefore, the knowledge that is in the financial analysis brings it out that, e-commerce is the best marketing opportunity that can work well for this business. It is followed by its own brand and finally since the bargain market has a negative return it can be rated last option in this business.

Changes to take advantage of the opportunities

Taking into consideration of the top-ranked opportunity, then the business should make sure the stock is available the moment the clients make their order. More so, they should be sufficient and shipped once needed. The business to get highly trained IT professional that will take care of the online store, these IT staff will help the online transaction to be smooth and safe for all the customers. The business to put more efforts into advertising their approaches and also get the right people to help get the right equipment such as the computer and a printer. The employees and the other workers are supposed to be given training on how to communicate with the customers online on a daily purpose.

Configuration of an office that will make it able to communicate and liaise with the customer over the internet or online transaction. More so, staff to be trained on how to make the products that are sold online to be up to date. That is when the customer makes orders, cancel them or even when they make new orders.

Conclusion

Companies have gained many benefits from using the social media platforms for marketing, and they have achieved the understanding of the customer’s need and therefore get a good relationship with their customers (Assaad & Gómez, 2011). Customers and the business play a major role in determining the growth of plan and the market share. More so, the external factors are also influential to determine the growth of a business. The risk, benefit, and mitigation when well implemented can bring changes in the business.

References Polonsky, M. J. (2011). Transformative green marketing: Impediments and opportunities. Journal of Business Research, 64(12), 1311-1319.

Assaad, W., & Gómez, J. M. (2011). Social network in marketing (social media marketing) opportunities and risks. International Journal of Managing Public Sector Information and Communication Technologies, 2(1), 13.