Assessment 1 - Knowledge PDF

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Summary

BSBSMB403 - Market the small business (2)
BSBSMB404 - Undertake small business planning (2)
BSBMKG413 - Promote products and services (1)...

Description

Knowledge Assessment Criteria Unit code, name and release number BSBSMB403 - Market the small business (2) BSBSMB404 - Undertake small business planning (2) BSBMKG413 - Promote products and services (1) Qualification/Course code, name and release number BSB42618 – Certificate IV in New Small Business (1) (For TAFE Digital use only)

Student details Student number

Student name

Assessment Declaration This declaration only needs to be completed if you are not submitting your assessment online. 

This assessment is my original work and no part of it has been copied from any other source except where due acknowledgement is made.

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No part of this assessment has been written for me by any other person except where such collaboration has been authorised by the assessor concerned.

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I understand that plagiarism is the presentation of the work, idea or creation of another person as though it is your own. Plagiarism occurs when the origin of the material used is not appropriately cited. No part of this assessment is plagiarised.

Student signature and Date

Document title: Cl_NSB_AE_Kn_1of5_TDC Resource ID: TBS_18_017_Cl_NSB_AE_Kn_1of5_TDC

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Document title: Cl_NSB_AE_Kn_1of5_TDC Resource ID: TBS_18_017_Cl_NSB_AE_Kn_1of5_TDC

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Version:

20200226

Date created:

9 September 2021

Date modified:

18/09/2021

For queries, please contact: Technology and Business Services SkillsPoint Building B, Level G, Corner Harris Street and Mary Ann Street, Ultimo NSW 2007

© 2020 TAFE NSW, Sydney RTO Provider Number 90003 | CRICOS Provider Code: 00591E This assessment can be found in the: Learning Bank The contents in this document is copyright © TAFE NSW 202, and should not be reproduced without the permission of the TAFE NSW. Information contained in this document is correct at time of printing: 18 September 2021. For current information please refer to our website or your teacher as appropriate.

Document title: Cl_NSB_AE_Kn_1of5_TDC Resource ID: TBS_18_017_Cl_NSB_AE_Kn_1of5_TDC

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Assessment instructions Table 1 Assessment instructions

Assessment details

Instructions

Assessment overview

The objective of this assessment is to assess your knowledge as would be required to monitor and improve business performance via a clear marketing strategy integrated into the business plan, as well as researching and developing an integrated business plan for achieving business goals and objectives.

Assessment Event number

1 of 5

Instructions for this assessment

This is a written assessment and it will be assessing you on your knowledge of the unit. This assessment is in 2 parts: 1. Short answer questions 2. Assessment feedback

Submission instructions

On completion of this assessment, you are required to upload on the learning platform for marking. You may also physically hand this in to your teacher if you are not studying online. Ensure you have added your name (in the footer) at the bottom of each page of this assessment. It is important that you keep a copy of all electronic and hardcopy assessments submitted to TAFE and complete the assessment declaration when submitting the assessment.

What do I need to do to To achieve a satisfactory result for this assessment all questions must be achieve a satisfactory answered correctly. result? What do I need to provide?

Access to a computer with internet, relevant software and storage device

What the assessor will provide?

Access to student resource folder Cl_SmallBusPlan_AE_SR1 containing:

Due date/time allowed

Fully online students should refer to their Training Plan for due dates, other students should refer to the Unit Assessment Guide for due dates.

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How to Access Risk Management Standards Online via TAFECAT

The estimated time for a student to complete this assessment is 4 hours. However there is no time limit for students to complete this assessment. Students may complete the assessment outside of the classroom and submit to their teacher for marking

Document title: Cl_NSB_AE_Kn_1of5_TDC Resource ID: TBS_18_017_Cl_NSB_AE_Kn_1of5_TDC

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Assessment details

Instructions

Assessment overview

The objective of this assessment is to assess your knowledge as would be required to monitor and improve business performance via a clear marketing strategy integrated into the business plan, as well as researching and developing an integrated business plan for achieving business goals and objectives.

Supervision

This is an unsupervised, take-home assessment. Your assessor may ask for additional evidence to verify the authenticity of your submission and confirm that the assessment task was completed by you.

Assessment feedback, review or appeals

Appeals are addressed in accordance with Assessment Guidelines for TAFE NSW.

Specific task instructions The instructions and the criteria in the tasks and activities below will be used by the assessor to determine whether the tasks and activities have been satisfactorily completed. Use these instructions and criteria to ensure you demonstrate the required knowledge.

Document title: Cl_NSB_AE_Kn_1of5_TDC Resource ID: TBS_18_017_Cl_NSB_AE_Kn_1of5_TDC

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Part 1: Short answer questions Read each question carefully. Your answer should meet the word count provided for each question.

1. Discuss at least three different methods you could use to evaluate the performance of your marketing strategies? Answer should be written in sentence format or as bullet points, and each method will need to be between 60 to 100 words each.

Addressing performance gaps: Performance gaps are a useful method for evaluating marketing strategies as it creates a bridge of the current situations the business is in and the intended situation wants to be in. To identify and analyse performance gaps, it is useful to consider: if goals were realistic, where KPI’s set and where they accurate to the marketing strategy, if any improvement has been made from the intended marketing strategies etc.

Use constructive feedback to improve targets and outcomes: Gaining and implementing feedback is extremely useful when evaluating the performance of marketing strategies as it shows you what is working well and what can be improved for the business (including products/services, business reputation and management of business). Feedback allows you to connect with customers on a more positive level, indicating that business’s embrace customer feedback and take them into consideration. Feedback can also come from staff, management and stakeholders to get opinions from a variety of sources.

Research customer requirements to identify improvements: Researching customer requirements can be useful from the start of your marketing strategy right through to during and after as you can continuously improve and gain further understanding of your customers. Also, customer requirements, needs and expectations change regularly so this method can be helpful to stay informed. 2. Explain and evaluate methods you can use to analyse the costs and benefits of marketing strategies. Answer should be written in sentence format and will need to be between 200 to 300 words.

The evaluation methods I can use for both the costs and benefits are creating charts which will show progression, targets and financial information all in one graph. I could also gain feedback from relevant sources such as management and marketing personnel. Conducting appropriate researches on the costs of marketing which I will explain in the next two paragraphs, highlighting the benefits of marketing strategies and cost benefits.

Document title: Cl_NSB_AE_Kn_1of5_TDC Resource ID: TBS_18_017_Cl_NSB_AE_Kn_1of5_TDC

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The benefits of marketing strategies can include; more revenue leading to an increase in sales and exposure of business, services and products (awareness of business). You are able to create and maintain networking relationships with other businesses owners and stakeholders which could include distribution services, sales people and external contractors. I believe another benefit of marketing strategies can be learning more about marketing for your business and target market, as in what is effective and what needs to be improved within your control. The Cost benefits of marketing can include, whether you have to pay staff or contractors to produce the marketing strategies, given that you are not confident in executing marketing yourself and need assistance. You can also create and monitor a budget plan that allows you to keep track of expenses and identify success in revenue. A major cost benefit of marketing strategies allows you to identifying the best marketing strategy that is realistic to your business and goals, which allows you to continue using this particular strategy. Lastly, you will be able to identify if you have enough financial resources (can you afford this) and if you cannot, are you able to find cheaper alternatives. 3. Summarise methods to develop marketing objectives. Answer should be written in sentence format and will need to be between 200 to 300 words.

Analysing your business and marketing strategy: Focusing on the groundwork of your business such as how your business is set up, what products and services you offer, the reputation of your business (or if you are a new business, the reputation you want) and your target market. Understanding your customers and target market: This can be focusing and marketing your strategies to both target market (people you are aiming to sell your products to) and customer base (people who have already purchased from you and shown an interest in your business). To understand customers deeper, consider variables such as age/gender/interest and hobbies/financial income etc. Identifying competitors: Including direct, indirect and emerging competitors. This allows you to analyse factors such as how they operate, how they are successful and what they do better = so that you may stand out from the crowd and competition! Ethical and cultural appropriate strategies: Designing truthful strategies that are free from exaggeration and relevant to marketing objective. Establishing culturally appropriate strategies that is clear, free from stereotypes, age appropriate and sensitive to religious views and beliefs. Meeting customer expectations: Appeal to target markets needs and desires, provide truthful and useful information and not too aggressive or passive.

Document title: Cl_NSB_AE_Kn_1of5_TDC Resource ID: TBS_18_017_Cl_NSB_AE_Kn_1of5_TDC

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4. Describe how you would develop a marketing mix for your business. Answer should be written in sentence format and will need to be between 150 to 300 words

I would first use the 7 P’s of marketing to form a guideline for my marketing mix, including; Product (or service), price, place, promotion, people, process and physical evidence. As my business is an online business that is at the beginning stages, there are some factors that I do not need to consider right away such as place and people (for example; I aim to be a sole trader and create my business alone in my own home-environment). I would then assess which products I want to market, the quality and the price. This allows me to determine how many products need marketing, consider how many different target markets I am trying to appeal to and work out the cost of marketing my products. My marketing mix is made up of levels of customer service (including the customer journey of; customers becoming aware of my business, purchasing and follow up sales), discounts/promotions/offers and online marketing (social media, forums, radio etc). 5. Describe common methods of monitoring customer satisfaction. Answer should be written in sentence format and will need to be between 200 to 300 words

Common methods of monitoring customer satisfaction can be utilised through the entire journey of start to finish, this can start from initial browsing to purchasing and after sales. A starting point could be to monitor satisfaction through comment sections on social media as a lot of consumers usually find promotional posts on social media, i.e. Facebook and have a lot of questions such as shipping, eligibility for some products/services etc. Monitoring comment sections on social media is an effective method to get involved with social chatter and identify what customers are satisfied with (which also promotes the business itself as other customers can be influenced by a simple praising comment). More traditional method of monitoring customer satisfaction could be post sales follow up (outbound emails, attaching ‘thank you’ cards to your packages when shipping and surveys or questionnaires. It would also be important to listen to negative feedback in order to improve satisfaction and gain an idea on what could be improved as you are not always guaranteed customer satisfaction, this also builds resilience and refinement. A practical method to monitor customer satisfaction could be to create visual charts that give a timeline overview into the future and progress of your business. 6. Consider a small business you are familiar with, research relevant marketing concepts and methods. Evaluate the effectiveness of these concepts and methods for this context. Answer should be written in sentence format and will need to be between 350 to 450 words

Document title: Cl_NSB_AE_Kn_1of5_TDC Resource ID: TBS_18_017_Cl_NSB_AE_Kn_1of5_TDC

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A small business I am familiar with is P Louise Make Up Academy. This is a business that I look up to and admire as they have the same aesthetic and target market that I want my business to meet and succeed in. This business is an online business that ships out their products (mostly make up and organisational planners/diaries) to its customers, so it is an online store. The most effective and relevant marketing methods this business uses is social media, being mostly Instagram and Facebook. They peaked with their make-up products and branched out to organisational planners/diaries which is a great expansion in their niche – great for students, make-up artists, career driven woman = I think their concept is exceptionally smart because a lot of women (and/or men!) who wear make-up are in all different phases of life, age, career, interests and hobbies and could all benefit from something as simple as an organisational planner/diary or calendar. The marketing method of their products is visually appealing which is what I believe makes them so popular and memorable; the colour scheme, fonts and layout of their digital posts and physical products are very beautiful, detailed and inspiring (as an example, they use touches of gold, reflective silver, pink, symbols/images/quotes that inspire their customers to be creative and express themselves). Their posts ALWAYS include their products (sometimes with models, sometimes alone) and engage with customers by asking open questions, in order to interact and communicate with customers on their own level (this being by comments or DM’s -Direct Messages). I believe their method is so effective because they are constantly promoting their product whether it be by posts/stories on social media, updating their website with enticing layouts (i.e., a big banner advertising %50 off) or collaborating with other similar businesses, as an example, a lot of make-up artists use their products and share these products with all their clients and followers – increasing promotion and business!) I believe the concept of this business and its marketing strategy are so effective because they aim their products at individuals utilising the benefits of technology and online platforms. They have every single social media platform available to reach as many of their target audiences as they can, which again, promotes products and business.

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7. Explain how you would evaluate the information which you find when conducting research for your business plan. (How do you know if information is reliable and/or valid?) Answer should be written in sentence format and will need to be between 150 to 300 words

I would evaluate information when conducting my business plan by acknowledging and assessing 3 key areas of; Information Accuracy, Reliability and Relatability. In Information Accuracy, I would ask myself the following questions: does this information match my business’s vision, mission and values (or are there any parts of this information that slightly reach these targets)? I would explore is this information is realistic and contributes to sales and revenue. In Reliability I would focus on conducting further information searches such as referencing and conducting background checks (if appropriate and necessary). I would also gain feedback from other business owners who may have relatable knowledge in regards to this information. In Relatability I would assess how this information is applicable to my business and explore; if this information is extremely useful to my business (including products, staff, marketing) or if it is a waste of time, resources and efforts. Does this information also reach my target market, customer needs and business-growth potential? Lastly, exploring the advantages and disadvantages of this information to assess if this information is valid. 8. Thinking about your Small Business idea, summarise the Work Health and Safety (WHS) responsibilities you would have as an owner/operator. Answer should be written in sentence format or bullet points (or a combination of both) and will need to be between 100 to 200 words

My small business idea is an online ecommerce idea, which would be primarily based at home in the beginning stages, with myself, a sole trader, responsible for everything myself. Some of the Work Health and Safety responsibilities I am responsible for would be: * Working in a safe and ergonomic working environment which can include having appropriate desks and chairs that are suitable for myself, as an example, it would be unsafe to work at a high desk and sit on a lower desk chair as it could create unhealthy body posture and neck strains. *Making sure my working environment is clear from any liquids (this could be as simple as a water bottle) as my desk would have multiple electrical items such as a laptop and printer – leading to electrical hazards.

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*Making sure all electrical wires are tied together safely and out of sight – another electrical hazard. *Having suitable knowledge on my electrical products which can lead to health hazards (i.e. ink leaking from a toner spill onto my skin when changing ink cartridges) *Regularly stretching during work hours (which is important when completing work at a desk and sitting most of the day) 9. Describe the procedures for identifying hazards, you would use in your small business. Answer should be written in sentence format and will need to be between 150 to 300 words

Assessing my physical work environment, equipment, technology and products/services. This is a very important procedure as this involves identifying all aspects of my small business. As...