Assessment Task 1 – Work Based Knowledge Test
1. What are the features of the merchandises and/or services in your concern? Ans. I am working in. We are selling Burgers every bit good as french friess and soft drinks. But late we start selling frozen coke and ice pick. which Mc vitamin D was selling and now we are doing good money.
2. How make these merchandises and/or services relate to the market they are in. and to the immediate rivals? Ans. We have many rivals in market but Mc vitamin D is our biggest rivals because they are selling same merchandise what we are selling.
3. How would you find the consequence of pricing variables on demand? Ans. It is depend on chief four factor topographic point. monetary value. merchandise and publicities.
4. What promotional Methods and channels of distribution would you utilize to obtain the selling results established in your concern? Ans. At the motion we are utilizing electronic media more than paper media. Customers can utilize our iphone app and they will acquire something free.
5. Describe the channels of distribution that you would utilize to guarantee greater market incursion? Explain how you would develop a pricing scheme for these products/services Ans. For greater market incursion. I shall non merely market through the advertizement I will besides take aid from marketing bureaus who can advance my concern on a larger graduated table.
6. Explain how you would develop a pricing scheme for these products/services If merchandise is sold at the lowest monetary value sing all my rivals. we pattern competitory pricing. Sometimes. competitory pricing is indispensable. For case. when the merchandises are fundamentally the same. we use this scheme The success of competitory pricing scheme depends on accomplishing high volume and low costs.
If monetary values are lower than costs. we are traveling directly to bankruptcy! To avoid such a error. we take notice of the interruption even ratio. -Cost-plus-profit: It means that add the net income demand to be. It is besides called cost-orientated scheme and is chiefly used by the large contractor of public plants. The authorization may hold entree to the costing informations and should wish to look into if the net income added to the cost is non excessively high. In fact. this scheme is merely good for a concern who’s the clients is public collectivities or authorities bureaus.
-Value pricing: It means that base the monetary values on the value we deliver to clients. For illustration. when a new engineering has a really big success. you can bear down high monetary values to the client. This pattern is besides called skimming. It is easy when you are in the introductory stage of the merchandise life rhythm. Value pricing is besides common in luxury points. Sometimes. the higher the monetary value. the more you sell.
7. Identify and analyse the degree of client service that you would prosecute relevant to the products/services associated with your concern. Ans. First of all. personal presentation. although non needfully a cardinal factor of client service. is nevertheless critical.
It is imperative that one is unfastened and honest with the clients. It is hence imperative that employees employed to advance the merchandise are non paid on committee but instead at an hourly rate. This ensures more honesty and less bumptiousness. and less aggressive gross revenues ‘tactics’ .
8. Describe your mark market in footings of demographic. psychographic. and behavioral variables. Ans. Psychographic / Behavioral variables– Psychographic variables refer to any attribute relating to personality. life style. values. involvements or attitudes. These factors consider assorted influences on a person’s purchasing behaviour. Different lifestyle picks like rearing. exercising determinations. faith. matrimony or wellness can greatly impact a person’s demands or penchants for certain merchandises or service.
Peoples have different life style forms and behaviour could alter as people pass through different phases in life. On the other manus. a consumer’s sentiments. involvements or avocations will hold a immense impact on the merchandises or services they will take to purchase. Demographic – are the statistical features of a population As the monetary values of our shop merchandises are comparable with other convenience shops. it is non a good thought to open a deli shop in may lands. So from my point of position it would be great to open a shop near to bays H2O as there is no store near to that topographic point
9. Describe how each constituent of the selling mix interrelates to the mark market? Ans. Marketing mix is a mixture of 4 variables ; merchandise. monetary value. topographic point and publicity. These variables make up the nucleus selling scheme as they help to specify the selling environment in which they operate. Merchandise:
Concentrating on run intoing the customer’s needs.
A good merchandise makes its selling by itself because it gives benefits to the client. Design. packaging and the safety and the green a friendly merchandise to environment gets an advantage among some sections. Price The monetary value should non be above or below the monetary value of other retail merchants. as this would non accommodate the demands of the mark market.
Promotion schemes will be focused to the mark market section. Given the importance of word-of-mouth/referrals among the countries occupant. We shall endeavor to serve all our clients to derive their concern on a regular basis. which is the formula for our long-run success. We shall concentrate on direct occupant selling. promotion. test nutrient presentations. and advertisement as proposed.
Channelss of distribution include
• Distributing Booklets
• Build up stables in large promenade or outside of it
• Adding advertizement on local newspaper or channels
• Use of societal sites ( cyberspace every bit good )
10. What environmental factors will impact the selling mix in your concern Ans. Environmental factors that can impact the selling mix in any concern include cultural factors. technological factors. demographic factors.
authorities factors and economic factors.
11. How do client precedences. demands. and penchants impact on your selling mix constituents? Ans. The Target Market in which our shop aims to sell to. is everyone The customer’s needs. precedences and penchants influence the selling mix compentants such that monetary value should non be more or less than the recommended retail monetary value.
Channelss of distribution include shops such as word of oral cavity. Ad and besides booklets and cyberspace every bit good. Plan what you consider is the most appropriate selling mix to fulfill the mark market and meets the selling aims? For appropriate selling we need to see four keys Product. publicity. monetary value and topographic point Merchandise: –
It is a touchable good or an intangible service that is mass produced or manufactured on a big graduated table with a specific volume of units. Promotion: – represents all of the communications that a seller may utilize in the market place. Promotion has four distinguishable elements: advertisement. public dealingss. personal merchandising and gross revenues publicity. Monetary value: –
The monetary value is the sum a client wage for the merchandise. The concern may increase or diminish the monetary value of merchandise if other shops have the same merchandise. Topographic point: – Represents the location where a merchandise can be purchased. It is frequently referred to as the distribution channel.
It can include any physical shop every bit good as practical shops on the Internet 12. What do you see is the most appropriate selling mix to fulfill the mark markets and meets the selling aims? Ans. Convenience shops are presently in the planning phase resources are limited. Presently we have received a $ 10000 grant from the authorities to acquire started. To guarantee the selling mix determinations meet the company’s strategic and operational aims. I shall guarantee the scarce resources are allocated as follows ; Website Design $ 1500
Web- hosting $ 45. 00
Other Web Costs $ 150. 00
Stock including some Samples $ 20000
Business Cards $ 99
Shop Leasing Start-up Costss ( Rent and Bond ) $ 1150
13. Explain how you would supervise the selling mix against marketing public presentation and isolate constituents for proving. Ans. As the selling mix is comprised of 4 constituents. that is. monetary value. publicity. topographic point and merchandise. to insulate each of these constituents for proving. that is. to prove each constituent and its selling peculiar public presentation. one must make merely that ; insulate each constituent for proving.
To insulate each constituent for proving. and supervise the selling mix. for marketing public presentation. I should foremost set up or seek to research some benchmarks for gross revenues. It would be easy to prove the effectivity of topographic point. of merchandise and of publicity. but to prove monetary value would be slightly hard if it were non for industry benchmarks that set up the gross revenues benchmarks.
14. How would you measure the deduction of changing one or more constituents of your selling mix in relation to selling factors and consumer response Ans. I evaluate that changing one or more constituent of the selling mix in relation to factors or consumer response would be effectual ; nevertheless. I do experience that merely the monetary value constituent would necessitate to be altered in response to consumers. I do experience that I have a solid selling scheme.
15. Describe the procedure you would utilize to set the constituents of the selling mix in response to prove consequences and rating of market response. Ans. The procedure I would utilize. to set the constituents of the selling mix. in response to prove consequences and in response to the market response is as follows I would set the monetary value to below recommended retail monetary value and merely in such a manner as to make gross revenues benchmarks of my rivals and run into the monetary values of my rivals. as after all the bulk of the net income is donated to worthy causes.
16. Explain how you would guarantee that the adjusted selling mix would run into budgetary demands. Ans. If I were to set my monetary value to run into the benchmarks and monetary values of my rivals I would wish to presume there would besides be an addition in the figure of gross revenues. I am nevertheless cognizant this is simply an premise.
17. What procedures would you utilize to guarantee that the adjusted selling mix continued to run into organizational. strategic and operational selling aims. and desired placement? Ans. Procedures I would you utilize to guarantee the adjusted selling mix continued to run into organizational. strategic and operational selling aims. and desired positioning include ; Adjusted monetary value – I would necessitate to continuously supervise gross revenues and net income benchmarks and speak to an comptroller in order to guarantee that my concern is still an effectual profitable concern.