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© 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 1 Student Learning Guide BSBESB404 Market New Business Ventures V1.0-23 SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 2 Disclaimer This guide contains information that is correct at the time of printing. Changes to legislation and/or training products may impact on the currency of information included. The training provider reserves the right to vary and update information without notice. Readers are advised to seek any changed information and/or updates from the training provider. This guide has been prepared as a resource to assist students to understand the requirements of the learning program. © 2023 Copyright Coast Wide Training Solutions: ABN: 3776 4517 692. This document is protected by copyright laws. It was designed and developed by Coast Wide Training Solutions and remains the sole property of Coast Wide Training Solutions. This document may not be reproduced in any way without the prior written authorisation of Coast Wide Training Solutions. This document was originally developed by Coast Wide Training Solutions but may now be altered from the original form. Coast Wide Training Solutions does not accept any liability for these resources and tools, the content and/or any reliance thereon. Any queries can be directed to: Coast Wide Training Solutions ABN: 3776 4517 692 1/45 Black Hill Road Black Hill, NSW, 2322 PH: 0425 353 277 E: jodie@coastwidetraining.com.au www.coastwidetraining.com.au Version Control Version: Date: Details of Changes: 1.0 March 2023 Initial release SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 3 Contents Contents ................................................................................................. 3 Student Learning Guide BSBESB404 Market New Business Ventures .................... 6 Unit Application ....................................................................................... 6 Elements and Performance Criteria ............................................................... 6 Performance Evidence ............................................................................... 7 Knowledge Evidence ................................................................................. 7 Coastal Coffee .................................................................................. 8 Topic 1 – Development of Marketing Strategies for Business ............................. 9 What is Marketing? .................................................................................... 10 Marketing Process ................................................................................... 11 Situational Analysis (Internal) ....................................................................... 12 Your Business .......................................................................................... 12 Vision and Mission Statement ..................................................................... 16 Objectives ............................................................................................ 19 Goals .................................................................................................. 19 Writing business objectives and goals ......................................................... 20 Products and Services ................................................................................ 25 Industry Market Trends ............................................................................... 25 Who are Your Customers? ............................................................................ 26 Customer Base ...................................................................................... 26 Target Market ....................................................................................... 27 Predicting Market Growth ............................................................................. 31 Situation Analysis (External) ......................................................................... 31 Who are Your Competitors? ....................................................................... 31 Competitor Analysis ................................................................................ 31 Collecting information ............................................................................ 32 SWOT Analysis ......................................................................................... 35 Building of strengths ............................................................................. 36 Minimising weakness ............................................................................. 36 Seizing opportunities ............................................................................. 36 Counteracting threats ............................................................................ 36 SLEPT Analysis ......................................................................................... 40 Collecting Macro-Environmental Data ............................................................ 40 The 4 Ps of Marketing ................................................................................. 44 Using the 4 Ps of Marketing ....................................................................... 47 Business Plan ........................................................................................... 49 SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 4 Marketing Strategy .................................................................................... 51 Developing a Marketing Strategy ................................................................. 52 Marketing Plan ......................................................................................... 54 Write a Marketing Action Plan .................................................................. 56 Evaluate Your Tactics ............................................................................ 57 Topic 2 – Establishing Market Mixing ....................................................... 58 Product Mix, Volumes and Pricing Opportunities .................................................. 59 Product Mix .......................................................................................... 59 Volume and Pricing Mix ............................................................................ 60 Pricing ................................................................................................ 60 Distribution and Costs ................................................................................ 62 What to Consider Before Choosing a Distribution Channel .................................... 62 How to Choose a Channel of Distribution ........................................................ 63 Types of Distribution Channels .................................................................... 63 Distribution Costs ................................................................................... 64 Customer Service ...................................................................................... 67 Marketing and Promotional Activities ............................................................... 70 Types of Promotional Activities ................................................................... 70 Legal Obligations .................................................................................... 71 Ethical Marketing .................................................................................... 71 Digital Marketing .................................................................................... 72 Social media marketing .......................................................................... 73 Social media marketing strategy ............................................................... 75 The Customers Journey .............................................................................. 75 Identifying Customer’s Needs ..................................................................... 77 What are customer needs? ...................................................................... 77 Topic 3 – Implementation of Marketing Strategies ........................................ 79 Marketing Budget ...................................................................................... 80 How to develop a marketing budget ........................................................... 80 Implementation of a Marketing Strategy ........................................................... 80 Monitoring Your Marketing ........................................................................... 81 Monitor Your Business .............................................................................. 82 Assess the Results .................................................................................. 82 Review Your Goals and Objectives ................................................................ 82 Digital Devices, Platforms and Technologies ...................................................... 83 Devices ............................................................................................... 83 Platforms ............................................................................................. 83 SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 5 Technologies ......................................................................................... 85 Topic 4 – Evaluation of Marketing Performance ........................................... 95 Business Performance ................................................................................. 96 Performance Gap Analysis ......................................................................... 97 Benefits of Gap Analysis ......................................................................... 99 Evaluation of Marketing .......................................................................... 100 Improving Marketing Performance .............................................................. 101 Stakeholder Involvement ........................................................................ 101 Stakeholder Feedback ............................................................................ 102 People development ............................................................................ 103 Changes in customer requirements .......................................................... 104 Customers on social media ................................................................... 107 SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 8 Coastal Coffee Coastal Coffee is a fictional café, developed by Coast Wide Training Solutions for the course BSBESB404 Market New Business Ventures. Throughout your learning, you can refer to this website for ideas and to access resources that will assist you with the completion of learning activities and assessment tasks. To access the website, click on this link Coastal Coffee’s website, and use the password ********** to enter the site. Resources associated with the business Coastal Coffee can be found under the ‘Resources’ tab. Look around the website to see what a business website may contain. SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 9 Topic 1 – Development of Marketing Strategies for Business 1.1 Identify focus of marketing activities according to business plan objectives and products and/or services being provided. 1.2 Establish marketing objectives in consultation with required people and according to business plan and workplace procedures. 1.3 Identify customer base, target market, and competitors according to identified marketing objectives. 1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations. This section explains what marketing is and introduces learners to the processes and activities necessary to inform and create effective marketing strategies. Learners will understand the relevance of marketing strategies to the achieve business plan objectives. By the end of this topic, the student should be able to:  Identify the focus of marketing activities according to a business plans objectives, services, or products.  Establish marketing objectives in consultation with others.  Identification of customer bases, target market and competitors in accordance with business plans and workplace procedures.  Establish and evaluate strategies to ensure ethical and cultural appropriateness.  Establish and evaluate strategies in alignment with customer and industry expectations. SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 13 Planning for the future of your business includes setting business goals and objectives as a basis for measuring performance. As well as goals and objectives, you need to develop a Mission Statement and a Vision Statement. Watch the video 3 Things that Make a MEANINGFUL Vision by Simon Sinek. SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 17 An example of what a vision and mission statement could look like is: Vision To live up to our mission by: • Providing high quality coffee. • Providing homemade baked sweet and savory snacks. • Making our business a place where everyone feels welcomed and catered for. • Treating every person who interacts with our business with kindness, integrity, and respect. • Being open, honest, and transparent in our communication and work practices with our staff and clients. Mission Our mission is: • To provide a welcoming space, offering high quality coffee blends with a homemade baked selection of sweet and savory snacks. • Ensuring all our business practices are sustainable and providing customers with a relaxing and welcoming environment. SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 20 Writing business objectives and goals When writing business objectives and goals, you can follow a process called SMART. To make sure your objectives and goals are clear and reachable, each one should be: • Specific (simple, sensible, significant). • Measurable (meaningful, motivating). • Achievable (agreed, attainable). • Relevant (reasonable, realistic, resourced, results-based). • Time bound (time-based, time limited, time/cost limited, timely, time-sensitive). SMART is a well-established tool that you can use to plan and achieve your objectives and goals. While there are a number of interpretations of the acronym's meaning, the most common one is that objectives and goals should be Specific, Measurable, Achievable, Relevant, and Time-bound. Watch the video How to Set SMART Goals for an overview of the SMART process. SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 44 The 4 Ps of Marketing Marketing, in general, revolves around the concept of 4Ps which are the: 1. Product. 2. Price. 3. Place. 4. Promotion. This is called the marketing mix model. The marketing mix is a tool used to help businesses understand what elements must be combined in order to meet their marketing goals and objectives. Marketing mix can be defined as a set of tactics of actions that a company uses to push their products in the market. It is referred to as a marketing mix because it consists of four key elements that have to be applied together in order to achieve positive results. The use of a marketing mix is an excellent way to help ensure that you are putting the right product in the right place. Watch the following video The 4Ps of the Marketing Mix Simplified from the college and Career Ready Labs SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 58 Topic 2 – Establishing Market Mixing 2.1 Assess product mix, volumes, and pricing opportunities according to marketing focus and business plan objectives. 2.2 Research and evaluate costs and benefits of available distribution channels and customer service strategies. 2.3 Select marketing and promotional activities to suit target market and according to marketing strategies. 2.4 Analyse customer journey to evaluate marketing mix. By the end of this topic, the student should be able to:  Assess product mix, volumes, and pricing opportunities to determine market focus and optimise profit.  Research and evaluate costs and benefits of using different distribution channels or providing.  Determine marketing and promotional activities to suit the target market.  Consider the customer journey and conversations in determining the marketing mix. SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 62 Distribution and Costs Distribution channels are the methods by which businesses deliver products and services to customers and end users. Some businesses sell directly to their customers, while others might use a retailer or wholesaler to serve as an intermediary. Businesses may also use agents or brokers to facilitate the movement of products to distributors that sell those wares to the customer. Marketers will argue about which “P” in the marketing mix is the most essential, but there is no denying that each one is important in its own way. Place, or distribution, is a critical consideration for marketers, whether you are selling a physical product, software application or digital service. Where are people going to find your products and services? Where can they purchase them? Where are they going to use them? How are you going to manage inventory? What to Consider Before Choosing a Distribution Channel Many businesses use a mix of different distribution channels. To select the distribution network appropriate for your business requires assessing a wide number of important factors about: Your Business • The precise nature of your company. • The brand of product or service you want to sell. • The geographical make-up and location of the markets you serve. • Selling costs versus a number of sales processes control you desire. • The profit margin of your products or services. Your Clients • The preferred purchasing methods of your client's (in-store, online, ecommerce). • Size, quantity, price, convenience, variety. • Importance of brand. • Required or desired pre-sale services by your customer. • Preferred or required after sales services by your customer. Your Distribution Partners • Strength of distribution partners to your product or service. • Selective distribution, exclusive distribution, limited product offering, private label. • Motivation of distribution partners. • Ability to manage distribution partners. • Integration of various types of distribution partners. • Cost of distribution partners. SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 75 Social media marketing strategy Watch the following video 8 Steps to an Effective Social Media Marketing Strategy from Social Media College The Customers Journey If you have never heard of a “customer journey,” you are not alone. Understanding this concept is crucial, however, to develop a seamless experience that ensures that your customers are not only being found but retained long-term. The customer’s journey is figuring out your customer's journey through the sales made, understanding their experiences, and being aware of their interactions with your business. Understanding the customer journey as a business owner is the first step towards understanding the flow of customer experiences and gaining an understanding of customer engagement and decision-making. Below is an overview of what the stages of customers journey looks like for those who eventually end up being repeat customers. These repeat customers are the ones that will help you gain a better understating of the mindsets of your audience at every stage. The customer journey spans a variety of touchpoints by which the customer moves from awareness to engagement and eventually to transaction and retention. A common error when deciding what a customer wants, is to decide it yourself without including the customer in the process – or in some cases, evaluating the market to see if it is flooded with the product or other impacting factors to its supply. SAMPLE

BSBESB404 Market New Business Ventures Student Learning Guide © 2023 Coast Wide Training Solutions | BSBESB404 Student Learning Guide V1.0-23 100 Evaluation of Marketing Marketing evaluation is an important component of marketing success. Without some type of evaluation, it will be difficult to see if the various components of your marketing plan are working. Any evaluation must be based on what you wanted to achieve in the first place. • Marketing objectives may be measured in a number of different ways, including return on investment, sales numbers, customer feedback, and marketing reach. • Sales volume – Often the most important measurement. Has your marketing plan generated the sales you wanted? • Market share – Very important in a competitive market. Have you been able to increase your share of business? • Market image – Often important for new businesses or products. Is your business/product recognised by the target market? • Profitability – Important for all businesses. Has the marketing strategy achieved greater profitability, or are you selling more and getting less profit? The problem in trying to evaluate the effectiveness of your marketing is that the results of a particular marketing activity may not immediately result in increased sales. Using a mix of marketing tools makes it harder to determine which tools were effective and which were not. You can assist your evaluation in two ways: i. Keeping good records If you have a good bookkeeping system, prepare budget forecasts and maintain information on exactly what advertising and promotion was undertaken, then you have the basis of a system which can monitor your marketing. For example, if you have paid for four weeks of radio promotion prior to Christmas, you should be able to see the direct effect in increased sales figures around that period. Your bookkeeping system will also reveal general indicators on the long-term impact of your marketing. It is necessary to look at the figures as a whole and make comparisons to previous trading periods. ii. Monitoring techniques There are a number of ways to monitor how well your marketing dollars are working. • Question customers – For example, where did they hear about your business? Are they happy with your products and service? • Use a separate post office box or telephone number in your advertising and promotion. This will make tracking easier being separated from the day-to-day number and address. • Vouchers/discounts incorporated into advertising – when customers present the voucher, you are getting direct feedback on your promotional campaign. • Keep track of the number of visits to your website and conversion to sales. • Obtain feedback from staff and customers on customer service – this will enable you to reward staff members who provide exceptional customer service. SAMPLE