Business Planning, Marketing, Operations and Legislation Task

Task Summary

For this task you are required to answer a series of questions based on a scenario in order to demonstrate your understanding of market research, business planning, marketing strategies, monitoring of marketing strategies, risk assessment, business operations and legislation.

The tasks are set out in a way that they will build on one another in the following order: research > planning > implementing strategies > managing operations.

Due to the large nature of this task, it has been broken down into a series of eight (8) smaller manageable tasks that are to be completed from Week 5 Day 1 - Week 8 Day 1 as stipulated below in 'student instructions for this task'.

Note there are exact questions allocated to each week in order to provide clear structure and guidance for you. Please complete the tasks in the order outlined as they are designed to build on one another from week to week as previously mentioned.

Resources and equipment required to complete this task

Resources

Access to internet, relevant software, office equipment and resources

oPersonal laptops required with updated Microsoft office capabilities

Relevant legislation, regulations, standards and codes

oFitness Australia code of ethics:

https://fitness.org.au/articles/policies-guidelines/fitness-australia-code-of-ethics/4/73/20

oFitness Australia policies and procedures:

https://fitness.org.au/articles/category/policies-guidelines/4/20

oLegal essentials for business:

https://www.business.gov.au/planning/new-businesses/legal-essentials-for-business

oFair trade laws:

https://www.business.gov.au/products-and-services/fair-trading/fair-trading-laws

oFair work ombudsman:

https://www.fairwork.gov.au/about-us/legislation

Task 1 : Market Research

Question 1: Undertake research from the Australian Bureau of Statistics (ABS), fitness industry websites and relevant competitors to answer the following questions. Provide references where required.

Question 1.1

Discuss the socio-economic data of the specific area (for example; income, age, sex, population growth).

Question 1.2

Discuss the market trends of similar businesses in the surrounding areas.

Question 1.3

Undertake a SWOT (strengths, weaknesses, opportunities and threats) analysis of three (3) competitors. While undertaking this research, you will identify what your competitors' products, services and prices are and find potential opportunities for new marketing strategies. Complete the template below.

strengths :

• Competitor 1
• Competitor 2
• Competitor 3

weaknesses:

• Competitor 1
• Competitor 2
• Competitor 3

opportunities:

• Competitor 1
• Competitor 2
• Competitor 3

threats:

• Competitor 1
• Competitor 2
• Competitor 3

Task 2 : Business planning

Question 2: You now have a better understanding of your position based on the market research performed in Question 1.

Question 2.1

Considering this information, provide a brief business plan proposal and the services you will offer.

Question 2.2

Outline two specific business goals or objectives (one short term and one long term) that include specific timeframes for achieving these goals.

• Short term goal :
• Long term goal :

Question 2.3

Provide an appropriate business name, mission and vision statement that are well suited to your business goals from question 2.2 above.

• Business name
• Mission statement
• Vision statement

Question 2.4

Provide an outline of the resources, equipment and staff you require.

• resources:
• Equipment:
• Staff:

Question 2.5

Discuss the benefits of creating a business plan prior to starting your business.

Question 2.6

Outline at least three possible sources of finance for your business. List the pros and cons of each.

• Possible sources of finance
• Pros
• Cons

Task 3 : Marketing strategies

Question 3: Based on previously completing Task 1 and 2, you now have a good understanding of your target market and business objectives.

Question 3.1

Provide an overview of the marketing mix you will utilise that is aimed at achieving your business plan goals provided in question 2.2.

• Product (summarize the product or service you are offering and it's point of difference)
• Place (where will you be marketing your products/services)
• Price (how will you price your products/services and optimize sales/profit)
• Promotion (briefly summarize your planned promotional methods)

Question 3.2

Outline three (3) specific marketing objectives that will help you achieve your business plan goals provided in question 2.2. Also provide examples of relevant people you will consult with for each marketing objective.

• Marketing Objective 1
• Relevant people to consult with
• Marketing Objective 2
• Relevant people to consult with
• Marketing Objective 3
• Relevant people to consult with

Question 3.3

Describe what you would consider to be culturally and ethically appropriate from a marketing perspective.

Question 3.4

Discuss how your specific marketing objectives will be culturally and ethically appropriate and aligned with customer and industry expectations.

Question 3.5

Identify three (3) relevant people that you will consult and communicate effectively with on an ongoing basis to ensure your marketing strategies are professional and effective. Provide a rationale for each.

Relevant people:

1.

2.

3

Rationale for each:

1.

2.

3

Question 3.6

List at least four (4) specific marketing strategies you will utilise to achieve your marketing objectives from question 3.1. Ensure you utilise a variety of marketing mediums including the digital environment and discuss how this will be specifically aimed at your target market. Also list the appropriate personnel required to be briefed for each marketing strategy.

1. Marketing strategy 1

• Marketing medium used
• How does this target your specific market and cater to their needs?
• Appropriate personnel to be briefed

2. Marketing strategy 2

• Marketing medium used
• How does this target your specific market and cater to their needs?
• Appropriate personnel to be briefed

3 . Marketing strategy 3

• Marketing medium used
• How does this target your specific market and cater to their needs?
• Appropriate personnel to be briefed

4 . Marketing strategy 4

• Marketing medium used
• How does this target your specific market and cater to their needs?
• Appropriate personnel to be briefed

Question 3.7

For each marketing activity, provide an appropriate distribution channel and the expected cost and benefit associated with this. Complete the table below.

• Marketing activity
• Distribution channel
• Cost
• Benefit

2 .

• Marketing activity
• Distribution channel
• Cost
• Benefit

3 .

• Marketing activity
• Distribution channel
• Cost
• Benefit

4 .

• Marketing activity
• Distribution channel
• Cost
• Benefit

Question 3.8

Discuss how you will successfully utilise digital devices, platforms or technology to assist you in implementing your marketing activities. Outline the pros and cons of each.

Question 3.9

Outline two (2) methods of how you would engage, respond to and monitor customer usage in the digital space.

Question 3.10

Summarise each of their specific roles you have identified and provide adjustments to your marketing strategies based on the feedback from your presentation and discussion.

• Role of Marketing Manager
• Adjustments of marketing strategies

2 .

• Role of Business Development Manager
• Adjustments of marketing strategies

3 .

• Role of Gym Manager
• Adjustments of marketing strategies

4 .

• Role of Trainers
• Adjustments of marketing strategies

Task 4 : Monitoring of Marketing strategies

Question 4.1

Identify three (3) methods you will utilise to research and monitor ongoing changes and improvements of your marketing strategies. Provide a rationale for each.

Research and monitoring methods:

1.

2.

3.

Rationale for each:

1.

2.

3

Question 4.2

Using culturally appropriate processes, outline two (2) ways you will gather and evaluate information from your customers or clients to ensure your marketing methods are continually improving their targeting and outcomes. Use one on-line and one off-line method

Question 4.3

Summarise two (2) methods of how you would analyse performance gaps in your marketing strategies and take corrective action to rectify this. Also outline which relevant people will assist you in making these improvements in marketing performance.

• Method of analyzing performance gap :
• Corrective action:
• Relevant people to assist you:

2 .

• Method of analyzing performance gap :
• Corrective action:
• Relevant people to assist you:

Question 4.4

Outline two ways you will conduct ongoing research to cater for customer requirements for continual improvement. This could be either in house or online strategies.

Question 4.5

Discuss how you would monitor and investigate market changes via new technologies in order to continually provide you with new business development opportunities.

Task 5 : Risk Assessment

Question 5.1

Identify three possible risks that could impact the success of the business. Include at least one internal and one external risk.

Question 5.2

Discuss the probability of the risks occurring that you have identified in Question 5.1. Also note whether the specific risks are high, medium or low.

Question 5.3

Discuss the impact the identified risks could have on operations of the business.

Question 5.4

Outline two actions you would take to minimise, control and manage each risk.

Question 5.5

Outline additional OH and S/WHS concerns that need to be managed and regulated to maintain successful business operations.

Task 6 : Business Operations and Legislation

Question 6: Summarise the following requirements associated with operating a business.

Question 6.1

How do you register a business name and how much does it cost?

Question 6.2

How do you obtain an ABN and how much does it cost?

Question 6.3

How do you obtain fitness industry insurance and registration? How much does this cost?

Question 6.4

What is a domain name, how do you register for one and how much does this cost?

Question 6.5

Discuss three examples of documentation you are required to record and file for tax purposes.

Question 6.6

Are permits required to operate your business? If so, how do you apply and how much do they cost?

Question 6.7

How will you minimise environmental impact when operating your business? Outline at least two management strategies.

Question 6.8

Discuss the pros and cons of leasing vs purchasing your equipment.

• Leasing pros :
• Leasing cons :
• Purchasing pros :
• Purchasing cons :

Question 6.9

Summarise the process required to undertake a lease agreement

Question 6.10

Summarise the process required to terminate a lease agreement

Question 6.11

Discuss the procurement process you will undertake in order to secure your equipment. What comparison methods will you utilise from potential bidders?

Question 6.12

Provide an overview of the auditing strategy you will utilise to ensure the following:

• Legal documents are secure and regularly updated:
• Practices, products and services remain compliant with the relevant regulatory body:
• Actions taken to remedy non-compliance:

Question 6.13

Outline two requirements you should consider in regard to equal opportunity when setting up your business

Question 6.14

Provide an overview of staff requirements for your business. Include their roles and responsibilities.

Question 6.15

Outline three additional specialist staff you will need to liaise with in regard to business operations and legislative requirements.

Question 6.16

Provide an overview of your annual anticipated cash flow using the template below. This will provide a breakdown of your anticipated income and expenses over the course of each month.

Refer to the link below for the cash flow template from business.vic.gov.au for a detailed cash flow forecast:

https://www.business.vic.gov.au/money-profit-and-accounting/getting-paid-on-time/cash-flow-forecasting

Cash flow forecast / Income item / Amount $ / Expense item / Amount $

January

February

March

April

May

June

July

August

September

October

November

December

Total income / Total expenses

Profit/Loss

Question 6.17

You now have an idea of your overall business plan, operations and marketing strategy. Outline a 10 step action plan that outlines the specific tasks you need to execute in order to achieve your business plan. Provide these steps in the appropriate order. Also provide an approximate timeline for each action item.

Action Item and time line:

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Question 6.18

Outline three ways you will cross check your action plan with your business goals to ensure you are on track with your time line.

Question 6.19

Discuss how you will adjust the execution of your action plan if your time lines are delayed.