Legislation Competition and Consumer Act 2010: This Australian legislation ensures that marketing practices do not mislead consumers and that advertising is truthful and accurate. It protects consumers and ensures fair competition. Code of practice Australian Association of National Advertisers (AANA) Code of Ethics: This code provides guidelines for ethical advertising practices, ensuring that marketing communications are socially responsible and respectful of societal values. Standard ISO 9001 Quality Management Systems: This standard provides a framework for consistent quality in marketing operations, ensuring that marketing processes meet customer and regulatory requirements. 2. What is the difference between a'smart' and a'smart'? Provide …show more content…
This can involve targeting new geographic areas, demographics, or customer segments. Product development: The strategy of creating new products or improving existing ones to meet market needs and stimulate sales growth within existing markets. Diversification. The. The strategy of entering new markets with new products to reduce risk and increase growth opportunities. This can be related to diversification (similar products) or unrelated (different products). 6. What is the difference between a'smart' and a's Explain the purpose of the marketing mix and each of its components. Product: The goods or services offered by a business to meet customer needs. This includes design, quality, features, and branding. Price: The amount customers pay for the product. Pricing strategies affect demand, profitability, and market positioning. Place: The distribution channels used to deliver the product to customers. This includes physical locations, online platforms, and logistics. Promotion: The activities used to communicate and promote the product to the target market. This includes advertising, sales promotions, public relations, and social