ipl-logo

Bsbwor502b Marketing Assignment

1172 Words5 Pages

1. What is the difference between a. and a. Complete the following table to identify examples of legislation, codes of practice and standards that affect marketing operations. Item Provide an example and explain its relevance to marketing Legislation The main legislation controlling advertising in Australia is the Competition and Consumer Act 2010 (CCA), which regulates communications between suppliers, wholesalers, retailers, and consumers. Its objectives are to safeguard consumers and promote honest trade and competitiveness. Code of practice Certain organizations in Australia have Marketing Codes of Practice. The Australian Communications and Media Authority (ACMA), the Association for Data-Driven Marketing and Advertising (ADMA), and the …show more content…

What is the difference between a.. Complete the following table of instructions. Give an example of financial data that can be used to assist with the identification of marketing opportunities Segmentation of the consumer Give an example of marketing data that can be used to assist with the identification of marketing opportunities Analysis of direct competition 5. Complete the following table by explaining each of the terms. Market penetration Market penetration measures how much a product or service is used by consumers in relation to the entire expected market for that product or service. Market penetration may also be used to design strategies for increasing the market share of a certain product or service. Market development Market development is a growth strategy that entails marketing your current products or services to a new set of clients. It all starts with market research, in which you do a segmentation study of your current market. Make a list of the market categories you believe you should pursue. Product development Product development, often known as new product management, refers to the process of conceptualising, designing, developing, and selling newly developed or renamed goods or services. Diversification. The. Diversification is a risk management approach that involves combining a wide range of investments in a portfolio. A diversified portfolio includes a variety of asset types and investment vehicles in an effort to reduce exposure to any one asset …show more content…

Pricing strategies can vary, each aligned with the company's overall objectives, and can be used to differentiate products and enhance brand image. Product: The product is the item being sold, and its performance is crucial as it impacts overall marketing success. Without a satisfactory product, efforts in other areas of the marketing mix may be ineffective. Place: Place refers to the point of sale or distribution channels. A strong distribution strategy aims to attract consumers and facilitate easy purchasing. Retailers often prioritize prime locations, as evident in the adage "location, location, location." Promotion: Promotion encompasses all activities aimed at making the product or service known to consumers and trade channels. This includes advertising, word-of-mouth marketing, media coverage, incentives, and various promotional campaigns and strategies. These elements collectively form the marketing mix, enabling firms to effectively reach and engage with their target audience. 7. What is the difference between a'smart' and a'smart'? Describe three statistical

Show More
Related
1018 Words | 5 Pages

Student Name: Gurpreet Kaur 1.As mentioned in the introduction, we are required to choose three fast moving consumer goods companies. The marketing strategies and operations are to be analyzed in terms of efficiency. The companies which I have chosen are Proctor and gamble, Johnson and Johnson and Unilever. These companies are considered to be giants in their industry sectors.

Read More
852 Words | 4 Pages

2. What is the difference between a'smart' and a'smart'?

Read More
608 Words | 3 Pages

6. What is the difference between a'smart' and a'smart'? Based on the information in the IEP and in the written case study, what are some of the student’s weaknesses that will make it difficult for the student to be successful in a course in your subject area? James struggles with reading, decoding and comprehension. This will make it difficult for him to analyze primary and secondary sources, one of the major skills developed in social studies classes.

Read More
435 Words | 2 Pages

5. What is the difference between a'smart' and a'smart'?

Read More
736 Words | 3 Pages

1. What is the difference between a. and a. Decide upon a goal you would like to achieve for your company through a seasonal marketing campaign. a. Increase brand awareness: Raising brand awareness is one of the most important goals. This helps ensure that when customers need a product or service, my brand will be their first choice.

Read More
991 Words | 4 Pages

Product refers to benefits that can be offered to consumers. The benefits of the product can be physical, economic, social, psychological, or a combination of these factors. Price refers to costs or barriers associated with the product. Price interventions may include psychological, emotional, and time costs. As to the place, knowing where the consumer can be reached with the information is vital.

Read More
1039 Words | 5 Pages

Market segmentation is the process by which companies divide a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known

Read More
1808 Words | 8 Pages

The pricing strategy or pricing policy is one of the most important managers make for a product as it affects the profitable outcome and competitiveness that a product may make. (Toni, 2017). A business can use a variety of pricing strategies when selling a product or service. The price can be set to maximize profitability for each unit sold or from the market overall. It can also be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market by dropping the price or offering more benefits with the device such as packages.

Read More
1009 Words | 5 Pages

4.4 Pricing Strategy For a number of reasons, price is one of the most important aspects of an effective marketing strategy (Gerstein & Friedman, 2015). First, price is the only marketing variable that generates revenue. Second, buyers see price as an attribute of value (Tanner & Raymond, n.d.). Consequently, an organization must carefully assess its internal and external environment to choose the most effective pricing objective, which—in turn—will drive a product’s initial pricing strategy.

Read More
900 Words | 4 Pages

Product Development means to increase sales by improving or introducing a product which fulfils the demands of the market. For example: Coca Cola introduced Coke Zero, Coke Diet, to target the health conscious customers. 3. Market Development focuses on increasing the sales for an existent product by introducing it into new markets. This strategy is often used by the companies which plan to expand globally, by adding new

Read More
1027 Words | 5 Pages

Answer: (a): Market segmentation is the first step in defining and selecting a target market to pursue and penetrate. Basically, market segmentation is the process of splitting up an overall market into two or more groups/classes of consumers. Each group of consumers is called as a market segment. Each group (or market segment) should be similar in terms of certain characteristics or product/ service needs. In business world, market segmentation is considered to be a most important tool in enabling marketers to better meet customer needs and requirements.

Read More
1388 Words | 6 Pages

Distribution is one of the marketing mix among marketing mixes. Marketing needs the help of distribution to reach the target market. It is also one of the fundamental factors specially. Distribution is very important because these distribution are helpful and simply how every customer gets their needed and wanted products, finding the products and services that greatly need. There are three types of distribution channels.

Read More
1497 Words | 6 Pages

6.1.2 Price Price is the value or amount that customer pays to buy a product. For instance, for our Star Lab ice cream shop, we need to consider the cost of production of our ice cream, price of our main competitor and our potential customers demographics in order to succeed this competitive market. (C. Breidert, 2007, p.9) 6.1.2.1 Pricing Strategy Pricing strategy that can be used by our company such as penetration pricing, cost-plus pricing, value based pricing and more. But we think that market penetration pricing is the best pricing strategy to be used by our business.

Read More
900 Words | 4 Pages

Promotion Generally, promotion is communicating with the public in an attempt to create awareness and persuade them toward buying products and/or services. The word promotion is also used specifically to refer to a particular activity that is intended to promote the business, product or service. Promotion means a method is used for getting people to create awareness among people about products or services being offered by the company. Advertising, public relations, point-of-sale displays, and word-of-mouth promotion are all traditional ways for promotion. Promotion is the method for providing the link of information between the seller and prospects of the products or services..

Read More
1198 Words | 5 Pages

Introduction 1.0 Introduction Sales Promotion Sales promotion is one of the promotion is marketing strategy. Sales promotion is a process of persuading customers to buy the products or services to boost up their sales of the company in the short-term of the period. Beside that, sales promotion is offering consumers’ addition values in the products or services to motivate customer to buy the products or services now, buy more, and buy again and again. 2. Objective of sales promotion - Create product awareness

Read More

More about Bsbwor502b Marketing Assignment

Open Document