Bsbwor502b Marketing Assignment

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

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

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