Provide answers to all of the questions below. 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 Australian Consumer Law prohibits businesses from making false or misleading representations about the quality, value or grade of goods/services. the performance characteristics, accessories, benefits and uses of goods/services. the place of origin of a product (where it was made or assembled). Code of Practice All employees will follow safe practices and safety rules, contribute to safe work practices, and report safety violations and unsafe work conditions. Supervisors will monitor adherence …show more content…
b. Target audience: Do potential customers have discretionary income? c. Competition: Who are the most important retailers in this market? 3. What is the difference between a'smart' and a'smart'? Define the term return on investment and explain its use. Return on Investment (ROI) is a popular profitability metric used to evaluate how well an investment has performed. ROI is expressed as a percentage and is calculated by dividing an investment's net profit (or loss) by its initial cost or outlay. 4. 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 Give an example of marketing data that can be used to assist with the identification of marketing opportunities 5. Complete the following table by explaining each of the terms. Market penetration Market penetration is a measure of how much a product or service is being used by customers compared to the total estimated market for that product or service. Market penetration can also be used in developing strategies employed to increase the market share of a particular product or …show more content…
The. Diversification is a growth strategy that involves entering into a new market or industry - one that your business doesn't currently operate in - while also creating a new product for that new market. 6. What is the difference between a'smart' and a'smart'? Explain the purpose of the marketing mix and each of its components. The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution The four Ps are a “marketing mix” comprised of four key elements—product, price, place, and promotion —used when marketing a product or service. Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience. Product refers to a product or service that meets a customer's needs. l Price represents the price point or price range for the product or service. l Placement refers to distribution channels. Specifically, where is this product being promoted, and how can you get it in front of your target