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Running Head: Marketing
Marketing
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Contents
TASK-1    3
Assessment Task 2    7
A summary of business objectives, target consumer and present marketing strategies    7
Assessment Task 3    9
Marketing Opportunities Report    9
Changes to operations    13
References    15
TASK-1
    1.
    Identify and outline five examples of legislation and regulations that apply to the marketing industry in Australia.
    Ans.
    The Aboriginal Land (Lake Condy and Framingham Forest) Act of 1987, the Aboriginal Land Rights and Other Legislative Amendments Act of 2013, the Aboriginal Land Rights Act 1976, the Aboriginal Loan of 1974 The Commission Act and the Aboriginal or Torres Strait Islander Land or Sea Future Fund Act 2018 are five examples of regulations and legislation applicable to the Australian marketing industry (Abashidze & Dąbrowski, 2016).
    
    
    2.
    Identify two relevant Codes of Practice for the marketing business or outline the purpose of the Code or its key components.
    Ans.
    Promoting regulatory compliance with commercial concerns and minimizing the risk of non-compliance are two applicable codes of practices in the marketing business (Douglas & Samuel Craig, 2011). The function of implementing these laws and regulations is to provide equal opportunities for everyone, and to carry out work in an effective and efficient manner, so as to ensure the maintenance of the basic rights of employees.
    
    
    3.
    Explain each of following terms in relation to marketing opportunities: market development, market penetration, product development or diversification.
    Ans.
    Market penetration (MP) is related to new strategies for product launches and ensuring the best position in a competitive market. Market development is a plan to maintain a highly volatile market and withstand the decline in sales during the economic downturn. Market development is the idea of ensuring the peak sales of imported products or international products on the market (Ishida & Brown, 2013). Similarly, diversity is the process of providing equal opportunities to employees around the world. Therefore, unions cannot be created within the organization to hinder any future work.
    
    
    4.
    Explain each of the phases of the product life cycle.
    Ans.
    The procurement phase, development phase, final phase and inspection phase are the phase of product life cycle. In the first stage, collect raw materials and information, then design and provide the production process (Kerrigan & Schaefer, 2007). After that, the product is ready for inspection, and after passing the inspection phase, it is distributed outside the organization.
    
    
    5.
    Explain the purpose of the marketing mix and each of its components.
    Ans.
    Today, this classification is still useful for understanding the activities related to marketing. Marketing mix represents the method an association’s extensive marketing strategy is transformed into a marketing plan to take action.
Over time, innovative marketing mix groups have been proposed. Many companies are more customer-oriented or try to better adapt to the direction of marketing or pay more attention to consumer value (Pulido Polo, 2018). An example is the four Cs proposed by Robert F Lauterborn in 1990: client solutions: customer needs and requirements; communication: mutual dialogue with customers; convenience: simple action or purchase process; cost: cost for customers to meet their needs
    
    
    6.
    Explain why the marketing mix is significant in bringing a services or product to the market.
    Ans.
    Arranging and Identifying the factors of its marketing mix enables companies to make cost-effective marketing decision at each level. These decisions are helpful to the business: play to the advantages and limit the disadvantages (Pulido Polo, 2018). Become more competitive and adaptable in the market (Kraus et al., 2015). Marketing mix also refers to elements combination that determines how a company provides value to consumers. These aspects are called 7Ps: price, product, promotion, personnel, and location, physical and process evidence.
    
    
    7.
    Outline four main steps in the marketing process
    Ans.
    1. Plan your objectives, goals as well as mission.
2. Analyse business positioning.
3. Create marketing tactics.
4. Put your processes to work.
    
    
    8.
    Describe four statistical techniques or forecasting methods that can be used to evaluate marketing opportunities.
    Ans.
    Developing effective strategies for your marketing effort will not happen each at once, nor is it an issue that is only handled by marketing department. Once marketing strategy is implemented, the entire business will have to deal with consequences. A significant component of the marketing strategy is forecasting process. In this regard, the most vital forecast may be the sales forecast, which can estimate the company's sales volume in a given time (Kraus et al., 2015). Other departments of the business must be ready to meet needs of sales forecasts. When preparing a forecast, the most important thing is accuracy. If you overestimate the consumer demand for the product, you may end up spending a lot of money on things like manufacturing and distribution, but when the authentic sales begin to flow in, you can’t get it back. You overestimate the demand; you may over-expand financially and find that your income cannot be paid to suppliers, suppliers and other commercial creditors. Sometimes, you may have to fire an employee (Lim, 2018).
    
    
    9.
    Describe a method that can be used for forecasting market development rate.
    Ans.
    Trend analysis is a method, which can be use to calculate past sales development rates moreover extrapolate them into future. The past annual sales growth rate of 3% may be a good basis for estimating the future growth rate of 3% (Murdoch et al., 2007). Time series analysis is helpful in stable markets. Forecasting is the procedure of predicting the prospect depends on past or current data (most commonly through trend analysis).
    
    
    10.
    Define the term return on investment and explain how it is calculated.
    Ans.
    ROI is a performance measure use to evaluate efficiency of an investment and compare the competence of a number of several investments.To measure ROI, the advantage (and return) of a venture is separated by investment cost (Nathwani & C.Srinivas, 2012). The outcome is expressed as a ratio or a percentage.
    
    
    Assessment Task 2
A summary of business objectives, target consumer and present marketing strategies
We hope to obtain higher income in the next few years, such as achieving revenue of 1.7 million US dollars in 2020, 1.9 million US dollars in 2021, 2.2...