Q1. How many codes are listed in the Australian Marketing Institute Code of Conduct? Write and describe five key codes that are most appealing to you.
There are 13 codes.
1 – Members shall conduct their professional activities with respect for the public interest.
2 – Members shall at all times act with integrity in dealing with clients or employers, past and present, with their fellow members and with the general public.
3 – Members shall not intentionally disseminate false and misleading information, whether written, spoken or implied nor conceal any relevant fact. They have a duty to maintain truth, accuracy and good taste in advertising, sales promotion and all other aspects of marketing.
4 – Members shall not represent conflicting or competing interests except with the express consent of those concerned given only after full disclosure of the facts to all interested parties.
5 – Members, in performing services for a client or employer, shall not accept fees, commissions or any other valuable consideration in connection with those services from any other than their client or employer except with the consent (express or implied) of both.
Q2. Briefly describe the following legislative requirements for the marketing practices in Australia:
Q3. What is a Marketing Mix? List and brief describe each component of a typical marketing mix using 4P approach.
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix – Price, Product, Promotion and Place.
Price: refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply – demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.
Product: refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won’t do any good.
Place: refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or ‘place’ strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is ‘location, location, location’.
Promotion: this refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.
Q4. What are the key components of a Marketing Plan? Briefly describe each of the components (i.e. their purpose and relevance in the plan)
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