Ass 3

Assessment 3

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:

Misleading & deceptive conduct: Legislation is the Australian Consumer Law section 18. It is illegal for a business to engage in conduct that misleads or deceives or is likely to mislead or deceive consumers or other businesses. This law applies even if you did not intend to mislead or deceive anyone or no one has suffered any loss or damage as a result of your conduct.

Bait advertising: Legislation is the Australian Consumer Law section 35. Bait advertising is the practice of offering items for sale at low prices to attract consumers to a business. Bait advertising can be a legitimate form of advertising. However, it is illegal to engage in this conduct where goods or services are advertised for sale at a discounted price, and they are not available in reasonable quantities and for a reasonable period at that price.

Spruiking: Spruiking is where an operator entices walk-in traffic by marketing products or services to passers-by (e.g. when using a microphone). Spruiking is regulated at the state level and may require a permit.

Bill posting: Bill posting is where a brochure or other promotional material is attached to a piece of public property. Some states have designated bill poster locations and others require a permit.

Do Not Call Register: Under the Do Not Call Register Act 2006, the Australian Communications and Media Authority (the ACMA) is responsible for establishing and overseeing the Do Not Call Register, creating national industry standards setting minimum levels of conduct for telemarketing calls, research calls and fax marketing and investigating breaches of the Do Not Call Register legislation. Under the Do Not Call Register Act 2006, it is prohibited to make an unsolicited telemarketing call or send an unsolicited marketing fax to a number on the Register.

Privacy: Care must be taken when you collect, use, secure and disclose a customer’s personal information to ensure you comply with the Privacy Act 1988.

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and disclose a customer’s personal information to ensure you comply with the Privacy Act 1988.

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)

Executive Summary: Provide a brief overview of the situation, the company’s goal, and the proposed course of action.

Situation Analysis: Provide an overview of the company and the market in which it operates, and identity its target customers.

Company overview: Outline the company’s core competencies and strategic assets its current product line, and market position.

Market overview: Provide an overview of the market (current/potential customers, competitors, collaborators, and context) in which the company operates and identify relevant opportunities and threats.

Target customers: Identify customers targeted by the company’s offerings.

Goal: Identify the company’s goal by defining its focus (e.g., net income) and performance benchmarks (e.g., quantify the desired net income and set the time frame for achieving it).

Strategy: Identify the target market and define the offering’s value proposition.

Target market: Identify the target market—customers, collaborators, the company, competitors, and context—in which the company will launch…

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