Assessor: Alvin
Date:
Business this assessment is based on:
Ray white real estate
Role you will assume to complete this assessment:
Marketing Manager
BSBMKG542 ESTABLISH AND MONITOR THE MARKETING MIX PROJECT PORTFOLIO STUDENT VERSION 1.0 | 3
Section 1: Establish the marketing mix
Complete this section to summarise requirements for the marketing task.
Legislation and regulations
What legislation and regulations applies to marketing and the marketing mix (at least two) ?
Summarise the requirements of the legislation.
The Australian Information Commissioner Act 2010 established the OAIC as an Australian government body (AIC Act). The OAIC is responsible for freedom of information, privacy, and information policy functions, according to
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The plan serves as the starting point for all your marketing efforts, addressing important elements of developing a strategy that builds brand awareness, stimulates product demand, and ultimately converts customers.
Below are the essential elements of every successful strategic marketing plan. Current market analysis Organizational marketing objectives. target audience. Advertising Strategy. Monitoring and
Measurement. Positioning a company requires balancing the interests and concerns of various stakeholders, each with different and potentially conflicting goals. Corporate positioning has less to do with specific products or services than it does with the spirit of the organization. Process of Lead Generation:
Identifying potential customers. Brand awareness is important:
Promote your company and its products to potentially interested individuals. Consider branding: make others remember you.
Sales: Convincing customers to buy from you. Your target audience is the group of people most likely to be interested in your product or service. Pricing policy has to do with how a company determines the cost, value, demand, and
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What will be the most important features or benefits of the product or service in relation to the target market?
The company has distinguished itself by focusing on a specific market niche: first-home buyers looking for homes in Melbourne's suburbs within commuting distance. While others won't be turned away, the firm prefers to primarily represent individuals and couples buying their first home. To this end, they take a unique
'undiplomatic' approach, holding in-depth and thoughtful sessions with clients to address all their concerns, as well as general information sessions and workshops for potential clients. On its website, the company offers a "How to Buy Your First Home" guide, which includes the best information from the Internet as well as their own advice. All actions of the company are aimed at meeting this market demand.
Price
How will pricing of the product or service affect take up of the product or service?
Since the price is an industry standard, it doesn't affect the number of people using the service. Customer perceptions of
The business right under the statue is the ability to make a compliant to the competition of Bureau in case of anti-competitive behaviour (185). Businesses before their rights has obligations they need to follow. These obligations are restrictive trade practices, promotion and advertising products. The first obligation can be divided into three categories. First, a company should be careful with its dominant position, and not use their power to defeat smaller companies, for example with pricing.
Another way is to amplify sales 1.Complete the following table to identify an example of legislation, codes of practice and standards that affect marketing operations. Item Provide an example and explain its relevance to marketing Legislation The Competition and Consumer Act's purpose was to raise the welfare of Australians through the advancement of competition and fair trading and supply for consumer protection. The Act deals with almost all prospects of the marketplace: the relationships between customers, retailers, wholesalers, competitors, and suppliers. Code of practice Marketing codes of practice, as defined by the ADMA, are a set of cords of conduct for marketers to promote a culture of best practice and to minimize the risk of breaking
If a brand has a good reputation, customers and businesses, are more likely to purchase that brand. Examples include logos and packaging. (B2B and B2C Similarities and Differences , n.d.) These need to capture the attention of their customers because businesses have competition and therefore need to stand out.
1. To determine the current level of awareness and perception of our product among potential customers in our target market. 2. To identify the most effective marketing channels and messaging to reach and engage with our target audience.
MACI 18067 Tongluyao WANG BSBMKG434 Legislation List any legislation and regulations relevant to your organisation or the products/services you are planning to promote. Competition and Consumer Act 2010 The Competition and Consumer Act of 2010 (CCA) regulate most areas of the market, including relationships between manufacturers, distributors, merchants, and customers. Its purpose is to increase the well-being of Australians by encouraging fair trade and competition and providing consumer protections.
The Federal Communications Commission (FCC) has the power to represent interchanges systems like broadband Internet under the 1996 Telecommunications Act. In the 1990s, most Internet access came in via telephone lines and the law regarded the Internet as a "telecom benefit." This implied that the tenets that connected to the Internet were secured under Title II of the Telecommunications Act. Under Title II, the FCC had the power to order Internet organizations to treat all information just as.
Essentially a strategic plan is an extensive inspection at where the organization is, where it wants to be, and how it can get there. The
In a marketing communications strategy the first objective is to identify the target audience. In the case of Kellogg’s they have two main audiences, the purchaser who is the parents and the influencer who is the children. Kellogg’s tend to have specific target audiences for each of their products. For example, Kellogg’s Corn Flakes targets families, Kellogg’s Special K targets women and/or health conscious women and Kellogg’s Coco Pops targets children.
The pricing strategy must align with an organization’s marketing objectives. Accordingly, Dyson should institute premium pricing and avoid discounting—to reinforce the firm’s value and market position. 4.5 Distribution and Supply
Positioning is the image that a consumer perceives about the product (Dibb et. al. 2007). Brand positioning refers to the preference of a target customer given to a brand or product over the competitor’s product. It is about creating a distinctive place and worth in the mind of the
The pricing strategy or pricing policy is one of the most important managers make for a product as it affects the profitable outcome and competitiveness that a product may make. (Toni, 2017). A business can use a variety of pricing strategies when selling a product or service. The price can be set to maximize profitability for each unit sold or from the market overall. It can also be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market by dropping the price or offering more benefits with the device such as packages.
6.1.2 Price Price is the value or amount that customer pays to buy a product. For instance, for our Star Lab ice cream shop, we need to consider the cost of production of our ice cream, price of our main competitor and our potential customers demographics in order to succeed this competitive market. (C. Breidert, 2007, p.9) 6.1.2.1 Pricing Strategy Pricing strategy that can be used by our company such as penetration pricing, cost-plus pricing, value based pricing and more. But we think that market penetration pricing is the best pricing strategy to be used by our business.
First, from the beginning of the classes I was able to design and implement marketing/business strategies in particular areas only. After that, I am able to create long-term and mutually beneficial exchange relationships between an entity and the publics with it interact. Moreover, the strategic marketing analysis & planning process such as internal & external situation assessment, strategy formulation, positioning and marketing mix were taught during lessons in detail that integrated my marketing knowledge. And as a result I also became aware with a range of new issue of marketing management and the marketing tactics in particular that were resulted from the product and branding strategy. I found strategic marketing analysis and planning of this project more challenging than
It is the planning before the action. In includes many activities like making decisions, making strategy for organization etc. At this time strategic planning is an important part of strategic management. Strategy describes how the goal achieves by using the available resources or what kind of resources they need to achieve the goals. This strategy is used when the organization wants to set the goals and wants to make the planning to achieve these goals by available resources.
MARKET POSITIONING Positioning is the marketing process that use for an organization to identify a market problem or opportunity, and define a solution based on segmentation, market research and supporting data. Dutch Lady have a strong competitive advantage which is it provide different type of milk powder for the children from different age group. The Dutch Lady Nutri Plan with 5x DHA have provides tailored nutrition to support each smart milestone which is Curious, Explore, Create and Learn. Dutch Lady Curious is for the children of 1-2 years old, Dutch Lady Explore is for the children of 2-4 years old, Dutch Lady Create is for the children of 4-6 years old and Dutch Lady Learn is for the children of 6 years old and above.