Legislation, Codes Of Practice And Standards Affecting Marketing Operations
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
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Return on investment (ROI) is a performance measure used for evaluate profitability of an investment or the efficiency or compare the efficiency of a number of different investment. Return on investment tries to directly measure the amount of return on a specific investment, close to the investment's cost.
4.Complete the following table.
Give an example of financial data that can be used to assist with the identification of marketing opportunities The three important sources of data for financial analysis are a balance sheet of company, cash flow statement and income statement.
Give an example of marketing data that can be used to assist with the identification of marketing opportunities Common types of Marketing data include Customer Data, Competitive Intelligence, Market Research, Commercial Transactions, Customer Feedback, Preferences and Interests, and other Marketing metrics.
Often, many marketers struggle to adopt this data-driven approach.
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
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