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1. Australian marketing institute code of professional conduct lays public statement of principle, behaviour, and values that are expected of every member. Abiding by the principles is important as it ensures high standards of individual as well as corporate behaviour from all members. It not only ensures public confidence upon professional standards but also provides assistance as well as clarification. The Code not only attempts to give a detailed list of what must be done at every situation, it also provides a framework to assist through the quality services to the clients.
2. Under the code of professional conduct, aspect that is crucial for the identification of marketing opportunities is the relation with clients. To seek marketing opportunities, members need to execute their professional duties ethically, competently, honestly and in good faith without personal bias. It is important for members to comply with the rules and make changes from time to time s required. A member needs to operate within the limits of experience.
3. As a business grows and expands further into international markets, it becomes important to acquire accurate market research. This provides adequate information that guide decision-making of a business (Huang & Sarigöllü, 2012). Research also generates useful information about the target market and environment to implement various strategies in a suitable manner. Thus, research acts as a tool to have an idea about the market and to plan accordingly.
4. The Australian government aims at developing a sustainable, prosperous, and innovative place that provides opportunities to all people. International trade has been contributing towards the goal by enhancing productivity as well as international competitiveness, thereby creating skilled and highly-paid workers to build national prosperity (KANGYOUNGMOON, 2014). The nation is strongly committed to open new markets by means of multilateral trade negotiations in WTO. It permits foreign investments for ensuring maximization of opportunities for the country.
5. In the most competitive market environment, marketers are increasingly concerned about the market needs and demands. So, more and more marketers seek such marketing strategies that are based on the information about the consumer behaviour. Creating marketing strategies based on analysis of consumer behaviour provides better and more accurate information about customer preferences and choices (Luan & Sudhir, 2010). When strategies are formulated depending upon the analysis of customer behaviour, the chances of product and service sale increases with enhanced organizational productivity.
6. It is important to review an organizational marketing plan while determining as well as adjusting marketing mix because a market plan provides the basic framework and presents the whole structure to be followed while adjusting marketing mix (Shin, 2011). An effective market plan acts as a guide for the marketers to proceed through the implementation of market strategies.
7. In creation of product or an ad campaign, the target market is essential to be considered. It is important and useful to understand the habits or conditions of the customers while purchasing a product. So, it becomes essentially important to attract the attention of customers for increased market activities (Campagna, 2009). The significant link between consumer behaviour and that of a marketing mix is that market mix is often preferred by an organization depending upon the consumer behaviour and preferences.
8. Based on the type of products distributed, some distribution strategies are:
9. Qualitative research is basically exploratory research that is used for gaining an understanding of underpinned opinions, reasons, and motivations. It provides deep insights into the research problem or develops hypotheses (Bowman, 2010). This type of research uses unstructured or semi-structured technique of data collection. On the other hand, quantitative is applied in quantifying the problem by generation of numerical data or such data that can be converted into useable statistics. It generates result from a large sample. This type of research uses measurable data for formulating facts as well uncovering patterns.
10. The market researcher is supposed to observe three key behaviours:
11. The methods of market research are:
12. In domestic markets, the marketer is already aware of the various possibilities in the market environment. However, in the international market the market needs to acquire increased information about the host country including various legal, social and economic issues. Any research method may be utilized but what needs to be considered is the effective determination of objectives. The method selection must be in line with the strategic objectives.
13. SMART stands for:
S – Specific
M – Measurable
A – Achievable
R – Realistic
T – Timely
14. The three objectives are:
15. The benefit of the trade modernization act that was approved in 2001 is that all the business firms get aware of the new trade policies and procedures that need to be incorporated within their businesses. These policies address every aspect of a business such as social, economic, and technological. The policies also deal with the effective customer relation that a business must maintain in order to run and execute effectively.16.
17. Businesses are required to provide some key information the customers such as:
AVA embodies leading-edge governance in new Code of Conduct. (2003). Australian Veterinary Journal, 81(8), 441-441. doi:10.1111/j.1751-0813.2003.tb13343.x
Bowman, D. (2010). Market Mix and Marketing Response Models: Trends and Research Opportunities.Foundations And Trends® In Marketing, 4(3), 129-207. doi:10.1561/1700000015
Cain, P. (2014). Brand management and the marketing mix model. J Market Anal, 2(1), 33-42. doi:10.1057/jma.2014.4
Campagna, V. (2009). Using the CCMC Code of Professional Conduct As a Living Document to Uphold Ethical Practice. Professional Case Management, 14(3), 119-120. doi:10.1097/ncm.0b013e3181a77777
Have your say on the code of professional conduct. (2011). Veterinary Record, 169(1), 27-27. doi:10.1136/vr.d4179
Huang, R., & Sarigöllü, E. (2012). How brand awareness relates to market outcome, brand equity, and the marketing mix. Journal Of Business Research, 65(1), 92-99. doi:10.1016/j.jbusres.2011.02.003
KANGYOUNGMOON,. (2014). Middle East, UAE, Marketing Mix, TSI, Pharmaceutical Market.International Commerce And Information Review, 16(2), 3-22. doi:10.15798/kaici.16.2.201403.3
Luan, Y., & Sudhir, K. (2010). Forecasting Marketing-Mix Responsiveness for New Products. Journal Of Marketing Research, 47(3), 444-457. doi:10.1509/jmkr.47.3.444
Shin, S. (2011). Decomposed Approach of Market Orientation and Marketing Mix Capability: Research on Their Relationships with Firm Performance in the Korean Context. International Business Research, 5(1). doi:10.5539/ibr.v5n1p22
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