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Market Mix And Marketing Response Models Add in library

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Questions:

1. Why is it important to abide by the provisions of the Australian marketing institute code of professional conduct?

2. What aspects of this code are important to observe when identifying marketing opportunities?

3. Why is it important to conduct research into identifying international markets?

4. What is Australia’s number one priority in relation to its trade policy as identified in trade at a Glance 2012?

5. Discuss the importance of creating marketing strategies based on an analysis of consumer behaviour?

6. Why is it important to review an organisational marketing plan when determining and adjusting the marketing Mix?

7. What is the link between consumer behaviour and the marketing mix?

8. Identify two types of distribution strategy? Briefly describe each?

9. List 3 difference between qualitative and quantitative research in sample size and data collection and analysis methods?

10. Regarding the Australian Social and market research society code of professional behaviour, what are three important behaviours that a market researcher should observe?

11. List five methods for conducting market research?

12. What considerations should be taken into account in regard to market research methods in relation international markets and as differentiated from domestic markets?

13. What does SMART stand for in the context of market research objectives?

14. What are the three aims of the market& Social research privacy code?

15. What is the benefit to business of the trade modernisation Act (that consists of three Acts) and that was approved in 2001?

16. Discuss three ways that you could adjust your communication when interacting with someone with a language other than English?

17. List three examples of the type of information businesses should provide to consumers about how they will handle their personal information according to privacy law?
 
 

Answers:

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:

  • Intensive distribution – This distribution strategy is commonly used for distributing low priced or impulsive product purchase such as chocolates or soft drinks.
  • Exclusive distribution – This type of distribution strategy involves limiting the distribution to only a single outlet. This product is normally highly-priced like that of sale of vehicle through exclusive dealers (Shin, 2011).

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:

  • Researcher needs to assess the market feasibility for specific products or services.
  • The appropriateness of the marketing mix that would be suitable.
  • The consumer purchase behaviour or motivation (Cain, 2014).

11. The methods of market research are:

  • Surveys
  • Focus groups
  • Personal interviews
  • Observation
  • Field trials

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:

  • To state the manner how the Australian Privacy Principles (APPs) within the Privacy Act must be applied as well as complied with the members during of conduct of market research (Bowman, 2010).
  • To facilitate the safeguard of identifiable information provided of held in context to subjects of market & social research.
  • To provide exact information to the government and not to support any profit organization. This would ensure quality research.

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.

  • The communication speed must be lowered to allow the listener to interpret each word ('AVA embodies leading-edge governance in new Code of Conduct', 2003).
  • If and when required, gestures must be used to clarify each expression to the person who fails to understand English.

17. Businesses are required to provide some key information the customers such as:

  • How the businesses maintain the confidential information and to what extent these remain confidential.
  • The businesses must acquire consent from the customers while using or disclosing their personal information to any agent ('Have your say on the code of professional conduct', 2011).
  • The businesses must provide the customers with personal information handling policies that are clear and easily understandable.
 

References

AVA embodies leading-edge governance in new Code of Conduct. (2003). Australian Veterinary Journal81(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 Marketing4(3), 129-207. doi:10.1561/1700000015

Cain, P. (2014). Brand management and the marketing mix model. J Market Anal2(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 Management14(3), 119-120. doi:10.1097/ncm.0b013e3181a77777

Have your say on the code of professional conduct. (2011). Veterinary Record169(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 Research65(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 Review16(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 Research47(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 Research5(1). doi:10.5539/ibr.v5n1p22

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