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    BSBMKG433 Student Assessment Tasks 04-03-21

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    The document provides answers to 8 questions about marketing concepts, data sources, market segmentation, the marketing mix (4Ps), relevant legislation, the Advertising Standards Board and Bureau, and ways to gain specific product or service knowledge. Specifically, it defines the marketing concepts of production, product, selling, and societal orientation. It distinguishes between internal and external data and provides examples. It defines market segmentation and lists the 4Ps as product, place, price, and promotion. It names relevant Australian consumer protection and privacy acts. It explains the role of the Advertising Standards Board and Bureau in self-regulation. Finally, it lists 3 ways for a company to gain specific knowledge about a product or service, including through industry reports,

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    BSBMKG433 Student Assessment Tasks 04-03-21

    Uploaded by

    S R
    77 views4 pages
    The document provides answers to 8 questions about marketing concepts, data sources, market segmentation, the marketing mix (4Ps), relevant legislation, the Advertising Standards Board and Bureau, and ways to gain specific product or service knowledge. Specifically, it defines the marketing concepts of production, product, selling, and societal orientation. It distinguishes between internal and external data and provides examples. It defines market segmentation and lists the 4Ps as product, place, price, and promotion. It names relevant Australian consumer protection and privacy acts. It explains the role of the Advertising Standards Board and Bureau in self-regulation. Finally, it lists 3 ways for a company to gain specific knowledge about a product or service, including through industry reports,

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    The document provides answers to 8 questions about marketing concepts, data sources, market segmentation, the marketing mix (4Ps), relevant legislation, the Advertising Standards Board and Bureau, and ways to gain specific product or service knowledge. Specifically, it defines the marketing concepts of production, product, selling, and societal orientation. It distinguishes between internal and external data and provides examples. It defines market segmentation and lists the 4Ps as product, place, price, and promotion. It names relevant Australian consumer protection and privacy acts. It explains the role of the Advertising Standards Board and Bureau in self-regulation. Finally, it lists 3 ways for a company to gain specific knowledge about a product or service, including through industry reports,

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    77 views4 pages

    BSBMKG433 Student Assessment Tasks 04-03-21

    Uploaded by

    S R
    The document provides answers to 8 questions about marketing concepts, data sources, market segmentation, the marketing mix (4Ps), relevant legislation, the Advertising Standards Board and Bureau, and ways to gain specific product or service knowledge. Specifically, it defines the marketing concepts of production, product, selling, and societal orientation. It distinguishes between internal and external data and provides examples. It defines market segmentation and lists the 4Ps as product, place, price, and promotion. It names relevant Australian consumer protection and privacy acts. It explains the role of the Advertising Standards Board and Bureau in self-regulation. Finally, it lists 3 ways for a company to gain specific knowledge about a product or service, including through industry reports,

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    Questions

    Provide answers to all of the questions below

    1. Explain what is meant by each of the marketing concepts, by completing the table below:

    Marketing Description
    concept

    Production • Consumers will favour products that are widely available and affordable.
    • Oldest of the concepts
    • Makes sense in countries where consumers interested in obtaining the
    product regardless of its features

    Product • Consumers will prefer those products that offer the most quality,
    performance, or innovative features
    • Assumes that consumers value well made products, quality and
    performance.
    • Can be ignorant of market needs

    Selling • Assumes that consumers not buy enough of the selling company’s
    products and must be coaxed into buying.
    • Used when businesses have overcapacity
    • Can be ignorant of market needs

    Societal • Challenges other concepts


    • Tries to gain the competitive advantage
    • Rests on four pillars: target market, customer needs, integrated
    marketing and profitability
    2. Explain the contrast between internal and external data.
    Answer: Internal data is information generated from within the business, covering areas such as
    operations, maintenance, personnel, and finance. External data comes from the market,
    including customers and competitors. It's things like statistics from surveys, questionnaires,
    research, and customer feedback

    3. Provide two examples each of the sources of marketing information by completing the table
    below:

    Information source Example

    Internal data -Customer demographics


    -Data about purchasing history

    External data - Surveys and questionnaires


    - Customer feedback

    BSBMKG433 Undertake marketing activities Assessment Pack | V2.0 | Oct 2021


    Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J

    | Next Review: Oct 2022


    Competitor data -social media
    -monitoring published content

    4. Explain what is meant by the term ‘market segmentation’.


    Answer: Market segmentation is the process of dividing the total market for a product or service
    into similar groups – each of which tends to be similar in all significant aspects. One or more of
    these segments is then selected as the organisation’s target market

    BSBMKG433 Undertake marketing activities Assessment Pack | V2.0 | Oct 2021


    Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J

    | Next Review: Oct 2022


    5. List the 4Ps of the marketing mix and provide a short description of each.

    Answer: Product: Products are the goods and/or services that a business provides for sale to the
    identified target market. When developing products or services, a number of key features should
    be considered including quality, design, features, packaging, customer service and any
    subsequent after-sales service. These features will be relevant to the target group.
    Place : Place relates to the distribution, location and methods of getting the product to the
    customer. This includes the location of the business, shop front, distributors, logistics and the
    potential use of the internet to sell products or services directly to consumers.
    Price : Price is amount of money that customers pay in order to purchase products and/or
    services. Price considerations include price setting, discounting, credit and cash purchases as well
    as credit collection.
    Promotion : Promotion means communicating the benefits and value of the product or service to
    consumers. It means persuading general consumers to become customers of the business using
    a range of methods such as online advertising, direct marketing, personal selling and sales
    promotion. It is crucial for marketers to get positioning and the marketing mix right so their
    marketing activities are effective. An organisation will need to understand where they rank in terms
    of their competition. Therefore, they need to develop marketing plans to either win consumers with
    their marketing mix to get a larger share of the market position, or if they already have a key
    position in the market, they need to maintain their market share.

    6. Provide the name of the Act that applies to the field of marketing communication by
    completing the table below:

    Legislative requirement Name of the Act

    Consumer legislation that protects consumers and (CCA) The Competition


    ensures fair trading andConsumer Act 2010

    Legislation relating to spam Spam Act 2003

    Legislation relating to privacy and implications for direct Privacy Act


    marketing

    Code of Ethics for advertising Australian Consumer Law

    7. Provide an explanation of the role of the Advertising Standards Board and Bureau.
    Answer ; The Advertising Standards Board and Bureau is the body established to manage
    the advertising and marketing practices in Australia. It is to ensure that all businesses and
    brands will conducted marketing activities in compliance with regulations and laws. Indeed,
    they also administers he complaints resolution component of the advertising self-regulation
    system.

    BSBMKG433 Undertake marketing activities Assessment Pack | V2.0 | Oct 2021


    Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J

    | Next Review: Oct 2022


    8. List three ways to gain specific knowledge of a product or service your company is marketing.
    Answer :
    - Learn about the industry, product and services through major papers and reports.
    - Read and investigate the paper about the market characteristics, market share and
    potential growth.
    - Take part in management on-job training courses: These courses will help to gain general
    basic knowledge about the industry and product and services ranges, while the learners
    will be trained to practice with actual marketing case study.

    BSBMKG433 Undertake marketing activities Assessment Pack | V2.0 | Oct 2021


    Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J

    | Next Review: Oct 2022

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