This involves assessing any probable increase or decrease in costs in a business. It involves scenario planning where a business gets ready to budget for multiple scenarios. There are various areas to consider where making financial outcomes (Dodge 2013). They include the key factors in the market such as consumer behaviour, interest rates and market conditions, develop strategies and test different scenarios to evaluate the impact they have on business. This involves identifying risks in the business and planning on how to deal with them. Risk factors include corruption, government instabilities, ethnicity and political insatiability. This technique involves carrying out a benefit analysis to determine if anticipated profits in the business can outdo the risks involved. Managing risk is to analyse risk variables and identify the outcomes they are likely to cause (Deventer et al. 2013). The primary objective of managing finances is to strategize on the future of the business. This technique involves developing a planning software that will be used to evaluate, predict and analyze the finance environment of the organization in future. This system allows for financial flexibility in the organization.
1.Anti-discrimination legislation This legislation stipulates that business shall not discriminate against sex, disability, gender identity, race, age, and intersex status during marketing operations. This protects consumers from sexual harassment, unfair discrimination or other misconduct by the business.
4.Competition laws This law acts to ensure that their fair competition in the industry. This law evaluates the market share occupied by businesses and ensures that no business has more than 25 percent of the market share. It also prevents business merging to avoid businesses offering poor quality products and setting at high prices.
Truth advertising laws This law ensures that companies use the right information when advertising their products and services. It stipulates that every business while advertising should only use information that is credible and true in regards to the services offered. The use of false information in marketing is viable for federal punishment by the federal trade commission.
Signage The state government regulates the use of permanent business signs on roads, buildings, boards and other premises. A business requires applying for a permit before putting up a sign in public from either the state or territory government. Other instances call for the business to have public liability insurance for permanent signs.
Pricing regulations A business needs to comply with pricing regulations before putting up the prices of products and services. These regulations require that prices are accurately and displayed to the public to avoid misunderstandings. Also, it requires a business to ensure comparative pricing, multiple pricing, price fixing and RRP maintenance are considered.
Trademark laws Trademark laws stipulate that every business shall have its brand name and logo. It protects the business in that another industry cannot use their trademark. Thus, organisations must ensure that they do not breach international trademark laws in their branding.
Email marketing legislation Most businesses carry out their marketing through email communication. Thus, businesses need to comply with CAN-SPAM Act that stipulates the subject line in email marketing must dictate the promotional nature of the email. Also, this legislation ensures that businesses use postal addresses in the email and include options for consumers to unsubscribe from the emails if they wish.
10.FTC regulations This regulation stipulates that a business should ensure the back up of marketing messages as evidence. It ensures that a company provides the right information regarding educative content in the messages used during marketing. Also, it requires that endorsers used in marketing are honest regarding services and products offered to consumers.
Regulatory Body Purpose Codes/Standards/Guideline
ACCC (The Australian Competition and Consumer Commission This body is responsible for promoting and enhancing competition in Australia as well as stipulating consumer protection. Also, it makes sure to ensure that companies and individuals comply with CCA. It is responsible for the regulation of foreign organisations operating in Australia. The primary aim of the body is to improve the welfare of Australian residents by ensuring fare competition in trades. A company that has more than 25 percent market share will not merge with other business.
OAIC (Office of the Australian Information Commission ) This is a government agency that regulates the protection of national data in Australia. Its major purposes include; privacy functions, government information policy and freedom of information. This act protects the privacy of consumers under the Privacy Act. The agency conducts investigations and handles complains by businesses and consumers. The personal information of consumers shall not be used in unlawful means or shared with third parties
ACMA (Australian Communications and Media Authority) ACMA is a government regulatory body in Australia that is in charge of regulatory purposes of the internet, telecommunications, broadcasting and radio communications (Australia 2013). It regulates for the protection of the consumers and others. It also ensures to enforce the anti-spam law in Australia. Together with Australian High Tech Crime Centre, they identify businesses that breach the spam act. The compliance with the Broadcasting Services Act code is voluntary.
Advertising Standard Bureau The advertising standard bureau is the body responsible for regulating advertising system in Australia. The self-regulation system of advertising stipulates that advertisers share a common ground in promoting consumer assurance by general advertising standards. This body provides a free complaint resolution service to the public. Advertisements shall not contain false information regarding the organisation, product or service.
Marketing evaluation concepts, methods, techniques Description
Competitive analysis Market analysis requires an extensive analysis of the business competitors. The competitive analysis, therefore, involves evaluating the strengths and weakness of competitors in the market and coming up with effective strategies to make better the competitive business advantage. A comprehensive competitive analysis will ensure to learn how customers rate the competition in the market, what makes your product unique as the competitive advantage, learn about the strengths and weaknesses of competitors’ and establish competitive strategies in the market. This analysis helps a business to know how to attract potential customers by performing better than competitors after close analysis of who they are and what strategies they use.
Life cycle models Lifecycle models in marketing analysis are used to establish a framework that can be used to attract new customers, making sales and maintaining customers. This model is made of three phases. The first phase is the attract phase. This phase constitutes getting the attention of customers in the market by identifying the target customers, attracting their attention and making leads (Copley 2014). The second phase is the selling phase. It constitutes of making the business products the choice for consumers through educating on the product, making an offer and finally closing the sales. The third phase constitutes the maintaining phase. To maintain customers, there is need to fulfil and add value to the customer, establish other products in the business line and create an incentive to encourage referrals.
Product portfolio analysis Product portfolio analysis is an important aspect of marketing, and it can be used to communicate the strengths of the business. It includes classifying products or services from the most profitable business, those than need developments, those products that have been present but do not establish their niche, those with less demand, and those that failed in the past. This analysis helps the business to realise the products with most strengths in the company and those which are weak. This helps to establish the marketing strategy to be determined for each product in the company.
SWOT analysis SWOT analysis is used in marketing to establish the strengths and weaknesses of the business as well as opportunities and threats that face the business. The strengths and weaknesses of the business are internal such as location, and reputation. The opportunities and threats are external factors affecting the business such as prices, or competitors. It is used to design a marketing plan for the business. A SWOT analysis can uncover a lot of wealth for the business and shed light on what changes to strategize on.
Value chain analysis Value analysis tool is used to evaluate the internal firm activities. This helps to realize where a business competitive advantage and disadvantage lie internally. Through marketing through cost advantage, this analysis will perform internal activities at a lower cost as compared to the competitors. More profits are earned if a business can produce products at reduced costs than the current market price. Value analysis is the concept of increasing customer value while at the same time reducing costs. It is used in three steps. The first is activity analysis that involves assessing activities involved in delivering products or services. Secondly, is the value analysis step where each activity is to create value for the customer. The last step is evaluation and planning, where you access if the changes are necessary and implement.
References
Australia, (2013) Australian corporations & securities legislation 2013. Volume 2. Volume 2. https://prod.resource.wkasiapacific.com/resource/scion/toc/atlas-csh/(WKAP_TAL_683701468)3EDEC6051E71D35D23D87DFB:WKAP_TAL_ACLB2L13_REFERENCE?cfu=default&cpid=WKAP-TAL-IC.
Copley, P. (2014) Marketing communications management: analysis, planning, implementation. London, SAGE.
Deventer, D. R. V., Imai, K., & Mesler, M. (2013) Advanced financial risk management: tools and techniques for integrated credit risk and interest rate risk management. Singapore, Wiley. https://www.books24x7.com/marc.asp?bookid=52645.
Dodge, D. H. (2013) Techniques of financial management. New Delhi, Random Exports.
Higgins, R. C. (2012) Analysis of financial management. New York, NY, McGraw-Hill/Irwin.
Kotler, P., & Armstrong, G. (2012) Principles of marketing. Boston, Pearson Prentice Hall.
Liebman, H. M., Antonini, R., Amory, B., & Amato, F. (2017) Business operations in the European Union: regulatory.
Takeyasu, K., Ishii, Y., & Higuchi, Y. (2013) Marketing analysis. 2. 2. [Izumi], Izumi Syuppan.
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