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STAGE 2 BUSINESS AND ENTERPRISE FOLIO TASK 4 – EXTENDED WRITTEN RESPONSE - MARKETING CONTENTS Executive Summary 1 Marketing 2 Considerations taken before a Marketing Plan is developed 3 Factors Affecting Consumer Behaviour 3 Unethical Marketing 4 Examples of Unethical Marketing 5 Illegal Marketing 5 Examples of Illegal Marketing 6 Conclusion 7 Bibliography Page 1 of 7 Stage 2 Business and Enterprise annotated response for use from 2011 565317154 (June 2017) © SACE Board of South Australia 2010 Executive Summary This essay will outline and analyse aspects of marketing, including how businesses use marketing and the effects marketing has on businesses. The information compiled is based on newspaper articles, websites and class handouts. Page 2 of 7 Stage 2 Business and Enterprise annotated response for use from 2011 565317154 (June 2017) © SACE Board of South Australia 2010 Marketing is the process of identifying new and existing needs and wants of consumers and satisfying those with creating products or services available to consumers while simultaneously making a sound profit for the business. The aim of marketing is to have the right products or services appropriate for a firm’s target market, at the right price, place and to have the right promotion in order to sell the good of service. A marketing plan assists the business in ensuring an efficient approach is taken when developing products or services to meet and satisfy the customer’s needs and wants. Before a marketing plan is developed many considerations are taken to ensure that as a result of the business’ marketing strategies, the business will increase their market share, profitability and turnover of stock. Both primary and secondary research is conducted to gather information needed to determine the potential target markets and segmentation of the business. Market segmentation allows the business to gain a clear knowledge of exactly who the business is targeting its products/services to, consequently giving the business an understanding of the characteristics of the consumers and enabling them to best suit consumer’s needs and wants. There are several ways by which businesses can segment markets. (See Figure 1) Figure 1 Market Segments Geographic region, population,climate Demographic age, religion, nationality Psychographic activities, interests Behavioural brand loyalty Page 3 of 7 Stage 2 Business and Enterprise annotated response for use from 2011 565317154 (June 2017) © SACE Board of South Australia 2010 Knowledge and Understanding Provides evidence of well-informed understanding of the complex nature and role of business and enterprise. There are four main marketing strategies applied by businesses when carrying out the final marketing activities. These strategies are product, price, promotion and place, the Four Ps. (See Figure 2) Consumer behavior can be greatly affected by both personal and external influences. Almost all consumers are part of a social class structure, with which the members share similar values, interests and behavior. Social class is determined by a number of factors such as, income, occupation, education and wealth. Social classes show a distinct product and brand preferences in areas such as clothing, vehicles and housing. Figure 2 Four Ps Product Different styles, sizes, colours and types of products Price Aimed at target market who is willing to the price Promotion Magazines, billboards Place City, suburb Page 4 of 7 Stage 2 Business and Enterprise annotated response for use from 2011 565317154 (June 2017) © SACE Board of South Australia 2010 Application Indicative of competent application of knowledge and understanding of ideas and concepts that have some relevance to marketing. Advertising is considered to be unethical if it has ‘degraded or underestimated the substitute of the competitors product, gives false or misleading information, fails to give useful information or is believe to be obscene or immoral’ (Advertising 2004) As marketing is essentially a way to increase profits, many businesses use unethical marketing if they believe it will increase consumer purchases and so increase profits. Recently Bank X marketed throughout Australia a fixed home loan offer of 4.99%. However, this was not open to all Australians and so therefore is an example of unethical advertising. Online betting agencies recently gave away millions of dollars’ worth of free bets to entice more gamblers to their agencies. This is unethical because it could increase issues for problem gamblers. Business need consumers as much as consumers need businesses. When it comes to advertising the relationship between the business and consumers is not equal. The business holds the upper hand, as consumers rely on the advertising material to make informed decisions regarding purchases. Laws and guidelines regarding the control of advertising exist to protect society from illegal advertising. Illegal advertising in Australia is advertising which breaches State or Federal legislation or the guidelines set by the Australian Advertising Standards Bureau. Knowledge and Understanding Reference to Bank X provides evidence of considered knowledge and understanding of the relationship between business theory and practice. Analysis and Evaluation Together these instances provide evidence of evaluation of the economic implications of business practices. Company X was fined for misleading advertising of cigarettes in NSW. NSW has laws that prevents the displaying of cigarettes or tobacco, in the hope of reducing smoking. A motor vehicle advertisement was banned in Australia because it was seen to promote illegal driving practices. Marketing is important for the success of a business. Good marketing practices will mean the difference between the sale of your product or the loss of sales to competitors. Aggressive marketing plans will give a business the opportunity to grow and expand, “marketing is an investment that will pay for itself over and over again”. Identifying the needs and wants of the demographic of business, locating the product and ensuring pricing is competitive are essential marketing tools to ensure the success of any business. Word Count 693 Page 5 of 7 Stage 2 Business and Enterprise annotated response for use from 2011 565317154 (June 2017) © SACE Board of South Australia 2010 Knowledge and Understanding Provides supporting evidence of wellinformed understanding of the complex nature and role of business and enterprise. Bibliography Marketing Handout from class. Internet Sources http://www.davidjones.com.au viewed 14 August http://www.netmba.com/marketing/market/segmentation viewed 14 August Consumer Markets http://referaty-seminarky.sk/consumer-,arkets-influences-onconsumer-behaviour, viewed September http://www.adelaidenow.com.au/unethicalmarketing http://www.adelaidenow.com.au/misleadingadvertising Additional comments A review of the student’s work provides evidence of: Communication proficient use of appropriate vocabulary and terminology an on-balance limited acknowledgement of sources, e.g. reference to Company X fined for misleading advertising is not sourced. Page 6 of 7 Stage 2 Business and Enterprise annotated response for use from 2011 565317154 (June 2017) © SACE Board of South Australia 2010 PERFORMANCE STANDARDS FOR STAGE 2 BUSINESS AND ENTERPRISE Knowledge and Understanding A Comprehensive understanding of the complex nature and role of business and enterprise. In-depth understanding and coherent explanation of a variety of business structures, including those of small business in a global environment. In-depth knowledge and understanding of the relationship between business theory and practice. B Well-informed understanding of the complex nature and role of business and enterprise. Some depth of understanding and clear explanation of different business structures, including those of small business in a global environment. Detailed and well-considered knowledge and understanding of the relationship between business theory and practice. C Informed understanding of the nature and role of business and enterprise. Considered understanding and competent explanation of different business structures, including those of small business in a global environment. Considered knowledge and understanding of the relationship between business theory and practice. D Some awareness of the nature and role of business and enterprise. Awareness and description of a business structure, which may be a small business in a global environment. Recognition and some basic understanding of the relationship between business theory and practice. E Limited awareness of the nature or role of business and enterprise. Attempted description of a business structure. Awareness of a relationship between business theory and practice. Page 7 of 7 Analysis and Evaluation Perceptive and discerning analysis and evaluation of the factors involved in current trends, opportunities, and key issues affecting business and enterprise. Insightful and well-informed evaluation of the economic, ethical, social, and environmental implications and consequences of business and enterprise practices in different contexts. Well-considered analysis and evaluation of the factors involved in current trends, opportunities, and key issues affecting business and enterprise. Thoughtful and informed evaluation of the economic, ethical, social, and environmental implications and consequences of business and enterprise practices in different contexts. Informed analysis and evaluation of the factors involved in current trends, opportunities, and key issues affecting business and enterprise. Evaluation of the economic, ethical, social, and environmental implications and consequences of business and enterprise practices in different contexts. Basic description of one or more factors involved in current trends, opportunities, and/or key issues affecting business and enterprise. Some consideration of the economic, ethical, social, and environmental implications or consequences of business and enterprise practices. Recognition of one or more factors involved in current trends, opportunities, or key issues affecting business and enterprise. Limited consideration of any of the economic, ethical, social, and environmental implications or consequences of business and enterprise practices. Communication Coherent and fluent communication of complex information and ideas about business and enterprise to suit the purpose and audience. Comprehensive and highly proficient use of conventions, vocabulary, and terminology appropriate to business and enterprise. Consistent and appropriate acknowledgement of a range of sources. Clear and well-structured communication of complex information and ideas about business and enterprise to suit the purpose and audience. Proficient use of conventions, vocabulary, and terminology appropriate to business and enterprise. Mostly consistent and appropriate acknowledgement of a range of sources. Competent communication of information and ideas about business and enterprise to suit the purpose and audience. Use of conventions, vocabulary, and terminology generally appropriate to business and enterprise. Mostly appropriate acknowledgement of different sources. Some endeavour to communicate basic information and ideas about business and enterprise for a particular purpose or audience. Inconsistent use of basic conventions, vocabulary, and terminology appropriate to business and enterprise. Application Highly proficient use of technology that meets current business standards. Selective and constructive application of knowledge and understanding of relevant business ideas, concepts, and practices. Proactive and focused selection and use of relevant information from a range of sources. Proficient use of technology that meets current business standards. Thoughtful application of knowledge and understanding of relevant business ideas, concepts, and practices. Well-considered selection and use of relevant information from a range of sources. Competent use of technology that meets current business standards. Competent application of knowledge and understanding of relevant business ideas, concepts, and practices. Considered selection and use of relevant information from different sources. Basic use of technology which may not meet current business standards. Some endeavour to apply knowledge and understanding of one or more business ideas, concepts, and/or practices, which have some relevance. Some acknowledgement of sources. Selection and some use of information from more than one source, with some relevance. Attempt to communicate one or two ideas about business and enterprise without necessarily taking into account the audience. Limited skill in using technology. Limited and isolated use of conventions, vocabulary, and terminology appropriate to business and enterprise. Limited acknowledgement of sources. Recognition of the need to apply knowledge and understanding of business ideas, concepts, and practices, which may have some relevance. Attempted use of information from more one or more sources, which may have some relevance. Stage 2 Business and Enterprise annotated response for use from 2011 565317154 (June 2017) © SACE Board of South Australia 2010