Describe 4 different marketing options you could include your marketing plans7 D

Question

Describe 4 different marketing options you could include your marketing plans7 Describe 4 different marketing strategies Describe the benefits and restraints of 4 different marketing approaches Describe the benefits and constraints of 4 different marketing mixes Describe the following legislation i codes of practice I national codes ADMA Direct marketing code of Practice Australian E-Commerce Best Practice Model Australian Government Policy Framework for Consumer Protection in Electronic Commerce Free TV Australia Commercial Television Industry Code of Practice Defamation Equal Opportunity Privacy laws Consumer and competent. on 2010

Explanation / Answer

Ans:-1

4 different marketing options that can be included in the marketing plan are as follows:

(i) Existing marketing situation – This part consists of data related to current sales, profits, market condition, competitors and others. Proper marketing research may be done for the purpose.

(ii)SWOT Analysis – One should find out the important strengths or weaknesses and opportunities or threats of the company.

(iii) Objectives – One has to finalize the objectives related to finance and marketing.

(iv) Action Programs – One has to think of the different marketing programs that have to be undertaken to attain the aforementioned objectives.

Ans:-2

4 different marketing strategies are as under:

(i) Market Penetration Strategy – A company in the beginning tries to increase its market share with existing products and/or services in the current market. It can do so by going for rigorous advertising and sales promotion and expanding its distribution network.

(ii) Market Development Strategy – The company then tries to see whether it can create new markets for its existing products and/or services. e.g., an Australian company trying to enter the Indian market.

(iii) Product Development Strategy – The company goes for new product introduction in its current market to enhance its market share. e.g., introduction of new Ameo car model by Volkswagen.

(iv) Diversification Strategy – The company comes out with new products in new markets.

Ans:-3

Marketing Approaches:

(i) Advertising:

(ii) Networking:

(iii) Word-Of-Mouth Marketing (WOM):

(iv) Sales Promotion:

Ans:-4

Elements of Marketing Mix:

(i) Product:

(ii) Price:

(iii) Promotion:

(iv) Place:

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