Health and Wellbeing Industry in Australia
The codes of practices include the aspect of providing accurate information and not making any false claims. The code of practices regarding marketing operations also states that no scientific data will get quoted until and unless there claim can get proved. The code of practice will impact the marketing operations by providing goods that must be ‘merchantable quality’, will be matching any description and will be suiting the specific purpose regarding which they were described. The impact of legislation and regulations on marketing operations state that when products or services get promoted, there is the requirement for ensuing that any branding, or quoting is not false or misleading. Promotions for a specific amount will get regulated by the State or territory via a permit. The marketing operation needs to get complied by the privacy legislation as well as spam regulations. When there is the need for exporting the products or services, there is the requirement for ensuring that an awareness should be there regarding any international regulations that might be influencing the decision related with pricing. The health and wellbeing industry is a dynamic sector and plays a critical role in the Australian economy. The industry has grown substantially within the last decade, generating $2.2billion revenue on an annual basis (with 3.5% annual growth rate) through 3265 health clubs housing 32,875 employment opportunities across the country. The industry also plays a key role in improving the health and fitness of Australians.
Impact of relevant legislation, codes of practice, ethical principles, and national standards on marketing operations
- Code of Practice – The code of practices include the aspect of providing accurate information and not making any false claims. The code of practices regarding marketing operations also states that no scientific data will get quoted until and unless there claim can get proved. The code of practice will impact the marketing operations by providing goods that must be ‘merchantable quality’, will be matching any description and will be suiting the specific purpose regarding which they were described.
- Confidentiality and Privacy Issues – The impact of confidentiality and privacy issues on marketing operations will be concerned with consumer privacy. With the emergence as well as evolution of telecommunications, the companies did the implementation of online and offline customer privacy measures for safeguarding confidential data of the customers from getting stolen.
- Ethical Principles – The impact of ethical principles on marketing operations states that every marketing communications will be sharing the common standard of truth, the marketing professionals needs to follow the highest standards of personal ethics, there needs to be transparency amongst the marketers regarding whom they are paying for endorsing their products. The marketers are required complying with the regulations as well as standards that the governmental as well as professional establishments have established. There is the requirement for having open and honest discussions related to marketing operations for the ethical aspects (Pride 2016).
- Legislation and Regulations – The impact of legislation and regulations on marketing operations state that when products or services get promoted, there is the requirement for ensuing that any branding, or quoting is not false or misleading. Promotions for a specific amount will get regulated by the State or territory via a permit. The marketing operation needs to get complied by the privacy legislation as well as spam regulations. When there is the need for exporting the products or services, there is the requirement for ensuring that an awareness should be there regarding any international regulations that might be influencing the decision related with pricing (Facione 2014).
- Social responsibility and cultural diversity – There should be the factors associated with the offering of respect and maintaining cultural diversity regarding the marketing operations within the organizations. In addition, the social responsibility issues need to delve with the aspect of alleviating as well as reducing poverty, expanding productive employment as well as enhancing social integration.
- Safety issues – The marketing operations need to be associated with the aspect of offering supervision to the members through publications, codes of practice, research reports, resources regarding training, for assisting them in continuously improving the issues regarding safety. The members are also required complying with the safety legislation regarding marketing through the reviewing of technical factors (McDonald 2016).
Describe the statistical methods and techniques for evaluating the marketing opportunities
- Bootstrapping – This statistical method will be allowing the aspect of assigning the accuracy measures for sampling the estimates. This method will be allowing the aspect of estimating the sampling distribution of any statistical data by the use of methods regarding random sampling.
- Brand-choice models – This statistical method will be having the involvement of explicit as well as implicit assumptions relating to the ways by which the purchase decision of the members and strategic marketing variables will be impacting these decisions. These models will be reflecting the behavioural realities of the choice of customers as well as allowing the precise forecasting of future choice behavioural aspects (Strauss 2016).
- Experimental design technique – This statistical method will be providing an introduction regarding the varied area regarding experimental designing. Also, to include rational exercises for providing support towards understanding, presenting as well as analysing the data. In addition, offering technical training to use designs as well as teaching of skills regarding statistical methods as well as analyzing the project studies throughout the industries (Zikmund 2014).
- Central tendency – This statistical method will be using the measure of central tendency that will be attempting the aspect of describing a set of data to identify the central position within the set of data. The mean, median as well as mode are considered being the suitable measures relating to central tendency.
- Conjoint analysis – This is a statistical method for eliciting the responses that will be revealing the preferences, priorities as well as the relative significance regarding individual traits related with the health care services. This method is being used for quantifying the preferences of the patients, caregivers as well as different stakeholders.
- Cross-tabulation – This statistical method will be used for analyzing the categorical data. Categorical data are considered to be the data that are separated into varied segments, which are mutually exclusive from each other.
- Perceptual maps – This statistical method is designed for showing the ways by which the average target market customers will be understanding the positioning of the products that are competing in the marketplace. It is considered being a statistical method that will be attempting the mapping regarding the perceptions of the customers as well as understandings relating to a diagram. There are two kinds of perceptual maps such as market maps as well as strategy maps (Farris 2015).
- Intention survey – This statistical method is considered being one of the direct method of demand forecasting. It does the encompassing of the future plans regarding purchases of the customers as well as their motives. Through this method the demand regarding the available products are determined and the future demand gets anticipated subsequently.
- Data mining – This statistical method assists in determining the factors that are combined for generating a set factor. This method also assists in predicting a categorical response variable that is generally used regarding social sciences. Also, it is attempting towards determining various discriminant functional aspects (Malhotra 2015).
- Extrapolation – This statistical method assists in finding values that are outside of a data set. This statistical method assists in constructing the multifactor models that assists in predicting a dependent variable from a number of independent variables.
FitLife is a privately owned Sydney based Australian health club chain with 70 health clubs and 182,000 active members in Australia. FitLife serves as one of the industry leaders in the sport and fitness segment providing multi-purpose fitness venues across the country providing state of the art health clubs to swimming pools, sport clubs, squash courts, and many other facilities.
The health and wellbeing industry is a dynamic sector and plays a critical role in the Australian economy. The industry has grown substantially within the last decade, generating $2.2billion revenue on an annual basis (with 3.5% annual growth rate) through 3265 health clubs housing 32,875 employment opportunities across the country. The industry also plays a key role in improving the health and fitness of Australians.
An evaluation of the company’s internal strengths and weaknesses, external opportunities and threats, market trend analysis, and macro-environment study established a groundwork to prepare this strategic analysis and marketing plan. The main motivation is to mine and develop new market opportunities targeted to specific customer niches ( Babin 2015).
Conclusion
The impact of ethical principles on marketing operations states that every marketing communications will be sharing the common standard of truth, the marketing professionals needs to follow the highest standards of personal ethics, there needs to be transparency amongst the marketers regarding whom they are paying for endorsing their products. The marketers are required complying with the regulations as well as standards that the governmental as well as professional establishments have established. There is the requirement for having open and honest discussions related to marketing operations for the ethical aspects.
Reference
Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.
Facione, P. and Gittens, C.A., 2015. Think critically. Pearson.
Farris, P., Bendle, N., Pfeifer, P. and Reibstein, D., 2015. Marketing metrics: The manager’s guide to measuring marketing performance. FT Press.
Malhotra, N.K., 2015. Essentials of marketing research: A hands-on orientation. Essex: Pearson.
McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.
Pride, W.M. and Ferrell, O.C., 2016. Foundations of marketing. Cengage Learning.
Strauss, J., 2016. E-marketing. Routledge.
Zikmund, W.G., D’Alessandro, S., Winzar, H., Lowe, B. and Babin, B., 2014. Marketing research. Cengage Learning Australia.
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