Key Provisions of Relevant Legislation Affecting Marketing Operations
1. Outline key provisions of relevant legislation, codes of practice and national standards affecting marketing operations.
Write your response into the table:
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Legislation/Codes/Standards |
Summary of Key Provisions |
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1. Fair Work Act 2009 |
Fair Work Act 2009 governs the ways a business organisation should acquire, manage and treat employees. The act mentions that the business organisation should not discriminate between employees including marketing employees (Legislation.gov.au, 2022). |
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2. Competition and Consumer Act 2010 |
The Competition and Consumer Act 2010 mentions that companies should not resort to unethical practices while marketing their products (Legislation.gov.au, 2022). |
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3. Australia Consumer Law |
The Australian Consumer Law protect the rights of the consumers in Australia. Companies operating in Australia have to comply with the laws and abstain from exploiting consumers in any form (Business.gov.au, 2022). |
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4. Privacy Act 1988 |
A business organisation should protect the personal information of consumers (Legislation.gov.au, 2022). |
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5. Part 3 of the Payment Systems (Regulation) Act 1998 |
The law governs payment systems which come into play with using cards like Master card and EFTPOS to make payments for purchase of goods (RBA.gov.au, 2022) |
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6. ePayment code |
The ePayment code is enforced by the Australian Securities & Investment Commission. The code govern online payments (Asic.gov.au, 2022) |
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7. Model WHS Act |
The law direct all business organisations in Australia to take actions to ensure safety of their employees as well as consumers (Safeworkaustralia.gov.au, 2022). |
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8. The Age Discrimination Act 2004 |
A company marketing products in Australia should not exhibit discriminatory conduct towards consumers based on age (Humanrights.gov.au, 2022). |
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9. Disability Discrimination Act 1992 |
It is illegal to discriminate between people in public facilities including buying products on the basic of the fact that they are differently abled (Humanrights.gov.au, 2022). |
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10. Racial Discrimination Act 1975 |
Companies selling products in Australia should not discriminate between customers based on their racial background. |
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11. Recycling and Waste Reduction Act 2020 |
The law aims to reduce use of single use plastic and encourage use of recycled plastic in Australia. This would reduce plastic pollution in the Australia |
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12. Intellectual Property rights laws |
A company marketing its products in Australia has to protect the technology it uses to manufacture its products, the formulae who go into designing the products and product literature under IPR laws in power in Australia.( Austrade.gov.au. 2022) |
2. Explain principles of marketing and marketing mix.
Write your response into the table:
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Principles |
Explanation of the marketing mix |
Industry-specific example |
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Product |
Products refer to the goods, service or both which a business organisation markets in the market to generate revenue (Lahtinen, Dietrich & Rundle-Thiele, 2020). Products should be able to create advantage to customers by meeting their needs and expectation (Thabit & Raewf, 2018). |
For example, for an FMCG company its products include FMCG goods like food products, skincare products and home care products. The products of a telecommunication company include internet connection services. The products of a restaurant include both goods and services. While the food and beverages fall under the category of goods, the service of waiters fall under the service category. |
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Price |
Price refers to the value or cost for which a product is made available to the customers by a company. Appropriate pricing strategies ensures that a company is able to generate sufficient revenue so as to cover its expenses, pay taxes, give high ROI to investors and yet maintain its financial strength. |
For example, luxury goods retail companies use premium pricing strategy where as smart phone companies use skimming pricing strategy. |
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Promotion |
Promotion refers to the channel and strategies which a company can use to create awareness about its products among prospective consumers and convince them to purchase the products (Al Badi, 2018). |
For example, a hotel advertises its products in travel related magazines A local firm advertises its products local newspaper and television. Companies across different industries utilise the digital platforms including social media platforms to promote their products (Lal et al., 2020). |
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Placement |
The place strategies enable a company to make its products available to customers. The place strategy also enables companies to enhance their market presence (Blut, Teller & Floh, 2018) |
For example, the major retail companies like Woolworths and Coles open retail outlets as well as have their own apps. The smaller retail shops often have to depend on third party apps to sell their products. |
3. Describe statistical methods and techniques, including forecasting techniques, to evaluate marketing opportunities.
Write your response into the table:
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Statistical techniques and methods |
Industry-specific example |
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1. Mean |
Banks use mean to judge the performance of their individual employees |
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2. Standard deviation |
Standard deviation is used in different industries like FMCG and telecommunication to judge the extent their actual business performances have deviated from the target business performance parameters. |
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3. Regression |
Regression is used by market research to find out the relationships between the independent and dependent variables of the topics they are conducting research on. |
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4. Hypothesis testing |
Companies operating in different industries like bank and FMCG use hypothesis |
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5. Sample size |
Companies from different industries use sample sizes of specific population of customers to identify specific market trends and make future decisions. For example, a retail company can take into account samples consisting of 1000 consumers to identify particular trends like changing consumer habits among them. |
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6. Classify |
Smart phone companies can classify customers based on their disposable income. |
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7. Re-sampling |
IT companies can use re-sampling methods to identify changing preferences among customers in terms of software usage. |
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8. Sub-set selection |
FMCG companies can use sub-selection to identify particular niche of customers to form niche marketing strategies to market products to the niche. |
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9. SPSS |
Companies from different industries like IT use SPSS to analyse the primary market data pieces they collect statistically. |
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10. Microsoft Excel |
Companies use Microsoft Excel to present statistical features like graphs and pie charts in their reports. For example, car companies can present graphs showing their sales and carbon emissions during particular periods like years. |
In this task, you will focus on an analysis of the external market in particular variables such as consumer interests, technology, competition etc. in an attempt to identify potential marketing opportunities.
Insert your responses into the table:
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Macro Facts |
Marketing Opportunities |
Rationale |
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1. Political- Australia is the 5th most politically stable country (Hubbard, 2021). This high level of political stability of the Australian Government enables it to form and enforce strong laws like the Privacy Act 1988 (Legislation.gov.au, 2022). It has strong bilateral relationship with most of the countries (Dfat.gov.au, 2022). |
1. Emu Fitness could import advanced fitness equipment manufactured overseas. 2. The firm in the country cam expand overseas taking advantage of the strong bilateral relationships the Australian Government has. |
1. Emu Fitness would be able to provide better training by using advanced fitness equipment imported from other countries. 2. The firm by expanding overseas would be able to gain more customers and strengthen its market position. |
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2. Economic- Australia is economically strong (Data.worldbank.org, 2022). The country is gradually coming out of the economic downturn it has faced owing to the coronavirus pandemic. (BBC.com, 2021) |
1. Attracting more customers or members. 2. Attracting more investments. |
As Australia is recovering from the economic downturn, more employment opportunities would be created. More people would have sufficient disposable income to join premium fitness centres. Small fitness firms could approach more investors to invest in their capital. |
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3. Social- Australia is a highly populated country. A considerable percentage of (Abs.gov.au, 2022). |
1. Make instructions and marketing literature available in different languages. 2. Launching an app which would enable members take work out sessions and work out assistance in their preferred languages. |
The two marketing opportunities would enable Emu Fitness attract members of both Australian origin and ethnic origin. |
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4. Technological- Australia has strong transport infrastructure which includes roads, harbours and bridges (Infrastructureaustralia.gov.au. (2022). The modern fitness equipment, advanced supplements and technical knowhow on work out enable bringing about innovations in fitness trainings. Technology like social media enable digital promotion of fitness centres. |
1. Launching new advertisements which would showcase the modern equipment which Emu Fitness has and uses in training members on regular basis. 2. Participating in fitness shows and bodybuilding competitions. 3. Spread awareness in the society on the importance of working out on a regular basis on social media platforms like Facebook and Instagram. |
1. This would enable Emu Fitness exhibit its strong financial base and collection of equipment for training members. This would enable the firm attract new members. 2. Increase market visibility and attract more customers including bodybuilders. 3. Establish itself as a socially responsible firm and attract more members. |
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5. Ecological environment- Emu Fitness should adopt strategies to reduce its environmental footprint. |
1. Emu Fitness should advertise the importance of recycling plastic. 2. Collaborate with local zoos to help them maintain animals better. 3. Plant trees and participate in tree plantation initiatives. |
Establishing itself as a socially responsible firm. |
Figure 1. Graph showing GDP of Australia
(Source: Data.worldbank.org, 2022)
Insert your responses here:
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Marketing opportunities which Emu Fitness can consider |
Launching new advertisements which would showcase the modern equipment which Emu Fitness has and uses in training members on regular basis. |
Launching an app which would enable members take work out sessions and work out assistance in their preferred languages. |
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Size and growth of the opportunity |
High |
High |
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Amount of competition |
High |
High |
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Level of interest by customers and potential customers |
The present customers would view the modern fitness equipment of great value and feel more motivated to train harder. |
The customers would be able to take training sessions in the languages of their preferences using the app. They would consequently be able to achieve their fitness goals optimally. |
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External costs of entering this market |
Advertisement costs, cost of hiring marketing experts to make the advertisements, costs of providing offers and discounts on membership fees to existing as well as new members etc. |
Costs of development of the app, cost of promoting the app, cost of making the app available on Google Play store, costs of training the trainers to train members on the app etc. |
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External risk of entering this market |
Financial risks, WHS risks, Risk of theft of machine parts etc. |
Financial risks, WHS risks, data theft risks. |
Insert your responses here:
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Marketing opportunities which Emu Fitness can consider |
Launching new advertisements which would showcase the modern equipment which Emu Fitness has and uses in training members on regular basis. |
Launching an app which would enable members take work out sessions and work out assistance in their preferred languages. |
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Entrepreneurial approaches |
Emu Fitness can launch advertisements on its own or enter into contract with marketing company to develop the advertisement on its behalf. |
Emu Fitness can enter into contract with an IT company to develop its app. |
Insert your responses here:
The two marketing opportunities mentioned above are well aligned with the goals and capabilities of Emu Fitness. The first goal of Emu Fitness is to introduce innovative fitness regime and enter new markets. New fitness equipment would enable the members train in new work out techniques they have never done before. They would also be able to try and perform new and innovative exercises. Acquiring new equipment would enable the gymnasium attract bodybuilders who usually train in advanced equipment. This means Emu Fitness by adopting the marketing opportunity mentioned would be able to enter a niche market within Australia. As far as the second marketing opportunity is concerned, by launching the new app, Emu Fitness would be able to train consumers, both who are proficient in English and who are not. The multilingual app would enable members who are of ethnic origin or are not comfortable in English train. This means that the gymnasium would be able to acquire more customers from among the ethnic groups living in Australia. This means that firm would be able to enter a new niche market. Thus, it can be established on the basis of the analysis that the two chosen marketing opportunities which the management of Emu Fitness could considering adopting are aligned with the business goal and capabilities of the firm.
Insert your responses here:
Both the above mentioned marketing opportunities would have positive impacts on the business of Emu Fitness and its customer base. The firm by adopting the first marketing opportunity which is advertisement of the modern equipment which it uses to train members would be able to attract new members including bodybuilders. Bodybuilders training in Emu Fitness would not only participate in the bodybuilding competitions but also promote it. This would enable Emu Fitness differentiate itself from other local gymnasiums. This would enable it would attract more members and generate more revenue. This means that marketing opportunity mentioned would help strengthening the customer base and boost its business performance.
Emu Fitness by adopting the second marketing opportunity which is launching a multilingual app would be able to train people who are not comfortable communicating in English. This would enable the firm attract members from among the non-English speaking residents in the country, This means the firm would be able to acquire more customers, thereby expanding its market share. It would also generate more revenue, thereby gain more financial strength. Thus, it can once again be established on the basis of the discussion that the marketing opportunity discussed would have positive impacts on the business of Emu Fitness and its customers.
Principles of Marketing and Marketing Mix
Insert your responses into the ROI and Costs Template Excel template which is a separate document provided to you by your Assessor, and attach a print output to your Student Assessment Workbook.
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Marketing Opportunity 1.Launching new advertisements which would showcase the modern equipment which Emu Fitness has and uses in training members on regular basis. |
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Cost Type |
Details |
Annual Estimated Cost ($AUD) |
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Accounting expenses |
2400 |
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Licensing costs |
2400 |
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Legal expenses |
1200 |
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Advertising costs |
3600 |
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Interests on bank |
1200 |
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Service provision costs |
6000 |
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Electricity |
2400 |
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Maintenance of building |
1200 |
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Salary |
600000 |
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Telephone |
1200 |
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Repairs and maintenance |
1200 |
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Miscellaneous |
1200 |
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Advertisement cost |
Cost of launching new advertisements |
$10,000 |
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Total Costs |
$634,000 |
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Annual Estimated Gross Revenue: |
$700,000 |
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Return on Investment (12 months): |
$66,000 |
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Marketing Opportunity 2.Launching an app which would enable members take work out sessions and work out assistance in their preferred languages. |
||
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Cost Type |
Details |
Annual Estimated Cost ($AUD) |
|
Accounting expenses |
2400 |
|
|
Licensing costs |
2400 |
|
|
Legal expenses |
1200 |
|
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Advertising costs |
3600 |
|
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Interests on bank |
1200 |
|
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Service provision costs |
6000 |
|
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Electricty |
2400 |
|
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Maintenance of buidling |
1200 |
|
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Salary |
600000 |
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Telephone |
1200 |
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Repairs and maintenance |
1200 |
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Miscellaneous |
1200 |
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Development and launching of app |
Multilingual app |
$10,000 |
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Promoting the app |
$10,000 |
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Upgradation of the app |
$10,000 |
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Return on Investment (12 months): |
$146,000 |
Insert your responses here:
The potential competition to Emu Fitness range from large multinational fitness companies operating in Australia and small scale fitness firms. The leading gymnasiums like 98 Gym have multiple centres though out Australia. They are capable of providing world class training through trained, experienced and certified trainers. They are able to provide training using world class fitness equipment which appropriate for professionals like models, bodybuilders and actors who require specialised training sessions. Emu Fitness needs to compete with these large scale fitness centres in order to attract these professionals to accept its membership. Similarly, Emu Fitness needs to compete with small scale gymnasium which charge lower membership fees.
Insert your responses into the table below:
|
Opportunity Name |
Fit with strategy? |
Market Size |
Potential $ |
Investment needed |
Capability of organisation? |
Time to profit |
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Opportunity 1. Launching new advertisements which would showcase the modern equipment which Emu Fitness has and uses in training members on regular basis. |
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Score [1-10] (10 highest) |
10 |
Large |
Yes |
Yes |
Good |
1 year |
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Opportunity 2. Launching an app which would enable members take work out sessions and work out assistance in their preferred languages. |
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Score [1-10] (10 highest) |
10 |
Large |
Yes |
Yes |
Good |
1 year |
Insert your responses here:
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Change management strategies |
Rationale |
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The management of Emu Fitness would conduct online surveys which would involve its existing employees and members |
This would enable Emu Fitness to obtain feedback and suggestions from these stakeholder groups. The management of the firm would be able to involve them in the change management process |
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Training of the trainers |
The trainers would be trained to participate in the change management strategy. |
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Managerial training sessions |
Training the managers would enable them to take better decisions regarding the changes which would come upon the firm upon implementation of the change management strategies. |
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Maintaining regular communication with the employees |
This would enable the firm secure their consistent support. |
The resources which could be used to implement the change management process are financial resources, technological resources and human resources
The three actions leading to the change are identifying the change management strategies, implementing them and monitoring their outcomes.
Not required. You will be holding a meeting with two stakeholders. Please refer to your Student Assessment Workbook for detailed instructions.
The management of Emu Fitness would take collaborative sessions with both the middle level managers and the lower level employees. The members of the board of management should seek feedback and suggestions. The feedback should be noted.
Upon the receipt of the feedback from the stakeholders, make the necessary adjustments to your earlier findings where necessary.
The following are the adjustment made to the action plan pertaining to the change management plan at Emu Fitness:
The second step of the action plan would be training the employees. The rationale behind this change is that training the employees would enable them to implement the change management strategies more efficiently.
The final version of the change management plan should be attached.
References:
Abs.gov.au. (2022). Retrieved 5 April 2022, from https://www.abs.gov.au/statistics/classifications/australian-standard-classification-cultural-and-ethnic-groups-ascceg/latest-release
Al Badi, K. S. (2018). The impact of marketing mix on the competitive advantage of the SME sector in the Al Buraimi Governorate in Oman. SAGE Open, 8(3), 2158244018800838.
Asic.gov.au. (2022). Retrieved 4 April 2022, from https://asic.gov.au/for-consumers/banking/
Austrade.gov.au. (2022). Retrieved 4 April 2022, from https://www.austrade.gov.au/international/invest/guide-to-investing/running-a-business/understanding-australian-business-regulation/australian-intellectual-property-laws#
BBC.com. (2021). Retrieved 5 April 2022, from https://www.bbc.com/news/business-57326054
Blut, M., Teller, C., & Floh, A. (2018). Testing retail marketing-mix effects on patronage: A meta-analysis. Journal of retailing, 94(2), 113-135.
Business.gov.au. (2022). Retrieved 4 April 2022, from https://business.gov.au/products-and-services/fair-trading/australian-consumer-law#:~:text=The%20ACL%20is%20a%20national,include%20businesses%20that%20are%20overseas.
Data.worldbank.org. (2022). Retrieved 5 April 2022, from https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2020&locations=AU&start=2010&view=chart
Hubbard, K. (2021). USnews.com. Retrieved 4 April 2022, from https://www.usnews.com/news/best-countries/slideshows/most-politically-stable-countries
Dfat.gov.au. (2022). Retrieved 4 April 2022, from https://www.dfat.gov.au/aid/who-we-work-with/bilateral-partnerships/Pages/bilateral-partnerships
Humanrights.gov.au. (2022). Retrieved 4 April 2022, from https://humanrights.gov.au/our-work/employers/age-discrimination
Infrastructureaustralia.gov.au. (2022). Retrieved 5 April 2022, from https://www.infrastructureaustralia.gov.au/sites/default/files/2019-08/Australian%20Infrastructure%20Audit%202019%20-%205.%20Transport.pdf
Lahtinen, V., Dietrich, T., & Rundle-Thiele, S. (2020). Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context. Journal of Social Marketing.
Lal, B., Ismagilova, E., Dwivedi, Y. K., & Kwayu, S. (2020). Return on investment in social media marketing: Literature review and suggestions for future research. Digital and social media marketing, 3-17.
Legislation.gov.au. (2022). Retrieved 4 April 2022, from https://www.legislation.gov.au/Details/C2018C00512
Legislation.gov.au. (2022). Retrieved 4 April 2022, from https://www.legislation.gov.au/Details/C2019C00149/Html/Volume_3
Legislation.gov.au. (2022). Retrieved 4 April 2022, from https://www.legislation.gov.au/Details/C2014C00076
RBA.gov.au. (2022). Retrieved 4 April 2022, from https://www.rba.gov.au/payments-and-infrastructure/payments-system-regulation/regulations.html
Safeworkaustralia.gov.au. (2022). Retrieved 4 April 2022, from https://www.safeworkaustralia.gov.au/about-us
Thabit, T., & Raewf, M. (2018). The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4).
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