Salford College BSBMKG501 Marketing Management Assignment Solutions

This assignment solution addresses various aspects of marketing management. It begins by outlining relevant legislations and regulations in the Australian marketing industry, including the Competition and Consumer Act and the Privacy Act. The solution then explores the Codes of Practice, market penetration, development, product development, and diversification strategies using Ansoff's matrix. It delves into the product life cycle phases and the elements of the marketing mix, including price, people, place, and promotion. Furthermore, it highlights the importance of the marketing mix and outlines key steps in the marketing process. The document also covers statistical methods in marketing such as needs-based segmentation, cluster analysis, and usage segmentation, as well as methods for forecasting marketing growth rates like trend analysis. Finally, it addresses the concept of Return on Investment (ROI) in marketing.

Marketing Management

Table of Contents
Answer to Question 1.................................................................................................................3
Answer to Question 2.................................................................................................................3
Answer to Question 3.................................................................................................................3
Answer to Question 4.................................................................................................................3
Answer to Question 5.................................................................................................................3
Answer to Question 6.................................................................................................................3
Answer to Question 7.................................................................................................................3
Answer to Question 8.................................................................................................................4
Answer to Question 9.................................................................................................................4
Answer to Question 10...............................................................................................................4
Reference List............................................................................................................................5

Answer to Question 1
The five legislations and regulations pertaining to marketing industry in Australia include the
Competition and Consumer Act of 2010 which implies the providing of the comprehensive
solution to the consumer, the Privacy Act of 1988 which implies the confidentiality of the
information of the customer in a proper and appropriate manner, the respective Occupational
Health and Safety Act which implies the ensuring of health and safety at the workplace, the
Fair Work Act of 2009 which implies the non-discriminatory treatment towards the
employees at the workplace and the Corporations Act of 2001 which implies the duties of
director of any business entity.
Answer to Question 2
The Codes of Practice with regard to marketing in Australia are inclusive of the ADMA
Codes of Practice and the ACMA Codes of Practice. The ADMA Codes of Practice implies
the stipulation of standards for marketing as far as minimizing of the risk regarding
regulatory breach is concerned. The ACMA Codes of Practice implies ethics for people
engaged in the radio sector.
Answer to Question 3
The concept of market penetration implies the selling of a service or a product in a particular
market taking account of the amount of sales of such a product or service in comparison to
the target market in total. It also implies the tasks which are undertaken with regard to the rise
of the market share of a particular service or product accordingly. The concept of market
development implies the strategy pertaining to new segments of market taking account of the
current products as far as marketing in a proper and appropriate manner is concerned with
regard to the derivation of the desired outcomes accordingly. The concept of product
development implies the steps pertaining to the production and marketing of new goods and
services as far as releasing them in the market in the desired manner is concerned with an
objective to sell. . The concept of diversification implies the variations in the range of
products. As per Ansoff’s matrix, the concept of diversification implies the marketing
strategy with regard to developing of new products and services for growth as far as the new
markets are concerned.
Answer to Question 4
The phases involved in product life cycle are inclusive of introduction, growth, maturity and
decline. These phases in a combined manner play an important role in the sales and
marketing of the products and services in the desired manner. The concept pertaining to
product life cycle is applied in various kinds of industries as far as the marketing of the
products and services is concerned in the desired manner. The aspect of introduction implies
the launch of a product in the market. The aspect of growth implies the development of the
product by making its presence in the market significantly. The aspect of maturity implies the

ability of the product to attract customers. The aspect of decline implies the fall in the market
value of the product.
Answer to Question 5
The aspect pertaining to marketing mix implies the factors which play an important role in
the influencing of customers by the company to purchase products. The aspect pertaining to
price implies the capability of buyers to purchase (Fan, Lau and Zhao, 2015). In this regard,
the pricing policy has an important role to play. The aspect pertaining to people implies the
tastes and preferences of the people with regard to purchase of products in the particular
target market as far as the factors pertaining to demographics is concerned. The aspect
pertaining to place implies the area for sales with regard to the geographic location as far as
the target market is concerned. The aspect pertaining to promotion implies the advertisements
of the product in the target market through various means as far as the attraction of customers
are concerned.
Answer to Question 6
Marketing mix is essential since it helps in the feasibility of marketing of goods and services
in the desired manner as far as its ultimate sales are concerned. Taking account of the factors
pertaining to product, price place and promotion, it is imperative that the aspect pertaining to
marketing mix is extremely vital accordingly.
Answer to Question 7
The four steps in marketing include the aspects of marketing mix which imply place, product,
and promotion and price accordingly.
Answer to Question 8
The four statistical methods in marketing include needs based segmentation, cluster analysis,
usage segmentation and a priori. These are the four commonly used statistical methods in
marketing. The aspect pertaining to need based segmentation implies that the demands of the
customers with regard to the target market are to be taken into account and be analyzed in a
proper and appropriate manner. As a result, it would help in the customer satisfaction in the
desired manner. The aspect pertaining to cluster analysis implies that in terms of marketing,
specific groups are determined and identified accordingly and similar groups are categorized
into one which is known as cluster. The main objective pertaining to cluster analysis implies
data collection and analysis as far as marketing is concerned. The aspect pertaining to usage
segmentation implies the analysis of the needs and demands of various customers in the
target market as far as the various ranges of the products available in the market are
concerned. The aspect pertaining to the brands of the products are also taken into account.
The aspect pertaining to a priori in terms of marketing implies the short listing of variables
and thereafter, the categorization of the customers as per the short listed variables
accordingly. It would help in the marketing in an effective and efficient manner. The Delphi
method implies the aspect related to rounds of questionnaires amongst various groups of

experts. The historical analysis implies the past effectiveness of the marketing strategy in
question. The market research implies the analysis of the target market with regard to the
aspects pertaining to feasibility in marketing accordingly. The time series analysis implies the
indexing of the data points in a chronological order accordingly as far as marketing is
concerned.
Answer to Question 9
The most commonly used methods for the purpose of forecasting marketing growth rate is
trend analysis. It would help in the detection and identification of the growth rate in the past
thereby speculating over the possibilities in the future as far as sales of products and services
are concerned.
Answer to Question 10
Return on investment implies the aspects involved in the evaluation of the efficiency and
effectiveness involved in the investment (Chisholm, 2016). As far as calculation is
concerned, the benefits pertaining to investment are accordingly divided by the costs in terms
of the investment.

Reference List
Chisholm, D., Sweeny, K., Sheehan, P., Rasmussen, B., Smit, F., Cuijpers, P. and Saxena, S.,
2016. Scaling-up treatment of depression and anxiety: a global return on investment
analysis. The Lancet Psychiatry, 3(5), pp.415-424.
Fan, S., Lau, R.Y. and Zhao, J.L., 2015. Demystifying big data analytics for business
intelligence through the lens of marketing mix. Big Data Research, 2(1), pp.28-32.