Marketing Assignment 3: Marketing Principles, Analysis, and Laws

This assignment delves into various aspects of marketing, beginning with an explanation of codes of practice and their objectives. It then explores the types of legislation affecting businesses, including advertising, employment, consumer protection, competition, and health and safety laws. The assign...Read More

Running head: ASSIGNMNET 3
ASSIGNMNET 3
Name of the Student
Name of the University
Author Note

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Response 1
A code of practice is a written set of rules and regulations which is known for explaining
how people should work in a particular profession or a particular organization. The codes of
practices are guidelines which are set by the top managerial of the company should be abided by
the employees working in the organization as a whole.
Voluntary codes of practices are those codes of practice which is known for influencing, shaping,
controlling or set various types of bench marks of the employees working in the organization.
Whereas on the other with the name mandatory codes of practices are known for dealing with the
mandatory set of rules and regulation which the company has to certainly practice with the
employees. These codes of practices are mandated to the employees.
The three main objectives of the ADMA code of practices are providing confidence among
employees, providing consumer focused thought and behavior and help the business achieve
corporate sustainability for long term running (Stead and Hastings 2018).
Response 2
The key types of legislation which is known for affecting the operation of the business in the
particular market are discussed below:
 Advertising laws – the advertising laws are known for affecting the business as because
there are strict guideline by government when a company is providing any sort of
advertising to a targeted demographics of customers.
 Employment laws – This is known for safe guarding the right of the employees as a
whole so that they can maintain their sustainability with the business.

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 Consumer Protection Law – The consumer protection law is known for safe guarding the
right of the customers from the company or particular organization.
 Competition law - The competition law is known for aiming to ensure that fair
competition takes place in each of the industry so that both can perform well accordingly.
 Health and Safety Law – The health and safety law is known for determining the factor
that the employees are provided with safe premises and machinery. They must be ensure
that the employee’s health does not get affected.
Response 3
Direct marketing is basically known for describing the interactive communication process
which is provided from the company to the direct users in the market. Direct marketing might
include structures like using a direct sales force, catalog marketing, website marketing and
providing various types of seminar and trade fairs. These are techniques used by the companies
to structure the direct marketing and sell products and services to the clients and customers.
Response 4
Advantages of having broad marketing mix is that it is known for simplifying and
bringing things together with different concepts of marketing, thus making extensive marketing
easier. It also allows separation of marketing procedures of the company from other activities
perform by the company. This also helps in delegating different types of marketing work to
specialists. Examples like Coca Cola Brand and Apple Inc have broad marketing mix
Whereas on the other hand the disadvantages of having big marketing mix are it does not deal
with the client behavior and customer satisfaction. Here in this case the marketing mix considers
the client to be passive which thus does not allow further interaction and relationships. Thus the

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broad marketing mix does not mention building relationships with the consumers which should
be one of the most important focus of marketing mix (Datta, Ailawadi and Van Heerde, 2017).
Examples for disadvantage of having broad marketing mix are Hyosung and Denmark Jeans.
Response 5
The goals against the marketing opportunities should be evaluated are:
 The network index – Although it can be said that it is not the most accurate factors but
however sometimes a lot of unexpected results can be found out from this
 Paying more attention to the consumer data is more useful in many institution as because
it is known for providing feedback to the customers
 The third party statistical institution is known for providing the AI statistics to the
company which is known for dealing with various types of company report information.
 The goals of achieving the data analysis which needs to rely on business and human
connection, here in this case the more people known about industry the more they will be
attracted towards them
 The goals of achieving competitors analysis can help the company in gaining knowledge
for the competitors business
Response 6
Marketing is particularly defined as the promotion of advertising of a particular product or
service which is manufactured by the company or business organization. Marketing practices has
occurred among the companies from decades (Wu and Li, 2018). It can also be said that
marketing is a tool which is known for exchanging relationships with the business and along
with the customers available in the potential market. With extensive marketing it has been found

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out that the company creates a competitive advantage over the wise competitors functioning in
the particular market. Marketing of products and services mainly deals with the needs and wants
of the customers according to the economic stability, the spending power of the buyer and as
well as the demographics in the market. With marketing the company objectives come to an end
thus creating a base for the company to prosper with the customers.
Whereas on the other hand the principles of marketing mix is that it is known for comprising of
four key elements which are product, place, price and promotion. These are useful elements
which is basically studies by the company to gain knowledge and satisfy the needs and wants of
the customers. These principles are basically calculated and manipulated by the meets and
demands of the end users. According to the author Blut, Teller and Floh, (2018) it has been
found out that marketing mix is often defined as a tool that consist of a set of marketing tool
which the firm might use to pursue its marketing opportunities thus creating a demand among the
potential customers available in the market.
Response 7
Statistical methods and techniques which are used to analyze and evaluate the marketing
opportunities of a company are:
 Regression Analysis – it is known for determining and predicting the value of one
variable from the other one. It is one of the most useful method that is used to arrive at
the marketing potentials.
 Time Series Analysis – The time series analysis is known for accounting the internal
structure of the seasonal fluctuation of demand in the market. Often it has been found out
that the time series analysis is known for identifying the structural pattern and then

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applies correction for further forecasting. This in a way help the business to improve the
market estimates and create marketing opportunities

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References
Blut, M., Teller, C. and Floh, A., 2018. Testing retail marketing-mix effects on patronage: A
meta-analysis. Journal of Retailing, 94(2), pp.113-135.
Datta, H., Ailawadi, K.L. and Van Heerde, H.J., 2017. How well does consumer-based brand
equity align with sales-based brand equity and marketing-mix response?. Journal of
Marketing, 81(3), pp.1-20.
Wu, Y.L. and Li, E.Y., 2018. Marketing mix, customer value, and customer loyalty in social
commerce. Internet Research.
Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the balance
right. In Social Marketing (pp. 29-43). Psychology Press.