The Competition and Consumer and jurisdictional state fair trading Acts

The Competition and Consumer Acts and jurisdictional state fair trading Acts are enacting laws that support fair trade, competition, and consumer protection (Reform, 2010). The goal of putting these rules into effect and enforcing them is to guarantee that all financial markets are open to consumers, competitive, fair, and transparent, which will affect their ability to participate in the markets of today. The following are the main goals of these Acts:

Consumers should receive timely information to enable them to make informed decisions regarding financial transactions.

defending customers from dishonest and unfair tactics.

The most widely used code is the one established by FEDMA known as the FEDMA code, which complies with the pertinent national regulations. The code of practice is designed to promote better marketing practices as well as used for reference within the application of different laws FEDMA hopes that these codes should be regarded as the general customs for the industry as a whole. FEDMA code also enhances the development of better effective practices regarding data protection.

Question 3

A market is a physical place or virtual place through the internet where buyers and sellers of different goods and services interact to make an exchange for cash or batter. On the other hand, market segments are small subsets of a market that categorizes users to suit their various needs (Churchill & Iacobucci, 2006). The consumer groups could be identified easier by location, gender, age, income levels and education levels. Segmentation is necessary as it makes marketing simpler and effective.

Question 4

Online marketing is a form of distance marketing carried out through the internet and mail orders of a consumer regarding online marketing. The legislations provide the consumers with the confidence of conducting transaction. This form of marketing is prone to various risks such as lack of security and uncertain deliveries. Various legislations are aimed at protecting consumers from online sales. For instance, Territory Fair Trading Legislation prohibits deceiving and misleading conducts and protects the privacy s freely (King, & Raja, 2013).

Question 5

Broad marketing mix refers to a collection of marketing tools that a business uses to achieve organizational goals and satisfying consumers (Porter, 2008). Broad marketing mix has several advantages which include:

Helps the organization to identify important customers.

Enables the business to change its trends quickly.

Enhances effective advertisement.

Disadvantages of the broad marketing mix include:

A broader marketing mix may destroy the equity of an organization regarding price promotion.

Promotes the deterioration of a company’s product.

Increases the bargaining hunting from consumers.

Question 6

In Australia, individuals are protected against discrimination basing on race, age, sex, gender identity and disability among others. Discriminating anyone basing on these attributes is unlawful. Marketers should then come up with ways to ensure compliance with the discrimination laws. Marketers should strive to create motivating and supportive workplaces which will encourage equal opportunity for everyone to flourish. They should foster a culture which is based on inspiring, learning, helping, sharing and seeking guidance on how to perform better.

Question 7

Ethical marketing practices are philosophies that focus on fairness, honesty, and responsibility. These set of guidelines are meant to ensure the intentions of the company are achieved which include; sharing of truth in marketing communication and ensuring consumer’s privacy. Marketers should prioritize satisfying their customers and make legitimate claims (Francis & Armstrong, 2003). These ethical marketing practices help in building the consumer’s confidence and loyalty on the brand’s integrity which in turn increases the business performance.

Question 8

When an organization takes advantage of new opportunities, various changes should be considered. The marketing team should monitor their competitors to find out about potential customers and identify areas in which the competitors do not operate in. When a competitor performs poorly, the business finds an opportunity to improve its products and services. New legislations and merging of two organizations are changes that could trigger a company to come up with new services and products (Churchill & Iacobucci, 2006).

Question 9

Stakeholders in an organization are any group of people or an individual who can influence the achievements of the organization. They include Board of directors, managers, human resources stuff, owners and supervisors among others. These people can also be affected by the performance of the organization. Stakeholders may be identified verification by other member or through self-selection. To make changes viable, the stakeholders require key information such as cultural and gender awareness, respect, transparency and developed enthusiasm.

Question 10

Before an organization enters into a new business, it should consider various areas for risk and benefit analysis. The organization should look into the growth of the business within the market, sales volume in the new market, profitability and the potential to expand the market share (Churchill & Iacobucci, 2006).

Question 11

For any organization to ensure quality services to its customers, four key elements should be considered in the business. First, the organization should consider the service is offering to determine their customer’s definition of excellence regarding their services and identifying what needs to be done to deliver quality services. The organization should consider the funding mechanism to determine how much will be cost to provide the quality service. Employee management and consumer management should be considered to articulate the codes and conduct the two parties should demonstrate to get the best out of the business services.

Question 12

Pizza and Pasta Limited can maintain their standards of service to their current customers and new one through various strategies which include:

Providing their customers with various ways of communication so that in case of any issue’ the organization can respond immediately.

Introducing home deliveries.

Accepting feedbacks from customers and taking necessary actions without hesitations

Appreciating and respecting their customers.

The customers should be treated right at any point as required by the business ethical practices.

Question 13

Four major forces generate a business opportunity and enable one to explore the opportunity. The questions to be developed to get the background of the business are as follows;

Is there the existence of technological evolution? This question helps in determining the maturity of the level of technology that has a great impact on entrepreneurial opportunities.

Who are the competitors and how is their performance? Presence of business competitors creates room for innovation and entry of opportunities.

What is the characteristic of demand for the service? Entrepreneurial opportunities also depend on the characteristics of demand.

Question 14

To determine probable returns and competitors, an organization that is venturing into a new business opportunity should consider the following:

Scalability of the business where it can make revenue quickly at a low cost.

The potential exit which comes with returns basing on how much investment was made, the acquisition price and the pre-money valuation.

Excellent, knowledgeable and experienced management team.

Question 15

Many organizations face various external factors which they have no control over. These factors are the knock out factors which may block viability of new business opportunity. The organization should uphold the codes of conduct to enhance the viability of entering new markets (Francis & Armstrong, 2003).

References

Churchill, G. A., & Iacobucci, D. (2006). Marketing research: methodological foundations. New York: Dryden Press.

Francis, R., & Armstrong, A. (2003). Ethics as a risk management strategy: The Australian experience. Journal of Business Ethics, 45(4), 375-385.

King, N. J., & Raja, V. T. (2013). What do they really know about me in the cloud? A comparative law perspective on protecting privacy and security of sensitive consumer data. American Business Law Journal, 50(2), 413-482.

Porter, M. E. (2008). Competitive advantage: Creating and sustaining superior performance. Simon and Schuster.

Reform, D. F. W. S. (2010). Consumer Protection Act. Public Law, 111, 203.