vishal busn112 assesment 2

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BUSN112 – Managing Markets Vishal Sharma S00298008 Concept map Vaccination program

BUSN112 – Managing Markets Vishal Sharma S00298008 Economic dimensions Legal dimensions Market structure pricing  Homogeneous products  competition- based pricing  Taxes and subsides  Number of sellers  Technology  Equilibrium   Offering clinics  Services  Local govt act 1989  Pharmaceutical benefit scheme.  National health policies  Funding health system  Consumer protection Act 2010  International trade legislation  Tariffs/ embargo   Regulatory bodies  Health promotion  Hospitals  OHS act 2004 Local government Supply and demand Federal government State government  Inelastic demand  elasticity

BUSN112 – Managing Markets Vishal Sharma S00298008 Due to an increase in the demand for covid vaccinations my organisation has been assigned a contract to supply covid vaccines to the Australia Federal government who then allocate the stock to hospitals/clinics that then inject the general public with our vaccines. Our organisation is a licenced pharmaceutical company. We must ensure that we comply with all laws and regulatory bodies such as the Therapeutic Goods agency, legislation such as the consumer protection act and national healthy policies otherwise our contract would be terminated, and our business would be illegitimate. We are operating in a competitive market against other major pharmaceutical organisations but only a niche amount due the government implying embargos with certain nations that pose as a safety risk to Australia. Section 2 Regulation and their importance Our organisation must abide by the Australian Consumer law act 2010 and fair-trading act 1987, our company cannot state or promise unfactual statements regarding our product that may deceive customers in any way. Our Organisation by law cannot make false statements such as stating our vaccine of being side effect free or exaggerating claims such as saying our vaccine is 100% effective when in fact it is not. False, deceptive and misleading advertisement is illegal, stated in the competition and consumer act of 2010. These laws and acts are implemented to protect consumers from being taken advantage of by organisation and companies. These Federal consumer protection laws implemented by the federal government regulate the marketing techniques implied by companies and if breached the organisation will be sentenced by a court for breaking the law. The State government is in responsible for health promotion, it does so my implementing advertisement and campaigns, in the goal of decreasing the morbidity and mortality rate which will consequently lessen the strain on the health care system. State government is responsible for promoting the vaccination program towards the most at risk population groups. Australia’s COVID-19 Vaccination Policy is an example of this. State government is in charge of hospitals and can access an individual’s health records, by doing so they can prioritise who is most at risk of covid. Such as the elderly and individual’s with corrupt immune systems and can vaccinate these at-risk individuals first using our vaccine. Reducing the morbidity and mortality rate in the community due to effective health promotion.

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BUSN112 – Managing Markets Vishal Sharma S00298008 Local government are responsible for monitoring quality and cost standard, LOCAL GOVERNMENT ACT 1989 - SECT 208D. Regular inspection of our testing and clinical facilities are partaken by the local council to ensure that occupational health and safety codes are met. And workers are not taken advantage of and Corporate social responsibly is maintained. Local governments ensure compliance to national statutes. Section 3 Economic dimensions Market structure Market segmentation is the process of dividing the total market into specific groups based on their demographic, geographic, behavioural and psychographic factors. Through utilising market segmentation, the organisation can select specific groups to identify as the target market, prioritising this group within the population. The objective of this is to ultimately meet and understand the specific needs of the target audience, therefore increasing sales, market share and profits. This organisation can most efficiently segment through grouping the population in regard to demographic, more specifically age and health status. As the individuals who are most vulnerable to the virus are older in age, or significantly younger due to weaker immune systems, the organisation must prioritise those age groups to ensure their health needs are being satisfied. The product is directed to a niche target group to penetrate the market and allocate marketing strategies and funds effectively. Geographic segmentation can also be utilised to distribute the product mostly to more urban areas in comparison to rural environments, as the virus is more likely to be contracted and spread within densely populated areas. This ensures the vaccine is not being wasted in unnecessary regions through distributing it ineffectively. Elasticity Elasticity refers to the sensitivity of one variable to change another. An example of this would be the variable of pricing being increased, this variable would affect the number of sales made. Elasticity can be categorised into three categories. The industry/item can be elastic meaning that changing the variable of price will subjectively influence the demand. These products are usually inessential and wants. An inelastic demand is when the variable of price is increased, and the demand remains constant. Consumer products that are inelastic are usually essential products such as petrol, due to the monopolistic competition-based pricing. Consumers do not have an alternative to inelastic products that have a significant price difference. Therefore, our product is inelastic due to the demand remaining constant even if the price is increased. Supply and demand

BUSN112 – Managing Markets Vishal Sharma S00298008 Supply and demand must always at an equilibrium, this means that supply of a product from a business should always meet the demand of consumers. A disequilibrium is the opposite. If there is an increase of demand and not enough supply this is called, shortage. If a business cannot sustain demand there is lost potential revenue, which can result in the business losing market share and the competitors gaining. If there is too much supply and not enough demand, there is a surplus in the market. Business will be forced to either discount inventory or risky inventory becoming out of date and useless. My organisation aims to increase worker productive since this results in increased supply. We will also have a low price on product to increase the demand for our product. Consequently, resulting in increased profit and revenue.

BUSN112 – Managing Markets Vishal Sharma S00298008 References Article title: LOCAL GOVERNMENT ACT 1989 - SECT 208D Quality and cost standards Website title: Www8.austlii.edu.au URL: http://www8.austlii.edu.au/cgi-bin/viewdoc/au/legis/vic/consol_act/lga1989182/ s208d.html 2021. [online] Available at: <https://www.health.gov.au/node/18777/australias-covid-19-vaccination- policy> [Accessed 27 April 2021]. Mashall, Al, Papadimos, Andrew, BUSN112 Managing Markets

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BUSN112 – Managing Markets Vishal Sharma S00298008 Readings (A Custom Edition for ACU, 2019) Pearson Australia Mashall, Al, Papadimos, Andrew, BUSN112 Managing Markets Readings (A Custom Edition for ACU, 2019) Pearson Australia Mashall, Al, Papadimos, Andrew, BUSN112 Managing Markets Readings (A Custom Editionfor ACU, 2019) Pearson Australia market is penetrative pricing. This method of pricing is aimed at enticing customers by

BUSN112 – Managing Markets Vishal Sharma S00298008 initially setting a lower price to rapidly connect to the public and make them aware of the business through marketing. At the gym, memberships could be offered at a lower cost for a fixed term so that customers may be drawn to use their services rather than another gym. D Conclusion

BUSN112 – Managing Markets Vishal Sharma S00298008 To conclude, the essay has elucidated how the regulatory dimensions of local, state and federal governments impacts the decision making of when starting a gym. Coupled with the economic concepts of supply and demand, elasticity and market structure, the decision- making surrounding pricing is influenced. E References I Articles/Books/Reports

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BUSN112 – Managing Markets Vishal Sharma S00298008 Mashall, Al, Papadimos, Andrew, BUSN112 Managing Markets Readings (A Custom Edition for ACU, 2019) Pearson Australia Pettinger, T., 2021. Inelastic demand - Economics Help . [online] Economics Help. Available at: <https://www.economicshelp.org/blog/531/economics/inelastic-demand-and-taxes/> [Accessed 28 April 2021]. Yieldify. 2021. 4 Types of Market Segmentation With Real-World Examples | Yieldify . [online] Available at: <https://www.yieldify.com/blog/types-of-market-segmentation/> [Accessed 28 April 2021].

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