Collect data and information relevant

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Mercury College Of Arts And Science *

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BSBFIN401

Subject

Marketing

Date

Nov 24, 2024

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docx

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Uploaded by CommodoreCloverMosquito29

Collect data and information relevant : In marketing research, quantitative (statistics or numbers) rather than qualitative data will predominate (descriptive and observational). Ideally, you will gather data from both of these sources. For instance, you might do an A/B test on your website to determine whether a new pricing tier will enhance sales. As part of that research study, you might also conduct several consumer interviews to see whether the new pricing tier is appealing to them. You will have both quantitative and qualitative data in this case, which will help you comprehend the situation better. Analyse the data and provide your findings : It's time to get down to business and evaluate the data now that you've gathered all of the information you'll require. Review the study's findings so you can explain the suggested course of action. Put Your Research to action : Describe your findings and put them into action. Start preparing your marketing strategies and plans. continuously reviewing your data to identify areas for development. If you are more knowledgeable about your buyer profiles, industry, and organization, your marketing efforts and business will be more successful.  Legislative requirements relevant to marketing communication plans • Product specifications and consumer rights: Both your legal responsibilities and the rights of your clients must be understood. The Competition and Consumer Act of 2010 addresses issues like advertising, price-fixing, unethical behavior, and anti- competitive behavior. The Act also addresses consumer rights and obligations and covers warranties, contracts, marketing, and advertising. The Australian Consumer Law is enforced and administered by fair trading authorities in each state and territory of Australia (ACL). You should be able to get information on the following requirements from your competent regulator. o Telemarketing o lay-bys o Pricing o online sales o door-to-door sales o unsolicited provision of goods or services o handling of Uncollected goods

o Proof of transaction and itemised bills. Further regulations apply to the import and export of goods, the weighing and measuring of commodities, and product safety. Australian Standards, regional standards, or worldwide standards may also be mandatory or optional requirements for some products or industries.  Codes of conduct: There may be one or more codes of ethics, behavior, or practice that your business must abide by. Codes of Practice are voluntary guidelines created by organizations or business to specify how they agree to behave collectively (but they may sometimes support current legislation). You should research the codes that are relevant to your sector. You can find these fact sheets here that are sector-specific.  Intellectual property, trademarks, and patents: It is essential to legally protecting your idea, offering, design, or brand.  Privacy: The Privacy Act of 1988 (Privacy Act) sets forth rules for the gathering, handling, use, and distribution of personal data. You might want to verify the Do Not Call Registry before starting certain marketing campaigns. Anti-spam laws forbid companies from sending unsolicited electronic messages.

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