STAR MA - Marketing Mix BSBMKG502B.docx - BRIDGE BUSINESS...

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BRIDGE BUSINESS COLLEGEEstablish and adjust the marketing mix - BSBMKG502B© Bridge Business College,Issue date: 24 February 2014, Next review date: 24 February 2015Diploma of Business BSB50207Student Training Activity Record(STAR)MODELANSWERS/ANSWER GUIDEMarketing MixBSBMKG502BTrainers Note! Answers can be alike but should not be limited to thoseshown belowTask 1a)
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Diploma of Business BSB50207Marketing is the process by which companies determine what products orservices may be of interest to customers, and the strategy to use in sales,communications and business development. It is an integrated processthrough which companies create value for customers and build strongcustomer relationships in order to capture value from customers in return.In today’s competitive business world, organisations need to make sure theiroffers are heard and listened by the target audience. Without marketing it’snot achievable and thus marketing plays a vital role in business existenceb)The marketing process is broad and includes all of the following:a)Discovering what product, service or idea customers want.b)Producing a product with the appropriate features and quality.c)Pricing the product correctly.d)Promoting the product; spreading the word about why customers should buyit.e)Selling and delivering the product into the hands of the customer.Selling is one activity of the entire marketing process. Selling is the act ofpersuading or influencing a customer to buy (actually exchange something of valuefor) a product or service.Task 21.Product variety2.Product quality3.Product design4.Product features5.Product benefits6.Identity or brand nameEstablish and adjust the marketing mix - BSBMKG502B© Bridge Business College,Issue date: 24 February 2014, Next review date: 24 February 2015Page2of52
Diploma of Business BSB50207Task 3a)Pricing Policy: Pricing policy referrers to the methods of decision making used forsetting the prices for a company's products or services. A pricing policy is usuallybased on the costs of production or provision with a margin for profit.Pricing Variables: Pricing variables are those concerns that show how pricerelates to other variables in the marketing mix.It’s an important consideration to setthe organisations pricing policy. Pricing policy is thesprocedureused by anorganisation to setwholesaleandretail pricesfor itsproductsorservicesb)1.Volume: higher demand allows higher volume, allows moderate/low pricing2.Profit: higher profit target raise the price, may result in lower consumerdemand3.Promotion: higher promotional budget to increase consumer demandrequires higher pricing to cover the budget, if price not raised, may result inreasonable profit drop4.Competition: benchmarking with competitive pricing may be required andmay result in higher demand but lower profit5.Demand: higher consumer demand allows reasonable price mark-up,resulting in higher profitTask 4Three different methods can be:1.Advertising: TV campaigns2.

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Moral Issues in Business
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Chapter 6 / Exercise 3
Moral Issues in Business
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