BSBMKG501 task - BSBMKG501 Assessment Task 1 1 Identify and outline five examples of legislation and regulations that apply to the marketing industry in

BSBMKG501 task - BSBMKG501 Assessment Task 1 1 Identify and...

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BSBMKG501 Assessment Task 1 1. Identify and outline five examples of legislation and regulations that apply to the marketing industry in Australia. Australian Consumer Law Competition and Consumer Act and Regulations Do-Not-Call Register Do Not Call Register Act 2006 Spamming Spam Act 2003 Privacy law Privacy Act 1988 Intellectual property law Copyright law Industry codes of practice. 2. Identify two relevant Codes of Practice for the marketing industry and outline the purpose of the Code and its key components. Codes of Practice set out industry standards of conduct. They are guidelines for fair dealing between you and your customers, and let your customers know what your business agrees to do when dealing with them. Codes of Practice can relate to a single business, or represent a whole industry. You can decide to establish your own Code of Practice, or to adopt an industry specific Code of Practice (in some cases this is mandatory). Usually, Codes of Practice are established through consultation with industry representatives and the community. They can be mandatory or voluntary: Mandatory codes provide a minimum standard of protection to the consumers. They are prescribed as regulations under fair trading laws and can be enforced. Voluntary codes are a form of industry self-regulation. They can be sponsored by an industry association or can be in partnership with a government agency (membership of an industry association is often a condition of the code). Voluntary industry codes are usually flexible and can be altered quickly in response to changing industry/consumer needs. 3. Explain each of following terms in relation to marketing opportunities: market penetration, market development, product development and diversification. Market penetration Market penetration is trying to increase sales of an organization’s current products in its current markets through, for example, more intensive promotion or frequent price changes. Market development Market development is trying to increase sales by selling current products into new markets and is achieved by communicating with new markets e.g. demography, location, export.
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