BSBMKG507 Interpret Market Trends and Developments Assignment Help

BSBMKG507 Interpret Market Trends and Developments Assignment Help

BSBMKG507 Interpret Market Trends and Developments Assignment Help

Task 1

As we know that marketing in any industry play a crucial role in reaching large number of audience and helps the industry to communicate with the audience by using various tools and techniques like advertisement, sales promotion, direct marketing etc. one of the main advertising tools is direct advertising as discussed below: -

Meaning of direct marketing

Direct marketing is an advertising form in which business communicate with directly with customers via text messages, newspapers adverts, manes gazietc.

BSBMKG507 Interpret Market Trends and Developments Assignment Help

There is some direct marketing code that any industry has to follow.

Introduction to ADMA

ADMA is the Australian association for data driven market and advertisement. It the informative body that focuses on marketing based in Australia. Under ADMA 600 organisation including the educational institutions, financial houses, airlines, charities homes etc. ADMA have some of the direct marketing code that they need to practice in the course of business. The ADMA code of practice is based on the principles. These principle forms a proper framework from which gives support to marketers to make sound decisions about data, creativity, contents and consumer experience.

Meaning of code of practices

ADMA (the association of data driven marketing advertisement) excepts fairness and honesty from the members while dealing with customers. It aims to earn consumer confidence by setting some standards. It further aims in the promoting the highest standards so as to earn the consumer confidence, promoting fair dealing, regulating various channels and principal of privacy. These principle bases the ADMA code is structured in the way which describes clear framework which includes code authority ethical and regularity consideration etc. (Lee, & Epstein, 2013)

Code of practice objectives

1. Focus on establishing the best practices so as to collect and handle data.

2. Promote the data driven marketing and advertising practices within the legal framework.

3. Earn maximum consumer confidence in area of marketing, media and advertisement.

4. To minimise the risk of non-compliance (Lee, & Epstein, 2013).

Code of practice principles

Consumer protection and empowerment:

This is the very first main principle of the ADMA code of principle with regulatory provisions. This principle helps the industry in earning the consumer confidence, encourages commercial growth and also encourages corporate sustainability.

Responsible data practices:

Company act responsible in collecting data which can compliance with the regulatory provisions which can ensure the consumer first. It also avoids the intrusive marketing. Company should also take responsibility about the consumer experience and also takes responsibility about the company’s commitments and handle problems if they go wrong (Christ, & Burritt, 2013).

Provide various choices

This principle ensure that consumer have the understanding the value of exchange while sharing their personal information. For this purpose, member, should be clear about the information and also provide various choice that hoe their information is used.

Promoting fairness

The consumer data should be collected fairly and deals with them fairly and the information should up-to-date. For this purpose, members should give prompt services to customers and they should avoid high pressure selling (Christ, & Burritt, 2013).

Encourage transparency

The company is clear and open about their policies to the customers. There should be transparency in their work and should communicate with them the language that is understandable. For this member, should develop the easy means to collect data and also maintain adequate control to monitor data (Christ, & Burritt, 2013).

Honesty

The company should be honest to their customers and not mislead them and deliver as they promised. For this the members, should act decently, honestly and reasonably in fulfilling the obligations and members should also ensure that they avoid disrepute the image of data driven marketing.

Safety of value

The company should take all possible steps to ensure the safety and security of consumer data. For this purpose, the members should hold the data with security and safety and also ensure that the consumer data is destroyed when no longer needed.

These were the AMDA code of practices principles that the company adopt for the security of the consumer data and follow the ethical and legal constraint to earn the consumer confidents without destroying the fairness and transparency in information. For these members has to take the necessary steps to protect the confidentiality of the consumer information and promoting awareness (Maas, et. al., 2016).

Task 2

1. Calculation of Mean:

Person

Competitor Price (x)

x-m

(M)2

1

$3200

$1320

1742400

 

2

$2999

$1119

1252161

 

3

$2500

$620

384400

 

4

$1300

($580)

336400

 

5

$2000

$120

14400

 

6

$1500

($380)

144400

 

7

$1250

($630)

396900

 

8

$1200

($680)

462400

 

9

$1100

($780)

608400

 

10

$1200

($680)

462400

 

11

$1950

$70

4900

 

12

$1900

$20

400

 

13

$1800

($80)

6400

 

14

$1200

($680)

462400

 

15

$1220

($660)

435600

 

16

$1000

($880)

774400

 

17

$1200

($680)

462400

 

18

$3499

($1619)

2621161

 

19

$3000

($1120)

1254400

 

20

$2490

$610

372100

 

21

$2500

$620

384400

 

22

$1180

($700)

490000

 

23

$1150

($730)

532900

 

24

$1000

($880)

774400

 

25

$1900

$20

400

 

26

$2150

$270

72900

 

27

$2200

$320

102400

 

28

$2499

$619

383161

 

29

$2998

$1118

1249924

 

30

$1300

($580)

336400

 

 

∑X= $56,385

 

=

$16,525,307.00

 

X/N

$56385/30=$1880                                                                                    

(Thomas, 2016)

2. Calculation of standard deviation

standard deviation

=$16,525,307.00 ÷29

=$569,838.17

=$754.88

A scatter diagram shows all the prices of the competitors and the persons that paid for the competitor’s home theater system.

competitor’s home theater system

Task 3

1. Calculation of mean and median

September

 

 

 

Market size $000

Market Share

fx

139

0.129

17.931

120

0.1

12

100

0.08

8

90

0.022

1.98

95

0.095

9.025

140

0.093

13.02

250

0.18

45

225

0.178

40.05

400

0.288

115.2

410

0.439

179.99

1208

0.199

240.392

 

 

 

∑fx/n= 62.05345

 

 

October

Market size $000

Market Share

Fx

146

0.123

17.958

126

0.095

11.97

105

0.076

7.98

95

0.021

1.995

100

0.09

9

147

0.088

12.936

263

0.171

44.973

236

0.169

39.884

424

0.281

119.144

435

0.414

180.09

1280

0.187

239.36

 

∑fx/n=62.29909

(Macinati, & Anessi-Pessina, 2014)

November

Product

Market size $000

Market Share

Fx

Widget type 1.

155

0.116

17.98

Widget type 2.

134

0.09

12.06

Widget type 3.

111

0.081

8.991

Widget type 4.

100

0.03

3

Widget type 5.

106

0.085

9.01

Widget type 6.

156

0.083

12.948

Widget type 7.

278

0.162

45.036

Widget type 8.

250

0.16

40

Super Widget

458

0.262

119.996

Super Widget 2

469

0.384

180.096

Supreme Widget

1383

0.174

240.642

   

∑fx= 62.70536

 

 

 

 

Median in September 2009=17.931

October 2009= 17.958

November 2009=17.98 (As the excel calculation)

Therefore, the calculation of the mean and median of year 2009 in the month September, October and November, mean in Sept.62.05345%,in October is 62.29909% and in Novemberis 62.70536.Now it can be analysed that company has better market share in November 2009 as the calculation of mean and median (Macinati, & Anessi-Pessina, 2014).

Solution 2

 

Market share

 

 

 

 

Product

September

October

November

   

Widget type 1.

0.129

0.123

0.116

Widget type 2.

0.1

0.095

0.09

Widget type 3.

0.08

0.076

0.081

Widget type 4.

0.022

0.021

0.03

Widget type 5.

0.095

0.09

0.085

Widget type 6.

0.093

0.088

0.083

Widget type 7.

0.18

0.171

0.162

Widget type 8.

0.178

0.169

0.16

Super Widget

0.288

0.281

0.262

Super Widget 2

0.439

0.414

0.384

Supreme Widget

0.199

0.187

0.174

     

time series Analysis

(Mokhtar, et. al., 2016)

a. After the calculation of time series analysis, the market share of company between 2008 and 2009 is calculated. It has some difference between market share of these two months that are 0.1 in September and 0.187 in October.

b. Sales volume of television is growing the high-end widget market whereas market share is also in the increase level. It requires high level of promotion in theLow-end widgets and Mid-level widgets market to increase the sales level. That provide the hike in the sales volume of television. Both markets have high number of customer but it requires to better promotional strategy therefore company should be focus on market promotion to capture high number of customer.

c. As the available data, it can analysis that market share of the company is increasing in the year 2008 and 2009 at the high-end widget market. It has better market strength therefore XYZ limited should be focus on promotional strategy to develop the sales unit in theLow-end widgets and Mid-level widgets market. Company require \ to develop the brand awareness in the market to increase the sales unit.

d. All information about market share is available in the time series analysis and having the accurate data of these market trends. It contains the chart as accurate which shows the market trend of XYZ limited. It has X axes as market product and axes as market product. This graph helps to calculate the actual information about market share (Mokhtar, et. al., 2016).

e. With the use of time series forecasting method all the information about market share in September 2009 and October 2009 are calculated that shows the growth in the market share in the high-end widget market. All calculations are calculated in the Microsoft excel that provide better solution of the problem.

From the above calculation, it can analysis the XYZ limited has better market sales in the high-end widget market while it has low sales rate in the Low-end widgets and Mid-level widgets market. Therefore, it can have recommended that XYZ limited should require focusing on promotional strategy to develop the brand awareness in market as well as focus on growth of sale in both markets (Mokhtar, et. al., 2016).

References

Christ, & Burritt, 2013, Environmental management accounting: The significance of contingent variables for adoption. Journal of Cleaner Production, 41, 163-173.

Lee, J., & Epstein, M., 2013, Advances in Management Accounting (Advances in Management Accounting). Bradford: Emerald Group Publishing Limited.

Maas, Schaltegger, & Crutzen, 2016, Integrating corporate sustainability assessment, management accounting, control, and reporting. Journal of Cleaner Production, 136, 237-248.

Macinati, & Anessi-Pessina, 2014, Management accounting use and financial performance in public health-care organisations: Evidence from the Italian National Health Service. Health Policy, Health policy.

Mokhtar, Jusoh, & Zulkifli, 2016, Corporate characteristics and environmental management accounting (EMA) implementation: Evidence from Malaysian public listed companies (PLCs). Journal of Cleaner Production, 136, 111-122.

Thomas, T., 2016, Motivating revisions of management accounting systems: An examination of organizational goals and accounting feedback. Accounting, Organizations and Society, 53, 1-16.