1.

Describe four statistical methods and/or forecasting techniques that can be used to evaluate
marketing opportunities.

2. Describe a method that can be used for forecasting market growth rate.

3. Explain primary data and list three ways in which primary data can be collected.

4. Explain secondary data and list three sources of secondary data.

5. Outline three differences between qualitative and quantitative research with regard to market
research objectives, sample size and data collection and analysis methods.

6. Explain the purpose of the marketing mix and each of its components.

7. Outline four key steps in the marketing process

8. Explain the importance of the product life cycle concept in marketing. Name and explain each of its
stages.

9. Outline the importance of the pricing strategy for a business and two types of pricing strategy that a
company could use.

10. Identify the Act that underpins privacy obligations and explain small businesses’ responsibility in
relation to privacy.

11. Outline two Codes of Practice relevant to marketing operations and their purpose and key
components.

12. Describe two situations in which children could be put at risk by unethical marketing.

13. Describe four statistical methods and/or forecasting techniques that can be used to evaluate
marketing opportunities.

14. Describe two situations in which it could be considered to be unethical to target particular groups in
the community.
1. Describe four statistical methods and/or forecasting techniques that can be
used to evaluate marketing opportunities.

Forecasting is the process in which an organization evaluates its past sales and revenue data for
future marketing purposes Forecasting is basically a prediction based on historical data whose actual
outcomes have not yet been observed

There are several forecasting techniques that could be used to evaluate marketing opportunities. The
four most practiced forecasting techniques are described below: i

Judgment and Survey Techniques: The technique which relies on people’s opinions, survey, or
estimates are called Judgement techniques. For example- Ncell, iiA Network service in Nepal often
asks their customer if he/she will recommend Ncell Network to Friends or family The company uses
this survey and makes plans according to customer opinion

Channel Survey: In business to business market (B2B), research companies ask random customers
about how much they forecast to spend on particular items. For example- iiiXiaomi, a Chinese mobile
brand conducted a Facebook pole in 2005, stating some features and asking the customers how
much they are willing to pay for the given features. An organization decides the price and features
based on the opinion of Customer surveys.

Sales Force Composite: The Sales Force Composite is a forecast based on sales estimates
collected from all the company's sales representatives for a specific time period. Sellers have a
pretty good idea of how much they will sell in the next period. As a result, most businesses use Sales
Force Composites for short-term forecasting to more accurately forecast production and inventory
needs.

Time Series Technique: Time series techniques study past sales patterns to predict future sales.
For example, using trend analysis, a marketing director can determine the percentage of a
Company's sales that has increased in the past and use that percentage to estimate future sales. For
example, if sales have grown by 3% annually for the past five years, the trend analysis assumes that
he will grow at a similar rate of 3% next year.

2. Describe a method that can be used for forecasting market growth rate.

The best forecasting method that can be used for market growth could be obtained through
Customer Opinion and Surveys.

Customer Opinion and Surveys: Several Brand conduct customer opinion programs in order
to expose brands which makes it the best medium for market growth. For example- An organization
conducts a survey asking if you plan to buy a car or a refrigerator in the next year. Chances are, your
 answer was part of someone's prophecy. Similarly, products sold through distributors are also
investigated. Companies then purchase research data from research firms or conduct their research
to use as an initial point for their predictions. However, potential buyers are much more likely to know
they want to buy something, so research is better at estimating market growth and potential. The
benefits of customer opinion and survey methods are brand exposure, brand awareness and
linear market growth.

3. Explain primary data and list three ways in which primary data can be
collected.

Primary data is a type of data collected directly from primary sources by researchers through
interviews, surveys, experiments, etc. Primary data is usually collected from a source. A source is
the source of data, considered the best type of data for research. Sources of preliminary data are
typically selected and tailored to meet specific research needs or requirements.

Also, before choosing a data collection source, it is necessary to identify the purpose of the survey,
the target audience, etc. For example, if you are doing market research, the first thing to do is to
identify your research objectives and sample population. This will determine which data collection
source is most appropriate. Online Surveys are most effective however, Offline surveys are more
suitable than online surveys for people living in remote areas without internet connectivity.

Three ways in which primary data can be collected are listed below.
1. Interviews
2. Student Surveys
3. Experiments

4. Explain secondary data and list three sources of secondary data.

Secondary data are already collected from primary sources and made available to researchers for
use in their research. It is a type of data collected in the past. One researcher may have collected
data for a particular project and made it available to another researcher. For Example-Data may also
have been collected for general use without a specific research purpose, such as a census. Data
classified as secondary data in one study may be designated as primary data in another study. This
is a case of data reuse, where the first study uses preliminary data, and the second uses secondary
data.
The sources of Secondary data are listed below:
a. Book, Journals, Newspaper
b. Website and published articles
c. Radio, television, videos etc.
5. Outline three differences between qualitative and quantitative research with
regard to market research objectives, sample size and data collection and
analysis methods.

The differences between qualitative and quantitative research with regard to market research
objectives, sample size and data collection and analysis methods are tabled below

Factors Qualitative Research Quantitative Research

1. Market Research The objective is to explore the The objective is to determine

objectives ideas which could be used in the cause and effect between
market forecasting variables

2. Sample Size Research is verbal thus it Research is Measurable and

could be collected from large numerical based thus it covers
of range of customers small range customers

3. Data collection and Research could be collected Research could be collected

Analysis through words, pictures and through Numerical data and
objects

6. Explain the purpose of the marketing mix and each of its components.

Marketing mix refers to the set of instruments or tactics a Company uses to promote its brand or
products in the market. In short, the marketing mix is an essential marketing tool consisting of all the
factors influencing the demand for a Company's products.

The primary purpose of the Marketing mix is to promote and sell services, pricing, financing, and
distribution of products.

The components of the Marketing mix are generally mentioned as 4p’s that is Price, Product,, Place
and Promotion.

a. Products refer to items designed to meet the needs and desires of the target customer. Some
are tangible, like clothing and software, while others are intangible, like services and
experiences.

b. Pricing involves both market data and careful calculations. The product appears first, and its
value to the target group is determined shortly after.
 c. Promotions are arguably the area that has seen the most growth and variables as a result of
the digital age. The superior access provided by B2C marketing solutions enables marketers to
promote more personalized products more easily and effectively than ever before, leading to
better results and unprecedented expectations.

d. Place refers to the provision of customer access to products and also provides customer
convenience. Marketing, digital or otherwise, is all about getting the right product in front of your
customers at the right place, at the right price, and at the right time.

7. Outline four key steps in the marketing process.

The steps that involve customer satisfaction along with value-added requirements are called the
marketing steps or process. It is the set of actions and reactions performed by the Company and its
customers to maintain customer satisfaction.

The four key steps in the marketing process are outlined below.

a. Discovery: This is the first and most important priority to start the marketing process. To enter
the world of marketing, one must first discover the market. The advantage of market analysis is
that it can find the right opportunities to help companies increase their sales.

b. Strategy: Now that companies have identified the opportunities; they can understand which
market segments they need to work in. Defining strategy is the most critical step in the entire
marketing process. This is because the Company's future depends heavily on this step. Before
moving forward, an organization must clearly define its goals and objectives, determine the
appropriate marketing channels, craft its messaging, and plan its timing.

c. Implementation: After the strategies are made, the implementation of plans and strategies
comes into play. This is one of the essential processes of marketing steps because the outline of
the business model depends upon Implementation. If the correct implementation of plans is not
executed well then all the hard work will go in vain and the chances of failure is certain.

d. Measurement: During the measurement phase of the marketing process, the organization
needs to take a close look at Campaign results and refine its strategy before moving forward. By
measuring the results, we can make intelligent decisions about how to allocate resources to the
next round
8. Explain the importance of the product life cycle concept in marketing. Name
and explain each of its stages.

The product life cycle is when a product is first introduced to consumers to when it is removed from
the market. Business owners and marketers use the product lifecycle to make critical decisions and
strategies related to advertising budgets, product pricing, and packaging.
The importance of the product life cycle in marketing is as follows:
a. It helps to indicate product lifespan and predict sales performance
b. It is important because it helps to implement strategies that will benefit the company
c. It helps to make critical decisions related to product re-design and development.
Any product goes through 5 steps before it is completely dissolved. The four steps of the product
life cycle are listed and explained below.
Introduction: Once the product is developed, the PLC implementation phase begins. During this
phase, the product is first introduced to the market. During the introduction phase, marketing and
advertising are at their peak, and companies often put a lot of effort and money into promoting
their products and getting them into the hands of consumers.
Growth: Consumers accept and start purchasing the product during the growth stage. The
product concept is proven by its growing popularity and growing sales. During the growth stage,
the product becomes more popular and well-known.
Maturity: As a product matures, its sales tend to slow, indicating market saturation. At this point,
sales may start to decline. Pricing at this stage tends to be competitive, so if external pressures
such as increased competition or reduced demand begin to push prices down, margins will
shrink.
Decline: During the Decline phase, demand for the product decreases, resulting in a significant
drop in product sales and a change in consumer behavior. The Company's products are
increasingly losing market share, and competition tends to drive down sales.

9. Outline the importance of the pricing strategy for a business and two types of
pricing strategy that a company could use.

Pricing strategy refers to the method a company uses to price its products and services. Almost all
businesses, large and small, price their products and services based on production, labour, and
advertising costs, plus a percentage to make a profit.

Pricing Strategy is important because it defines the value of any product to the company and its
customers. It is also important to Specify the prices that let customers know if it is worth the time and
investment. It helps to optimize the Price a huge which will impact increasing profits.

A company could use many types of pricing strategies however the major types are outlined below.
 a. Competitive Pricing: Competitive pricing means strategically pricing a product or service based
on competitors' pricing in a market or niche rather than pricing based solely on the cost of doing
business or desired profit margins. It's the process of choosing. Competitive pricing is typically
used by companies that sell the same or similar products in the same market for an extended
period. This is because the prices of these products can often reach equilibrium.

b. Economy pricing is a volume-based pricing strategy where the Company puts the price

of products at a low level and earns revenue based on the number of customers
who buy the products. Tis is typically used for bulk commodities such as generic groceries and
pharmaceuticals, without branded equivalents marketing and advertising costs.

10. Identify the Act that underpins privacy obligations and explain small
businesses’ responsibility in relation to privacy.
According to Privacy Act 1998, ivAustralia’s main features that underpin privacy obligations are
a. Privacy to the collection, use, and disclosure of personal and organizational information
b. Business accountability,
c. Privacy to Copyright and trademark
An annual turnover of less than $3 million Australian Dollars is listed in the category of Small
business. These small-level businesses are bound under the Privacy Act 1998. Small-level business
responsibility in relation to privacy should be, the organization should not disclose any of the
personal files on a public platform. The limited company should be transparent to their employees
and customer regarding essential information. Small businesses should not copy previous registered
products and trademarks.

11. Outline two Codes of Practice relevant to marketing operations and their
purpose and key components.

A marketing code of conduct is a set of written rules that describe how people working in a particular
job should operate. The Marketing Codes of Practice, as defined by the Association for Data-Driven
Marketing & Advertising (ADMA), is a set of guidelines for marketers to minimize the risk of non-
compliance and promote a culture of best practices code of conduct. Our Code of Conduct is based
on common sense and deals with fairness and integrity.

Two codes of practice relevant to marketing operations and its key components are outlined below:

Compliance and Regulations: Compliance and regulations are other legal code practices that
some industries must comply with. Failure to do so may result in fines, penalties, and possibly legal
action against the Company, its officers, and employees who violate the rules. Highly regulated
industries include financial services, banking, real estate, healthcare, and aged care providers. For
example, the mortgage industry has compliance regulations for advertising, disclosure, and privacy.
The impact could be significant if a mortgage agent only announces interest rates based on the truth
 of lending law. The Company's Code of practice should clearly state that they must meet all industry-
specific compliance and regulatory requirements.

Value Based Practice: The value-based components of a code of ethics can vary widely. Codes of
ethics typically include six universal moral values and expect employees to be trustworthy,
respectful, responsible, fair, considerate, and good citizens. Is stated. You can also include
celebrating diversity, using environmental standards in the workplace, and dress codes. Include
everything necessary to your Company's overall mission and vision of success in your Code of
Practice.

12. Describe two situations in which children could be put at risk by unethical
marketing.

Marketing ethics is the field that deals with the moral principles of marketing. Marketing ethics apply
to many areas, including advertising, promotions, and pricing. However, it is well known that
advertising often takes place within a framework that has enhanced actual marketing value. For
example, if advertising directed at children violates a child's trustworthiness, transparency, integrity,
or privacy, this is considered unethical conduct.

The situations in which children could be put at risk by unethical marketing are explained below.

Children Health Issue: Advertising foods high in salt, saturated fat, sugar, and calories to children
is unethical for many reasons. This plays a major role in the increasing epidemic of childhood
obesity in the United States. It undermines parents' efforts to practice healthy eating for their
children. Some marketing campaigns exploit the cognitive limitations and destructive power
of young children, which is unfair and, therefore, unethical.

Unintentional Lifetime Customer. In 1984v McDonalds first introduced a happy meal on TV. They
targeted children age 06-18 years old. Most of the children bought McDonald’s food to get attractive
toys with food. Soon after, the children got habitat to McDonalds. Most of the children who consumed
the McDonalds food are in the middle age and addicted to McDonalds food. Targeting children
through toys and other benefits with unhygienic food or products are unethical marketing.
i
https://open.lib.umn.edu/principlesmarketing/chapter/16-3-forecasting/#:~:text=When%20a%20company%20forecasts
%20sales,series%20data%2C%20and%20test%20markets.

ii
https://www.surveymonkey.com/r/XQ2WHRF

iii
https://www.gizmochina.com/2021/02/04/xiaomis-lei-jun-launches-survey-to-know-if-youll-buy-a-1500-mi-phone/

iv
https://www.lawcommission.gov.np/en/wp-content/uploads/2019/07/The-Privacy-Act-2075-2018.pdf

v
https://ic-sd.org/wp-content/uploads/2019/11/Quynh_Dang.pdf