Business Management 1_2 - U2 AOS1&2

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Macquarie University *

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MATH1000

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Marketing

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Jan 9, 2024

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Chapter 4 - Legal requirements and Financial Considerations 4A - External Professionals External Professionals - are highly skilled individuals that businesses hire to provide expertise in a particular area of operation. Accountants - is a professional who undergoes, updates, analyses and reports a business’s financial information. -Recommended for creating and maintaining financial statements or for analysing the financial reports to identify issues such as debts -Clear presentation of financial information and relevant accounting knowledge are crucial for business owners to understand and interpret data -Make sense of their financial position of their business, identifying areas for improvement Financial adviser - a professional who provides expect advice to individuals and businesses in relation to monetary matters, personal finances and potential investments -Consider the goals of the business owners to create a financial plan that increases profits and maximises personal wealth -Identifies where expenses can be minimised and opportunities for financial success can be pursued ICT Specialist - is a professional who develops and maintains the chronological system that is used by businesses to store and retrieve data. -Can assist in developing and maintaining an online purchasing website and creating a customer database to track customer habits -Protect and secure customer data -Manage data that can be complex -Failure to protect customer data can a harm a business’s reputation and may lead to legal consequences Legal Adviser - a professional who provides expert advice to businesses regarding their legal responsibilities. -Legal advice -To ensure compliance with relevant laws and regulations -Business laws are complex and are frequently updated\ -Can assist with specific areas of laws such as contract law, patent law of labour law Marketing advisers is a professional who provides expert advice to businesses in relation to promoting and selling their products. -To better understand their target market -Help conduct market research -Help develop suitable marketing strategies (for marketing, advertising and public relation strategies 4B - Legal Requirements Business name registration

-The Australian securities and Investments Commision (ASIC) is responsible for holding registered business names -Businesses must register the name unless it is the name of the owner -Must have an ABM -Does not protect IP of the business’ operations -Company owners most specify in the name if it is public or private Domain name registration -A domain name is a business internet address -Should be easy to remember, easy to spell and is a unique name that presents its activities Trade practice - legislation is a law that governs how a business interacts with customers and competitors. Taxation compliances -It is a legal requirement for business to pay taxation -Different taxes apply to different types of businesses Types of tax: Federal tax: income tax, goods and services tax (GST), pricing tax (benefits tax) State: Stamp duty and land tax. The ATO (Australian Taxation Office) is the body in charge Companies pay a flat rate of 30% for larger businesses or 27.5% of businesses with a turnout less than $150,000,000 Companies pay a flat rate tax of 30 per cent for larger businesses, or 27.5 per cent for businesses with a turnover less than $50 million. Individuals pay a progressive tax rate once they earn over $18,200, whereby the rate of tax increases with the amount of tax they earn. Work Health and Safety Regulation -A business owner is legally responsible for implementing health and safety practices in the workplace -Worksafe insurance -Occupational Health and Safety Act 2004 (Vic): -Secures health, safety and welfare of employees/other persons at work -Eliminates risks to health, safety and welfare/other persons at work -Ensure members of the public are not put at risk Provides opportunities for involvement in formulating and implementing health, safety and - welfare standards 4C - Financial Considerations A bank account is an arrangement made with a bank where a business or individuals can deposit and withdraw money.

-In order to keep accurate records of a business Entity concept - this states that personal and business transactions should be kept separate Financial control systems - are all the processes a business will follow around their finances. -Will ensure businesses will always have control of their finances -The method must track all expenses, record all receipts and payment in order to prepare reports for various stakeholders and safeguards and against problems The system must be set ip in the following areas: When is cash banked? What are your credit terms? How do you keep track of money owed and what happens when a customer doesn’t pay? Should you give a discount for early payment? Record keeping strategies -A business must keep accurate records -Should be made simple so the business can accurately use this information -The ATO requires the business to keep a record of all their financial transaction for tax purposes -Source document must be kept -Cash books recorded -Income statements prepared -Balance sheet produced

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4D - The importance of keeping appropriate suppliers A supplier is an organisation who provides your business with various goods or services that you need in order to operate The price and quality of supplies: -in order to maintain profitability, the business may choose the lowest cost -This may be achieved by sourcing goods overseas -The cost of transport and fluctuating exchange rates should be considered Procurement - the act of coursing the most appropriate suppliers, negotiating terms and contracts, tracking when supplies are received and maintaining records. Reliability and location -Utilise the just in time management strategy -The supplier must be able get stock to your organisation in a timely manner -If a business chooses to source goods overseas because o cheaper costs

4E - Policies and procedures Policies - a formal set of guidelines that must be followed by all employees. Each business will have certain policies that must be created in line with legal expectations. This could include: -OHS policies -Bullying policies -Equal opportunities policies -Some situations may require a new policy, particularly with technology. For example, CHATGPT. Most schools will be creating policies about students and staff using this software in school Procedures - a series of steps that are put in place to enact a policy. -A series of steps to follow to ensure a policy -These routines are how a policy is a to be used -The steps for a policy should be clearly laid out for all employees to read For example, what would happen if you pushed another student in class. What would the procedure be? What is the difference? Example (Policy): Using your prone at school. Be in your locker bays at certain times Example (Procedure):

What happens when you are caught breaking the rules? Do you get a warning? Will it be confiscated? Will you ring your parents? Will you receive detention? Chapter 5 - Marketing a business 5A - Marketing, establishing a customer base and achieving business objectives Marketing - is the process of implementing strategies to price, promote and distribute to current and potential customers. Establishing a customer base -Group of people repeatedly purchasing products of a business and its main source of revenue -Need to ensure that the product is of value to customers and targeted customers return for repeat purchases -Creating a customer profile (basic description of who the ideal customer might be) Customer profile Demographic characteristics: -Age

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-Gender -Profession -Education -Income level -Marital status Psychological characteristics: -Lifestyle -Personality -Attitudes -Hobbies -Interest Geographical characteristics: -Where the customer lives -Where the customer shops Parelo principle 80% of a business’s sales come from 20% of a business’s customer base. Business objectives → Creating a customer profile/base → Use marketing to keep/attract base. The relationship between marketing, establishing a customer base and business objectives. -Effective marketing can be a great pathway for a business to achieve the following objectives: -Increasing sales -Increasing market share -Increasing profit -Improving levels of customer satisfaction Business objectives are the goals a business intends to achieve as well as the strategies to obtain it. 5B - Marketing Owners and managers hold the responsibility of enhancing business performance -Implementing new marketing strategies -Establishing a strong customer base -Create customer profiles to identify the target audience -Should tailor marketing practices Employees -Directly interacting with customer who make purchases -Essentials to align employees behaviours -How employees present themselves -Excellent customer service -Providing good customer service that can strengthen the business’s brand identity and

attract more customers -Poor customer service can have adverse effects on the business’s reputation and customer perception -Empathy matters: Active listening, recommendations, upselling and personal connection Corporate culture - is the shared values and beliefs of a business and its employees. -Influences the business’s day-to-day operations -A customer focused corporate culture is vital for a business to succeed -Should foster a workforce that prioritises customer needs, embraces feedback and strives for positive customer experience -Non-focused culture can lead to poor customer service → negative reputation, damaging the business’s brand identity 5C + D - Marketing and the external environment External operating factors: Customers are key stakeholders in a business as customers purchases make up most of a businesses revenue. Impact of marketing -It is vital to recognise the importance of customers and focus marketing towards them -A business must ensure they make good decisions to make their customers happy as customers lead to a better brand Suppliers are individuals or businesses that provide the resources required to produce goods and services. -Suppliers that provide a business products for resale may influence how a business markets product -In some cases, they may also provide a business with marketing materials for the products it will resell -This can help a business establish a strong customer base as the product is easily identifiable through logos and branding -Strong suppliers can provide high quality products in a timely manner -Can help improve customer satisfaction and how they view the business by enabling the business to establish a strong customer base and brand identity Competitors are another business that offer a similar product or service to your customer. -Businesses must be vigilant of their competitors product range offerings nad marketing strategies -The primary goal of a marketing strategy is to set a business apart from its competitors -Requires highlighting distinctive feature of a product or service compared to others -Utilising innovative marketing techniques across various channels can help grow + attract a customer base -Monitoring competitors’ promotions is essential to formulate effective business responses External (Macro): Economic factors -The economy keeps changing and this affects a business -When the economy is doing well, businesses can take advantage of good conditions and

encourage customers to spend more -If the economy is not doing well with high interest rates or unemployment, customers spend less and businesses need to change their strategies Impacts on marketing: -A business can determine correct marketing strategies that will attract and retain customers by analysing and understanding economic conditions -This can help predict changes in the market -It can also affect pricing and influence the demand and supply curve External (Macro): Technological factors Technological factors - factors that have an impact on operation related to the equipment used It can both negative and positive impacts: -Increase a business’ ability to market their products -Can cause products to go outdated; consumers seek products with the most up-to date technology External (Macro): Legal factors All businesses must obey the law, and they will face consequences if they don’t comply. -Each industry has specific legal requirements they must follow or they may face penalties -Breaking the law can not only result in legal consequences but can also harm a business’ reputation, affecting future marketing strategies -Legal actions can damage a business’s brand identity and lead to a decrease in customers due to negative publicity External (Macro): Social factors -Consumers are becoming more conscious on how a business treats people, their community involvement, and environmental impact -Expect high-quality and affordable products -Expect businesses with respectable behaviour -Adopt ethical practices and focus on environmental sustainability can help create a positive brand identity -Meeting social expectations can attract customers, help build a customer base and draw customers from competitors 5E - Market research practices Market research - is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry. Marketing How does it affect us? —> influences our decisions on: what to eat, where to go, what to see Helps us find what we are looking for.

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Is marketing the same as advertising → No, advertising is one of the marketing strategies Conducting market research Why is it important? Need to know: Your target market, Information about strengths and weaknesses of products, if there are any areas that are not being met in the market. Get information about: Competitors, pricing, products and target market → using: primary and secondary data. 3 Steps of the market research process: 1) Define the problem - the problem is clearly and accurately stated to determine what needs to be measured and the issue resolved. 2) Collecting data from primary and secondary resources - This step involves determining the data type which needs to be collected and implementing techniques to gather it. Information may be collected by mail, telephone and personal surveys as well as by personal observation or from private data sources. 3) Analysing and interpreting data - this step involves categorising and comparing data to draw conclusions from. Valuable information which can be obtained through conducting market research: -Potential market changes and new trends -Customer preferences, attitudes and new trends -Needs of potential customers -Effectiveness of a new product -Effectiveness of marketing -Degree of competition in the market Primary sources of data: -Data that has been specifically collected by a business to answer its questions -Find out exactly what the customer is thinking -3 main methods: Survey, observation and experimentation Secondary sources of data: -Data that was collected by someone other than the business -Or by the business but information was collected for some other purpose -Example: Census data, Household expenditure surveys → gathered by government and private businesses Survey → Gathering data by interview people (personal interviews, focus groups, electronic means of collections, questionnaires) Observation → Recording the behaviour of customer customers (Personal observation and mechanical observation)

Experimentation → Gathering data by altering factors under tightly controlled conditions (See cause and effect and laboratory/in the field) Internal data → information from internal sources (inside business) → Financial statistics, annual management reports, research reports, customer feedback, sales reports) External data → published data from outside the business → reports produced by t he Australian Bureau of Statistics The information that is very important as it helps the business make decisions such as: -Should they go ahead with the production of a particular product? -Should they market in a particular way? -Should they change the design of the product? 5F - Target Market Attributes Market Dimension - are an indication of the total number of potential customers who could purchase a product from a business in a particular market. A niche market is a small specialised market for a particular product. A mass market is a large market for products produced on a large scale for a significant number of customers. Market Segmentation - the process of dividing an entire market into specific groups that share common characteristics. Why don’t businesses sell products to the entire market? -Market is too big -Subdivide total market into groups who share one or more common characteristics Consumer behaviour - is the actions of those who purchase goods and services for consumption. -Understanding how consumers make choices, what factors influence their decisions, and how they interact with products and brands. Market dimensions: Factors influencing the purchasing decisions of customers: Demographic - Division of market according to general characteristics of a population: age, gender, occupation, income, education, religion, family size, ethnicity. Geographic - Division of market according to different geographic areas: urban, suburban, rural, regional, global, climate, landform. Psychographic - Division of market according to different psychological characteristics of consumers: lifestyle, socioeconomic group, values, motives, personality, consumer opinions and interests.

Behavioural - Grouping of consumers according to their knowledge of the product, attitude and responses to it, way they use it or benefit from it: regular user, first-time user, brand loyalty, benefits sought, usage rate. Benefits of selecting a target market: -Direct marketing strategies on that group of customers → Use marketing resources more efficiently → Marketing campaigns being more cost effective and time-efficient -Use promotional material that is more relevant to the customers’ needs and more likely to be noticed -Better understand buying behaviour of the target market -Collect data more efficiently and make comparisons -Refine marketing strategies to influence customer choice Consumer trends are developed patterns in consumer behaviours, attitudes and values. Examples: -Increasing preference for eco-friendly and sustainable products -Growing adoption of online shopping, or the demand for healthier food options. These trends are not isolated instances but represent ongoing shifts in consumer behaviour and preferences. 5G - The 7Ps model of Marketing: Part 1

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7Ps of Marketing -Combination of factors that can be controlled by a company influence consumers to purchase its products -Also known as the marketing mix Product, Price, Place, Promotion, People, Physical Evidence, Process. Product -What the business offers to the market -A product is a good or service that is offered to customers to satisfy a need or want -Consists of: Goods, Services, Experience → to satisfy a need or want What products are tangible? What products are intangible? -Most products are combinations of tangible and intangible components -Eg. Dinner at an expensive restaurant -Includes package, brand name, warranty and after sales service Tangible → food + Intangible → Customer service Product positioning -When a brand is launched, a business may need to look at where the product sits ijn relation to competitors. -Development of a product IMAGE compared with the image of competing products -Create an image that differentiates its product from others -Achieved through → Product, name, price, packaging, style, promotion and channels of distribution Product branding → Part of the brand that can be spoken Brand symbol/logo → Does not have to duplicate words in the brand name + some businesses encourage instant recognition of their brand symbol rather than their brand name Brand packaging -Sometimes as important as the product itself to assist sales -Well designed packaging → positive impression of the product + encourages first-time buyers to purchase -Tasteful packaging → create image of luxury + exclusiveness - promotes product -Helps preserve, inform protect and promote product -Need to be more conscious of materials used - environmental pollution Price Pricing strategies may be adopted for many reasons: -Breaking into the market

-Increasing profit -Increasing market share -Ensuring costs are covered and a profit is made -Many businesses have difficulty in selecting the ‘correct’ price for their products -If prices are too high → lose sales unless superior benefits are offered -If prices are set to low → impression that the product is cheap and of low quality What kind of brands control their price → luxury + designer labels Pricing strategies Recommended retail price (RRP) -Price recommended by wholesaler/manufacturer of goods dols by a retailer -Illegal for wholesaler/manufacturer to dictate price Percentage Markups -Used by large retail stores Cost Price is increased by a fixed percentage -Eg. Tennis racquet bought for $200 has a 100% markup → selling price is $400 Price skimming -Placing a high price on a new item → Why? Know that early purchasers are willing to buy it. -Price is then lowered to attract more customers -Often used to sell technology Penetration pricing -Usually new type of product introduced and unfamiliar to customers → Low price will attract customers to try it -Lure customers away from established providers of a product Premium pricing -Setting an artificially high price → Why? Increase product prestige -Suggest high quality than competitors Competition based pricing -A business sets a price similar to its competitors’ price -Price might be slightly lower/higher or the same -Eg. Meal deals/Internet service packages Psychological pricing -Making the price look less than it is -Pricing at $19.98 rather than $20 -Designed to appeal to the emotional rather than rational instincts Place -Making the product available to the customer, wherever the customer choose to purchase it -Can refer to –> Physical location (Eg. Shop), Online location (Eg. Website - buy

online), Business’ ability to perform a service at a customer’s home -Customer access to product → Achieved using distribution channels A distribution channel - is a chain of intermediary business through which products travel through to reach the end consumer. Intermediaries - are individuals or businesses that serve to transfer a product in a distribution channel from a manufacturer to the end consumer. A wholesaler - is a business that sells products in larger quantities and at lower prices than retailers. A retailer - is a business that sells products to the public for personal consumption. Distribution channels -Way of getting the product to its customer -Producer to customer (direct) → Simplest channel - no intermediaries (Eg. Tax advice, car repairs) -Producer to retailer to customer → Retailer is the intermediary who buys from producers and resells to customers (Eg. Bulky/perishable products: furniture/fruits) -Producer to wholesaler to retailer to consumer → Most common method for distribution of goods → Wholesaler intermediary who buys in bulk from a producer and then resells it in smaller quantities to retailers Promotion What is the purpose of promotion? -To achieve the objective of: informing, persuading, reminding → customers as a promotion campaign attempts to: -Attract new customers by raising awareness of a product -Increase brand loyalty by reinforcing the image of the product -Encourage existing customers to purchase more of the product -Provide information so customers can make informed decisions -Change individuals’ behaviour through information/persuasion Promotion mix strategies: Personal selling Major advantage → Message can be modified to suit the individuals customer circumstances + Complex and technical products can be explained by the sales representative -Sales and revenue would depend on how good are the business’ sales force

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Advertising -Essential tool for marketing -Advantage → Flexibility to reach an extremely large audience or focus on small distinct market -What are the types of advertising? Print advertising -In magazines and newspaper, brochures, leaflets, flyers, handouts and direct mail advertising Broadcast advertising → television and radio 5I - The product lifestyle Product life cycle - is a series of stages that a product will pass through from the moment it is introduced to the market until it becomes obsolete or replaced. Stages of a product life cycle: Introduction stage: -New product is launched into the market -Try to increase customer awareness and build market share Growth stage: -Product begins to increase sales to customers -Brand acceptance and market share are actively pursued by producers of product Maturity stage -Product if fully accepted into market and sales reach peak -Sales plateau as market becomes saturated Decline stage -Product no longer appeals to customer -Why? -Superseded by newer/more technologically advanced competitors -Changing customer tastes Product life cycle -Businesses must be able to launch, modify and delta products from its range in response to changes in the product life cycle -Failure to do so will result in declining sales and reduced profits Extension stage -Some products can be reviewed and begin new cycle of growth and eventual maturity -How? -Expansion through export and expansion through diversification Why do products decline? -Changing public perception, new technologies and consumer behaviour

5K - Technology and Marketing Technological developments - are the invention and innovation of tools that solve problems and enhance processes. Social media - is the online platform that can be used to connect with others and share content. -It has become a powerful marketing tool -It can be used to communicate directly with customers or a business can purchase advertising space to promote their product Email marketing - is the process of sending personalised electronic messages to existing customers to promote a business’s goods and services. -Besides sharing product details and making people aware of upcoming promotions, businesses can also utilise regular emails to gather feedback and perform market research Search engine optimization - is a process used by a business to ensure their website ranks higher in search results when customers search for goods or services related to the business online. -The goal is to elevate a business website’s ranking in the list of choices that a consumer sees when they search for something

-Companies can hire experts to handle search engine optimisation -The cost of this can vary and for bigger businesses it might even go over $10,000 a month Artificial intelligence - is software that is able to mimic the behaviour of humans. -Quickly becoming used to make shopping better for customers -Shows special offers and using chatbots to help them -Has not replaced marketing teams yet but is working to make better personalised experiences Data analytics - is the process of examining information that has been collected by businesses in order to draw conclusions and make effective decisions. -Looking at data helps business see how it did before and make plans for better marketing in the future Management of data - is the practice of collecting, organising, using and protecting business and customer information. -The process includes collecting, organising, storing and protecting business and customer information -USeful for looking at how things went in the past and making plans in the future -Businesses need to make sure the data is safe and info is protected 5L and 5M - Public relations Proactive - is taking action before a problem, need or change or change arises. Reactive is talking action after a problem, need or change arises Public Relations strategies - are actions used to communicate a particular message to the public and influence their perception What is a marketing campaign? Marketing campaigns promote through different types of media, such as television, radio, print and online platforms.

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Planned public relations is a business proactively communicating intended messages to various publics. Crisis public relations is a business reactively communicating to various public in response to an issue that can negatively affect its reputation. Media releases - are written statements sent to news organisations to inform the public about business updates. Publications - business sharing information with news and people, like in newsletters or brochures. It is about telling what the business cares about and telling what the business cares about in the community through print or online. Events - are when a business shows its products to people in person or online and can include things like seminars, conferences and tours. Sponsorships - are when a business supports a team, person or group with money in return for getting its name or logo shown like putting a logo on a sports team’s gear. Social media - means using online platforms such as Instagram to talk to people inside and outside the business. What is a crisis? An unforeseen event that generates unfavourable publicity. What’s the effect on a business? May threaten the image and reputation of the business. What is an example of a crisis?

-Workplace accident -Dishonest employees -Unsafe product Crisis communication plan (2 priorities). -Bring crisis under control → Limit the damage -Dealing with intense media and public scrutiny Crisis management A crisis can be defined as a significant threat to operations that can have negative consequences if not handled properly. -Some crises, such as industrial accidents and product harm, can result in injuries and even loss of lives. -Crises can create financial loss by disrupting operations, creating a loss of market share/purchase intentions, or spawning lawsuits related to the crisis. Managers and organisations need to be proactive and make a Crisis Communication Plan to ensure that they are prepared to minimise the negative consequences to their organisation. This plan can then be implemented in the time of crisis.

5N - Corporate Social Responsibility in Marketing Corporate social responsibility - is the continuing commitment of a business to go above and beyond their legal obligations to operate in an economically, social and environmentally sustainable manner. CSR in marketing -Market decisions can be decisions can be judged to be → Ethical or unethical and Legal illegal BUT sometimes it is not so clear. -Dishonest or unethical marketing managers will ultimately drive customers away When informing existing and potential customers of its product offerings, a business should consider how to do so in an ethical and socially responsible manner. If a business’s marketing is unethical or dishonest, it may ruin the business’s reputation and be detrimental to establishing a customer base. To establish a strong customer base, businesses should aim to have a positive impact on the environment and society, as well as engage in green marketing. CSR considerations in marketing: -Materialism -Inappropriate or inauthentic advertisements -Marketing of junk food

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-Level of truth in advertisements -Stereotypical gender roles -Sexualized messages Materialism -A marketing strategy that is used by many businesses aiming to persuade customers to buy newer products or services by creating unnecessary artificial needs in the customer base resulting in the rise of materialism -An example of materialism is cars; whenever there is a new car model out in the market car companies try and create a need in the customers to buy the new car regardless of the fact if their car is perfectly functioning Inappropriate or inauthentic advertisements -Inappropriate advertisements use insensitive stereotypes, actions or events to gain publicity -This can present their business in a negative light and repel customers from their products -Inauthentic advertisements are presented in a way that makes the product appear more appealing, however, does not show the features it advertises -This can spread misinformation to a business’s customers and can falsely present a product -A business advertising inappropriate or inauthentic advertisements, may gain publicity, but will not have a loyal customer base due to the misinformation or inappropriate content the business spread - Back in my day, we didn't have TV’S so there was no fake advertising, these damn youngins be falsing me. Marketing of Junk Food -Businesses which market Junk Food must comply with safety and should not advertise junk food as a healthy product. This is important for the safety of children, who may believe an unhealthy product to be healthy and over consume, leading to health risks among consumers. -An example for this could be when a business produces nut bars and labels them as nutritional and healthy while they might be high in sugar and calories. Level of truth in advertisements -A business may falsely (intentionally) display their products in a certain way in order to get more customers Gender Roles -Advertising in the past played into potentially outdated stereotypes on both men and women. Whilst this could have been effective at the time, today’s progressive society would consider this to be offensive, making this type of advertising strategy harmful to the success of the marketed product. Examples: -A woman cooking in a kitchen -A man being a builder/tradie

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-A woman crashing a car -A man fixing a car Sexualised messages -A business may use sexual themes in its marketing to persuade customers to purchase a product. -Some marketers may use sexualized imagery or content to create a memorable and attention-grabbing campaign. -This can initially capture the audience's attention, but it also runs the risk of overshadowing the actual product or service being promoted. Green Marketing “an advertising strategy that involved highlighting the environmental benefits of a good or service” businesses often use green marketing to emphasise their commitment for a better environment and to CSR practices. Green certification: is a certificate that proves a business’s processes/products are environmentally friendly. Real world example: Apple In 2019, Apple introduced their updated versions of the Macbook Air and the Macbook Mini. Upon their release, they made a declaration that these products were produced from 100% recyclable aluminium. “Truly innovative products leave their mark on the world, but not the planet” As a result of this campaign, in 2021, around 20% of the material used in Apple products was recycled. This is the highest-ever use of recycled materials in the company.

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Business Management 1_2 - U2 AOS1&2

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