Business Studies Notes

1757 WordsSep 1, 20138 Pages
10.2 HSC topic: Marketing -> Total system of related activities designed to plan, price, promote and distribute products to potential customers – identifying, satisfying, exchanging & communicating. 25% of indicative time The focus of this topic is the main elements involved in the development and implementation of successful marketing strategies. | Outcomes The student: H1 critically analyses the role of business in Australia and globally H2 evaluates management strategies in response to changes in internal and external influences H3 discusses the social and ethical responsibilities of management H4 analyses business functions and processes in large and global businesses H5 explains management strategies and…show more content…
Sociocultural-Influence of social/cultural background (friends, family, religion, ethnicity, income, education, reference groups, values etc.) –does this product relate to my religion/background? Will the product harm my relationship with peers/family? Economic-Influence of greater economic trends (unemployment, interest rates, economic growth/decline) along with individual/family income level – can I afford this? Is it better value? Government-Influence of government in legislation and regulation of markets – income tax, interest rates impact ability to purchase. Is there a law about purchasing this product? Are there advantages/conditions relating to government policy affecting this product? Will Gov. taxes make this more expensive? consumer laws deceptive and misleading advertising * Overstating benefits, offering discounts that don’t exist, bait & switch advertising. Consumers are responsible for reporting breaches price discrimination Providing stock at a lower price to that offered to competitors of a preferred retailer. Discounts for bulk buying are however legal. implied conditions & warranties Reguardless of warranty, a business must either refund or exchange goods recognized as faulty at the time of leaving the store, this is implied warranty *ALL PART OF THE COMPETITION AND CONSUMER ACT ethical – truth, accuracy and good taste in

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