Identify And Evaluate Marketing Opportunities

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Identify and evaluate marketing opportunities Task 2 1. Explain marketing opportunities. Provide an example Market opportunity refers to a condition that a business can take advantage of a changing trend in the market that has not yet been discovered by its competitors. A changing trend can be an increase in demand for a product by a given demographic group in that market. The existence of a market opportunity is dependent on the ability of the company to identify its potential customers, what are their needs that should be met, the market size and the capacity of the company to capture market share. Market opportunity can also be realized through identification of the where the competitors are not meeting the expectations of the…show more content…
3. Outline codes of practice affecting marketing operations Marketing code of practice are guidelines that are put in place to ensure that consumers and businesses have access to product and service information. This makes them make informed choices (Dalgleish, 2015). There are associations that have marketing codes of practice, such as, Association for data-driven marketing and advertising (ADMA) and Australian Communications Media Authority (ACMA). The marketing code of practice for ADMA requires the members: i. Provide accurate information so that consumers can know what is being offered. ii. Shall not make any misleading claims iii. Shall provide information on how they can be contacted iv. Shall not quote scientific data 4. Outline national standards affecting marketing operations The government has put in place many business regulations that protect the rights of the employees, environment and they make the corporations account for the power that they have in the society. There are those regulations that standout due to their relevance to employees or consumers. Advertising: Laws pertaining to advertising and marketing protect the consumers and help in keeping the companies honest about the products that they offer to the market. Employment and Labor: Employment laws keep on changing so as to suit the employees. Such laws pertain to benefits, minimum wages, health compliance and safety, working
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