Identify and Evaluate Marketing Operations

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Introduction to Identify and Evaluate Marketing Operations

Marketing operations are introduced due to the requirement of more accountable, transparent and efficient marketing view. Its main purpose is organization agility and increase marketing efficiency. The organizations which adapts changes successfully and quickly due to marketing condition, change in behaviour of customer are referred to Agile marketing organization.

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1. Affects on marketing operations

Codes of practice

The set of rule which explains the working behaviour in particular profession is known as Code of practice. It is defined as the set of standards for marketers for the promotion of culture of the best practice as well as to decrease the risk of breaking legislation law. It deals with honesty and fairness and this practice is based on common sense. This code of practice is use for the creation of confidence between consumers and promotion of good ethics culture. This code is applicable on all the United Kingdom bodies which generate the official statistics. It ensuring adequate resourcing as well as supports and encourages them for the maintenance of their independence.

Ethical principles

The philosophy which informs all efforts of marketing not only the marketing strategy is known as Ethical Marketing. It is a general set of guidelines which is used in evaluation of new strategies of marketing. The following are the principles of ethical marketing

  • No compromise in Customer's privacy.
  • Same standard of truths should be shared by all marketing communication.
  • Entertainment and new content should be clearly separate.
  • During marketing decisions, discussion of ethics should be open and honest.
  • Treatment of all the consumers should be equal irrespective of nature of product and customer.
  • Personal ethics of the highest standard is abided for the marketing professionals.
  • Government's and organization's regulations must be strictly followed by the marketers.
  • The payment for the endorsement of the product must be transparent.

Ethical marketing is used by the organizations for the development of sense of truth among the customers. It is an opportunity for the various companies to increase the credibility of the company. Many of the marketers focuses only on the truth among the customers. Therefore, ethical marketing affects the operations of marketing.

Legislation and regulations

In united kingdom, there is general rule for marketers that the young person and child must not be included in the marketing communication. In this rule people whose age is 15 or less than that is considered as child and the person whose age is 16 or 17 is considered as young. The people who are under the age of 25 are not featured in gambling or playing any particular role. There should not be any kind of misleading omission and actions . This rule is applicable for all types of communication of marketing either it is affiliate marketing or social media marketing.

Social responsibility and cultural diversity

The culture involves the implicit theories of the world, which are made by the member of the society. During advertisement or marketing of any brand, the organization must take care of the culture of the society in which they are performing operations of marketing.The organizations have social responsibilities that they should hurt feeling of any society while performing various operations of marketing.

Confidentiality and privacy issues

The data and information of the customers are to kept confidential by each and every organisation. Information such as name, address, phone number, bank account number, debit card number or any other details are the responsibility of the organisation. Organisation should ensure no leakage and misuse of the consumers' information. The marketing strategies formed are on the basis of assurance of protection of customer data. The plans followed should be such that they do not contain any scope of misuse or leakage as it may deteriorate brand name and trust in customers for the company.

Safety issues

Marketing strategies and operations are planned in a manner which ensures safety of the products and the employees. There are cases of black marketing, copying, fraud practices etc. in the company. Marketing strategies involve many rules, policies and frameworks which assure safety of products, procedures and that of employees.

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2. Statistical methods and techniques to evaluate marketing opportunities

Bootstrapping

It is a situation in which an entrepreneur starts a new business with small amount of capital. A person is called Bootstrapping if he is attempting to start a new business from operating revenues of their new organization or from personal finances. It provides great opportunities for operations in market as the entrepreneur can easily do experiments with their brands.

Central tendency

It is one of the typical or centre value for probability distribution. It is also known as location or centre of distribution. It helps in psychology and also used to find out the normal and average for a particular data. One can used to generate mean mode or medium of any particular data related to marketing.

Perceptual maps

It is a technique in assets marketers try the make the visual display of customer's perception in the form of diagram. It also displays the oSteve Jobs: His Own Words and Wisdomrganization's product line, brand or product with respect to their competitors. This types of maps are also known as market maps.

Extrapolation

It is a method to estimate the observation range beyond the original range, the variable's value according to the relation with other variables. Marketers can apply this on human experience to extend, project and expand their information in which they are not so familiar or previously known to arrive at the information which is unknown.

Brand Choice model

It is an economic problem that concern with the pricing, prediction, and personal choice behaviour which have highly affects the equation of supply and demand. It can be used by the marketers to the increase the interest to customer towards their brands.

Conjoint analysis

It is a statistical technique which is used for the determination of customer's value towards different attributes such as benefits, functions and features, which builds individual service or product. It is also known as multi attributes computational model. Marketers uses this technique to do research in the market.

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Intention survey

In this technique an investigation is done to find out the future plans of buyers for the purchasing of a specific service or goods. By using this technique, marketers are able to find out more realistic forecasting and also judge the future need of the particular product.

Game theory

The technique which is used to identify the human cooperation and conflicts in a competitive situation is known as Game theory. It has various application in economics and business. Marketers uses this in decision making process in the competitive situation.

Experimental design technique

It is technique used to research in psychology or sociology. It is used to design the tasks which describes the information variation under particular conditions. This technique helps the marketers to analyse the suitable outcomes, predictions and planning which delivers the experiment.

Cross tabulation

The display of frequency distribution of variables in a table which is in matrix format is known as Cross tabulation. It is used in engineering, business intelligence, survey research, etc. Marketers are used this technique draw the basic picture of inter relation of buyers and sellers.

Data mining

It is the process of identification of pattern and relationships from large sets of data. There are five parameters of forecasting i.e. association, path or sequence analysis, classification, clustering and forecasting. Web mining is part of data mining which can be adopted by the marketers for customer relationship management.

CONCLUSION

In this report we can conclude that the marketing operations are affected by many of the factors like codes of practice, ethical principles, culture, social responsibilities, regulations, etc. Also, there are various techniques which are used to evaluate the marketing operations.

REFERENCES

  • Babin, B. J. and Zikmund, W. G., 2015. Exploring marketing research. Cengage Learning.
  • Catchpole, T. L., and et. al., 2014. Using inferred drivers of discarding behaviour to evaluate discard mitigation measures. ICES Journal of Marine Science: Journal du Conseil.
  • Strauss, J., 2016. E-marketing. Routledge.
  • Barrales‐Molina, V., Martínez‐López, F. J. and Gázquez‐Abad, J. C., 2014. Dynamic marketing capabilities: Toward an integrative framework. International Journal of Management Reviews.
  • Dinev, T., and et. al., 2013. Information privacy and correlates: an empirical attempt to bridge and distinguish privacy-related concepts. European Journal of Information Systems.
  • Weber, R. H., 2015. Internet of things: Privacy issues revisited. Computer Law & Security Review.
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