business studies 10.2

whats ur executive summary

Ice yum (IY) is an Australian ice cream company that has been in operation since 2018. Sales for IY were initially strong, however they have declined since 2020 due to outdated ethical advertising an increased changing consumer preferences. IY have requested the following report in attempt to improve company marketing.

-       A discussion of the importance of marketing

-       a SWOT analysis for IY

-        a recommendation of three marketing strategies

snetnce introducing ethical marketing

Ethical marketing refers to the practice of promoting products or services while adhering to moral values and standards. It ensures transparency, honesty, and fairness in advertising, protecting consumers from misleading information or harm. However, ethical marketing can present both benefits and challenges. This discussion explores two key ethical issues: accuracy and good taste in advertising and marketing of products that may damage health.

first ethical marketing issue

1. Truth, Accuracy, and Good Taste in Advertising

   • Definition: This principle requires that all marketing communications are honest, not misleading, and respectful of societal standards.​

     

advantages and disadvantaged for 1

1. Advantages:

   • Consumer Trust: Honest advertising fosters consumer confidence and loyalty.

   • Legal Compliance: Adhering to truthfulness reduces the risk of legal repercussions.

   • Positive Brand Image: Maintaining good taste prevents offending audiences, enhancing brand reputation.

2. Disadvantages:

   • Creative Limitations: Strict adherence may limit creative marketing approaches.

   • Competitive Disadvantage: Competitors using less ethical tactics might gain market share.

   • Subjectivity: Perceptions of 'good taste' can vary, making universal standards challenging.

     

second ethical marketing issue

1. Products That May Damage Health

   • Definition: This pertains to the ethical considerations in marketing products that could harm consumer health, such as tobacco, alcohol, and unhealthy foods.​

     

advantages and disadvantaged for 2

1. Advantages:

   • Informed Choices: Transparent marketing allows consumers to make educated decisions.

   • Corporate Responsibility: Ethical marketing demonstrates a company's commitment to societal well-being.

2. Disadvantages:

   • Profit Impact: Restricting marketing of such products may lead to decreased sales.

   • Market Constraints: Companies might face challenges in markets where competitors do not adhere to similar ethical standards.

     

third ethical issue

Engaging in Fair Competition

Definition:
Fair competition refers to businesses competing in a lawful and ethical manner, avoiding deceptive, anti-competitive, or predatory practices. This includes respecting intellectual property, avoiding false claims about competitors, and complying with industry regulations.

advantages and disadvantaged for 3

Advantages:

• Encourages innovation – Ethical competition drives businesses to improve products and services rather than relying on dishonest tactics.

• Protects consumer rights – Prevents businesses from engaging in price-fixing, misleading claims, or anti-competitive behavior.

• Enhances industry reputation – Fair competition fosters a positive business environment that benefits all market participants.

Disadvantages:

• Limited competitive edge – Businesses that adhere to ethical competition may struggle against those that engage in price wars or deceptive marketing.

• Higher operational costs – Ensuring compliance with fair competition laws may require additional legal and ethical oversight.

• Difficulty in enforcement – Some industries face challenges in regulating and identifying unethical competitive practices.

what does swot stand for

Strengths, Weaknesses, Opportunities, Threats

first marketing strategy

1. Product/Service Differentiation

Definition:
Product differentiation ensures that IceYum's offerings are unique compared to competitors, while positioning refers to establishing a strong brand identity in the minds of consumers.

second marketing strategy

2. Promotion – Advertising and Public Relations

Definition:
Promotion involves communicating with potential customers to inform, persuade, and remind them about the brand and its products. It includes advertising, sales promotions, public relations, and personal selling.

third marketing strategy

3. E-Marketing

Definition:
E-marketing refers to the use of digital technologies, including websites, social media, and online advertising, to reach and engage customers.