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Describe how marketing techniques are used

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Introduction

´╗┐Harry limniotis Introduction to Marketing- Task 1 (P1) Describe how marketing techniques are used Growth Strategies Ansoff matrix The Ansoff matrix is a tool which is used by businesses in order to determine its product and growth strategy for the future. It is named after a Russian American mathematician and business manager, who developed the model. Depending on whether the business is markets new or existing products in new or existing markets; the Ansoff matrix suggests growth strategies that apply to the businesses? situation. Market Penetration is best suited to businesses who market existing products into existing markets. Market Penetration does not require a high amount of investment as the business has an understanding of the markets and the products. Market penetration aims to achieve the following objectives: Increase the market share of current products- achieving this can be done by implementing competitive price strategies, increased advertising, sales promotions and dedicating investment to personal selling. Encourage sales and usage from existing customers by introducing loyalty schemes A great example of market penetration is Cadbury, who have developed a new limited edition variant of an existing product. ...read more.

Middle

There are many different approaches to this strategy which include; New geographical markets; for example expanding and selling products to other countries New distribution channels; for example starting to sell through e-commerce or mail order. A level of risk is involved when implementing market development due to the risk of new markets not reacting to the new unknown products well. This was the case when Tesco decided to expand into markets in Asia and USA, Tesco are now in the process of closing stores in these countries. Diversification Diversification is the name given to the strategy which is aimed at selling new products into new markets. This means businesses with a certain product, such as food for example; start selling or producing a completely different product or service. Unfortunately there is a high risk when a business carries out diversification, as the business has no experience or knowledge of the product or market. TalkTalk, a telecommunications provider in the UK have just announced the launch of their new TV service, which aims to take on rivals like Sky, which already provide the products and services TalkTalk offer such as Internet and phone lines. ...read more.

Conclusion

Discontinue unprofitable lines By stopping to produce and sell products that do not sell particularly well, the business can save a significant amount of money. Branding It is important for a business to create a strong brand to promote the image of the company and creating a unique name and image for a product in the consumers? mind. This can be created by producing advertising campaigns with consistent themes. When building a brand companies must consider consistency and produce all promotional material with the same fonts and colours to ensure that it is instantly recognisable as a certain brand. Consumers now are aware of a number of different brands by identification of the company?s logo or colour. Coffee chain Starbucks has increased this trend by replacing all ?Starbucks? text by its logo instead. Relationship Marketing Relationship Marketing provides the customer with a fantastic customer service experience by establishing relationships with companies and individuals. It focusses on retention and satisfaction rather than sales driven attitude. This is particularly valuable for businesses with high value customers or markets, as it is important to retain and attract their custom. ...read more.

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