• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Introduction to Marketing - strategies for growth, transactional marketing and relationship marketing

Extracts from this document...

Introduction

Bukola Akanni P1 Task 1 Growth strategies There are four types of Growth Strategies which are: 1. Diversification 2. Product development 3. Market penetration 4. Market development Information from:www.wikipedia.com Diversification: this is a strategy for a company that seeks to increase profitability through greater sales volume obtained from new products and new markets. Diversification is the riskiest of the four strategies presented in the Ansoff matrix. Going into an unknown market with an unfamiliar product offering means a lack of experience in the new skills and techniques required. Therefore, the company puts in a great uncertainty. Because of the high risks explained above, many companies attempting to diversify have led to failure. Although, there are a few good examples of successful diversification like: 1. Virgin Media moved from music production to travel then to mobile phones, broadband, internet and TV. 2. Walt Disney moved from producing animated films then to theme parks and vacations places. 3. Canon diversified from a camera-making company into producing an entirely new range of media equipment for movies and music. 4. Apple store moved from PC laptop to iPod Shuffles and touch first, second, third and fourth generation. ...read more.

Middle

The word brand has continued to evolve to encompass identity; it affects the personality of a product, company or service. For example, Tesco offers more cheaper product to attract their customers, and Barclays bank service offer to save the customers money but the question is that is there money safe and they are doing their best to keep their reputation save by producing good services. They offer lost of services such as: 1. Bank account - Bank accounts, Student and graduate accounts, Young persons accounts, Currency accounts 2. Savings - Regular saving, Savings Bonds, Instant access ISAs, Children's saving 3. Mortgage - 4. Investments 5. Credit cards 6. Fraud prevention 7. Travel services 8. Help and support about the bank Buyer behavior is another thing in branding, this involves the psychological processes that consumers go through in recognizing needs, finding ways to solve these needs, making purchase decisions (e.g., whether or not to purchase a product and, if so, which brand and where), interpret information, make plans, and implement these plans (e.g., by engaging in comparison shopping or actually purchasing a product). This can sometimes affect the customer because are used to their previous product or they change to less profitable product and the company (Tesco) ...read more.

Conclusion

The use of customer lifetime value as a marketing metric tends to place greater emphasis on customer service and long-term customer satisfaction, rather than on maximizing short-term sales. Customer lifetime value has intuitive appeal as a marketing concept, because in theory it represents exactly how much each customer is worth in monetary terms, and therefore exactly how much a marketing department should be willing to spend to acquire each customer. In reality, it is difficult to make accurate calculations of customer lifetime value. The specific calculation depends on the nature of the customer relationship. Customer relationships are often divided into two categories. Magazine subscriptions and car insurance are examples of customer retention situations. The other category is referred to as customer migration situations. In customer migration situations, a customer who does not buy in a given period or from a given catalogue is still considered a customer of the firm because she may very well buy at some point in the future. In customer retention situations, the firm knows when the relationship is over. One of the challenges for firms in customer migration situations is that the firm may not know when the relationship is over as far as the customer is concerned. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Marketing & Research section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Marketing & Research essays

  1. Jollibee Foods Coporation case study. there are some alternative strategies that JFC can ...

    authority to innovate; and having a culture, leadership, and organization structure that encourages innovation (HND Business, BS, 2004, pp 170). However, by using innovation strategy, JFC may not maintain the competitive advantage but create a new competitive advantage. Moreover, some innovation may face the risk.

  2. BTEC BUSINESS UNIT 2

    It can also be posted up onto a website, on the intranet. Coca Cola Enterprises posts up information about all of the Coca Cola Enterprises stores and other news that the colleagues need to know about. For example if the Coca Cola Enterprises wants to have some new news that

  1. Marketing Research. Explain how different marketing research methods have been used to make a ...

    and it is found that six out of ten people like it, then I is likely that if an addition person is interviewed the probability is six out of ten that this person will like it and six out of ten people in the total UK population will like the new toll (provided the sampling has been done correctly)

  2. Unit 3 - Marketing Research And Marketing Mix

    Secondary market research for GlaxoSmithKline Overall Soft Drinks Consumption In 2008 due a tough year which saw another wet summer and the credit crunch. Despite this, soft drinks maintained their resilience registering a 1% value increase and a marginal volume decline of 1.1% to stand at �13 billion and 13905 million litres respectively.

  1. Marketing Aims and Objectives - with examples from major companies.

    Nokia, LG, Samsung etc. are creating and releasing touch screen phones, if Apple decided to launch their product at the same time as another product, customers will have the choice to choose which product to go for. However, this is not always the case because the iPhone has outstanding

  2. Describe how marketing techniques are used to market products in two organisations. The two ...

    When we reach the maturity peak we can see in the graph that it still high this is due to the fact that Apple is still selling iPhone 4 and iPhone 4s. However, the line of the graph is falling down as this shows that the iPhone 3GS is currently in decline.

  1. Unit 11 P1 Describe the development of relationship marketing

    The growth of the service sector has increased in the UK in the past 40 years, customer will buy a product from a supermarket if they like the product but not the service you offer, but by describing the service and not going that extra mile won?t guarantee that customer

  2. Marketing Assignment - examples Tesco and Coca Cola

    From having a good brand image customer will be more loyal to the company meaning that will more likely to spend more there than any other company, because they know what company and what to expect. To build a well-respected brand Coca Cola will need to make sure that their

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work