• 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. Impact on Automobile Industry Due To Recession in India

    The figures are 110080, 108503 and 94920 units respectively. Non Transport Vehicles in Union Territories * Total non-transport vehicles in the Indian Union Territories are 4669433. * Delhi has the maximum registered non-transport vehicles plying, 3751582. Next is Chandigarh with 548790 and Pondicherry with 275422 registered vehicles. Transport Vehicles in Union Territories * Total number of transport vehicles in the Indian Union Territories is 6999998.

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

    If a business understand their market, they are able to perform effectively and successful when launching a particular service or product which ensures a spectacular result. P4 Conduct primary and secondary research for a selected product/service making use of identifiable sampling techniques When conducting market research you need to consider

  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. Marketing Assignment - examples Tesco and Coca Cola

    Tesco marketing objectives is to provide goods/services that is cheap and affordable to consumers or the public. Tesco raise their brand awareness by advertising promotions and deals that they have to offer by using the the internet, TV advertisement and other media.

  2. Unit 11 P1 Describe the development of relationship marketing

    the feedback they receive from their customers, they will try to achieve this because their main stakeholders are their customers because they are those people who spend their money at the organisation. The organisations will try to exceed their expectations through giving them offers, customer service and quality that others

  1. Costa & McDonalds Marketing Plans

    Diversification - This is the process of selling different, unrelated goods or services in unrelated markets. This is the most risky of all four strategies. An example of McDonald?s doing this is there McCafe range. Usually McDonalds does not sell decent quality hot drinks with the launch of the McCafe range they now sell coffee, tea, doughnuts, muffins and cakes.

  2. P5 Introduction to Marketing: What is Market Segmentation?

    Some techniques are equally applicable to both B2C and B2B. For example, analysing historical data of the frequency and value of sales is a good method of basis for an in-house mailing list, regardless if the basis is consumer or business focussed.

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