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Marketing Techniques and Concepts

   

Added on  2020-01-23

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INTRODUCTION
TO MARKETING
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Marketing Techniques and Concepts_1

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
P1 Describe marketing techniques to market products ..............................................................1
P2 Limitations and constraints of marketing..............................................................................3
P3 How marketing research contributes in the development of marketing plan........................4
P4 Conduct a marketing plan by marketing research..................................................................5
P5 Groups of customers are targeted for selected products........................................................7
P6 Develop a marketing mix for new product............................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11
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INTRODUCTION
The report is based upon the core concept of marketing. Marketing is the term that is
useful in buying or selling organisational products. Every small and large business organisation
follows effective marketing techniques in order to manage healthy relationship with their
customers. Along with this, it is the process of influencing users so as they can purchase their
products and services. This will also help managers to compete with competitors and other
external sources (Verhoef, Kannan and Inman, 2015). They also have to identify accurate
methods of marketing by which sales and profits can be increased whereas, marketing planning
assist in identifying those factors which have an effect on company's growth and success in
capital market. The report is based upon the marketing strategies of Mark & Spencer. It basically
deals in clothing and food products; the company also sells branded products such as- Kellogg's
corn flakes since 2008. Another phase of this report consists with PESTLE, SWOT and SMART
analysis that helps in to develop an effective marketing plan and with that employers can easily
achieve their goals and objectives by gaining competitive advantage (Molesworth, Scullion and
Nixon, 2010). There are some legal constraints of marketing, such as- Sales of Goods Act 1979,
the Consumer Protection Act 1974, Data Protection Act 2006 and Consumer Credits Act 2006.
Therefore, with the help of all these rules and regulations employers can easily manage their
advertising standards and values. Along with this, marketing mix- product, price, place and
promotion supports in to create a key group of customers by conducting a marketing research.
TASK
P1 Describe marketing techniques to market products
Marketing tactics are responsible to know the marketing strategies so as products and
services of organisation can be promoted in marketplace. In Starbucks and Mark & Spencer, it is
helpful in order to maximise sales and managing profits for a competitive product. The outcome
of using effective marketing tools is that it provides substantial customer satisfaction. It forces
managers to improve their financial resources to extends the methods of promotion of products
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and services in business organisation (Dief and Font, 2010). There are mentioned below tools
and techniques of marketing by which managers can easily target there potential market:
Ansoff matrix- it is also known as growth marketing strategy for business organisation
because it helps in product market development. Ansoff matrix involve four stages that
are- market penetration, market development, diversification and product development.
Market penetration refers with expanding the sales of product in present marketplace. It
assists the managers of Starbucks and Mark & Spencer to know that how their products
are working and how it is enable to attract customers. Products development seeks with
the expansion of new product in existing market, whereas market development involves
adding new features in existing products. And in diversification, the firm is introducing
new products or services into new sector (Woodside, 2010).
Branding and promotion:- For Mark & Spencer and Starbucks, it helps to enhance the
growth of the product in capital market. With the help of branding and promotion
techniques managers are able to promote their products and attract more customers. It
aids in build strong relations with market: increase sales and market share of
companies. Starbucks has to promote its brand and extend the area of selling its goods
and services, i.e., coffee. If the brand of the product is effective so as it is useful in
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