Report on Marketing Techniques Doc

Added on - 22 Jul 2020

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INTRODUCTION TO MARKETING
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Marketing techniques to market product in organisation......................................................3P2 Limitations and constraints of marketing..............................................................................4TASK 2............................................................................................................................................5P3 Marketing research contribution to development of marketing plans.................................5P4 Utilization of data and information collected by marketing research for marketingplanning.......................................................................................................................................6TASK 3............................................................................................................................................6P5 Targeting selected group of customers for particular product..............................................6TASK 4............................................................................................................................................7P6 Coherent marketing mix for a new product or service.........................................................7CONCLUSION............................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONMarketingis the study and managementofexchange relationship. It is the activity, set ofinstitutions, and processes for creating, communicating, delivering, and exchanging offeringsthat have value for customers, clients, partners, and society at large. It is used to createcustomer, to keep the customer and to satisfy the customer (Palmer, 2012).A carefully plannedmarketing strategy provides continuous benefits to a company. Though some business ownerschoose to rely solely on their intuition to make decisions, a fact-based approach will better allowthem to define their goals and strategies and achieve the marketing results they desire. TESCO isa public sector company in retail industry and John Lewis partnership is a private limitedcompany in same industry. Both company are present in many countries and they are consideredas one of main player in this industry.TASK 1P1 Marketing techniques to market product in organisation.A marketing strategy is an overall marketing plan designed to meet the needs andrequirements of customers. The plan should be based on clear objectives. The marketingdepartment will set out to identify the most appropriate techniques to employ in order to makeprofits.Ansoff's Matrix – It is a growth strategy used by companies to decide on their productand how they are going to expand. TESCO and John Lewis partnership can adopt marketpenetration technique to promote existing as well as new product by advertising, lower prices,discount. This raises awareness of products in existing market so people can easily know aboutnew or existing product (McKenzie-Mohr, 2011). Product development is a strategy which isused to introduce variety of products within same market. This will strengthen the relationshipbetween existing customers and the company by satisfying customers' needs and wants. Marketdevelopment can be used to target new audience but with existing product. TESCO and JohnLewis partnership can do this in two ways moving to another country or introducing a newproduct. Diversification is when company open an opportunity across different products and newmarket sectors.
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