Introduction to the Process of Marketing
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Added on 2020-06-05
Introduction to the Process of Marketing
Added on 2020-06-05
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INTRODUCTIONTO MARKETING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1.................................................................................................................................................1P2.................................................................................................................................................3P4.................................................................................................................................................5P5.................................................................................................................................................6P6.................................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONOrganizations new products with marketing mix creating techniques are portrayed.Promoting is a strategy through which a firm can have the capacity to profit data of items andadministrations to individual from society (Anda and Temmen, 2014). Thus advertising is aprocedure of addressing needs of clients by doing research in market and this will help inunderstanding necessities of open of the focused on market. It is essentially about comprehensionof requirements and goals of clients and after ward as indicated by that items are served to them.It will likewise concentrate more on fulfilment level of the clients in market. Starbucks andNintendo are two organizations who are doing diverse showcasing techniques to set up and tosupport in aggressive market as required in current situation. TASK 1 P1Marketing is the process of meeting the necessities and wants of customers. Most businessestoday are having rivalry towards generating the most profits as there are a lot of competitors inthe business world.Two companiesStarbucks and Nintendo are the two different business.StarbucksStarbucks is one of the largest coffee house in the world with more than 20,000 stores globally.Starbucks opened its first store in America by three business partners and they were inspired byanother coffee business person that sells high-quality coffee beans and equipment (Bhattacharya,ed., 2010). BrandingStarbucks use branding to meet its target customers. For example, customers can easily recognisewhat a Starbucks coffee house looks like because the logo of Starbucks can be seen so brandingis a useful asset to meet its marketing objectives such as market penetration and raising thecustomers’ awareness. Brand ExtensionBrand extension is a technique of launching a new product by using an existing brand name on anew product in a different category. Starbucks used to sell only coffee products but they1
expanded their businesses by taking the risk of producing new products such as making tumblersand mugs. Relationship MarketingRelationship marketing are the marketing activities that are targeted at developing and handlinglong-term relationships with a huge proportion of customers. Starbucks uses relationshipmarketing to build long-term relationships with customers.NintendoIt is a successful organisation in the field of gaming business industry Japan with playing cardsas their first product and the playing cards were handmade. Nintendo’s playing cards soon gainpopularity and they had to hire assistants to keep in the demand of the customers (Hallahan,Kauffman and Pullen, 2010).Growth Strategies Growth strategy is the strategy that most businesses use to expand their customers’ market forthe products of the company which was developed by Ansoff in 1941. Ansoff’s growth matrixhelps most businesses to plan their products their market growth strategy. It also proposes thatbusiness’ tries to increase on either a business needs to market new or present products in new orpresent markets. ANSOFF products:Market Penetration: by marketing present products to the present marketMarket Development: by developing new market for the present marketProduct Development: by marketing new products for the present marketDiversification: by marketing new products for new market.Diversification is the most risky growth strategy because the business is going to market newproducts that they have little or no knowledge. Nintendo started to market playing cards only butas their business consistently grows they started to market electronic games which weresuccessful. As we can see, Nintendo started to make new products to generate more profit andthat they assessed the risks they could face and the result was a high reward with the use ofdiversification. Product Development2
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