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Introduction To Marketing Assignment

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Added on  2019-12-28

Introduction To Marketing Assignment

   Added on 2019-12-28

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INTRODUCTION TO MARKETING
Introduction To Marketing Assignment_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Marketing Techniques used to market the Products...............................................................3P2 Limitations of Marketing........................................................................................................4M1 Comparison of marketing Techniques Used.........................................................................4D1 Evaluation of effectiveness of techniques used.....................................................................5TASK 2............................................................................................................................................5P3 Use Of Marketing Research....................................................................................................5P4 Marketing research for Market Planning................................................................................6M2 Limitations of marketing research.........................................................................................7D2 Recommendations for improving Marketing Research.........................................................8TASK 3............................................................................................................................................8P5 Targeting of Groups................................................................................................................8TASK 4............................................................................................................................................9P6 Marketing Mix for New product/Service...............................................................................9M3 Target audience for the New product....................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTION The process by which companies create value for customers and build strong customerrelationships in order to capture value from customers in return. Marketing is the social processby which individuals and organizations obtain what they need and want through creating andexchanging value with others(Berkowitz, 2016). Marketing is the activity, set of institutions, andprocesses for creating, communicating, delivering, and exchanging offerings that have value forcustomers, clients, partners and society at large. The action or business of promoting and sellingproducts or services, including market research and advertising. The present report deals with allsuch activities which are forming part of marketing. Thus the organizations taken intoconsiderations for forming a better understanding are Tesco and Apple.TASK 1P1 Marketing Techniques used to market the ProductsMarketing, often confused with advertising, promotions and public relations, is thefunction that guides the development and sales of products and services. Depending on yourproduct or service, competition, budget and customer type, your small business can use one ormore marketing strategy to grow your company. The different marketing techniques are:Positioning:One way to market your product without spending money is to create abrand, image or position in the marketplace. This might be as simple as pricing a producton the high end to create an air of quality, or pricing it on the low end to make it seem agood value. Positioning has been used by Apple for many years.Cause Marketing:One way to develop brand loyalty is to sponsor a charity. Pay the feesor supply the uniforms for local sports teams. Sponsor a tennis tournament or marathonthat raises money for a charity. Offer churches and schools discount days or nights,donating a portion of what their members spend to the church or school.They sometimesuse these marketing techniques(Maziriri and Chinomona, 2016).Guerrilla Marketing: If you don't have a budget large enough to purchase advertising,give away T-shirts or market your business at promotional events through low-costtrades. For example, if you have employees, you can ask them to donate their time to alocal telethon, answering phones for on-air mentions of your company(Cresswell, 2014).
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They can act as ushers, parking attendants or concession workers at events. Tesco hasbeen using Gurellia marketing.Sports Marketing:People who are loyal to a sports team may appreciate yoursupporting their team as well, helping you create an affinity between those fans and yourproduct or service. Sponsoring a sporting event offers many opportunities. They don'tused this.P2 Limitations of MarketingThere are differing disadvantages of marketing depending on your chosen medium. Butthere are also disadvantages of marketing across every spectrum.Cost: Adverting and marketing costs money. If you don’t do the proper research then youmight end up throwing money away. Wasting marketing efforts by targeting the wrong audienceusing an inappropriate medium would be a serious and costly mistake. So it is important to doyour research beforehand and keep your costs to a minimum(Anderson and et.al, 2015).Drip Marketing: Research shows that people in general have to see a piece ofinformation between 3 and 30 times before it sinks in. So the obvious disadvantage of marketinghere is the fact that your marketing campaign will need to be ongoing and consistent. Increasingcosts and time spent on it.Investment Of Time: Researching the appropriate marketing strategy, designing andwriting the adverts, getting them published, dealing with any response. It’s important to spendtime keeping track of how successful or not your marketing campaign is. A potentialdisadvantage of marketing here is the risk of time wasted for an unsuccessful campaign.M1 Comparison of marketing Techniques UsedGuerrilla MarketingPositioningIf you don't have a budget large enough topurchase advertising, give away T-shirts ormarket your business at promotional eventsthrough low-cost trades(Papadopoulos andHeslop, 2014). For example, if you haveemployees, you can ask them to donate theirtime to a local telethon, answering phones forOne way to market your product withoutspending money is to create a brand, image orposition in the marketplace. This might be assimple as pricing a product on the high end tocreate an air of quality, or pricing it on the lowend to make it seem a good value. Positioninghas been used by Apple for many years.
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