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Research Project on Limitations and Constraints of Marketing Techniques

   

Added on  2020-06-05

11 Pages2789 Words118 Views
Introduction to Marketing

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1- Describe how marketing techniques are used to market products in two organisations......1P2 Describe the limitations and constraints of marketing...........................................................2TASK 2............................................................................................................................................3P3 Uses of marketing research to contribute to the development of its marketing plans...........3P4 Use marketing research for marketing planning....................................................................4TASK 3............................................................................................................................................5P5- Explain how and why groups of customers are targeted for selected products....................5TASK 4............................................................................................................................................5P6 Develop a coherent marketing mix for a new product or service.........................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................8

INTRODUCTIONIn the modern era, marketing is a process which plays important role in everyorganisation. Marketing helps to increase awareness of company's products and goods incompetitive market place. It is the activity, set of institutions, and processes for creating,communicating, delivering, and exchanging offerings that have value for customers, clients,partners, and society at large. Marketing is used to create, keep and satisfy the customer. Withthe customer as the focus of its activities (Palmer, 2012). It can be concluded that Marketing isone of the premier components of Business Management - the other being Innovation. Thisresearch project will be discussing about marketing techniques as well as major limitation andconstraints of marketing. In the addition of this, use of marketing research in the context ofmarketing planning will be discussed. Moreover, will be produced coherent marketing mix forlaunching a new product in market place (Malhotra and Malhotra, 2012). TASK 1P1-Describe how marketing techniques are used to market products in two organisationsMarketing is the process of meeting the necessities and wants of customers. Mostbusinesses today are having rivalry towards generating the most profits as there are a lot ofcompetitors in the business world. Starbucks is one of the largest coffee house in the world with more than 20,000 storesglobally. Starbucks opened its first store in America by three business partners and they wereinspired by another coffee businessperson that sells high-quality coffee beans and equipment. Starbucks Marketing TechniquesBranding- Branding is the process that is included in making a unique name and imagefor the products in the customers’ minds. Starbucks use branding to meet its target customers.For example, customers can easily recognise what a Starbucks coffee house looks like becausethe logo of Starbucks can be seen so branding is a useful asset to meet its marketing objectivessuch as market penetration and raising the customers’ awareness (Molesworth, Scullion andNixon, 2010).Brand Extension- Brand extension is a technique of launching a new product by usingan existing brand name on a new product in a different category. Starbucks used to sell only1

coffee products but they expanded their businesses by taking the risk of producing new productssuch as making tumblers and mugs. This made Starbucks to expand more of their businessproducts because brand extension has helped them in meeting their marketing objectives.Nintendo is a successful organisation in the field of gaming business industry and it wasfounded by Fusajiro Yamauchi and the name of the business used to be known as NintendoKoppai until they adopted the name Nintendo. He started his business 23rd September 1889inKyoto, Japan with playing cards as their first product and the playing cards were handmade.Nintendo’s playing cards soon gain popularity and they had to hire assistants to keep in thedemand of the customers.Nintendo’s Marketing StrategiesNintendo is a successful business over many years because of the marketing strategiesthat they did to keep up with the demand of their customers so that they will retain the trust oftheir customers. One of the marketing strategies of Nintendo is the growth strategies and it isdivided into four different categories (McKenzie-Mohr, 2011).Growth Strategies : Growth strategy is the strategy that most businesses use to expandtheir customers’ market for the products of the company which was developed by Ansoff in1941. Ansoff’s growth matrix helps most businesses to plan their products their market growthstrategy. It also proposes that business’ tries to increase on either a business needs to market newor present products in new or present markets. Growth strategies are strategies that seek growthin the business and it consist of:1.Market Penetration: by marketing present products to the present market2.Market Development: by developing new market for the present market3.Product Development: by marketing new products for the present market4.Diversification: by marketing new products for new marketP2 Describe the limitations and constraints of marketingConsumer laws are rules that must be adhered to. Companies must make sure that theycomply with consumer law this means that they are legally obliged to keep up to date with them.These consumer laws include – Sale of goods act, consumer protection from unfair tradingregulations, consumer credit acts, consumer protection regulations, and data protection. Sale of goods act 1979 – requires businesses to sell goods as described and of asatisfactory quality, for example a business cannot sell an 11-inch laptop as a 15-inch laptop and2

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