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Marketing Techniques and Research

   

Added on  2019-12-28

10 Pages2693 Words214 Views
Introduction to Marketing
Marketing Techniques and Research_1
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3TASK 1 ...........................................................................................................................................3P1) Marketing techniques ...........................................................................................................3P2) Limitations and constraints of marketing .............................................................................4TASK 2 ...........................................................................................................................................4P3) Uses of marketing research ..................................................................................................4P4) Utilising data and information collected through marketing research for marketingplanning.......................................................................................................................................5TASK 3 ...........................................................................................................................................6P5) Targeting customer groups....................................................................................................6TASK 4 ...........................................................................................................................................7P6) Coherent marketing mix........................................................................................................7CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................102
Marketing Techniques and Research_2
INTRODUCTION Marketing is the study and management of exchange relationships. The AmericanMarketing Association has defined marketing as "the activity, set of institutions, and processesfor creating, communicating, delivering, and exchanging offerings that have value for customers,clients, partners, and society at large. In this report, Marketing techniques, Limitations andconstraints of marketing, Uses of marketing research, Utilising data and information collectedthrough marketing research for marketing planning, Targeting customer groups and Coherentmarketing mix has been depicted. These informative content shall help in improving theknowledge base with regards to marketing and marketing strategies. TASK 1 P1) Marketing techniques A marketing strategy is an overall marketing plan designed to meet the needs andrequirements of customers. The plan should be based on clear objectives. A number oftechniques will then be employed to make sure that the marketing plan is effectively delivered. Market Penetration: The first quadrant in the Ansoff matrix is market penetration. It is oftenadopted as a strategy when the organization has an existing product with a known market andneeds a growth strategy within that market. The best example of such a scenario is the telecomindustry. Most telecom products exist in the market and must cater to that market. Market Development: Market development is the second market growth strategy in the Ansoffmatrix. This strategy is used when the firm targets a new market with existing products. Thereare several examples. These include leading footwear firms like Adidas, Nike and Reebok, whichhave entered international markets for expansion. Product Development: Product development in the Ansoff matrix refers to firms which have agood market share in an existing market and therefore might need to introduce new products forexpansion. Product development is needed when the company has a good customer base andknows that the market for its existing product has reached saturation. Diversification. The diversification strategy in the Ansoff matrix applies when the product iscompletely new and is being introduced into a new market.3
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