Your Task Describe how marketing techniques are used to market products in two organisations (P1)
Thought Shower What can businesses do to increase sales and market their business?
Ansoff’s Matrix – growth strategies PresentNew PresentMarket penetrationProduct development NewMarket developmentDiversification Product Market Market penetration is where a business tries to sell more of an existing product into an existing market. Market development is where a business takes an existing product into a new market Product development is where a business develops a new product to sell to existing customers Diversification is where a business markets new products to new customers
Branding Slogans e.g. Nike “just do it” Logos e.g. Nike ‘swoosh’ You need to describe how these are used to help the business market and sell their products. You must describe the importance of how branding influences buyers behaviour and how the business builds on and positions it’s brand. E.g. high end market, having consistent material, using specific fonts, training staff to present a certain image etc.
Brand Extension Once a brand is established a business might develop a new product to reduce the risk of business failure. E.g. Nike has expanded from the sports clothes and shoes range to include electronics with the Nike+ product range. (they even have a Nike+ running app!)
Relationship marketing Did you know it is cheaper to retain customers than it is to recruit new ones?! Some businesses use techniques that involve building up the trust and relationship with the customers before trying to sell them new/different products or services. For example banks. Apple also provide excellent customer service to their existing customers – but why? What are the benefits of them doing this?