Marketing is the term where companies create their products or services awareness into the market. This goes ahead with identifying the customer’s needs and then working on purpose. The customers found to be in the centre of the whole process as they help in profit making. Marketing techniques can be defined in to different strategies which are:
Growth strategies: It is the strategy which always aims high and tries to get as larger shares in the market as it can.
Diversification is when a business introduces a new product to new a new market. It is one of the great ways to seek the profit by introducing new products and hoping to sell. This can be done in either corporate level or business unit level. Business unit level is when At the corporate level, it is generally [and it is also very interesting entering a promising business outside of the scope of the existing business unit. The business level is where a company may invent a new product in a new area. Diversification is part of the four main growth strategies defined by the Product/Market Ansoff matrix: [pic]
Market penetration is attracting more and more people from market. The companies enters the market in the aim to conceive more customers from their chosen segments to buy certain products/service. Market development:
Market development is when a business introduces the same product/service to a different market. An example for this can be Mega bus start running in Laos. Nothing is changed about the service but it’s just extended to different county. Product development:
This is the certain situation when a company introduces a new product to the same market. Survival strategies: This comes under the situation where companies consider the daily needs without making long term goals. Branding:-
Branding simply includes all sorts of items which make up the companies identity. This includes a logo a name for example centre parcs and a slogan. This stops other companies to use the same name as the other organisations as creates the unique ID of each business. Branding is the key to success for a business. A customer would buy more products from the well known and trustworthy business. Of course, if a company have a great brand influence on their customers, they can they can then look further to sell new products to their exciting customers with less risks of failure with the help of their brand name.
Brand building and positioning:-
Brand building is defined as making a specific image in customer’s mind of a certain company. This basically means for example Mercedes-Benz stands for high performance, prestige and safety. It can be achieved through many ways such as choosing specific letters of words for the name of the company. The slogan can also describe specific company’s name for example JUST DO IT represents Nike. Furthermore some business’s train its staff to represent a convinced image to the customer. A business would consider how the brand is positioned in the market. Strong brands have clear and a unique brand in the market. Communication also takes a key role in building a well strong brand of the company. The brand value is depended on the customer’s awareness. The communication between the customer and the company is the key fact which creates the brand values in the eye of the consumer.
Brand extension takes place once a brand is been fixed in a market. It is the strategy where a company would produce new products or services with the same brand (Name, slogan etc) by hoping to extend the business. For example Nike has extended its brand from sports shoes and clothe to electronics with Nike product range.
Relationship marketing is the methods which are used to make a long term relationship with customers in order to retain them. This kind of...