BTEC Business level 3, Unit 3/Assignment 1, P1
Marketing, raising awareness of products and services
Definitions
Market penetration- its selling a existing a product in a existing store for example a Tesco in Brighton, as there are products in the existing store.
New product development- new product development is doing research and development on the product, for example researching the advantages and disadvantages on the previous product and seeing what improvements could be made. Developing new products is important as the store would get more customers as they would be interested in what’s new. Also its important researching what is most suited for customers as more people would be satisfied with the product.
Market development- market development is when the store itself is making adjustments to improve the area. For example a store could see what improvements need to be made such as making food healthier.
Diversification- which means making newer products, for example the make ‘apple’ might update into new technology to fit people, such as renewing the Iphone. It’s important to make new products as customers would be more attracted to the store as its something new, also the market could compete with other stores as they would be making newer products compared to the other stores.
Tesco
Market penetration- Tesco involves market penetration by doing advertisements on TV showing different range of products in Tesco at a low price. Also Tesco is known for its low prices compared to other stores, they also offer the club card which offer vouchers for regular customers, customers could also collect points every time they pay from something at Tesco. This encourages customers to shop at Tesco as customers would be saving money especially in this recession.
New product development- there are many new products that have been introduced for example Tesco organic which is a selection of food that has been put into the store,
Definitions
Market penetration- its selling a existing a product in a existing store for example a Tesco in Brighton, as there are products in the existing store.
New product development- new product development is doing research and development on the product, for example researching the advantages and disadvantages on the previous product and seeing what improvements could be made. Developing new products is important as the store would get more customers as they would be interested in what’s new. Also its important researching what is most suited for customers as more people would be satisfied with the product.
Market development- market development is when the store itself is making adjustments to improve the area. For example a store could see what improvements need to be made such as making food healthier.
Diversification- which means making newer products, for example the make ‘apple’ might update into new technology to fit people, such as renewing the Iphone. It’s important to make new products as customers would be more attracted to the store as its something new, also the market could compete with other stores as they would be making newer products compared to the other stores.
Tesco
Market penetration- Tesco involves market penetration by doing advertisements on TV showing different range of products in Tesco at a low price. Also Tesco is known for its low prices compared to other stores, they also offer the club card which offer vouchers for regular customers, customers could also collect points every time they pay from something at Tesco. This encourages customers to shop at Tesco as customers would be saving money especially in this recession.
New product development- there are many new products that have been introduced for example Tesco organic which is a selection of food that has been put into the store,