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 a new market. It is one of the great ways to seek the profit by introducing new products and hoping to sell. Diversification is part of the four main growth strategies defined by the Product/Market Ansoff matrix. The matrix is shown on the right hand side of the paper.
Market penetration is attracting more and more people from market. The companies enter the market in the aim to conceive more customers from their chosen segments to buy certain products/service.
Marketdevelopment – 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.
Productdevelopment– This is the certain situation when a company introduces a new product to the same market. So for example, the business might sell same product in the different country where it was not sold before.
Survival strategies: This comes under the situation where companies consider the daily needs without making long term goals.
Branding – It usually consists of a brand name (such as Tesco), a logo (word TESCO in red colour with five blue lines underneath), a slogan (‘Everylittlehelps’) and guidelines for how the branding can be used. Most of these elements might be trademarked by the organisation and this is for the reason that the Tesco is