m2 business
Assignment 1 – P1
Introduction
In this task I will be defining marketing and market research, I will also talk about products from two organisations. The two organization am going to talk about is JD sports and Sony. Trainers from JD sports and PS3 from Sony are the two products.
Marketing and market research
Marketing is the process to sell a product to customers for the purpose of selling is to make profit, it is also putting the right product in the right place, at the right price and at the right time. For example JD sports and Sony will sell their products such as trainers and PS3 to their target audience in order to make profit. An important part of marketing is market research which is the process of collecting information to help find out if there is a market for your product. The information you get from market research helps you make the right decisions for your product or service. This helps you get information on what you customers or target audience want. For example JD sports and Sony will get information from their market research this will help them make decision on the type of product they want to make and at what period of time.
Growth and survival strategies how and why they used
Survival strategies are used by business to start a new business this might require a lot of investment for their business to be stable. Some business might have financial problems and would need survival strategies to set a target for the business, once the business know they are stable, the can move onto growth strategies this will help them set growth target by expand their business.
Ansoff `s matrix
Ansoff’s matrix is a planning tool which helps the business know their product and marketing growth strategy. This also helps businesses know their growth depending on the new or existing product in a new market. This gives the business ideas to set strategies for the development of the business.
Four strategies
Market penetration – this is
Introduction
In this task I will be defining marketing and market research, I will also talk about products from two organisations. The two organization am going to talk about is JD sports and Sony. Trainers from JD sports and PS3 from Sony are the two products.
Marketing and market research
Marketing is the process to sell a product to customers for the purpose of selling is to make profit, it is also putting the right product in the right place, at the right price and at the right time. For example JD sports and Sony will sell their products such as trainers and PS3 to their target audience in order to make profit. An important part of marketing is market research which is the process of collecting information to help find out if there is a market for your product. The information you get from market research helps you make the right decisions for your product or service. This helps you get information on what you customers or target audience want. For example JD sports and Sony will get information from their market research this will help them make decision on the type of product they want to make and at what period of time.
Growth and survival strategies how and why they used
Survival strategies are used by business to start a new business this might require a lot of investment for their business to be stable. Some business might have financial problems and would need survival strategies to set a target for the business, once the business know they are stable, the can move onto growth strategies this will help them set growth target by expand their business.
Ansoff `s matrix
Ansoff’s matrix is a planning tool which helps the business know their product and marketing growth strategy. This also helps businesses know their growth depending on the new or existing product in a new market. This gives the business ideas to set strategies for the development of the business.
Four strategies
Market penetration – this is