Unit 3 P1
Unit 3 - Introduction to Marketing
P1: Describe how marketing techniques are used to market products/services in two organisations
Role of Marketing
Marketing is the process of communicating the value of a product or service to customers for the purpose of sales. It is a critical business function for attracting customers. Marketing activities and strategies result in making products available that satisfy customers whilst making profit.
The broad field of marketing activities can be condensed into the 4 P’s which are:
Product - Designing the product or service so that it will be desirable to customers and creating a distinct brand that will be broadly recognised.
Promoting the product to raise awareness using public …show more content…
A marketing strategy is a detailed plan of the marketing initiatives that a business intends to conduct during a set period of time. When supported by a constant system of evaluation, a marketing strategy will help a business to determine areas that need to be focused or which methods work best. In this information booklet I will be discussing the marketing strategies Tesco and Coca-Cola use to benefit their business.
It is important for a business when setting objectives or goals that they have SMART targets, these are targets that Specific, Measurable, Achievable, Realistic and Time-based. Even a multinational and successful organisation like Tesco has aims to be bigger and better. Tesco is now one of the world’s largest retailers who serve millions of customers across the globe; they have become a household name in the UK and are working towards being the clear successor of supermarkets in Europe. “We want Tesco to be the most highly valued business by: the customers we serve, the communities in which we operate our loyal and committed colleagues and of course, our …show more content…
When companies employ a product development strategy, they continue selling within the existing market. Companies may also be forced to add new products as older ones become outmoded.
Diversification
Growth strategies in business also include diversification, where a small company will sell new products to new markets. Marketing research is essential because a company will need to determine if consumers in the new market will potentially like the new products.
Based on their objectives, Tesco’s growth strategy would be market development. Their goals are to expand the business not only in the UK but internationally which will further establish the company across the globe. Therefore, using their existing products and services Tesco want to endeavour in new markets by opening 120 more stores in Europe, India and China. Tesco started trading with China in 2004 and already have 131 stores located there, this has been a lucrative and successful project as their revenue for 2012/13 is around
P1: Describe how marketing techniques are used to market products/services in two organisations
Role of Marketing
Marketing is the process of communicating the value of a product or service to customers for the purpose of sales. It is a critical business function for attracting customers. Marketing activities and strategies result in making products available that satisfy customers whilst making profit.
The broad field of marketing activities can be condensed into the 4 P’s which are:
Product - Designing the product or service so that it will be desirable to customers and creating a distinct brand that will be broadly recognised.
Promoting the product to raise awareness using public …show more content…
A marketing strategy is a detailed plan of the marketing initiatives that a business intends to conduct during a set period of time. When supported by a constant system of evaluation, a marketing strategy will help a business to determine areas that need to be focused or which methods work best. In this information booklet I will be discussing the marketing strategies Tesco and Coca-Cola use to benefit their business.
It is important for a business when setting objectives or goals that they have SMART targets, these are targets that Specific, Measurable, Achievable, Realistic and Time-based. Even a multinational and successful organisation like Tesco has aims to be bigger and better. Tesco is now one of the world’s largest retailers who serve millions of customers across the globe; they have become a household name in the UK and are working towards being the clear successor of supermarkets in Europe. “We want Tesco to be the most highly valued business by: the customers we serve, the communities in which we operate our loyal and committed colleagues and of course, our …show more content…
When companies employ a product development strategy, they continue selling within the existing market. Companies may also be forced to add new products as older ones become outmoded.
Diversification
Growth strategies in business also include diversification, where a small company will sell new products to new markets. Marketing research is essential because a company will need to determine if consumers in the new market will potentially like the new products.
Based on their objectives, Tesco’s growth strategy would be market development. Their goals are to expand the business not only in the UK but internationally which will further establish the company across the globe. Therefore, using their existing products and services Tesco want to endeavour in new markets by opening 120 more stores in Europe, India and China. Tesco started trading with China in 2004 and already have 131 stores located there, this has been a lucrative and successful project as their revenue for 2012/13 is around