Unit 3 P1 How Marketing Techniques Are Used to Market Products
How marketing techniques are used to market products (P1)
Microsoft XBOX 360 and a Rolex Watch
Definition of marketing
The management process through which goods and services move from a concept to the customer. It consists of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy.
Target Market
Xbox 360: The Xbox 360, currently sitting in a very comfortable second place in terms of sales, appeals mainly to males aged between 12 and 17, and females aged between 25 and 34. People who purchase an Xbox 360 would have a medium disposable income and would most likely have quite a bit of spare time. In Xbox 360 the market is segmented into different age categories which would also be interested in different game types. The most common is 12-17 males interested in first person shooter games.
Rolex Watch: The Rolex Watch appeals mostly to males ages 25 to 50. These males would have a high disposable income and would be in a high socio-economic group. Their job role would most likely be of high authority and this would affect their income.
4 P's
Product: The Xbox 360 is a non-portable games console which was the best selling games console worldwide in the year of 2011. Many game genres can be bought on it and frequent updates allow the player to gain more for their money for example social networking is now available on the Xbox 360. The Xbox 360 appeals to their target market because the price is lower than other consoles in the market and also it has a varied range of apps and games which can be downloaded and played.
Rolex is a Swiss watch making manufacturer of high-quality, luxury wristwatches. Rolex watches are popularly regarded as status symbols and Business Week magazine ranks Rolex No.71 on its 2007 annual list of the 100 most valuable global
Microsoft XBOX 360 and a Rolex Watch
Definition of marketing
The management process through which goods and services move from a concept to the customer. It consists of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy.
Target Market
Xbox 360: The Xbox 360, currently sitting in a very comfortable second place in terms of sales, appeals mainly to males aged between 12 and 17, and females aged between 25 and 34. People who purchase an Xbox 360 would have a medium disposable income and would most likely have quite a bit of spare time. In Xbox 360 the market is segmented into different age categories which would also be interested in different game types. The most common is 12-17 males interested in first person shooter games.
Rolex Watch: The Rolex Watch appeals mostly to males ages 25 to 50. These males would have a high disposable income and would be in a high socio-economic group. Their job role would most likely be of high authority and this would affect their income.
4 P's
Product: The Xbox 360 is a non-portable games console which was the best selling games console worldwide in the year of 2011. Many game genres can be bought on it and frequent updates allow the player to gain more for their money for example social networking is now available on the Xbox 360. The Xbox 360 appeals to their target market because the price is lower than other consoles in the market and also it has a varied range of apps and games which can be downloaded and played.
Rolex is a Swiss watch making manufacturer of high-quality, luxury wristwatches. Rolex watches are popularly regarded as status symbols and Business Week magazine ranks Rolex No.71 on its 2007 annual list of the 100 most valuable global