Marketing Methods Of Marketing Techniques - 1341 Words

P1: How marketing techniques are used in 2 organisations Definition of marketing – Marketing is the action of promoting a service or product including market research and advertising. This includes the 4P’s which are: Product – The item you are selling Place – Where the product is going to be sold Price – How much the product is going to cost Promotion – Publicising a product and increasing people’s awareness of the product Companies main objectives when advertising are to make profit and expand the company. The bigger the company, and the more well known, the higher the gain on the market share. Definition of market segmentation - Market segmentation is the process of dividing the population of possible customers into different†¦show more content†¦Ansoff Matrix Strategy Market penetration - Maintain or increase the market share of current products Market development - Growth strategy where the business looks to sell its existing products into new markets. Product development - Suitable for a business where the product needs to be unique in order to remain competitive Diversification - Growth strategy where a business markets new products in a new market Sports Direct uses the market development strategy from the Ansoff mix strategy. This is where Sports Direct looks into other countries and their markets to see if they would have a chance opening a store there. Sports Direct is now expanding rapidly and now in 19 countries in europe including Poland, Belgium and France. On the other had Apple uses three of the four strategies. It uses market penetration, market development and product development. Apple try to increase the market share of current products of iPhone 5’s and 4’s by lowering their prices and doing sales promotions which will attract new customers. Apple could also increase their market share by doing special promotions for families such as selling a Mac and 2 iPhones at a discounted price which will attract a wider range of target market. Apple’s market development uses different marketing techniques such as advertising on TV and social media. They do this to make as much profit as possible as well as to be very well known and recognised. An an example of this is that when