Marketing and Business Essay

Submitted By Angel-Solakov
Words: 867
Pages: 4

Task 1 (P1) Angel Solakov
Describe how the marketing techniques are used in marketing products or services in Tesco and Barnet and Southgate College. There are different techniques that both of these organisations utilise to attract customers to buy their products/services. Or in other words to market their products/services. In order for me to go in depth about these strategies, first I need to explain them.
There are various growth strategies. These are strategies used when a company is aiming to win a larger market share, even at the expense of short-term earnings, enhancing the strength of the brand, creating loyal customers and managing costs effectively, thus increasing profitability.

One way of analysing the various strategies that an organisation may use to grow the business is with Igor Ansoff’s matrix. This considers the opportunities of offering existing and new products within existing and/or new markets and the levels of risk associated with them. Four broad growth strategies are diversification, product development, market penetration, and market development.
Diversification: this is one of the most risky strategies out there as it involves expansion beyond the business’ area and usual activities, developing new products and putting them into new markets at the same time, and targeting new audiences. While at the same time having to deal with the costs for this.
For example, Tesco…
Barnet and Southgate College…
Product development: this strategy is a bit less risky than diversification. The idea behind it is the business develops a new product, but for its current market, customers and area of operation.
For example, Tesco…
Barnet and Southgate College…
Market penetration: this does not involve as many risks as the other marketing strategies, as a business takes its existing product and sells it in its existing market. What they do is for example decrease the price or increase advertising. Some take another route for marketing, like developing an online store or place where they provide their services/products
For example, Tesco…
Barnet and Southgate College…
Market development: this strategy also carries risks, like any change in a business does. When a business uses this tactic, what it does is it expands with the same product to a different market.
For example, Tesco…
Barnet and Southgate College…
Unfortunately for some businesses just running the business can prove to be a struggle. There are however some survival strategies to help them out, like downsizing the business, making employees redundant or changing the market in which a business operates to reduce costs.
For example, Tesco…
Barnet and Southgate College…
Branding is a technique that can be used in both growth and survival. The brand that is associated with the business can be its name, a logo, slogan even colours and shapes. All this is unique to a business and it is there in order for the business to be able to maintain its image for the consumers by keeping a theme of some sort. Brands tend to trademark these elements in order to prevent competition from gaining success from similar branding. By having a strong brand businesses are more flexible. They can expand easier or charge more for their product/service provided customers have a good experience with the brand. This brand can have an influence on its customers’ behaviour before and…