Unit 3 Btec Level 3 Business
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Unit 3 – P1
P1 – Describe the marketing techniques used to market products
My chosen organisations are NHS which is charity and Tesco which is private sector
P1
Ansoff matrix
Strategic marketing planning tool that links a firm's marketing strategy with its general strategic direction and presents four alternative growth strategies in other words there is four strategic parts to ansoff matrix which i will explain what it is and what is the purpose or definition for it.
These are the four strategic parts to ansoff matrix below:
Market penetration: A measure of the amount of sales or adoption of a product or service compared to the total theoretical market for that product or service.by pushing existing products in their current market segments in other words allowing existing product to gain potential customer in its market segment.
Market development: The expansion of the total market for a product or company by entering new segments of the market and also allowing developing new markets for the existing products, trying to target new customer with an existing product.
Product development: The creation of products with new or different characteristics that offer new or additional benefits to the customer. Product development may involve modification of an existing product or its presentation, developing new products for the existing markets. Creating new products for an existing market for example iPhone which then developed ipad.
Diversification: Diversification means reducing risk by investing in a variety of assets. Diversification is a corporate strategy to increase sales volume from new products and new markets. Diversification is one of two general techniques for reducing investment risk. The other is hedging. Diversification relies on the lack of a tight positive relationship among the assets' returns.
Branding
The process involved in creating a unique name and image for a product in the consumers' mind, mainly through...
P1 – Describe the marketing techniques used to market products
My chosen organisations are NHS which is charity and Tesco which is private sector
P1
Ansoff matrix
Strategic marketing planning tool that links a firm's marketing strategy with its general strategic direction and presents four alternative growth strategies in other words there is four strategic parts to ansoff matrix which i will explain what it is and what is the purpose or definition for it.
These are the four strategic parts to ansoff matrix below:
Market penetration: A measure of the amount of sales or adoption of a product or service compared to the total theoretical market for that product or service.by pushing existing products in their current market segments in other words allowing existing product to gain potential customer in its market segment.
Market development: The expansion of the total market for a product or company by entering new segments of the market and also allowing developing new markets for the existing products, trying to target new customer with an existing product.
Product development: The creation of products with new or different characteristics that offer new or additional benefits to the customer. Product development may involve modification of an existing product or its presentation, developing new products for the existing markets. Creating new products for an existing market for example iPhone which then developed ipad.
Diversification: Diversification means reducing risk by investing in a variety of assets. Diversification is a corporate strategy to increase sales volume from new products and new markets. Diversification is one of two general techniques for reducing investment risk. The other is hedging. Diversification relies on the lack of a tight positive relationship among the assets' returns.
Branding
The process involved in creating a unique name and image for a product in the consumers' mind, mainly through...