Business Btec unit 3 p1

1160 WordsNov 24, 20135 Pages
Definition of marketing is the management process through which goods and services move from concept to the customer. For example, new Apple products are developed to include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold. Marketing is based on thinking about the business in terms of customer needs and their satisfaction. The overall concept of marketing is a management philosophy according to which a firm 's goals can be best achieved through identification and satisfaction of the customers stated and unstated needs and wants. Companies should identify the needs of their customer and produce products and…show more content…
Perception of customers is a marketing concept that encompasses a customer 's impression awareness and/or consciousness about a company or its offerings. Customer perception is typically affected by advertising, reviews, public relations, social media, personal experiences and other channels. Ansoff was known best for developing a strategies he Identified as the four categories for growing and the categories are market penetration, marketing development, product development and diversification. Market penetration the activity or fact of increasing the market share of an existing product, or promoting a new product, through strategies such as bundling, advertising, lower prices, or volume discounts. Marketing development is the act of increasing the total market served by a company by finding new customers and markets, or providing new products to existing customers and markets. An example of this for Nike is their sports clothes and trainers are always developing and coming out with new ideas. Product development this strategy entails finding new markets for existing products. Market research and further segmentation of markets helps to identify new groups of customers. An example for Nike is producing a new winter line or a new product or material such as Dri-fit. Diversification this involves moving new products into new markets at the same time. It is the most risky strategy. The more an organisation moves away from what it has done in the past the more

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