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Intro to Marketing

In: Business and Management

Submitted By shegun
Words 3637
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Unit 2: INTRODUCTION TO MARKETING
P1: Describe how marketing techniques are used to market products in two organisations IE
Thanks to Igor Ansoff studies, today we can identify four different marketing strategies available for growing a business: MARKET PENETRATION, MARKET DEVELOPMENT, PRODUCT DEVELOPMENT and DIVERSIFICATION.
MARKET PENETRATION: A market is a group of customers who may purchase a product.
MARKET DEVELOPMENT: This is when a company markets an existing product to a new market.
PRODUCT DEVELOPMENT: This is where a business develops a new product to sell to existing customers.
DIVERSIFICATION: This is where a business markets new products to new customers. This can works in two ways: the business may produce a new product in an area that it understands, or it may enter a completely new unrelated area.
Many businesses are often faced with having to develop strategies just to survive. This could include downsizing the business to reduce costs. It could mean coming out of less profitable markets, discounting less profitable lines and making some employees redundant in order to balance the books.

Amazon is a ecommerce company born in 1994. Jeff Bezos created Amazon.com, Inc. in 1994 , which he labeled as “Earth’s Biggest Bookstore.” The ecommerce company went online in 1995 and soon expanded into other media, including DVDs, VHS, CDs, MP3s, and eventually a wide range of other products, including toys, electronics, furniture and apparel. As such, the tagline soon changed to “Earth’s Largest Selection.” But books were only the beginning of Bezo’s up-and-coming enterprise.

Amazon.com went public in 1997. Bezos planned on operating at a loss for 4-5 years. It was not until 2001 that Amazon.com posted a net profit at a minuscule one-cent per share. Yet, despite its bizarre business strategy, Amazon.com claimed over 1.4 million customers after...

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