Business Btec
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 irm’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 services to satisfy those needs.
The production concept is a philosophy that consumers will favour products and services that are widely available and highly affordable and that management should therefore focus on improving production and distribution efficiency this is relevant to Nike as they do this with small products cheaper products such as accessories and ports equipment relying on economies of scale to make profit on products that are priced cheaper.
Private sector can be explained as a business owned by private individual or groups and there main aims and objective and one of those objectives is to make a profit, and growth mean that they can -maximise their profits by reinvesting in the business. The main aim of a private sector business is survival as they want the business to last and not go bust. The main aim and objectives of my two business which are Apple and Nike theirs is to remain marketing leader in there industry.
Public sector is part of an economy that is controlled by the government and is not run for profit such as schools and hospitals. The Voluntary sector is part of the economy that consists of non-profit making organisation such as charities and is run by volunteers. The public sector and voluntary measure their progress not by profits but with other factors such as service provision, growth of range of provisions, cost limitations and meeting quality.
Service provision the act of performing a task for a business or person that wants or requires it in exchange for acceptable ompensation. A business that using service provision needs high quality trained staff such as the fire department that are available to preform what is need of them in a situation and doing the Job to the best they can. Growth of range of provisions is the number of services a public or voluntary sector do and the quality they do such a school offering extra courses things such as after school clubs to helps the student’s and develop.
Cost limitation is used to see if the businesses have used the funds they have at had adequately as for public sector organisations such as school hey will need to distribute the money they receive to get the best out of there students. Meeting quality standards are used in the public and voluntary sector as for hospitals they rely on this as lives are in danger and will need to provide a standard to the people seeking help.
Marketing objectives the group of goals set by a business when promoting its products or services to potential consumers that objectives may be based on factors other than survival and growth. Market leadership is the position of a company with the largest market share or highest profitability margin in a given market for goods and services. Market share may be measured by either the volume of goods sold or the value of those goods. This links both to Nike and Apple as they are the market leaders in the given markets.
Brand awareness is the likelihood that consumers recognise the presence and availability of a company’s product or service. Creating brand awareness is one of the key steps in promoting a product both for Nike and Apple they do this very well as they are recognised globally plus have such iconic logos that are easily recognisable. Perception of customers is a marketing concept that encompasses 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 s 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 uncertainties are created. However, if existing activities are threatened, diversification helps to spread risk. Survival strategies are used by many businesses as they are faced with having to develop there strategies to survive such as economising the business to reduce expenses. This would lead to the business being less profitable and have a smaller market impact and awareness.
In business a rand is a unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors making it stand out and easy to remember. The process involved in creating a unique name and image for a product in the consumers mind, mainly through advertising campaigns with a consistent theme. Branding is used by both businesses as they have brand name, a logo and a slogan. They are both such powerful brands worldwide. They both have brand extension and are always looking to keep brand building as well as both do brand extension.
