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Unit 3: Introduction to Marketing- D1
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D1: evaluate the effectiveness of the use of techniques in marketing products in one organisation
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BTEC LEV 3 90 CREDIT IN BUSINEUNIT 3: MARKETING
D1 evaluate the effectiveness of the use of techniques in marketing
products in one organization
Introduction
The marketing techniques of Nationwide Building Society will be
evaluated and how effective each technique has helped the organization
to grow and thrive continuously in marketing their products and brand.
The advantages and disadvantages of each technique will be listed and
how well each strategy is used. Furthermore, recommendations and
implementations that could help make the organization better will also be
explained. The objective of Nationwide Building Society is putting their
members first and being “On your side” which is their new slogan
launched in 2011. They have been successful in the market since being
founded in 1846.
Aims and Objectives
To evaluate marketing techniques of an organization.
To understand how different marketing techniques, help an
organization to grow.
To understand the advantages and disadvantages that each
technique may have on the organization.
To be able to research and collect accurate information on the
organization relating to each marketing technique.
To be able to create and provide useful ideas.
Market Penetration
Market Penetration is when the business tries growing by selling
existing products and services to existing customers. Nationwide Building
Society uses this marketing technique selling products such as; personal
banking, loans, credit cards, bank accounts and insurance products. An
advantage of this is that it stimulates fast growth in the market and
increases financial growth. These products have encouraged over 15.5
million members to be a part of the organization. In the review of the year
for 2018, the organization recorded an underlying profit of £1,022 million.
A disadvantage of this technique is that it encourages other competitors
to decrease their prices to attract customers/consumers. This also
encourages the organization to perform the same task to prevent
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