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UNIT 3 P1&P2 - Describe how marketing techniques are used to market products in two organisations & Describe the limitations and constraints of market£3.99
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For P1, learners
should describe the concept and principles covered in learning outcome 1. In P2, the
learners should describe how the concept of the principles of marketing and the
marketing mix are applied to the marketing of two products in two organisations.
Learners should include an awareness...
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My two organisations are John Lewis for the private sector and Bank of England for
the public sector. I’m going to give a detailed report showing the marketing
techniques for marketing products or commodities for both organisations. After doing
this, I will describe the limitations and constraints of marketing for the private and
public sector selected. My next objective is to compare and contrast the marketing
techniques used by John Lewis and Bank of England. Lastly I will evaluate the
effectiveness of the techniques used that I have stated above
Firstly I’m going to give the marketing techniques used by John Lewis and Bank of
England.
Market orientation - This is where by an organisation get closer to the buyers
by discovering and meeting the needs and desires the customers require through its
product mix. Market orientation works in attempting to tailor products to meet the
demands of customers. In essence, market orientation can be thought of as a
coordinated marketing campaign between a company and its customers. An
example for market orientation is probably when John Lewis send out personal
surveys to potential customers in order to understand and know what the customers
wants and needs. Looking at Bank of England, the organisation has suggestion
boxes whereby customers write in their points of view and opinions. This suggestion
boxes are located inside the Bank of England premises and every customer is free to
participate in giving opinions.
Market penetration - This is where by an organisation introduce a new product
at a lower price to help gain market share. Often, managers must decide whether to
seek sales growth by acquiring existing category users from their competitors or by
expanding the total population of category users, attracting new customers to the
market. For instance, if John Lewis is to sell showering gel for men branded in its
name, the business will probably price the product for £10 however as time goes by
the price of the product will be increased by the organisation depending on the
market share it gained.
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