Btec Business

In: Business and Management

Submitted By panchodbastard
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Unit 3 Introduction to Marketing – P1 - describe how marketing techniques are used to
Market products in two organisations [IE]
In this unit, I will be exploring the aspect of marketing in the business world. I will explore the techniques used by two contrasting businesses to be able to identify the differences between their techniques with a high degree of clarity.
The 4 P’s:
Product- A product is seen as an item that satisfies what a consumer demands. It is a tangible good or an intangible service. Tangible products are those that have an independent physical existence. Typical examples of mass-produced, tangible objects would be the common razor blade and a motor.
Price- the price of a product is essential if any development in the market is to be made. This is because a decent price is the only thing at the end of the day that attracts a customer. Price comparisons to competitors must be considered as obviously, if the product is the same but the price is higher, not many if any customers will choose to buy the available product. A variation within the prices within a calendar year is good to do as during times such as Christmas, sales tend to rise as people are desperate to buy gifts even as late as a day before. This causes sales to rocket. If discounts are made, it is possible that a huge amount of sales in just one day.
Place- the area in which a business’s deploys its service is hugely important. This is because if its area is filled with competitors trying to sell the same product it is going to be very difficult to sell ahead of all competitors. Also, the place must also depend on the demand of the residents in the area. This is essential as selling a product that nobody requires will be an absolute waste of time.
Promotion- Promotion is the business of communicating with customers. It will provide information that will assist them in making a…...

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