Business and Management
Marketing
Task 1
Growth Strategies:
Growth Strategies are the single most important set of strategies that need to be developed and maintaining the growth in your company. This is a strategy that is investing into business organisations and sectors of the business which grow faster than their peers. The benefits of these are usually in the forms of capital gains rather than dividends. An example for this will be Coca-Cola launched Diet Coke Sweetened with Splenda which was a product development. This was a new product which is still in the soft drink market which means it has made an increase in market potential.
Diversification:
This means that the newer products are marketed to newer customers. There are two main types of diversification they are Related and Unrelated Diversification.
Related Diversification means that customers will remain in a familiar market or industry. An example for this would be when a car manufacture might expand into manufacturing motorcycles.
Unrelated Diversification means that the business organisation has no history in market experience. An example for this would be when a cake manufacture might invest in the aero manufacturing business.
Product Development:
This is when a business produces a new product but is marketed to their existing customers. Businesses do this to replace their existing products so they have more new products to offer to their existing customers. An example for this could be Apple creating a new iPad 3 to replace the iPad 2.
Market Penetration:
With this businesses market their existing products to their existing customers. This allows the business to increase their revenue, the promoting the product and repositioning the brand. When businesses do this they are not looking to amend their existing products and are not looking for new customers when doing this. An example for this would be you bought a certain CD from Amazon and they send emails to you suggesting you might be interested in similar CD’s.
Market Development:
Business organisations will market their existing products into a new market. Here the product will stay the same but is presented to a new set of customers. An example of this could be exporting their products and market them into a different new region.

Ansoff’s Matrix:
This is a market tool it is used by the marketers who will have objectives for the growth of their business. This offers strategic choices to the business to help them achieve their objectives. There are for main categories that fall under this Matrix they are Market Penetration, Market Development, Product Development and Diversification.
Survival Strategies:
Many businesses are always being faced with the need to develop strategies just to make sure that their organisation will survive in the Business Market. Doing this for the business could mean that they may need to downsize the organisation to reduce the costs, coming out of less profitable markets, the organisation discontinuing the less profitable lines and making some of their employees redundant all this is done to make sure that their business survives.
Branding:
This is the process that is involved in creating a unique name and image for a new product that the consumers are looking for. This will be done by advertising with a consistent theme. Example would be Nike advertising at football games and getting famous sports men and women to also advertise them in adverts.
The Importance of Branding in Influencing Buyer Behaviour:
This is how customers will behave before and when they are making a purchase. When it comes to branding it will have a big influence on the buyer’s behaviour. When it is a well known brand name it will become stuck in the customers mind to help them link other products with other similar products. Once a brand builds up enough strength it will help the business to either enter new markets or help them to sell into existing markets with less