Marketing, raising awareness of products and services Definitions Market penetration- its selling a existing a product in a existing store for example a Tests in Brighton, as there are products in the existing store. New product development- new product development is doing research and development on the product, for example researching the advantages and disadvantages on the previous product and seeing what improvements could be made. Developing new products is important as the store would get more customers as they would be interested in what’s new.
Also its important researching what is most suited for customers as more people would be satisfied with the product. Market development- market development is when the store itself is making adjustments to improve the area. For example a store could see what improvements need to be made such as making food healthier. Diversification- which means making newer products, for example the make ‘apple’ might update into new technology to fit people, such as renewing the Phone.
It’s important to make new products as customers would be more attracted to the store as its something new, also the market could compete with other stores as they would be making newer products compared to the other stores. Tests Market penetration- Tests involves market penetration by doing advertisements on TV showing different range of products in Tests at a low price. Also Tests is known for its low prices compared to other stores, they also offer the club card which offer vouchers for regular customers, customers could also collect points every time they pay from something at Tests.
This encourages customers to hop at Tests as customers would be saving money especially in this recession. New product development- there are many new products that have been introduced for example Tests organic which is a selection of food that has been put into the store, which is used to encourage people with certain food types. Market development- Tests once invested in China which was called ‘fresh and easy’ however it failed as most people in China were not familiar with most products so they lost interest and it was closed down.
Also Tests was opened n America it was called Wall-Mart and they are getting bigger, which is one of Deco’s biggest competition. Diversification- Tests has got new products introduced for example Tests mobile network. Also Tests clothing which is a variety of clothes sold at a cheap price. Diversification is important to Tests as it joins them with other networks which mean they will be making more profit. Catbird Market penetration- Caduceus chocolate usually advertises on TV showing new products that have been introduced, which would attract customers as they loud be interested in trying something new.
Caduceus chocolate is sold in many markets. Caduceus chocolate also is sold with some winning prices for example a free trip to the sea life centre. This would attract customers as they would have a chance to win something. New product development- there are many products introduced to do with Caduceus for example they are making a new Caduceus chocolate milkshake, they are also bringing out new ideas such as making a Caduceus cake. Also when theirs a special occasion such as Easter they would make a new chocolate specially for that event.
Also people demand in more products as most people are familiar with Caduceus so they are put in pressure to introduce new coming things, so its important Caduceus always make/develop new products. Market development- Catbird Cheapest is a global business which manufactures markets and distributes branded products in over 200 countries. Catbird Cheapest is the world’s fourth largest supplier of chocolate and sugar confectionery. The Group has manufacturing plants in 25 countries and sales in a further 165.