Introduction to Marketing and Creative Product Promotion Free Essays

Introduction to Marketing and Creative Product Promotion NME The New Musical Express also known as the NME is a popular music publication in the United Kingdom. NME has published weekly since March 1952. It started as a music newspaper, and gradually moved toward a magazine during the 1980s. We will write a custom essay sample on Introduction to Marketing and Creative Product Promotion or any similar topic only for you Order Now Market PenetrationMarket Penetration that NME has done is created a magazine yearly subscription this is market penetration because the product is not being changed its just offering a new way of being able to purchase the product. It still appeals to the same market and people who read and by the magazine. Product DevelopmentOne way that NME has developed its products are to host stages at festivals, with bands that they support. They advertise their products through this stage and at Reading and Leeds festival these having become well known stages. | Market DevelopmentA type of market development that NME has done is creating NME. com, a website which holds the same content as the magazine but appeals to people who use the internet a lot rather than buying a magazine. | Diversification One way that NME has used diversification is by sponsoring a UK tour known as the NME Tour. These tours appeal to different people and it is a completely new product. | Existing Products New Products Survival Strategies NME stays on top of the market by without fail having a weekly edition to the magazine with new and exclusive information in the music scene. It gives updates on top flight bands, as well as looking at new and upcoming music artists which makes it different to many other magazines. The magazine also runs regular competitions to win tickets to music events, which appeals to the customers as it is a music magazine. NME also advertises a large amount and has its own radio station and TV programme, which they use to advertise their main products being the magazines and ticket sales. Relationship Marketing NME uses relationship marketing in a way by creating monthly subscriptions to avid readers at a cheaper price. The weekly price of the magazine is ? 2. 20 however you can get a monthly subscription of the magazine for just ? 6. 50 a month which annually saves the customer 36%. This is a good saving and customers can be enticed to subscribe by the savings, also the longer you subscribe to the magazine the better savings you gain. Another way NME uses relationship marketing is by offering customers free CD’s and posters with the magazine this makes the customers feel as if they are getting more for their money and keeps them more happy as they are receiving more than they usually pay for when buying the magazine. Branding NME uses brand extension by creating one of magazine specials which cost more and include large amounts specific information these magazines appeal mostly to people how are interested in that certain topic. NME uses brand positioning because it is the only magazine that looks at up and coming bands instead of just well known artists, it is also mainly focused on the alternative genre of music. NME builds their brand by having events such as the NME awards this gains a large amount of publicity and helps NME gain customers and also informs the public about the music that they report on. Wilkinson Wilkinson is a British high street discount chain with over 300 stores, selling primarily home wares and household goods. Founded in 1930 Wilkinson Cash Stores by James Kemsey Wilkinson, the company has remained largely in the hands of the founding family since. Market PenetrationAn example of Wilkinson’s Market penetration is that in the 1950s there was a rise in the use of labour saving devices and DIY. Wilkinson responded by making this type of product the focus of its sales. They did this by ensuring that their products were a lot cheaper than the rest of the market. | Product DevelopmentOne way that Wilkinson has developed its products are In the 1960s customers wanted more convenience shopping. Wilkinson started selling groceries and supermarket goods and created the Wilko brand. In the 1980s Wilkinson extended its range of low-cost products to include quality clothing, toys, toiletries and perfumes. | Market DevelopmentA way that Wilkinson have developed there market is in 1995 it opened a central distribution centre in Worksop, serving stores in the north of England and in 2004, a new distribution centre opened in Wales. This is because they are creating new markets by opening more stores across the UK. | Diversification In 2005 Wilkinson launched its Internet shopping service, offering over 800,000 product lines for sale online. It created new products to sell online which will appeal to a different market. | Existing Products New Products Relationship Marketing Wilkinson wanted to satisfy customers with their needs met by the Wilkinson range of products. A marketing campaign was launched which focused on a range of promotional tactics, designed to appeal to university students. Wilkinson attended fresher’s fairs and gave out free goody bags with sample products directly to students. Direct mail flyers were sent to homes and student halls prior to students arriving. Advertisements with a fun theme for example, an advert showing frying pans as tennis racquets, offering discounts of 15% with first purchase using the online store. They were given gift vouchers and free wall planners. The challenge was to get students into Wilkinson stores. The opportunity was to capture a new customer group at an early stage and provide essential items all year round. This would lead to a committed customer group and secure business. Survival Strategies Wilkinson attempts to stay on top of its market by always having the cheapest products which maintain a good quality for the cost they are. Their main competitors are places such as Poundland however these shops are 99p stores therefore Wilkinson has the edge over these shops as it is deemed as better quality products because they are more expensive however still cheaper than majority of stores. They also now offer home delivery and online shopping compared to smaller competitors none of them do this, so they are also providing better service than other stores. They regularly hold offers for customers making the shop even more appealing using BOGOF and half price techniques to draw in customers. Branding Wilkinson use their own brands to appeal to customers these are more cheaper products and they create a range of different products such as dinnerware to towels. They call these products Wilkinson Premium Ranges which make them seem like they are a cheap alternative to other places and the name premium makes them seem that they are at a higher quality. Wilkinson stores are of an average quality and serve the purpose in which they need to, products are on display in store for customers to use and the store are set out into sections being food, home ware, health and beauty and children’s toys. How to cite Introduction to Marketing and Creative Product Promotion, Essay examples