Influencer marketing is a concept of hiring a social celebrity or individuals with a wider fan following to promote products and services which helps in winning consumer trust, especially when compared with traditional online ads. Influencer marketing is defined as the process of building relationships with individuals who have influence over a target audience of buyers. Influencer marketing is less intrusive and more flexible than traditional online ads, it can be small and quiet, big and booming or somewhere in between as the strategy to focus on the segment of customers. As per a survey conducted by the Association of National Advertisers in 2017, it was found that three quarters of US advertisers employ influencer marketing, with the discipline expected to grow further in 2018. The growth of the disciple is attributed to social media use and a progressive propaganda to uproot ad blocking, be authentic, drive engagement and reach segments Continue reading
Marketing Management
Marketing management combines the fields of marketing and management. Marketing consists of discovering consumer needs and wants, creating the goods and services that meet those needs and wants; and pricing, promoting, and delivering those goods and services. Doing so requires attention to six major areas – markets, products, prices, places, promotion, and people. Management is getting things done through other people. Managers engage in five key activities – planning, organizing, staffing, directing, and controlling. Marketing management implies the integration of these concepts.
Market Myopia – Meaning, Examples, and Avoidance
The competitive market is an unstable and ever-evolving medium. Products change, companies rise and fall, and new trends and demands fluctuate from one point to another. In this environment, a business cannot allow itself to remain static unless it wants to be swept away by its competitors. Large companies have, arguably, an easier time facing the winds of business fortune. The big players tend to have resources, brand names, and teams of analysts and planners to prevent and predict every possible fluctuation of the market. Yet many large and successful companies have fallen victim to a trap known as market myopia. What Is Market Myopia? The concept of Market Myopia was first introduced in 1960 by Theodore C. Levitt, a professor of marketing at Harvard Business School. In his article, “Marketing Myopia,” published by Harvard Business Review, he described the mechanism of this faulty approach to marketing. Marketing Myopia is Continue reading
Understanding the Importance of Branding for Businesses
Branding is part of strategic management, and the primary responsibility of the brand is not merely communicating with customers, luring their attention, but representing the company. Nevertheless, for most firms, marketing and corporate communications are the most powerful, but not the only, branding tools. That is why, in order to achieve the greatest benefit for the company, the communicator must have a global vision of the brand, its essence, role, features. Branding may be perceived as an action aimed at creating a long-standing choice in favor of a product founded on the joint influence on a customer of trademarks, packaging, and advertisement, unified by a particular notion, which distinguishes the product from rivals. It should also be mentioned that the concepts of brand and trademark should not be confused; the former is a broader concept. In addition to the name, images, and certain symbols, the brand also includes the product Continue reading
The Economic Significance of Brands as Marketing Resources
The contribution of trademark and the brand they signify to the economic growth can also be analysed in terms of a brand as a marketing resource. When used as a marketing tool, a brand bears some significance and is viewed in different angles by the marketers, who are also the owners. A brand is a trademark, symbol, design, a term, a name or a combination of all whose main intention is to identify the goods or service of a particular seller or a group of sellers and distinguish them from other goods. It attracts value termed as brand equity. Brand equity refers to indirect and the direct worth accumulated to the profit connected with the brand. The value of the brand is appreciated when the consumer gains the knowledge of the same through marketing efforts. Brand knowledge refers to feelings, descriptions, familiarity, discernment’s, and beliefs that are linked to the Continue reading
Acquisition Marketing – Meaning, Definition, Advantages, and Disadvantages
The business environment today has become increasingly competitive. The aim of every organization is to expand its market and acquire new customers. The organization should ensure that it maintains the current customers as it acquires new customers. The more the customers the organization acquires the more the chances of making more sales, and at the same time making more profits and revenues. As a result, marketing has become increasingly important since it has the ability to give the organization a competitive advantage. There are many organizations that are striving to get a large share of the market. This has led to the emergence of acquisition marketing, a form of marketing whereby the organization aims at converting the non-existing or prospective customers into new customers. Definition of Acquisition Marketing The term acquisition can simply be defined as the action of taking over something and making it yours. In the corporate world, a Continue reading
Understanding the Basic Concepts of Branding
Branding has emerged as one of the most important issues of modern world. In fact, it influences a multitude of spheres, including marketing, society, and even psychology. First, it is worth mentioning that nowadays creating a brand image has become of a paramount importance for the international market in general and for the major companies in specific. Secondly, branding influences the consumers as well: even though the brands are being designed and developed for people, this phenomenon also has a reverse process. For instance, while the brand products need buyers, the consumers need the products with a good brand image. The better the position of a certain brand in the international market, the greatest is the demand for it, and visa versa. Finally, brands are now proved to have a great impact on the psychology and subconsciousness of people. Thus, there is an evident interdependence of the two main components Continue reading