Environmental issues have gained importance in business as well as in public life through out the world. It is not like that a few leaders of different countries or few big renowned business houses are concerned about the day to day deterioration of oxygen level in our atmosphere but every common citizen of our country and the world is concerned about this common threat of global warming. So in this scenario of global concern, corporate houses has taken green-marketing as a part of their strategy to promote products by employing environmental claims either about their attributes or about the systems, policies and processes of the firms that manufacture or sell them. Clearly green marketing is part and parcel of over all corporate strategy; along with manipulating the traditional marketing mix (product, price, promotion and place), it require an understanding of public policy process. So we can say green marketing covers 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.
What is Stealth Marketing? Meaning, Techniques and Examples
Due to the fact that new generations of consumers are becoming less drawn to the conventional, in your face advertising, advertising industries have created a more ‘under the radar’ approach of advertising. This is done by making consumers believe that they are responding to a promotion, rather than an advertisement. This promotional advertising is a more subtle approach of communication, as much of the public does not want to be associated with the obvious advertisement of products. This way, consumers don’t feel like they are being sold something, rather they feel like they are discovering something. This approach is called stealth or covert marketing, which employs marketing activities easily into consumer’s lives without awareness. These campaigns stay away from traditional advertising, where consumers are continuously aware that they are being sold something. This new form of advertising is discreet when communicating messages to consumers, working best by “flying below the Continue reading
Importance of Marketing in an Organization
Marketing has many definitions. Definitions that focus on customer needs and that are customer-oriented can be used to explain the success of an organization much more clearly. Marketing can be defined as the process through which potential clients and customers who are willing and able to buy are enticed to buy your products or services. According to American Marketing Association, marketing is defined as “the process, the activity, and set of institutions for communicating, creating, exchanging and delivering offerings that have value for clients, customers, partners, and society at large.” According to the Chartered Institute of Marketing, marketing is defined as “The process of management used to identify, anticipate and satisfy customer requirements with the aim of making profits.” Importance of Marketing in an Organization An organization can only succeed when proper marketing strategies are put in place. Marketing determines the nature of an organization’s production and distribution channels for Continue reading
Event Planning Concept in Event Management
The planning function is involved in micro-level event coordination activities such as liaison with the creative team discussing, facilitating and arranging for the technical specification viz., sound, light, stages and sets. Short-listing artists and stand by artists in tune with the dictates of the creative guys/gals is one of the most challenging tasks in the event planning function. Event planning also involves checking out alternative arrangements for locating the event, the venue, the conditions for the event and gathering information to assist in taking a decision on whether the event would be held indoors or outdoors. While at the last task, understanding the requirements of licenses, clearances, etc. and arranging for the same as and when required is a fundamentally responsible task that the event coordinator is burdened with. Deciding soft issues such as whether the show is to be a ticketed, non-ticketed, fully or partially sponsored is also part Continue reading
Macro Environment in Marketing
The Company’s Macro Environment The company and all of the other actors operate in a larger macro environment of forces that shape opportunities and pose threats to the company. There are six major forces (outlined below) in the company’s macro environment. There are six major forces (outlined below) in the company’s macro environment. Demographic. Economic. Natural. Technological. Political. Cultural. a. Demographic Environment Demography is the study of human populations in terms of size, density, location, age, sex, race, occupation, and other statistics. It is of major interest to marketers because it involves people and people make up markets. Demographic trends are constantly changing. Some more interesting ones are. 1). The world’s population (though not all countries) rate is growing at an explosive rate that will soon exceed food supply and ability to adequately service the population. The greatest danger is in the poorest countries where poverty contributes to the difficulties. Continue reading
What Is Customer Lifetime Value (CLV)?
While some companies aim to grow their customer base, the successful ones recognize the importance of increasing customer lifetime value. Loyal customers offer more value to your business‐generating over 10x more revenue. Customer lifetime value is an important concept to understand from a marketing standpoint. The cost of obtaining a customer and gaining that first sale is often much higher than the costs of maintaining the relationship with the customer. Customer lifetime value (CLV) is a critical metric used to estimate the value of each customer you acquire. It validates whether you’re actually producing a profit. Several companies strive to increase customer lifetime value because they believe it’s a good indicator of business performance. Companies use the metrics such as customer life time value (CLV) to understand the importance of a certain type of customer towards the business and give a greater insight of the expected future revenue as well Continue reading