If you take a look around yourself you will find how many goods and services are solely produced in your own country around you? Your clothes might be produced in India, your cell phone from China, your computer in Taiwan; your Coffee might be from Latin America. Whatever we talk about music, clothes, movies or our soft drinks for everything there are good chances that most of these products are produced in somewhere else in the globe. This is the global market place where good price and quality is welcomed by consumers irrespective of the region of its origination. In this scenario the need is to adopt the marketing practices that are effective beyond the borders so the importance of international marketing cannot be denied. International marketing is not an easy task. The international marketer has to face many obstacles in the way to achieve his goals. One of the 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.
Product Concept and Selling Concept in Marketing
The term marketing can be described as the management process through which goods and services move from concept to the customer. As a philosophy, marketing is based on thinking about the business in terms of customer needs and their satisfaction. In other definition, Marketing is the process of teaching consumers in terms of choosing the products which brings benefits to them and can be described as an organizational function and a set of process for creating, communicating, and delivering value to customers and for managing customer relationships in various ways that benefit the organization and its stakeholders. As for organizations or sales person, marketing is everything that the consumer encounters when it comes to your business. For examples such as advertising, to what they hear, to the customer service that they receive, to the follow-up care that you provide. It’s all known as the part of marketing subjects or criteria Continue reading
Market Research – Definition, Classification and Process
World is changing very rapidly with every passing day. The things which people only dreamed about a few years back are appealing reality today. Companies, their functions and their operations have improved tens of times and this advancement is increasing with every passing day. Same happened with people. Their level of awareness towards products and behavior is now quite thoughtful and demanding. Today’s buyers have forced all the business to make necessary changes. They are very cautious and take a lot of time to make decisions and want everything to be quick and easy. Understanding customer satisfaction, product launches, effectiveness of pricing, product, distribution and promotion activities, countering competitors techniques, assessing market potential, and predicting consumer behavior etc. have become extremely challenging and is often a cause of the decline of an organization. To deal with such problems, organizations conduct Market Research. Market research is an evaluation system which helps Continue reading
Main Elements of Brand Equity
A brand might be a first image of the product or service to show out to public in the market. Branding is one of differentiation to the company, products or service in the market. Building brand successfully could bring several advantages to companies, such as enhanced the competitive position and reinforce the retailers power. Also can against defending power of company and extend the market share. A major part of building brand is building brand equity to a company. Brand equity is same to “brand valuation” or “brand value”. It is a value to the famous brand name, at the same time, it also have added-value to the brand. Basically it is structure by five basic assets of company — perceived quality, brand awareness, brand associations and brand loyalty. Perceived Quality Perceived quality is one of important element of brand equity. It is not real quality for product or services Continue reading
Service Quality
Definition of Service Quality There are a number of different “definitions” as to what is meant by services quality. In its simplest form service quality is a product of the effort that every member of the organization invests in satisfying customers. In its broadest sense service quality is defined as superiority or excellence as perceived by the customer. More especially service quality has been defined as: The delivery of excellent or superior service relative to customer expectations. Quality is behavior – an attitude – that says you will never settle for anything less community, your stockholders or colleagues with whom you work every day. When we want to be effective – delivering good quality to the customer – we must produce services that meet “as much as possible” the needs of the consumer. Quality is providing a better service than the customer expects. One that is commonly us defines services Continue reading
Product Life Cycle – Meaning, Stages and Significance
Many products generally have a characteristic known as perishable distinctiveness. This means that a product which is distinct when new degenerates over the years into a common commodity. The process by which the distinctiveness gradually disappears as the product merges with other competitive products, has been rightly termed by Joel Dean as “the cycle of competitive degeneration”. The cycle begins with the invention of a new product and is often followed by patent protection, and further development to make it saleable. This is usually followed by a rapid expansion in its sales as the product gains market acceptance. Then competitors enter the field with imitation and rival products and the distinctiveness of the new product starts diminishing. The speed of degeneration differs from product to product. While some products fail immediately on birth or a little later, others may live long enough. BPL’s picture in picture TV was eliminated Continue reading