Radio has undergone considerable changes in the past nearly twenty five years. It used to be the premier mass medium for audiences and advertisers. Radio can deliver ad messages to a very large number of audiences across the length and breadth of a particular geographic area. Advantages of Radio Advertising Radio offers a variety of features to advertisers and many of the medium’s characteristics seem to be important to advertisers. Of all the mass media, radio is believed to be the most personal medium and offers advantages over other media like selectivity, cost efficiency, flexibility and mental imagery. Selectivity: Radio offers a high degree of selectivity through geographic coverage by a large number of stations and various programme formats. Advertisers can focus their ad messages on specific audiences who speak different languages in different areas, which otherwise may not be accessible by means of other media. Cost efficiency: Cost advantages 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.
Marketing Mix – 4 P’s of Marketing Mix
Concept of Marketing Mix Marketing mix is one of the major concepts in modern marketing. It is the combination of various elements which constitutes the company’s marketing system. It is the set of controllable marketing variables that the firm blends to produce the response it wants in the target market. Though there are many basic marketing variables, four factors are most important, called the four P’s of Marketing Mix: Product, Price, Place and Promotion. However, in recent times, the ‘four P’s’ have been expanded to the ‘seven P’s’ with the addition of process, physical evidence and people. The “Four P’s”, which are still regarded by many theorists as the main ingredients in the Marketing Mix, were introduced by McCarthy. Dividing the multitude of marketing variables or mix into four distinct categories makes it much easier to formulate a marketing strategy. The four categories are (1) product, (2) place, (3) price, Continue reading
Event Management – A Modern Strategic Marketing Tool
Event marketing is a promotional strategy linking a firm to an event, sponsorship of a sports competition, festival, etc. It is an attempt to coordinate communications around a self-created or sponsored event. The event is an activity that gathers the target group in time in a room, a meeting where a message is communicated and a happening is created. Thus, we can say that event marketing plays a major role in the promotional strategy of firms. With the ever rising promotional costs associated with the traditional channels of corporate communications, with customers’ attention being diverted by many channels and modes of communication, the rising importance of experiential marketing and the ability of events to have a better face-to-face interaction with the target group of customers are promoting many firms to increasingly depend on event marketing for better results. Events like tradeshows, exhibitions, executive meets, road-shows, corporate-customer meets, dealer meets, etc., Continue reading
Consumer Decision Process In Services Marketing
Knowledge of the Buyer In buying decisions many times other people also influence the decision. In services these roles are played by many persons. In purchase of any service six distinct roles are played. They are; Initiator : The person who has a specific need and proposes to buy a service Influencer : The person or group of persons whom the decision maker refers to or who advice the decision maker Gate Keeper : The person or organization or promotional material, which act as filter on the range of services which enter the decision choice Decider : The person who makes the buying decision Buyer : The person makes the actual purchaser User : The actual user. Consumer Decision Making Process in Services Marketing The consumer’s decision to purchase or reject a product or service is the moment of final truth for the marketer. It signifies the marketing strategy has Continue reading
Publicity Strategies in Marketing – Positive and Negative
In today’s world, image and reputation of a business is critically significant than past due to increased market competition and also, with developed technologies, the consumers can be more easily evaluate to particular brand of product or organization. Therefore, it is essential that businesses and organizations have understanding of the effective public relation strategy for healthy and positive brand development. Successful public relation can be give to organization as a good image, and thus publicity is significant role in terms of successful public relation. Because, publicity can be helps gain public awareness and build relationship between products and consumers. The publicity can be defined in many interpretations. Publicity involves supplying information that is factual, interesting, and newsworthy to media not controlled by you, such as radio, television, magazines, newspapers, and trade journals. It can be both positive and negative to one’s business or organization and thus, it is significant to Continue reading
Guerrilla Marketing – Concept and Principles
Marketing is a wide range of activities related to making sure that it continues to meet your needs and get the proper value in return. It focuses on customer orientation and satisfaction of customer needs. In the description, marketing is the activity set of institutions and procedures for creating, communicating, communication and exchange of offers that are of value for customers, clients, partners and society. The objectives of the organization depend on the knowledge of the needs and requirements of the target markets and delivering the desired satisfaction. This suggests that in order to meet their organizational goals, organizations should anticipate the needs and desires of consumers and satisfy the most effective competitors. Marketing strategies vary depending on the product, target market and budget. The concept of guerrilla marketing was set up as an unconventional system of promotions based on time, energy and imagination instead of big marketing budgets. Typically, Continue reading