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
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.
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
Advantages and Disadvantages of Radio Advertising
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 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