After the product development, generally firms conduct a product testing that one could testify the accuracy of the information on the basis of which various stages were completed. These commercial experiments are necessary to verify earlier business judgements. Thus, the objective of this stage is basically to assess whether the product meets the technical and commercial objectives at various levels in order to ascertain the product acceptability. There are three types of tests usually conducted : Concept Testing, Product Testing, and Test Marketing 1. Concept Testing This is concerned with measuring customer reactions to the idea or concept of a product. In fact, it is a kind of research in which the product idea is screened before any money, time or labor are committed to making the prototype products. The idea of a product with as many details as possible is made known to the customers 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 Brand Identity? Definition and Structure
A person’s identity serves to provide direction, purpose, and meaning for that person. Consider how important the following questions are: What are my core values? What do I stand for? How I want to be perceived? What personality traits do I want to project? What are the important relationships in my life? A brand identity similarly provides direction, purpose and meaning for the brand. It is central to a brand’s strategic vision and the driver of one of the four principal dimensions of brand equity associations, which are the heart and soul of the brand. Nestle uses the term brand constitution to reflect the importance and reverence with which a brand identity should be held. So, what exactly is brand identity? Brand identity is a unique set of brand associations that the brand strategist aspires to create or maintain. These associations represent what the brand stands for and imply a Continue reading
Marketing Strategy: Definition and Process
Marketing strategy consists of the analysis, strategy development, and implementation activities in: “Developing a vision about the market(s) of interest to the organization, selecting market target strategies, setting objectives, and developing, implementing, and managing the marketing program positioning strategies designed to meet the value requirements of the customers in each market target”. Strategic marketing is a market-driven process of strategy development, taking into account a constantly changing business environment and the need to deliver superior customer value. The focus of strategic marketing is on organizational performance rather than a primary concern about increasing sales. Marketing strategy seeks to deliver superior customer value by combining the customer-influencing strategies of the business into a coordinated set of market-driven actions. Strategic marketing links the organization with the environment and views marketing as a responsibility of the entire business rather than a specialized function. Because of marketing’s boundary orientation between the organization and its Continue reading
Various Aspects of International Advertising
Advertising is one of the most visible forms of communication. Because of its wide use and its limitations as one-way method of communication, advertising in international markets is subject to a number of difficulties. Advertising is often the most important part of the communication mix for the consumer goods, where there is a large number of small volume customers who can be reached through mass media. International advertising entails dissemination of a commercial message to target audiences in more than one country. Target audiences differ from country to country in terms of how they perceive or interpret symbols or stimuli, respond to humor or emotional appeals, as well as in levels of literacy and languages spoken. International advertising can, therefore, be viewed as a communication process that takes place in multiple cultures that differ in terms of values, communication styles and consumption patterns. International advertising is also a business activity Continue reading
Co-Creation of Value in Marketing
Back in 1953, Neil Borden introduced the concept of Marketing Mix. In 1960, it was classified into 4Ps – product; price; place; and promotion – in 1960 by Professor McCarthy. Product can be either physical or service; Price is dependent on its value; Place refers to distribution of; and Promotion refers to communication related to marketing of the product. The concept of ‘4Ps’ was mainly used in the past when physical product was dominant in the market. There are two main limitations of the marketing mix – common in all examined domains: (i) a model’s internal orientation; and (ii) lack of personalization. Consequently, the model of exchange was introduced having logic based on exchange of manufactured “goods”. This logic focused on tangible resources, embedded value, and transactions. Over the past several decades, however, new perspectives have emerged having a logic focused on intangible resources: the co-creation of value and relationships. Continue reading
Brand Personality
Brand personality is as if ‘making the brand come alive’. The attribution of human personality traits (seriousness, warmth, imagination, etc.) to a brand as a way to achieve differentiation. Usually done through long-term above-the-line advertising and appropriate packaging and graphics. These traits inform brand behavior through both prepared communication / packaging, etc. and through the people who represent the brand – its employees. Brand personality is the way in which a brand speaks of its products or services shows what kind of person it would be if it were human. A brand without a personality has trouble gaining awareness and developing a relationship with customers. Brand image refers to the rational measurements like quality, strength, and flavor. Brand personality explains why people like some brands even when there is no physical difference between them. Brand personality is the emotional associations of the brand and brand image is the physical features Continue reading