The sales promotion strategy is an important element in overall marketing strategy. Sales promotion strategy involves identification of objectives, effective communication for attracting attention, allocation of budget, determining the correct promotional mix, introduction of strategic approach and finally evaluation. Each one of them are briefly explained here. 1. Sales Promotion Objectives The marketer should determine his sales promotion objectives. He should determine what is to be accomplished and what kind of buyer responses are desired. Sales promotion tasks should be objective oriented. These tasks are informing, persuading and reminding the customers about the products. The sales manager should inform consumers about his product and should highlight its special features. He has not only to inform the customers but persuade them to buy it. 2. Communication Sales promotion should attract the attention of the target audience. If the prices, discounts, off season facilities etc, are not adequately and effectively communicated, 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.
Levels of Products or Product Hierarchy
In planning market offering, the marketer needs to think through five levels of the product, each level adds more customer value, and the five levels constitute a customer value hierarchy. Each product is related to certain other products. The product hierarchy stretches from basic needs to particular items that satisfy those needs. Core Product – The most fundamental level is the core benefit. It is the fundamental benefit or service the customer is really buying. Marketers see themselves as benefit providers. E.g. A hotel guest is buying rest and sleep. Generic/Basic Product – At the second level the, marketer has to turn the core benefit into basic product. In this the hotel room includes a bed, bathroom, towel desk, dresser and closet. Expected Product – At the third level the marketer prepares an expected product a set of attributes and conditions that buyers normally expect and agree to when they Continue reading
Different Classifications of Advertising
Advertising intends to persuade an audience (viewers, readers or listeners)to purchase or take some action upon products ,ideals or services. It includes the name of a product or service and how that product or service could benefit the consumer, to persuade a target market to purchase or to consume that particular brand. These advertisements serve to communicate an idea to the public in an attempt to convince them to take certain action, such as encouraging environment friendly behaviors, and even unhealthy behaviors through food consumption etc. To advertise is to draw the public’s attention usually for the purpose of selling products, or services, through the use of various forms of media, such as print or broad cast and notices. Advertising is not only used as a means to promote a company’s products and services and to drive sales but as a means to build a brand identity and communicate changes Continue reading
Changing Scenario of Advertising Strategies
In recent years, advertisement has grown dramatically. Many people are exposed to several ads every day. Some people can think that advertisements don’t mean anything, but usually ads sell more than they offer. Sometimes, ads can sell values, norms, lifestyles, love, popularity, and happiness. Ads have an important role in society because sometimes those ads tell people who they are or who are they going to be. Advertising has a profound effect on everyone, and sometimes we don’t know that. In fact, marketers spend billions trying to reach audience. Advertising is everywhere from the clothes we use until the food we eat. Marketers use many ways to approach to audience, but some of these methods are unethical. One of these methods is called “divide and conquer”, and its purpose is to increase sales through market segmentation. Marketers use strategies based on social diversification, audience packaging, and product targeting. Even though Continue reading
The Cultural Framework of International Marketing
Culture defines the people’s “way of life”, meaning the way they do things. Culture could be related to a specific country, a section of community or within an organization. A people’s culture includes their beliefs, rules of behavior, language, rituals, art, technology, styles of clothing, ways of producing and cooking food, religion, and political and economic systems. Culture is not inherited genetically; it must be learned and acquired. Socialization occurs when a person absorbs or learns the culture in which he or she is raised. Marketing research should take into account the local culture of the country in which you wish to market. How marketing efforts interact with a culture determines the success or failure of a product. Advertising and promotion require special attention because they play a key role in communicating product concepts and benefits to the target customer. Terpstra & Sarathy (2000) stated that Understanding the cultural environment Continue reading
Advertising Planning – Process and Components
The advertising management is mainly concerned with advertising planning and decision making. The advertising manager will be involved in the development, implementation, and overall management of an advertising plan. The development of an advertising plan essentially requires the generation and specification of alternatives. Decision making involves choosing from among the alternatives. The alternatives can be various levels of expenditure, different kinds of objectives or strategy possibilities, and kinds of options with copy creation and media choices. Thus, the essence of advertising planning is to find out the feasible alternatives and reduce them to decisions. An advertising plan reflects the planning and decision — making process and the decisions that have been arrived at in a particular product and market situation. Advertising Planning Framework Advertising planning and decision making depends on internal and external factors. Internal factors are situation analysis, the marketing program, and the advertising plan. The three legs of Continue reading