Solomon Model of Comparison Process explains some of the issues that are addressed during each stage of the consumption process (Prepurchase issues, Purchase issues, Postpurchase Issues). The ‘exchange’, in which two or more organizations or people give and receive something of value, is an integral part of marketing. He also suggested that consumer behavior involves many different actors. The purchaser and user of a product might not be the same person. People may also act as influences on the buying processes. Organizations can also be involved in the buying process. Much of marketing activity, they suggest, concentrates on adapting product offerings to particular circumstances of target segment needs and wants. It is also common to stimulate an already existing want through advertising and sales promotion, rather than creating wants. The value-expressive function is employed when a consumer is basing their attitude regarding a product or service on self-concept 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.
Brand Licensing
Licensing is a contractual agreement whereby a company allows another firm to use its brand name, patent, trade secret or other property for a royalty or a fee. Licensing also assists companies in entering global markets with minimal risk. Essentially, a firm is ‘renting” another brand to contribute to the brand equity of its own product. A strong brand often has associations that may be desirable in other product categories. To capitalize on this value, a firm may choose to license its name, logo or other trademark item to another company for use on their products and merchandise. Traditionally, licensing has been associated with characters such as Garfield the cat, Barney the dinosaur, and Disney’s Mickey Mouse or celebrities and designers such as Maratha Stewart, Ralph Lauren and Tommy Hilfiger. Recently more conventional brands such as Caterpillar Harley Davidson, Coca-Cola and other have licensed their brands. Licensing can be quite Continue reading
Integrated Marketing Communications (IMC) – Definitions, Process, Importance and Barriers
Integrated Marketing Communications (IMC) is a marketing concept of the 1990’s. It will be necessary for survival in the 21st century. The advent of integration is causing marketers to take a fresh look at all the components of marketing, specifically the unique dimension that public relations bring to the marketing mix. Public relations people in turn are seizing the opportunity that integration offers them to make a difference where it counts most to their companies and clients — on the bottom line. IMC is the culmination of the shift that began in the post — World War II period, from selling what the companies make to making what the consumers want. IMC is focused on what to know about product and services, not what the marketers want to tell them in order to sell them. Integrated Marketing Communication is defined as the coordination and integration of all marketing communication tool, Continue reading
Green Marketing – History, Importance, Benefits and Problems
Customers often link green marketing with terms such as recyclable, refillable, ozone friendly, and environmentally friendly. Whilst these terms are green marketing claims, in general, green marketing is a much broader concept. Green marketing is applicable to consumer goods, industrial goods, and as well as services. Theoretically speaking, green marketing is about designing, developing, and delivering products that are eco-friendly which cause less possible harm to the environment and its stakeholders. The American Marketing Association (AMA) has defined green marketing as the marketing of products that are not harmful to the natural environment. History of Green Marketing Although some considerations were given to green marketing in the 1970s, it was actually in the late 1980s that the idea of green marketing came out. All began in Europe in the early 1980s when some manufactured goods were discovered to be harmful to the natural environment. Since that, green marketing has gone Continue reading
Concept of Green Marketing
In today’s business world, environmental issues plays an important role in marketing. All most all the governments around the world have concerned about green marketing activities that they have attempted to regulate them. Many people believe that green marketing refers solely to the promotion or advertising of products with environmental characteristics. Generally terms like Phosphate Free, Recyclable, Refillable, Ozone Friendly, and Environmentally Friendly are some of the things consumers most often associate with green marketing. In general green marketing is a much broader concept, one that can be applied to consumer goods, industrial goods and even services. For example, around the world there are resorts that are beginning to promote themselves as “ecotourism” facilities, i.e., facilities that specialize in experiencing nature or operating in a fashion that minimizes their environmental impact. Thus green marketing incorporates a broad range of activities, including product modification, changes to the production process, packaging changes, Continue reading
Product Oriented vs Market Oriented Marketing
Marketing can be characterized as the organization fulfilling client and market needs by creating value through communicating and working with client. Different businesses have different types of marketing strategies. Business can develop new products considering either a market orientated or a product orientated approach as it attracts customers by satisfying their needs and demands rather than trying to push buyers with sales. In today’s competitive world it is vital for a business to carry out a thorough market research before implementing any strategy. This article will revolve around two strategies – market and product orientation along with its importance and leading factors that must be overlooked before making any decision. A market orientated approach means that a business responds to what clients need. The choices are taken based around data about the clients’ needs and wants, instead of what the business believes is appropriate for the customer. An organization which Continue reading