There are two broad approaches to the study of consumer behavior: 1. A Managerial Approach 2. A Holistic Approach A managerial approach views consumer behavior as an applied social science. It is studied as an adjunct to and a basis for developing marketing strategies. A holistic approach views consumer behavior as a pure rather than applied social science. In this view, consumer behavior is a legitimate focus of inquiry in and of itself without necessarily being applied to marketing. Although it may appear that the first view has the most credence for marketers, in reality, a holistic approach also provides a useful perspective to strategy in many cases. A Managerial Approach A managerial approach to consumer behavior tends to be more micro and cognitive in nature. It is micro in emphasizing the individual consumer: his or her attitudes, perceptions, and lifestyle and demographic characteristics. Environmental effects- reference groups, the family, 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.
The Components of an Advertisement
We can factor an advertisement into seven important components; 1. The Headline The Headline is the most read part of an advertisement. So advertisers try to tell maximum part of the product story through the headline. A headline will introduce the product or makes the promise statement or puts a question. It basically tries to attract the attention of the readers and create curiosity so the audience or reader sees further. The major types of headlines are: Direct promise of benefit News about the product Curiosity or provocative, and Command headlines Direct headlines make a direct promise about how the product will benefit the readers. Readers are often interested in what is new in the product so the words ‘new’, ‘improved’, etc. are often used in headlines. Such headlines provide some new ‘information’ and are called news headline. Sometimes the promise or benefit is not offered in the headline. Instead Continue reading
Methods of Measuring Advertising Effectiveness
Advertising is aimed at improving the sales volume of a concern so its effectiveness can be evaluated by its impact on sales. Most of the managers believe that the advertisement directly affects the sales volume and hence they evaluate the effectiveness of the advertising campaign by the increase in the sales volume. Methods of Measuring Advertising Effectiveness There may be two types measures of advertising effectiveness namely; Direct measures and, Indirect measures. Direct Measures of Advertising Effectiveness Under direct measures, a relationship between advertising and sales is established. A comparison of sales of two periods or two periods or two markets may be done and the corresponding changes may be noted. The following are some of the methods that are generally used in measuring that advertising effects. i. Historical Sales Method Some insights into the effectiveness of past advertising may be obtained by measuring the relationship between the advertising expenditure Continue reading
Internet Advertising – Definition, Advantages and Disadvantages
The key of successful business is the business how to promote the product and services to all readers by using the online. According to the statistical data, more of the 80% people will everyday surf through the technologically such as internet. So, the internet has becomes an indispensable part of people’s lives. Thus, it can be considered a wide channel for the business which wants to promote their products and services to all the people. The internet advertising method has becomes the most popular method for the business. It is because internet advertising is easy and low advertising cost. Besides that, the internet advertising also have a lot of the readers or viewers. Internet advertising followed the commencement of the World Wide Web. The World Wide Web was introduced in 1991 by CERN located in Switzerland. It acted as an easily accessible medium for various companies to market their products. Continue reading
Ambush Marketing Strategies
What is Ambush Marketing? Ambush marketing occurred when a non-sponsor of an event attempted to pass itself off as an official sponsor. Ambush marketing is defined as the practice whereby another company, often a competitor, intrudes upon public attention surrounding the event, thereby deflecting attention toward themselves and away from the sponsors. In simple words, non-sponsors to gain benefits available only to official sponsors exploit ambush marketing. When a sponsor purchases a sponsorship program, he aims towards orchestrating public attention onto its company or brand. In a typical sponsorship arrangement the sponsor purchases the sponsorship property rights and uses support promotion to further draw public attention to its involvement. The practice whereby another company, often a competitor, intrudes upon public attention surrounding the event, thereby deflecting attention toward themselves and away from the sponsor, is now known as “ambush marketing.” The term ambush marketing was initially coined to describe the Continue reading
Advertisement Copy Testing – Explanation and Methods
Almost every firm spends thousands of rupees on advertising every year; it is very much pertinent to know the effectiveness of the advertisement copy. The main purpose of every advertising is to arouse the interests of the people in the firms product can everyone be perused by the same advertisement? Or will the same advertisement satisfy all types of people? The simple answer is in negative because people differ so greatly in their wants, in the economic and other motives which actuate them, and in the various ways by which their interest is aroused. It is why some advertisements are more effective than others. The amount is spent on advertising not only because the advertisement does not get to the right people but because it carries an appeal which does not interest those to whom it goes. An often quoted remark about advertisement is that half the money spent on Continue reading