An advertising measurement is adopted both before and after an advertising campaign is launched. After a campaign has been launched, it is essential to know how far the advertising plans, strategies and programmes are successful in achieving the objectives so that they may be modified and redesigned for better performance if needed. This process is known as evaluating advertising effectiveness. Some advertisers do not bother to measure advertising effectiveness. They expect that the sales will ultimately increase by reason of advertising. But, recently, problems and difficulties have compelled them to measure advertising effectiveness. The producers also adopt a measuring device because they incur a sizable amount of expenditure on advertising. The effectiveness of media and message are also assessed for their use in future. The results of same amount of advertising budget vary for several reasons. Only through the measuring of advertising effectiveness the success of a particular campaign can 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.
Key Characteristics of Online Marketing
With the maturity of Internet technology and low cost of networking, the Internet is like an “adhesive” to bind businesses, groups, organizations and individuals together across time and space, and making the exchange of information between them become “so easy.” Of Marketing, the most important and most essential is information dissemination and exchange between organizations and individuals. If there is no exchange of information, then the transaction has no source. For this reason, the Internet has certain features which are required in marketing to make internet marketing possesses the following characteristics: Not subject to the limitations of time and domain. The ultimate goal of marketing is occupy market share. Because the Internet can exchange information by transcending time and space constraints, firms have more time and more space for marketing. They could provide global marketing anytime and anywhere. Rich media. The Internet was designed to transmit multimedia information, such as Continue reading
Bettman Information Processing Model of Consumer Choice
Bettman (1979) in his model describes the consumer as possessing a limited capacity for processing information. He implicate that the consumers rarely analyze the complex alternatives in decision making and apply very simple strategy. In Bettman Information Processing Model, the consumer is portrayed as possessing a limited capacity for processing information. When faced with a choice, the consumer rarely undertakes very complex analyses of available alternatives. Instead, the consumer typically employs simple decision strategies or heuristics. These simplifying decision rules assist the consumer in arriving at a choice by providing a means for sidestepping the overly overburden task of assessing all the information available about all the alternatives. In Bettman Information Processing Model, there are seven major stages. Processing Capacity: In this step he assumes that the consumer has limited capacity for processing information, consumers are not interested in complex computations and extensive information processing. To deal with this problem, Continue reading
Customer-Based Brand Equity (CBBE) Model
Two questions often arise regarding brands: ‘What makes a brand strong?’ and ‘How do you build a strong brand?’ To answer these questions, this section introduces the customer-based brand equity (CBBE) model. This model incorporates theoretical advances and managerial practices in understanding and influencing consumer behavior. Although useful perspectives concerning brand equity have been put forth, the CBBE model provides a unique point of view as to what brand equity is and how it should be built, measured and managed. The Customer-Based Brand Equity model approaches brand equity from the perspective of the consumer — whether this be an individual or an organization. Understanding the needs and wants of consumers and organizations and devising products and campaigns to satisfy them are at the heart of successful marketing. In particular, two fundamental questions faced by marketers are: ‘What do different brands mean to consumers?’ and ‘How does the brand knowledge of Continue reading
Green Marketing Strategies and Best Practices
Today there is a network of organizations or business entities manufacturing, or even marketing green products in an attempt to indicate safe environment concern. Green marketing involves the trading of products that are considered to be safe for the ecosystem or the environment. Activities incorporated in this process do not cause harm to the environment. Such activities may involve modification of advertisement, changes in packaging, production process, and product modification. However, the definition results in contradiction due to meanings intersections. Holistically, the nature of green indicates that in addition to retailers and suppliers, new stakeholders should be included. Such stakeholders include organizations such as NGOs, educators, community members, or regulators. Issues of the environment should equalize the principal requirements of the client. Green marketing has gained its popularity with time since there is an increasing trend in environmental appeals and the attractiveness of green products. In green marketing, consumers are Continue reading
Promotional Pricing – Meaning, Types, Advantages, and Disadvantages
Marketing includes a very important concept that is marketing mix; it has four major components that are promotion, people, price, and place. Nevertheless, in the marketing mix after the product, the second most important factor is the kind of price that is being used. This is because the distribution and the promotion mix can be modified by the kind of pricing being used. It can be an enormous job to set up the correct price for products and services while establishing a new company and it could be equally for a company that has a year of existence on the market. The problem could be that if prices are set too high, the risk may be losing customers or customers may not be interested in the product at all. If prices are set to low, the risk may be not returned on the investment and extremely low margins. Before establishing Continue reading