Customer relationship model may be defined as a practice, technology, and strategy which is used by the many companies to manage and evaluate the customer data and interactions throughout the customer lifecycle in order to improve the business relationships with customers and it will also help in customer retention. The CRM system came into in existence with an effective software which helps and supports in organizing, collecting and managing the customer information and data. There are numerous elements of customer relationship management model which are essential to run the business activities and operations successfully. It also helps to build and develop good relations with customers in the global market. Each and every component is effective and unique and plays a significant role in the process. The customer relationship model helps to generate revenue and profit of the company. The components of CRM model have been discussed below; Human resource management: 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.
International Marketing Research – Definition, Categories and Process
International marketing managers make the same basic types of decisions as do those who operate in only one country. Of course, they make these decisions in a more complicated environment. As with marketing decisions, the basic function of marketing research and the research process does not differentiate between domestic and multinational research. However, the process is complicated almost exponentially as more and more countries are involved in the same decision. Marketing research practices and techniques have become truly global. For example, the world’s largest research firm, Nielsen, is headquartered in the U.S. but derives almost two-thirds of its revenue from outside the U.S. It is standardizing much of the data it routinely collects in 27 different countries. The main factors which influence marketing research in different countries are; Cultural differences. Culture refers to widely shared norms or patterns of behavior of a large group of people. It is the values, attitudes, Continue reading
Brand Hierarchy
A brand hierarchy is a means of summarizing the branding strategy by displaying the number and nature of common and distinctive brand elements across the firm’s products, revealing the explicit ordering of brand elements. By capturing the potential branding rela tionships among the different products sold by the firm, a brand hierarchy is a useful means of graphically portraying a firm’s branding strategy. Specifically, a brand hierarchy is based on the realization that a product can be branded in different ways depending on how many new and existing brand elements are used and how they are combined for any one product. Because certain brand elements are used to make more than one brand, a hierarchy can be constructed to represent how (if at all) products are nested with other prod ucts because of their common brand elements. Some brand elements may be shared by many products (e.g., Ford); other brand Continue reading
Product Types in Marketing Management
A product is something that must be capable of satisfying a need or want, it includes physical objects, personalities, places, organizations and ideas. Product may be classified broadly into two major categories namely consumer goods and industrial goods. 1. Consumer Goods Consumer goods are those goods meant for use by the ultimate household consumer and in such form that they can be used by him without further commercial processing. Consumer goods are generally divided into three sub-categories according to the method in which they are purchased namely convenience goods, shopping goods are specialty goods. Convenience Goods: There are goods which the consumer usually purchases frequently and with the minimum efforts. Usually they have easy substitutes and the unit value will be low. The consumer may not have much of a preference for a particular brand. E Shopping Goods: These are goods which the consumer purchase less frequently and the unit Continue reading
Co-Branding – Meaning, Strategies and Benefits
Nowadays, one of the highly valued assets for a company are its brands, with branding being every company’s top priority. But it often costs the companies huge amount of money and takes them a long time to build their brand. Today’s market is suffering from a syndrome of sameness where all the products offered to the customers look very similar both in terms of sameness in the physical brand element and in the symbolic value proposition offered to the market. Thus it has become difficult to establish a unique position for new products with markets cluttered with competing brands. Even innovative differentiated products can be imitated quickly, leaving no strategic edge. As globalization phenomenon continues to elevate competition in the marketplace, product introduction has become highly fraught with risk. One reason of such risk is the incredibly high cost of building brands for a product and another is that firms Continue reading
Building Strong Brands: Why Is It Hard?
In today’s competitive market, a brand can only achieve success if it can connect with consumers and effectively communicate its unique qualities in a way in which they create a positive impression in the minds of consumers. The brand builder who attempts to develop a strong brand is like a golfer playing on a course with heavy roughs, deep sand traps, sharp doglegs, and vast water barriers. It is difficult to score well in such conditions. Substantial pressures and barriers, both internal and external, can inhibit the brand builder. To be able to develop effective brand strategies, it is useful to understand these pressures and barriers. 1. Pressure To Compete On Price There are enormous pressures on nearly all firms to engage in price competition. In all industries from computers to cars to frozen dinners to airlines to soft drinks, price competition is at center stage, driven by the power Continue reading