An organisations marketing communication strategy are represented by 3Ps: Push, Pull and Profile. Push strategy: This strategy promotes products to retailers or wholesalers in order to force the product line down the distribution line. Pull strategy: This strategy is the opposite to push strategy where communication reaches to consumer or end user first with an aim to attract the retailer wholesaler channel to purchase the product line. Profile Strategy: In order to satisfy an organisations promotional goals profile strategy is used. This strategy mostly aims towards satisfying stakeholder needs. 1. Push Strategy Main focus of push strategy is to use minimal or no advertising to get the product to the buyers. This strategy acquires customers by personal sale. One of the places can be trade-shows where products are shown to interested business. In trade shows distributors get to know about product line up of a company with their business expertise 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.
Hierarchy of Effects Model in Consumer Behavior
Another widely used model in marketing that attempts to explain consumer decision making process is called the Hierarchy of Effects Model. Originally conceived to explain how advertising affects consumer’s purchase decisions, the Hierarchy of Effects Model focuses on consumer learning that takes place as he/she processes information from the external world. Although different researchers developed slightly different models, the basic idea is the same: people experience a sequence of psychological stages before purchasing a product. The origins of the Hierarchy of effects can be traced all the way back to 1898 and the hierarchy’s creator, a salesman named Elias St Elmo Lewis. Lewis believed that rather than simply closing a sale, an effective salesperson actually guided a buyer through a series of stages. He claimed that a proper salesman must ensure Attention, maintain Interest, create Desire and finally spur the customer to Action (purchase). In 1910, the Hierarchy of Effects Continue reading
International Marketing Communication – Key Issues and Challenges
When first starting-up an organization, launching a new product or service or simply reminding customers that the organization exists, firms need to educate consumers. This education comes in the form of marketing communication, which is otherwise known as promotion. Promotion is an organization’s articulation of messages it wants to send to target audiences to achieve business objectives. The promotion mix or integrated marketing communications (IMC) consists of advertising, sales promotion, trade shows, personal selling, direct selling and public relations. Without doubt, investment in one or more of these methods of communication will increase the firm’s costs, and for this investment to be a profitable one, the marketer must know the purpose of promotion. The Chartered Institute of Marketing claims that “the purpose of any form of marketing communication is to provide a set of information to your target audience in a way that encourages a positive, or buying, response. The Continue reading
Top Ten Advertising Mantras For Small Business
What will be the best resort for advertising and marketing especially for small scale companies needs to be identified. Here there are the top ten low-cost advertising methods which managers will find very useful. Creating your own Website: Today, when more and more people are turning internet savvy; for any company to come into the public eye having a company’s website is a must. A research has put forth that seventy percent of potential buyers’ first research about the product or service on the internet before walking to a mall or showroom to buy the product or service. If companies cannot invest money, then there are also free blogs and websites which offer domain names as preferred. Also, remember to market your website or blog by employing means of social media. Social media culture is on a rise, and publicizing about your presence on such platforms can result in potential Continue reading
Elements of an Advertising Layout
An advertising copy is the means by which the advertiser’s ideas are given expression to in a message to readers. Regardless of its length and brevity copy refers to all the reading matters of an advertisement, including the headline, sub-headlines, text or body, and the name of the firm or the standard initials of the advertiser. As we have seen that advertising has so many immediate purposes but its ultimate goal is to stimulate sales. As a reader turns the pages of a magazine or newspaper, he notices so many advertisements but a great variation in copy. Some copy may be so sticking that the reader takes immediate action and rush to the nearest dealer to purchase it while there may be some other copy or copies that he does not like or it does not click to his mind. The first copy conforms to the requisites of a good Continue reading
Factors to Consider When Setting Prices
In the narrowest sense, price is the amount of money charged for a product or service. More broadly, price is the sum of all the values that consumers exchange for the benefits of having or using the product or service. Price is the only element in the marketing mix that produces revenue; all other elements represent costs. Price is also one of the most flexible elements of the marketing mix. Unlike product features and channel commitments, price can be changed quickly. At the same time, pricing and price competition is the number one problem facing many marketing executive. Yet, many companies do not handle pricing well. Factors to Consider When Setting Prices A company’s pricing decisions are affected by both internal and external environmental factors. Internal Factors Affecting Pricing Decisions: Internal factors affecting pricing include the company’s marketing objectives, marketing strategy, costs and organizational considerations. 1. Marketing Objectives: Before setting Continue reading