Those who practice advertising, branding, direct marketing, marketing, packaging, promotion, publicity, sponsorship, public relations, sales, sales promotion and online marketing are termed marketing communicators. The communication process is sender-encoding-transmission device-decoding-receiver, which is part of any advertising or marketing program. Encoding the message is the second step in communication process, which takes a creative idea and transforms it into attention-getting advertisements designed for various media such as television, radio, magazines, and others. Massages travel to audiences through various transmission devices. The third stage of the marketing communication process occurs when a channel or medium delivers the message. Decoding occurs when the message reaches one or more of the receiver’s senses. Consumers both hear and see television ads. Others consumers handle or touch and read a coupon offer. One obstacle that prevents marketing messages from being efficient and effective is called barrier. Barrier is anything that distorts or disrupts a message. It 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 Concept of New Product Development
Product development is the process of finding out the possibilities for producing a product. It is necessary to find out the technical and financial feasibility, sales potential and profitability of the product. Thus, it can be said that the product development is concerned with the development and commercialization of new products. Definitions of New Product Development New Product Development is a process which is designed to develop, test and consider the viability of products which are new to the market in order to ensure the growth or survival of the organization. New Product Development can be defined as the process of innovating and inventing new ideas and concepts, with a view to developing a successful new product in the anticipation of customer needs. The new product development can be defined as the term used to describe the complete process of bringing a new product or service to market. There are Continue reading
Geographical Pricing
Geographical pricing refers to the location at which the price is applicable. Geographical pricing strategy is influenced by a number of factors such as the location of the company’s plant, the location of the competitors’ plants and their pricing strategies, dispersion of customers, extent of transport costs, demand and supply conditions and competitive environment. In geographical pricing, there are generally two methods of price basis which are stated in the offers or quotations submitted by a seller to a buyer. These are: Ex-Factory: “Ex-factory” means the prices prevailing at the factory gate. When a seller quotes to a buyer “ex-factory price’, it means that the freight and transit insurance costs are to the buyer’s account. In other words, the seller will charge the costs of freight and insurance to the buyer. The more distant customers landed costs are higher because of freight cost. FOR Destination or FOB Destination: When Continue reading
Significance of Advertising
Advertising helps in spreading information about the advertising firm, its products, qualities and place of availability of its products, and so on. It helps to create a non-personal link between the advertiser and the receiver of the message. The significance of advertising has increased in the modern era of large scale production and tough competition in the market. Advertising is needed not only by the manufacturers and traders but also for the customers and the society. The benefits of advertising to different parties are discussed in the following paragraphs. Read More: Introduction to Advertising Benefits to Manufacturers and Traders It pays to advertise. Advertising has become indispensable for the manufacturers and distributors because of the following advantages: Advertising helps in introducing new products. A business enterprise can introduce itself and its products to the public through advertising. It can create new taste among the public and stimulate them to purchase Continue reading
Major Benefits of Branding
Branding is undertaken to help support sales and revenue generation; stimulating initial sales and then retain sales. By creating a strong brand name with the associations identified above in terms of brand identity, the consumers perceptions may be influenced which potential to impact on the purchase decision. When a consumer makes a purchase, they will traverse the purchase process model, usually defined as occurring in five stages; need/desire recognition, information search, evaluation of alternatives, purchase decision and post purchase behavior. Branding has the potential to impact across all of these stages, potentially influencing the process in favor of that particular brand. Strong brands have the potential to stimulate the perception of a need or a desire; as seen with Coca-Cola and the sound of the bottle opening included in the advertisements, often accompanied by images of an apparently refreshing drink, seeking to stimulate thirst. Apple have also been good at Continue reading
Marketing Concept in Marketing Management
In a modern industrial economics, productive capacity has been built up to a point where most markets are buyers markets (i.e. the buyers are dominant) and sellers have scramble hard for consumers and ultimately consumers began to occupy a place of unique importance. The business firms recognize that “there is only one valid definition of business purpose to create a customer”. In other words, the recognition of the importance of marketing leads to the acceptance of marketing concept. The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. Today most firms have adopted the marketing concept, but this has not always been the case. In 1776 in the Wealth of Nations, Adam Smith wrote that the needs of producers should be considered only with regard to meeting the needs of consumers. To better Continue reading