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
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.
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
Concepts of Ethical Consumerism and Consumer Activism
Concept of Ethical Consumerism Over the last ten or twenty years, more and more people around the world, primarily in industrialized countries, have become better informed and more aware of the origins of the goods they purchase on a day-to-day basis, the buying policies and practices of the shops they visit and the policies and principles of the services they buy. In a growing number of cases, this increased awareness and knowledge is affecting consumer practices and may be the difference between someone buying a particular product or service or not. There are a number of reasons for this development, which is commonly referred to as “ethical consumerism”, or also “ethical consumption”, “ethical purchasing”, “moral purchasing”, “ethical sourcing”, “ethical shopping” or “green consumerism”. Fundamentally, ethical consumerism is consumers taking responsibility for their decisions in purchasing goods and services. Two key elements that have contributed to this development and that are Continue reading
Importance of Sound in Branding
The impact that sound creates on anyone is profound. Sound being one of the major five senses plays a vital role in everyone’s day to day activities. In a country like India, which has an extensive oral culture where even a form of medication has been passed on to the next generation orally; sound is something that matters to every single soul in one way or the other. Sound is prevalent in almost all traditional forms in India ranging from festivals to discourses. In a vast country like India, each state has its own culture and each culture has its own representation of sound in its own unique ways. Right from the birth, where a special song is sung to represent the birth of a new child till the death, where in some states there are different instruments played during funeral. There are different sounds that represent different emotional states Continue reading