There is a relationship between two or more parties who are in contact with each other, comprise supplier (seller) and customer. Relationship marketing begins to provide framework for such marketing situations as describe by the two experiences. But its applicability has also invaded consumer goods and services. Relationship marketing became a common approach of marketing. Nowadays, there are the four waves of marketing comprise Mass marketing, Targeted marketing, Global marketing and finally Relationship marketing. Those waves play an important role by itself. Three of four waves share one thing in common. Its goal is maximizing sale in Mass marketing, Global marketing or Target marketing. After all they try to increase sale and endure profitable growth simultaneously and marketers are beginning to appreciate that they need more creation and reinforcement of building customer relationships. The relationship marketing is influenced by some areas of marketing comprises traditional marketing, sale management and marketing 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 Benefits and Harms of Advertising
The Benefits of Advertising Enormous human and material resources are devoted to advertising. Advertising is everywhere in today’s world, so that, as Pope Paul VI remarked, “No one now can escape the influence of advertising.” Even people who are not themselves exposed to particular forms of advertising confront a society, a culture – other people – affected for good or ill by advertising messages and techniques of every sort. Some critics view this state of affairs in unrelieved negative terms. They condemn advertising as a waste of time, talent and money – an essentially parasitic activity. In this view, not only does advertising have no value of its own, but also its influence is entirely harmful and corrupting for individuals and society. But advertising also has significant potential for good, and sometimes it is realized. Here are some of the ways that happens. Economic Benefits of Advertising Advertising can play Continue reading
How to Build a Successful Social Media Marketing Campaign?
The use of social media has increased exponentially, creating a fertile ground for platforms as a medium for advertising. However, advertising on social media can be very different from traditional advertising, due to the nature of the medium and the way on which marketing messages may be received. However, while there are differences compared to traditional marketing, there are also some similarities; with the stages of planning. The process of developing a social media marketing campaign may be broken down in to different stages; Determine the specific goals for the campaign. Identification of target market. Decision on the marketing message and specific content that will appeal to the target market. Framing of the message, and choice of medium. Communication of the message. Monitoring of the message impact. Adapting the message. These different stages may be seen as akin to the traditional marketing process, with a requirement to determine the specific Continue reading
Segmentation, Targeting and Positioning – STP Model
The STP process is a very important process in a marketing strategy as it helps the organisation in creating personalized marketing mix packages which target specific group of the market segment with similar characteristics and needs. The STP process consists of three main activities: market segmentation, market targeting and market positioning. The level and category of segmentation process employed varies significantly depending factors like Dimension of the organisation. Point at which it is carried in the marketing planning process. Financial position of the organisation. Current market position. STP Model – Different Stages STP Model often used before marketing programs is planned. STP Model is related with market research and marketing research. STP Model uses information about current market size, market shares, concentration of customer base for particular products, potential customers, customer’s purchase decision process that gathered from market and marketing research to find out kinds of consumers with different needs, Continue reading
Benefits of Integrated Marketing Communication
Integrated Marketing Communication is defined as the coordination and integration of all marketing communication tool, avenues and sources within a company into seamless program that maximize the impact on customer and other end users at a minimal cost. This integration affects all firm business-to-business, marketing channel, customer-focused, and internally directed communications. It is a management concept that is designed so that all the marketing communication which consists of advertising, sales promotion, public relation, and direct marketing work together as a unified force rather than each of those marketing communication work in isolation. Besides, it acts as an aggressive marketing plan because it sets and tracks marketing strategy that captures and uses extensive amount of customer information. It also ensures that all forms of communications and messages are carefully linked together to achieve specific objective. Benefits of Integrated Marketing Communication Integrated Marketing Communication ensures that all forms of communications tools and Continue reading
Level of Involvement in Consumer Behavior
Consumer involvement is considered as an important variable that can help explain how consumers process the information and how this information might influence their purchase or consumption related behavior. However, there is wide agreement that the degree of involvement has a very significant effect on consumer behavior. Herbert Krugman, a researcher is credited with his contribution to the concept of consumer involvement. According to him, consumers approach the marketplace and the corresponding product/service offerings with varying levels and intensity of interest and personal importance. This is referred to as consumer involvement. Involvement variables are believed to precede involvement and influence its nature and extent. These variables are believed to be the sources that interact with each other to precipitate the level of consumers involvement at any particular time and situation. The extent of risk perception the consumer has with purchase decision can also influence the level of involvement. The perceived Continue reading