The advertisement copy refers to the written contents of the advertisement including its text and head line. It can be referred to as the heart of advertising and should be drafted with utmost care; otherwise all the money invested in carrying out the advertisement campaign will go waste. In the words of William J. Stanton “The copy in an advertisement is defined as the written or spoken material in it, including head line, coupons and advertiser’s name and address as well as the main body of the message”. Simply stated advertisement copy means the total structure relating to the message which the advertiser wants to convey by using any medium of advertisement. The importance of a good advertisement copy can hardly be overemphasized. All the planning, research and expense would go waste if proper care is not taken in drafting an advertisement copy that will achieve the purpose of advertising. Continue reading
Marketing Concepts
Importance of Marketing Research in Marketing Process
Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The marketing management process responsible for identifying, anticipating and satisfying customers’ requirements profitably. Market research is about understanding the broader marketplace in which we intend to compete. Marketing research, on the other hand, is about understanding what ‘package’ of marketing elements (i.e. the product, price, promotion and distribution factors) the country will need to put together in order to meet customer needs and to succeed in the marketplace. Market research is the more encompassing/broader concept of understanding the market environment in which you will be competing, while marketing research is the more specific/focused view of Continue reading
Difference Between Commercial Marketing and Social marketing
Man is a social animal dwelling within the confines of a social set up and interacting with the other members of the very same social set-up in order to fulfill his needs be it basic or otherwise. Every activity carried out in society serves a certain need in exchange of a benefit in kind or monetary terms which is the universally accepted mode of exchange thus creating trade and marketing activities. With progress and advancement the comprehension of market and marketing has assumed new dimension and character. Marketing activities and several strategies related to it could be very well bifurcated into Commercial Marketing and Social Marketing. Commercial Marketing has been in existence since time immemorial. The process was initially strictly understood as offering a product or service with intent to generate and maximize profit. Earlier, the commercial world lacked intense competition and hence the market being a sellers’ market ended Continue reading
Why Firms Introduce New Products Into Markets?
Excess Capacity as a Reason for Expanding Product-line The presence of excess production capacity is, perhaps, the most important single factor leading to product-line diversification. Broadly conceived, excess capacity is said to exist when it would cost the multiple-product firm less to make and sell the new product than it would cost a new company set up to produce only that product. Excess capacity may occur for several reasons. It may be the result of an unduly over-optimistic estimated market for the firm’s products. In such a case, if anticipated level of demand is not forthcoming, the firm develops excess capacity. Excess capacity may be due to seasonal variations in demand also, the latter being a result of weather and custom, e.g., greeting cards, ice-cream, etc. Companies faced with seasonal demand for their products would certainly find it advisable to add to their product-line in off-season a new product to Continue reading
Advertising Objectives
Without objectives, it is nearly impossible to guide and control decision making. Good performance occurred in the absence of objectives can rarely be sustained. The challenge today is to bring effective management to the advertising process in such a way as to provide simulation as well as direction to the creative effort. The solution is the meaningful objective. Advertising objectives, like organizational objectives, should be operational. They should be effective communication tools, providing a line between strategic and tactical decisions. A convenient and enticing advertising objective is immediate sales or market share. However, an increase in immediate sales is not operational in many cases for two reasons: Advertising is one of many factors influencing sales, and it is difficult to isolate its contribution to sales. The other forces include price, distribution, packaging, product features, competitive actions, and changing buyer needs and tastes. The second reason involves the long-term effect of Continue reading
Different Types of Product Testing
After the product development, generally firms conduct a product testing that one could testify the accuracy of the information on the basis of which various stages were completed. These commercial experiments are necessary to verify earlier business judgements. Thus, the objective of this stage is basically to assess whether the product meets the technical and commercial objectives at various levels in order to ascertain the product acceptability. There are three types of tests usually conducted : Concept Testing, Product Testing, and Test Marketing 1. Concept Testing This is concerned with measuring customer reactions to the idea or concept of a product. In fact, it is a kind of research in which the product idea is screened before any money, time or labor are committed to making the prototype products. The idea of a product with as many details as possible is made known to the customers Continue reading