Marketing is offering significant benefits to organizations and to society, while the fact that marketing is a business function operating in close contact with the public where extensive criticism is subjected to this functional area, some of this criticism is justified: much is not. The function and practice of marketing has been criticized because it is claimed that it creates partial truths about products and services by emphasizing the gap between a person’s reality and their expectations in such a way that people feel lacking in either self esteem so that they feel compelled to close the gap by unnecessary spending. The philosophy of Milton Freidman and the belief that the “ends justifies the means” endorses the marketing way or its aim. In other words businesses are accountable to shareholders and shareholders alone where marketing is the tool. Social critics claim that certain marketing practice hurts individual consumers and society Continue reading
Marketing Concepts
Publicity – Meaning, Areas and Vehicles
Public relations are often confused with publicity, which in simple terms mean making things public or bringing things to the public notice. Many tools including word of mouth to the mass media to advertising to the Internet are used for publicizing information. However, publicity is only one part of public relations. Many marketing experts put public relations under publicity. Thus, publicity is an important part of public relation. Many tools are used for publicizing information and facts. The major and most effective ones are the mass media. Publicity coverage could be in the form of news stories, news analyses, interviews, features, articles, and editorials in printed media and in news bulletins, interviews, discussions or special programmes on radio and television. Another form of publicity is the paid variety. This basically involves advertising for which the organization has to pay to the media for the amount of space and time. Yet Continue reading
Improve, Adapt, Buy or Drop a Product – Strategic Marketing Decisions
If a product is not showing profitable performance, the company may consider one of the alternatives, viz., improve, adapt, buy or drop the product. Improve If the firm continues to make the product, it may be required to make improvement in its production or distribution so as to yield adequate return. Improvement may mean re-designing the product or producing it at a lower cost. Product improvement is particularly necessary when the existing product has become apparently obsolete or out of fashion. Indian companies need to continuously upgrade their products and technology to withstand the pace of change in their business environment and to meet the challenges thrown up by the emergence of a buyer’ market. Product improvement is very important in durable goods, for example, automobiles, refrigerators, etc. This explains the development of a camera with a built-in coupled exposure meter, which proved to be a Continue reading
Sales Promotion Strategies and Practices
The sales promotion strategy is an important element in overall marketing strategy. Sales promotion strategy involves identification of objectives, effective communication for attracting attention, allocation of budget, determining the correct promotional mix, introduction of strategic approach and finally evaluation. Each one of them are briefly explained here. 1. Sales Promotion Objectives The marketer should determine his sales promotion objectives. He should determine what is to be accomplished and what kind of buyer responses are desired. Sales promotion tasks should be objective oriented. These tasks are informing, persuading and reminding the customers about the products. The sales manager should inform consumers about his product and should highlight its special features. He has not only to inform the customers but persuade them to buy it. 2. Communication Sales promotion should attract the attention of the target audience. If the prices, discounts, off season facilities etc, are not adequately and effectively communicated, the Continue reading
Levels of Products or Product Hierarchy
In planning market offering, the marketer needs to think through five levels of the product, each level adds more customer value, and the five levels constitute a customer value hierarchy. Each product is related to certain other products. The product hierarchy stretches from basic needs to particular items that satisfy those needs. Core Product – The most fundamental level is the core benefit. It is the fundamental benefit or service the customer is really buying. Marketers see themselves as benefit providers. E.g. A hotel guest is buying rest and sleep. Generic/Basic Product – At the second level the, marketer has to turn the core benefit into basic product. In this the hotel room includes a bed, bathroom, towel desk, dresser and closet. Expected Product – At the third level the marketer prepares an expected product a set of attributes and conditions that buyers normally expect and agree to when they Continue reading
Different Classifications of Advertising
Advertising intends to persuade an audience (viewers, readers or listeners)to purchase or take some action upon products ,ideals or services. It includes the name of a product or service and how that product or service could benefit the consumer, to persuade a target market to purchase or to consume that particular brand. These advertisements serve to communicate an idea to the public in an attempt to convince them to take certain action, such as encouraging environment friendly behaviors, and even unhealthy behaviors through food consumption etc. To advertise is to draw the public’s attention usually for the purpose of selling products, or services, through the use of various forms of media, such as print or broad cast and notices. Advertising is not only used as a means to promote a company’s products and services and to drive sales but as a means to build a brand identity and communicate changes Continue reading