The perception of Branding holds great significance since many years; it is the explanation to distinguish the goods and services from one to another. Customer’s simple understanding of brand is to relate and consider with simple information processing about products purchasing and being positive about the brand to construct their trust with time. Branding is a method that is utilized by the enterprises to utilize trading schemes to enhance their merchandise or service likeness in order that it is more gladly recollected by the customer. Branding assists the goods or service to make a favorable influence on the goal customers while the branding notions assist in explaining the guidelines that should be pursued throughout the branding process. Brand equity is primarily constructed by laying a base of brand perception – finally forming affirmative brand images – and is finally maximized by high grades of brand commitment. The significance of brand equity comprises Continue reading
Marketing Concepts
Introduction to Branding Concepts- Brand Advertising and Brand Promotion
A brand is a term used to identify its products; while branding is the practice of identifying a product or line of products by a special name or symbol. Its use goes back to the middle ages for promoting sales. It is said that Egyptians were using some or other identification to market their pottery. The continued use of brands to the present times in business has been largely due to: Growth in competition. Growth of national and local advertising. Growth of packaging and The development of consumer brand consciousness. Such sales promotion devices are intended: To gain recognition for their products. To bring about a certain amount of consumers preference and To so firmly fix the product in the mind of the buyer that he will believe that it is the only one which will satisfy his wants and as a result will refuse to accept a substitute. Definition Continue reading
The Transition From the Transactional Marketing to Relationship Marketing
The approach to marketing between the 1950s and 1980s changed drastically through various theories and practices, which changed the way organisations viewed marketing as a whole. The 1950s saw the influence of the marketing mix, including the 4Ps model of marketing. This model consists of; product, price, place and promotion. The idea is to help organisations understand how to satisfy their target market. A product can be seen as tangible or intangible, as it can be in the form of services or goods. For a product to create revenue there has to be a need and demand for it. Therefore, organisations must carry out research into the market, so that they have a true understanding of the product life cycle they could potentially go through. It is vital that organisations reinvent their product or service, if or when it reaches a point in time where the sales have started to Continue reading
Ethical Issues in Marketing
Ethics are defined as the set of principles that guide a person’s conduct towards being morally right. When a person is faced with some moral dilemma, the choice that the person makes largely depends upon the values and ethical principles that person holds. It is over and above just being legal. Due to being dependent upon the personal values and principles a person holds, an ethical code of conduct cannot be described in absolute terms. Like in all the disciplines of life, recognizing and quantifying what is ethical in marketing and what is not is difficult. In a broader sense, ethics in marketing mean implementing standards of moral rights and wrongs and of fairness in the marketing practices of an organization. The main objective of any business is said to be shareholders wealth maximization. In order to achieve this objective, the organization has to perform better than its competitors and Continue reading
Customer Relationship Management (CRM) Model
Customer relationship model may be defined as a practice, technology, and strategy which is used by the many companies to manage and evaluate the customer data and interactions throughout the customer lifecycle in order to improve the business relationships with customers and it will also help in customer retention. The CRM system came into in existence with an effective software which helps and supports in organizing, collecting and managing the customer information and data. There are numerous elements of customer relationship management model which are essential to run the business activities and operations successfully. It also helps to build and develop good relations with customers in the global market. Each and every component is effective and unique and plays a significant role in the process. The customer relationship model helps to generate revenue and profit of the company. The components of CRM model have been discussed below; Human resource management: Continue reading
Brand Hierarchy
A brand hierarchy is a means of summarizing the branding strategy by displaying the number and nature of common and distinctive brand elements across the firm’s products, revealing the explicit ordering of brand elements. By capturing the potential branding rela tionships among the different products sold by the firm, a brand hierarchy is a useful means of graphically portraying a firm’s branding strategy. Specifically, a brand hierarchy is based on the realization that a product can be branded in different ways depending on how many new and existing brand elements are used and how they are combined for any one product. Because certain brand elements are used to make more than one brand, a hierarchy can be constructed to represent how (if at all) products are nested with other prod ucts because of their common brand elements. Some brand elements may be shared by many products (e.g., Ford); other brand Continue reading