Advertisers and advertising agencies believe that customers have needs and desires, which can be fulfilled through the purchase and use of products and services. Advertising works largely through appeal of emotions of envy, fear, anxiety, about one’s appearance and lack of status. It is widely assumed that advertising works if the AIDCA formulas are followed. The formula sums up the principles of advertising. The name of the formula is derived from the initial letters of the words: Attention, Interest, Desire, Conviction and Action. The formula suggests that the attention and interests of the customers must be gained first before the process of stimulating desire, imparting conviction and urging action in advertisements can bring about a change in the buying behaviors. Steps Involved in Advertisement Planning The Attention part is the banner or headline that makes an impressive benefit promise. Interest builds information in an interesting way, usually meaning that this Continue reading
Marketing Concepts
Green Strategies and Green Marketing Strategy Matrix
Industry green norms and potential green market size are key issues for companies looking to gain competitive advantage with green marketing. Companies should consider the likely size of green markets in its industry as well as how can they differ their green products or services from their competitor’s one’s before they take steps on going green. There are four types of green strategies: Lean Green, Defensive Green, Shaded Green and Extreme Green. Following Green Marketing Strategy Matrix illustrates the need for companies to identify their position in regards to substantiality of green market segments and differentiability of greenness in order to choose the right strategy to enter a green market. Promotions tools adopted by this strategy are rather quiet such as public relations versus mass advertising. The Shaded Green strategy puts some secondary emphasis on greenness in its more overt promotional efforts and also pursues green product development as well. Continue reading
Group Influence on Consumer Behavior
Each consumer in society is a member of different groups depending on their culture, various subcultures or even social class can influence their consumer purchase. A group can be formed when two or more individuals share a set of norms and beliefs. A group becomes a reference group when an individual recognizes with the group and takes on many of the values, attitudes or personal standards of group members and use it as the base of his/her day to day behavior. Reference group is defined as having significant relevance upon an ‘individual’s evaluations, aspirations or behavior influencing the consumer. The nature of reference group influence can take three forms, this is because some groups and individuals are able to influence greater than others and affect a range of consumption. Informational influence: This is when the reference group is used as a knowledgeable source in the different parts of the buyer’s Continue reading
The Importance of Brand Perception
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
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