The marketing concept and philosophy is one of the simplest ideas in marketing because it states that the organization should strive to satisfy its customer’s wants and needs while meeting the organization’s goals. In general terms, the customer is known as the king because they are the one who decide the quantity and price for the following products. As a philosophy, marketing is based on thinking about business in terms of customer needs and their satisfaction. Marketing differs from selling because it is not concerned with the values that the exchange is all about. Apart from that, the implication of the marketing concept is very important for management. It is not something that the marketing department administers or is it the sole domain of the marketing department. In other definition, Marketing is the process of teaching consumers in terms of choosing the products which brings benefits to them and can Continue reading
Marketing Principles
Significance of Social Evaluation of Marketing
Social Evaluation of marketing is an approach that has a long-term impact on an individual. Marketing plays an important role in a society by influencing life of people. Marketing is much more than advertising and selling. It plays an important role in meeting the needs of the consumers. The concept of marketing touches life of every individual. It is a medium through which desire of people is satisfied on everyday basis. The overall concept of marketing concept covers activities like advertising, public relation, promotion, sales, etc. This is a process through which a product or a service is introduced in the market. For the reason it is important to manage the marketing policies. Marketing is a broad concept comprising of activates from procurement of raw material till after sales services. The broad parameter of the marketing strategies helps in organizational design. For the purpose the marketing strategies are developed by Continue reading
Elements of Brand Identity
There are many elements/characteristics associated with a brand, which need to be understood to facilitate brand creation and brand management. These include brand identity, image, positioning, personality, culture and architecture, as well as brand components such as the text, visual images, and sounds. The brand identity is the way in which a brand/product is portrayed by the firm, with the aim of differentiating the brand from competitors while concurrently creating familiarity between the target market and the brand. This is achieved using a range of tools, which will include the brand image, positioning, personality, culture and architecture. The brand image uses these tools in a combined manner to create or embody a unique set of representative associations which helps to establish a relationship between the customer and the brand/product. The brand identity should create immediate recognition not only for the underlying product/service, but the values, positioning, and general benefits associated Continue reading
Marketing Research – Definition, Importance and Process
Definition of Marketing Research Marketing research is a key to the evolution of successful marketing strategies and programmes. It is an important tool to study buyer behavior, changes in consumer lifestyles and consumption patterns, brand loyalty and forecast market changes. Research is also used to study competition and analyze the competitor product’s positioning and how to gain competitive advantage. Recently, marketing research is being used to help create and enhance brand equity. According to Philip Kotler, Marketing research is systematic problem analysis, model building and fact finding for the purposes of important decision making and control in the marketing of goods and services. The important decision making related to market strategy and other tasks related to marketing depends on findings or marketing research. Marketing research process reduces the chances of errors, miss conceptions and uncertainty from decision making process. It is therefore very important to conduct marketing research to identify Continue reading
Steps Involved in Advertisement Planning
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
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