Segmentation, Targeting & Positioning (STP): Exploring the Concepts and Locating the Connections between Them Although often underrated by general audiences, the subject of marketing is very complex, and the strategies used by companies to promote their brand are quite intricate. Understanding the reasons for these approaches to have the tremendous positive effect by which they can currently be characterised is critical to the overall promotion of progress within the specified area. By deconstructing the essential elements of marketing in the contemporary economic environment, one will be able to delineate a common trend and suggest options for enhancing the existing marketing process. As a result, opportunities for improving the framework for catering to customers’ needs will be provided. The STP framework itself is rather basic and, therefore, quite simple to follow. As the title suggests, it consists of three key elements, specifically, Segmentation, Targeting, and Positioning. The decision to combine the Continue reading
Marketing Strategies
Influencer Marketing – Meaning, Evolution, and Strategies
Influencer marketing is a concept of hiring a social celebrity or individuals with a wider fan following to promote products and services which helps in winning consumer trust, especially when compared with traditional online ads. Influencer marketing is defined as the process of building relationships with individuals who have influence over a target audience of buyers. Influencer marketing is less intrusive and more flexible than traditional online ads, it can be small and quiet, big and booming or somewhere in between as the strategy to focus on the segment of customers. As per a survey conducted by the Association of National Advertisers in 2017, it was found that three quarters of US advertisers employ influencer marketing, with the discipline expected to grow further in 2018. The growth of the disciple is attributed to social media use and a progressive propaganda to uproot ad blocking, be authentic, drive engagement and reach segments Continue reading
Market Myopia – Meaning, Examples, and Avoidance
The competitive market is an unstable and ever-evolving medium. Products change, companies rise and fall, and new trends and demands fluctuate from one point to another. In this environment, a business cannot allow itself to remain static unless it wants to be swept away by its competitors. Large companies have, arguably, an easier time facing the winds of business fortune. The big players tend to have resources, brand names, and teams of analysts and planners to prevent and predict every possible fluctuation of the market. Yet many large and successful companies have fallen victim to a trap known as market myopia. What Is Market Myopia? The concept of Market Myopia was first introduced in 1960 by Theodore C. Levitt, a professor of marketing at Harvard Business School. In his article, “Marketing Myopia,” published by Harvard Business Review, he described the mechanism of this faulty approach to marketing. Marketing Myopia is Continue reading
Acquisition Marketing – Meaning, Definition, Advantages, and Disadvantages
The business environment today has become increasingly competitive. The aim of every organization is to expand its market and acquire new customers. The organization should ensure that it maintains the current customers as it acquires new customers. The more the customers the organization acquires the more the chances of making more sales, and at the same time making more profits and revenues. As a result, marketing has become increasingly important since it has the ability to give the organization a competitive advantage. There are many organizations that are striving to get a large share of the market. This has led to the emergence of acquisition marketing, a form of marketing whereby the organization aims at converting the non-existing or prospective customers into new customers. Definition of Acquisition Marketing The term acquisition can simply be defined as the action of taking over something and making it yours. In the corporate world, a Continue reading
Ethical Aspects of Ambush Marketing Strategy
Marketing has been identified to be highly reinforced by advertising. Advertising creates awareness in the market as regards a specific brand. This has been there, ever since the inception of mass media and it has allowed businesses to communicate to a huge share of their target market cheaply. Of the more common methods of advertising is sponsorship, which is the creation or the support of one or more socio-cultural events by a business so as to take advantage of it as a communication platform. Over the years, this has been known to be successful and it has attracted other marketers who have devised ways of cashing in on events that they have nothing to do with. This has come to be recognized as ambush marketing, guerrilla marketing or parasite marketing. Marketers have struggled with the question of whether ambush marketing is an unethical trick or a justified professional tool. This Continue reading
Customer Involvement in New Product/Service Development
Organizations today are constantly facing increasing global competition in the marketplace that demands more frequent innovation of goods and services that are of a high quality. The challenge such organizations face is to be more customer focused, responsive to their needs and provide goods and services that are cost effective. This can be achieved by value delivery and creation where value delivery entails order fulfilment by ensuring the flow of materials, products and services through production and distribution while value creation entails new product or service development activities that identify the customer’s needs in the form of new products or services. The new product development process is a series of interdependent and often overlapping stages during which a new product or service is brought from the idea generation stage, business or technical assessment, product or service conceptualization, product engineering and design, to the readiness stage for production or manufacturing. As the Continue reading