The very concept of a campaign in marketing is focused on a time bound effort to design a strategy for various objectives as per the client requirements. The business objectives which can be the drivers for a campaign are considering an effective launch for a range of products, follow-up and may be increase market share sometimes. The process of campaign management involves an understanding of what are the expected benefits of the campaign, budgeting and costing of the campaign while ensuring that all needful resources are met and finally evaluating the effect of the campaign on the target market. There could be various kinds of campaigns and depending on the objectives of the campaign the basic principle can vary while some core processes remain the same. Some campaigns perform more than one of the functions which may include product launch in the first stage and then go on to brand Continue reading
Marketing Strategies
What is Social Marketing?
Nowadays, social marketing is very common in lots of places, for example government agencies, private nonprofit organizations, private for-profit firms and universities. However, many people don’t know what does social marketing is and how it differs from similar fields such as communications and behavior mobilization, it is being confused with generic marketing like ‘societal marketing’ and ‘socially responsible marketing’. There are some practitioners are doing social advertising but they think they are doing social marketing. Social marketing is to understand how to influence people’s behavior in a good way and make better standard of living for human, so it is necessarily to make all these marketing concept clear and to understand them more deeply. To discuss the concept of social marketing, we first have to know the definition of it. Social marketing is defined as the design, implementation and control of programs calculated to influence the acceptability of social ideas Continue reading
What is Customer Retention?
The customer retention is one of the approaches based on consumer behavior. It helps company to retain the customers, not even current customer but also attracts new customers and potential customers in domestic market and around the world. This approach helps customers from action to reaction in order to keep contact with them. Those marketers who recognize the important of customer retention will push as much emphasis to create or strengthen brand loyalty. The improvement of customer satisfaction and customer retention come from variety of activities available to the company. The gain in customer retention comes from improvements of service quality, customer complaint handling and service feature. Caring for existing customers used to be second to attracting new customers. Within a company, there is always a need of the salesperson who acquires the new customer as well as a salesperson that take care old customers. Nowadays, most of companies prioritize Continue reading
Methods of Pricing a New Product
We will address the following questions after new product development: How should a company price a new good or service? How should the price be adapted to meet varying circumstances and opportunities? When should the company initiate a price change, and how should it respond to competitive price changes? In the entire marketing mix, price is the one element that produces revenue; the others produce costs. Price is also one of the most flexible elements: It can be changed quickly, unlike product features and channel commitments. Although price competition is a major problem facing companies, many do not handle pricing well. The most common mistakes are these: Pricing is too cost-oriented; price is not revised often enough to capitalize on market changes; price is set independent of the rest of the marketing mix rather than as an intrinsic element of market-positioning strategy; and price is not varied enough for different Continue reading
Why Integrated Marketing Communication is Important?
For marketing communication to be successful, sound management decisions must be made in the other three areas of the marketing mix: the product, service or idea itself; the price at which the brand will be offered; and the places at or through which customers may purchase the brand. The best promotion cannot overcome poor product quality, inordinately high prices, or insufficient retail distribution. Likewise, successful marketing communication relies on sound management decisions regarding the coordination of the various elements of the promotional mix. To this end, a new way of viewing marketing communication emerged in the 1990s. It is called integrated marketing communication; this perspective seeks to orchestrate the use of all forms of the promotional mix to reach customers at different levels in new and better ways. Why Integrated Marketing Communication is Important? The evolution of the above mentioned perspective has two origins. Marketers began to realize that advertising, Continue reading
Marketing Strategy of Sony Corporation
Strategic management decisions have multifunctional and multi-business consequences, this kind of decision require broad consideration of the firm’s external and internal environments, and it may affect the firm’s chance of prosperity. It is important to know what strategy is about, what can it do help the company prosper, what will happen if not used properly, what are the advantages and disadvantages of having a strategy. Strategy is a plan that assimilates the company’s major target; policies and rules; decisions and sequences of action into organized whole. Strategy is a combination of the company’s objectives, policies and decisions to be done in unison or contingent upon each other. Marketing strategy thus refers to how a company’s products or services its trade is presented to consumers in an effective manner as to gain loyal customers. Strategy can be used in different ways, one of which is through marketing. Using strategy in marketing Continue reading