Whatever product a marketer has to offer in the market, one thing is sure, it’s going to get competition. It depends on the product type and marketplace what degree of competition it’ll get. In highly competitive marketplace, managing the non-price purchase and satisfaction drivers that matter most to customers can positively impact market share. Customers make purchase decisions based on how valuable they perceive the quality of available products or services as they relate to price. Those organization’s that are perceived to offer low value are highly unlikely to attract new customers and retain their existing customers. In a highly competitive market, an organization’s competitive position is determined by the perceived value of its products and services, relative to the competition. Customer value analysis is a powerful analytical technique that help marketing managers to measure and grow relative market share. What is Value Analysis Value analysis is a process to Continue reading
Modern Marketing Concepts
An Introduction to Affiliate Marketing – Steps and Strategies
One of the easiest forms of online marketing is affiliate marketing. It is a marketing strategy where a merchant or a business house pays an affiliate for making a sale of their products and services. In short affiliate marketing means redirecting or referring a customer to a product or service that the affiliate marketer recommends with the intention of converting him into a client. The affiliate marketer is paid on the basis of the sales he or she generates for the company or the business house. The four main people involved in affiliate marketing are the seller/company/business house/brand, the affiliate or the network which promotes the product, the publisher and the customer. There are also secondary players involved in this game of affiliate marketing. They are the affiliate management agencies, the super affiliates and the specialized third party vendors or sellers. Affiliate marketing and internet marketing do overlap at times Continue reading
Sustainability Mix – Greening the Marketing Mix
Sustainability has been a growing concern regarding the natural environment, which has resulted in the transformation of the competitive landscape and constraining companies to take a look at the costs and profits of greening their marketing mix. Sustainability is defined as the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Sustainability issues have turned out to be progressively critical to corporate decision-makers as companies face public sensitivity, stricter guidelines, and growing stakeholder pressures focused on saving the common habitat. There has been a shift in the consumer’s preferences towards environmentally friendly products and services. Greening the marketing mix means incorporating the sustainability elements in the marketing mix. For example, HSBC is aiming for a zero-carbon footprint and Walmart is implementing procedures that empower sustainability among its suppliers. Green pricing strategy refers to pricing exercises that record both the Continue reading
Advergaming – New Trend in Marketing Strategy
The question of what advergaming is can be approximated in different ways. In the manner of linguistic portmanteau it is of advertising and gaming. Technically, it is the practice of using video games to advertise a product, organization or viewpoint. As a term, it was coined by Anthony Giallourakis. Later on it was mentioned by Wired’s “Jargon Watch” column in 2001. An advergame is an online video game that has brand related images and/or themes embedded within it. As marketers have begun to catch on to the idea, websites containing advergames have been published by a diverse variety of corporations and non-profit organizations. Besides the usages of product placement within a game, a more effective and innovative way of designing a game only for the purpose of advertising a brand or a product is recently being used by advertiser in order to reach to targets on an online platform. Continue reading
Application of Nostalgia Concept in Marketing
The historical term of nostalgia, initially started as a medical term. The term was coined in 1688 by Johannes Hofer (1669–1752) in his Basel dissertation to refer on ‘homesickness’. Homesickness was one of the most serious sickness during that time. The term of “nostos” which means return and “algos” which means pain, were introduced to described people that suffering pain because of being far away from home and have needs to return to their home. Subsequently, the term ‘nostalgia’ evolved, and moved away from being a disease. Nostalgia known as a term that refer to time: past, present and future. In order to be classified as nostalgia, there are four factors that need to be fulfilled: An emotional feeling of being lost in space and time. An emotional feeling due to loss of values and references of civilization. A personal loss feeling occurred because of less freedom. Insecurity on a mass consumption culture Continue reading
Why Marketing Strategies of Global Companies Sometimes Fail
‘The world today is a global village’ it’s a fact. But the global village still has some tribes and it is very important to keep all the tribes happy if we need to have good relationship with all of them. Since the globe is accessible to everyone, it is also vital to design the marketing strategy and develop it in the perspective of variations in the culture, traditions, taste, weather and norms of a country. One of the most striking trends in business has been growing internationalization of the business. Companies are going global but they have to keep their customers satisfied domestically and internationally. The internationalization affected the business strategies and the companies are in the rethinking process to counter the problems in the global marketing strategies. Marketing is no exception to this. Attitude of the customers in this regard is very important for designing the marketing strategy, especially Continue reading