Brand management refers to the activity of overseeing or supervising the promotional activities that are carried out for a branded product or service. It involves detailed planning and analysis and has an important role to play regarding the manner in which a brand is thought of and viewed as in the market. Some tangible brand management elements are the product itself, packaging, the price and the look. This article analyzes various aspects associated with the brand management process such as the way brand are built and managed over time, the manner in which brands are organized in portfolios and how brand hierarchies are built and managed. It also assesses how brands are leveraged internationally and domestically and the different techniques that are used for measuring and managing brand value over time. Understanding How Brands are Built and Managed Over Time Building Brands The brand refers to a symbol, term, design, Continue reading
Modern Marketing Concepts
Introduction to Market Segmentation
Market is composed by the customers and sellers, and different customers may have different needs, characteristics, behavior or buying attitudes. Each customer is a separate entity, they have unique wants. Therefore, sellers may divide a market into different groups of individual markets. Every consumer group is a market segment, each segment are the tendency of buyers with similar wants or needs. They divide the market into distinct groups who have distinct needs, wants, behavior or who might want different products and services. This action is known as marketing segmentation. The modern concept of market segmentation was put forward by Phillip Kotler, who states that market segmentation is the “sub dividing of a market into homogenous subsets of customers, where any subset may be conceivably be selected as a market target to be reached with a distinct marketing mix“. It is a concept in economics and marketing. Marketing segmentation is marketers Continue reading
Effect of Relationship Marketing on Customer Retention
There is a relationship between two or more parties who are in contact with each other, comprise supplier (seller) and customer. Relationship marketing begins to provide framework for such marketing situations as describe by the two experiences. But its applicability has also invaded consumer goods and services. Relationship marketing became a common approach of marketing. Nowadays, there are the four waves of marketing comprise Mass marketing, Targeted marketing, Global marketing and finally Relationship marketing. Those waves play an important role by itself. Three of four waves share one thing in common. Its goal is maximizing sale in Mass marketing, Global marketing or Target marketing. After all they try to increase sale and endure profitable growth simultaneously and marketers are beginning to appreciate that they need more creation and reinforcement of building customer relationships. The relationship marketing is influenced by some areas of marketing comprises traditional marketing, sale management and marketing Continue reading
How to Build a Successful Social Media Marketing Campaign?
The use of social media has increased exponentially, creating a fertile ground for platforms as a medium for advertising. However, advertising on social media can be very different from traditional advertising, due to the nature of the medium and the way on which marketing messages may be received. However, while there are differences compared to traditional marketing, there are also some similarities; with the stages of planning. The process of developing a social media marketing campaign may be broken down in to different stages; Determine the specific goals for the campaign. Identification of target market. Decision on the marketing message and specific content that will appeal to the target market. Framing of the message, and choice of medium. Communication of the message. Monitoring of the message impact. Adapting the message. These different stages may be seen as akin to the traditional marketing process, with a requirement to determine the specific Continue reading
Segmentation, Targeting and Positioning – STP Model
The STP process is a very important process in a marketing strategy as it helps the organisation in creating personalized marketing mix packages which target specific group of the market segment with similar characteristics and needs. The STP process consists of three main activities: market segmentation, market targeting and market positioning. The level and category of segmentation process employed varies significantly depending factors like Dimension of the organisation. Point at which it is carried in the marketing planning process. Financial position of the organisation. Current market position. STP Model – Different Stages STP Model often used before marketing programs is planned. STP Model is related with market research and marketing research. STP Model uses information about current market size, market shares, concentration of customer base for particular products, potential customers, customer’s purchase decision process that gathered from market and marketing research to find out kinds of consumers with different needs, Continue reading
The Six Markets Model
The Six Markets Model/Framework illustrates an expanded view on where Marketing can be applied. It identifies Six Key market domains where organizations should direct marketing activity and where the development of detailed marketing strategies may be needed. Apart from existing and potential customers, those markets are: Referral markets; Supplier Markets; employer recruitment Markets; influence Markets; and internal Markets. 1. Customer Markets Customer markets are characterized by long-term relations between buyers and sellers. Long-term relations evolve if buyers trust sellers to provide high quality and if sellers are trustworthy. However, changes in the terms of this implicit contract may antagonize customers and disrupt the relation. We experimentally show that mutually beneficial long-term relations frequently prevail in markets for experience goods, and that price rigidity after a temporary cost shock is much more pronounced if price increases cannot be justified by cost increases. Hence, long-term relations on customer markets mitigate market failure Continue reading