Marketing is a wide range of activities related to making sure that it continues to meet your needs and get the proper value in return. It focuses on customer orientation and satisfaction of customer needs. In the description, marketing is the activity set of institutions and procedures for creating, communicating, communication and exchange of offers that are of value for customers, clients, partners and society. The objectives of the organization depend on the knowledge of the needs and requirements of the target markets and delivering the desired satisfaction. This suggests that in order to meet their organizational goals, organizations should anticipate the needs and desires of consumers and satisfy the most effective competitors. Marketing strategies vary depending on the product, target market and budget. The concept of guerrilla marketing was set up as an unconventional system of promotions based on time, energy and imagination instead of big marketing budgets. Typically, Continue reading
Modern Marketing Concepts
Meaning of E-Marketing and It’s Impact on Business
The development of e-marketing has been one of the most important and influential trends in the field of business, marketing and Information Technology offer the past decade. It has revolutionized the manner in which certain businesses market their products and the advent of social media offers the potential to revolutionize the manner in which businesses and consumers interact in the future. E-marketing is a general term used to denote a wide array of different Internet-related activities. These include website building and promotion, consumer communications, e-mail marketing and newsgroup advertising. However, the term e-marketing has developed enormously over the past decade and today it encompasses a far wider range of activities and one of the most important of these is the use of social media in order to advertise online. E-marketing referring to the strategic process of creating, distributing, promoting and pricing products for targeted customers in the virtual environment of Continue reading
Word-Of-Mouth Marketing – Meaning and Importance
In the present age, when skipping of television commercials is merely a matter of pushing a button of television remote and traditional advertisements reach fewer number of people, marketing professionals are increasingly moving away from mass media to word-of-mouth marketing. In addition to the traditional word-of-mouth communications, emerging marketing channels like blogs, buzz, viral and e-mails are gaining popularity as the new electronic word-of-mouth. While a positive word-of-mouth accelerates the acceptance of brands in new markets and reduces brand promotional expenses in existing markets, a negative word-of-mouth may hamper a brand’s acceptance and tarnish its reputation. Since word-of-mouth marketing has been playing a major role in marketing of organizations and some of its aspects are still evolving and have strong potential in future marketing campaigns of organizations, the focus of this article would be to explore issues related to word-of-mouth marketing in developing a strategic marketing plan for an organization. Continue reading
Sigmund Freud’s Psychoanalytic Theory of Personality
Sigmund Freud is considered by many to be the greatest psychologist in history. Opinions vary greatly on the validity of this, though all must agree that he is one of the most well known psychologists in history. He was well know for his research into the science of the mind, and is famous for his theories about the functions of the mind and the human psyche. One of Freud’s most famous theories is that of his views on the human personality, and the various psychological elements that play into it. An iceberg model is often used to describe Freud’s understanding of the mind. The conscious is the tip of the iceberg, barely above water. It is composed of our thoughts and perceptions. It is everything of which we are aware. The preconscious is just under the water. It is composed of our memories, stored knowledge, fears, and doubts. We are Continue reading
Importance of Marketing Research in Marketing Process
Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The marketing management process responsible for identifying, anticipating and satisfying customers’ requirements profitably. Market research is about understanding the broader marketplace in which we intend to compete. Marketing research, on the other hand, is about understanding what ‘package’ of marketing elements (i.e. the product, price, promotion and distribution factors) the country will need to put together in order to meet customer needs and to succeed in the marketplace. Market research is the more encompassing/broader concept of understanding the market environment in which you will be competing, while marketing research is the more specific/focused view of Continue reading
Market Challenger and Market Follower Strategies
Companies that are in the second, third, or even a lower position in the industry is often called companies on the rise, and companies that walk pave the way. Some companies, such as Colgate, Ford, Montgomery Ward, Avis, and Pepsi-Cola, have been great in their own areas. These companies on the rise can operate in two modes. Can attack the leader and other competitors in an aggressive battle for the expansion of its market share (market challengers), or they can cooperate and work without risk (market followers). Market Challenger Strategy There are many cases of market challengers who won positions as the market leader or even abandoned certain leaders of the market. Canon, which was only one-tenth the size of Xerox’s mid-70s, today produces more than copiers Xerox. Toyota now produces more cars than General Motors, and British Airways carried more international passengers than the former leader, Pan Am. These Continue reading