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
Modern Marketing Strategies
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
Limited Editions as a Marketing Strategy
The term “Special Edition” or “Limited Edition“; when used in marketing management, intends to give the product something new and previously unseen in the regular edition. Limited Edition marketing strategy carries a sense of immediacy and exclusivity as the products would only be available for a short time and/or in limited numbers. The term “Limited Edition” has its origin in the publishing industries where limited numbers of copies of books are printed with top quality impressions. These limited editions are sold at a premium price. Although limited edition are sold at premium, there are many FMCG companies which have implemented this concept minus the premium price. The industries which are using limited edition marketing strategy are automobiles and luxury lifestyle products such as wrist watches, designer wear, etc. There can be variety of motivations for a marketer to launch products as limited or special editions. The reason can 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