To market events (Read: Event Management — A Modern Strategic Marketing Tool), one should be well organized, with the required infrastructure that the target clientele will find it worthwhile to invest their time and resources in anticipation of assured results. To achieve this objective, a suitable event strategy should be designed and developed for organizing a successful event. There are seven important steps in organizing a successful event. Step 1: Planning Prior planning prevents poor performance. No event manager should be complacent or procrastinating. Nothing should be left to chance, only to regret later. Planning, hence, is essential for organizing a successful event in all respects. Before starting any event, a bit of research would help. One should start sufficiently early so that there will be ample time to complete the assigned project. It would help to have a briefing note or a checklist listing out the objectives and goals Continue reading
Modern Marketing Strategies
Customer Confidence Winning Strategies Adopted by Organizations
The concept of winning customer confidence has received much attention among various stakeholders such as customers, shareholders, investors, and the government as they strive to establish whether their interest is being taken into account. Companies use multiple tactics to convince potential and existing consumers concerning why their products stand out from that of other competitors. Various customer confidence winning strategies such as celebrity and expert endorsement, attitude changing, low involvement, and high involvement approaches to make the advert more appealing, hence, this helps in boosting sales. Companies invest a substantial amount of resources in employing these criteria to keep the targeted audience hooked, in turn, this aids in increasing sales as well as the market share. Despite being costly, advertisers find it worthwhile to apply these techniques, i.e., celebrity endorsement since it helps to boost sales and it allows customers to make it a point of reference. Many of the Continue reading
Event Management – A Modern Strategic Marketing Tool
Event marketing is a promotional strategy linking a firm to an event, sponsorship of a sports competition, festival, etc. It is an attempt to coordinate communications around a self-created or sponsored event. The event is an activity that gathers the target group in time in a room, a meeting where a message is communicated and a happening is created. Thus, we can say that event marketing plays a major role in the promotional strategy of firms. With the ever rising promotional costs associated with the traditional channels of corporate communications, with customers’ attention being diverted by many channels and modes of communication, the rising importance of experiential marketing and the ability of events to have a better face-to-face interaction with the target group of customers are promoting many firms to increasingly depend on event marketing for better results. Events like tradeshows, exhibitions, executive meets, road-shows, corporate-customer meets, dealer meets, etc., Continue reading
10 Trends identified in the Service Sector in 21st Century
At the beginning of 21st Century, special issues have developed in area of marketing due to drastic changes in business environment and intense competition that has compelled the marketers to change the way of doing business. Marketing is changing and that’s obvious. The focus of marketing has widened from the classic product, price, and place, promotion to incorporate the yield management, customer experience and customization that necessitates marketer to concentrate on issues such as processes, people and consumer insight. Escalating customer’s demands, development of technology, increasing competition, increasing consumerism all have been main causes that led strategic change in marketing. Service sector in post industrial economies is facing unprecedented changes. Service marketing in 21st century is all about achieving return on investment (ROI) and relationship (ROR), retaining customer and increasing customer lifetime value. The changing role of marketing in service sector demands efficient and effective management of customers, channels, markets Continue reading
Guerrilla Marketing – Concept and Principles
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
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