Ethics are defined as the set of principles that guide a person’s conduct towards being morally right. When a person is faced with some moral dilemma, the choice that the person makes largely depends upon the values and ethical principles that person holds. It is over and above just being legal. Due to being dependent upon the personal values and principles a person holds, an ethical code of conduct cannot be described in absolute terms. Like in all the disciplines of life, recognizing and quantifying what is ethical in marketing and what is not is difficult. In a broader sense, ethics in marketing mean implementing standards of moral rights and wrongs and of fairness in the marketing practices of an organization.… Read the rest
Marketing Management
Marketing management combines the fields of marketing and management. Marketing consists of discovering consumer needs and wants, creating the goods and services that meet those needs and wants; and pricing, promoting, and delivering those goods and services. Doing so requires attention to six major areas – markets, products, prices, places, promotion, and people. Management is getting things done through other people. Managers engage in five key activities – planning, organizing, staffing, directing, and controlling. Marketing management implies the integration of these concepts.
What is the Difference Between Marketing and Sales?
When thinking of marketing and sales and what the difference is, we tend to scratch our heads. Both activities that go into this topic have the same result, generating an income base for the company. What is the definition of marketing? Marketing refers to the events that take place in a company connected with buying and selling a product or service. Depending on the size of the company, typically depends on the approach in reaching its audience. A baker in a small town just starting out may use the newspaper. Whereas a restaurant owner of a major food chain may utilize television, and the internet to reach its clientele. … Read the rest
Promotional Pricing – Meaning, Types, Advantages, and Disadvantages
Marketing includes a very important concept that is marketing mix; it has four major components that are promotion, people, price, and place. Nevertheless, in the marketing mix after the product, the second most important factor is the kind of price that is being used. This is because the distribution and the promotion mix can be modified by the kind of pricing being used. It can be an enormous job to set up the correct price for products and services while establishing a new company and it could be equally for a company that has a year of existence on the market.… Read the rest
Importance of Sound in Branding
The impact that sound creates on anyone is profound. Sound being one of the major five senses plays a vital role in everyone’s day to day activities. In a country like India, which has an extensive oral culture where even a form of medication has been passed on to the next generation orally; sound is something that matters to every single soul in one way or the other. Sound is prevalent in almost all traditional forms in India ranging from festivals to discourses. In a vast country like India, each state has its own culture and each culture has its own representation of sound in its own unique ways.… Read the rest
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.
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.… Read the rest