Posts Tagged: "Marketing Functions"

Characteristics of a Good Advertisement Copy

Posted by Abey Francis on March 8, 2013 in Marketing Management / No Comments

The success of advertisement depends very much upon the copy of advertisement. The main aim of the advertisement is to attract the customer and create an urge to possess that product. If the advertisement does not fulfill this objective, the expensive advertisements are useless. Hence, the advertisement copy should be drafted very carefully.

The person who drafts the advertisement copy must be thoroughly acquainted with the mental process. He should be imaginative enough to think of words and patterns which would produce the desired effect on the prospective customer.An effective copy of advertisement should posses the following characteristics, qualities or values:

Attention Value: An Advertisement copy must attract the attention of the potential consumers. If it fails in this mission, the money and efforts go waste, for everything else follows this. The copy should be drafted, planned and displayed so ingeniously that it may compel even the most casual reader to notice it and read it with interest. It should be designed in such an attractive manner that it catches the eye. Following devices can be used to make the copy attractive.
Use of pictures, photographs or sketches to reveal a great deal about the product;
Use of display types, i.e,.appropriate heading in attracting types;
Attractive borders etc., can also be used to separate an advertisement copy from the rest of the setting and to compel the reader to focus his attention on it.

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Factors affecting Advertising Media Selection

Posted by Abey Francis on March 8, 2013 in Marketing Management / No Comments

The advertising medium refers to the means through which the advertiser can convey his message to audience. Proper selection of the media enables the advertiser to achieve the desired results. Hence, it is vital for the success of an advertising campaign.

An advertising medium is any object or device that carries the advertising message. It should be capable of accomplishing following three objectives:

To reach the largest number of people possible.
To gain their attention.
To be less expensive.

The character of the medium is largely determined on the objective and factual basis such as whether the coverage of the medium should be national, regional or only local.

Factors Governing the Selection of Advertising Media

Selection of a suitable medium is really a complex problem to the advertiser. There are a number of kinds and classes of media in the modern advertising. Hence, the selection of advertising media means not only the choice of the right classes of media out also the individual medium within the class or classes. Besides there is no single medium that is best suited for all advertisers. In reality, a medium which is best suited for one may be almost useless for another. The medium once employed for advertising a particular product itself may be found unsuited subsequently.…

Managing the Industrial Sales Force

Posted by Abey Francis on December 2, 2012 in Industrial Marketing / No Comments

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Sales force management is one of the important task for industrial marketing managers where they take great care in selecting the right personnel who can help them to increase their sales. They also give their sales team proper product training, supervise their performance, frequently motivate them by offering compensations, and at the same time control the expenses incurred.

There are various steps that are involved in the industrial sales force management.

1. Selection of Sales Personnel

Personal selling starts with selecting the salesperson who acts as the representative of an organization. They help to create an image and reputation of the company apart from increasing the sales by offering various products and services to the industrial buyers. In addition to giving the details on product features to their prospective buyers, they offer other services like technical assistance, recommendations, ideas, and sharing their experience. They also posses the skills that are required to negotiate with professional buyers, handle huge sales volumes, understand the customer’s needs and solve their technical problems.

At times, the salespeople represent the buyers wherein after understanding their needs, they pass on their requirements to Research & Development department or the production personnel who are suggested to manufacture the products as per customer’s needs.

All these call for careful and proper selection of sales person. The selection process is based on the personal profiles of the candidates, the sources available to get the right candidates and the use of various selection aids.…

Factors Affecting Pricing Decisions

Posted by Abey Francis on September 15, 2012 in Marketing Management / No Comments

Pricing the product is one of the important element in marketing mix. Until recently it has been one of the most neglected areas. Even today, pricing in some firms is simply based on the concepts of cost, market position, competition and necessary profits.

Factors Affecting Pricing Decisions

Objectives of the Business : There may be various objectives of the firm such as getting a reasonable rate of return, to capture the market, maintenance of control over sales and profits etc. A pricing policy thus, should be established only after proper consideration of the objectives of the firm.
Cost of the Product: Cost and price of a product are closely related. Normally, the price cannot or shall not fixed below its cost (including the product, administrative and selling costs). Price also determines the cost.
Market Position. The prices of the products of different producers are different either because of difference in quality because of the goodwill of the firm. A reputed concern may fix may fix higher prices for its products on the other hand, a new producer may fix lower prices for its products. Competition may also affect the pricing decisions.
Competitors Prices: Competitive conditions affect the pricing decisions. The company considers the prices fixed and quality maintained by the competitors for their products.

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Levels of Products or Product Hierarchy

Posted by Abey Francis on April 25, 2012 in Marketing Management / No Comments

In planning market offering, the marketer needs to think through five levels of the product, each level adds more customer value, and the five levels constitute a customer value hierarchy. Each product is related to certain other products. The product hierarchy stretches from basic needs to particular items that satisfy those needs.

: Product Hierarchy

Core Product – The most fundamental level is the core benefit .It is the fundamental benefit or service the customer is really buying. Marketers see themselves as benefit providers. E.g. A hotel guest is buying rest and sleep.
Generic/Basic Product – At the second level the, marketer has to turn the core benefit into basic product. In this the hotel room includes a bed, bathroom, towel desk, dresser and closet.
Expected Product – At the third level the marketer prepares an expected product a set of attributes and conditions that buyers normally expect and agree to when they purchase this product. Now the hotel guests will expect a clean bed, fresh towel, relative quietness.
Augmented Product - At this level the marketer prepares an augmented product that meets the customer’s desires beyond their expectations. A hotel can augment its product by providing a remote control television set, fresh flowers, fine dining and room service.

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Pricing Concept in Marketing Management

Posted by Abey Francis on April 25, 2012 in Marketing Management / No Comments

Price is one of the important variables in the marketing mix. Its importance has increased substantially over the years because of the environmental factors like recession, intensity in inter- firm rivalry and the customer becoming more aware of alternatives. Firms also have to educate customers on what to look for in the product & many of the buyers today use sophisticated methods in collecting information on suppliers just as the latter do. In order to arrive at the most acceptable price level, the marketer needs to have information on the three C’s- customers, competition & firm’s cost structure. It should be able to use this information to achieve its goals.

In the contemporary market environment characterized by increasing inter–firm rivalry, low or no government intervention in corporate decisions, improvements in communications & media and a growing concern to retain wholesalers & retailers to market the firm’s products, pricing decisions appear at the center-stage. Many marketers find difficulty in taking pricing decisions or justifying them to their customers.

Pricing is one of the important elements of marketing mix, but lately, it has come to occupy the center-stage in marketing wars. The reasons for this are:

Product differentiation getting blunted: As technologies get standardized, differentiation among firms on the basis of the product is going to get blunted.

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