Definitions of Key Terms in Integrated Marketing Communications

Integrated means that combine or coordinate separate elements so as to provide a harmonious, interrelated whole. In other word, when all marketing communication tool work together, it will be more effective than work as a single component. It will create more competitive advantages, boost sales and profit, while saving cost, time and stress if this concept is incorporated in marketing strategy. So, if the marketing communication tools are combined as a group it will produce more powerful outcome in the process of delivering customer superior value. Marketing The root word for marketing is market. Market is defined as a place for consumer and sellers to carry out transaction that required cash as an exchange medium for obtaining a product or service. Marketing can be defined in two perspectives which include old view or new view of marketing. From the new view of marketing, it is all about the creation of Continue reading

Application of Direct Marketing Tools in Industrial Marketing

Direct Marketing  is a recent activity that has come up and is used extensively by the  industrial marketers. The various tools used in direct marketing are direct  mails, telemarketing and online marketing channels. A direct marketing  channel does not involve any intermediary and the sale is done by the  company by directly contacting the target customer. As the cost involved  in direct marketing activity is much less compared to the cost of company  sales force directly meeting the customers, many industrial organizations  prefer this tool. This tool aids the sales force to gain entry into  prospective customer’s office where prospective customers are identified  beforehand and are informed about the company products. Direct Mail The existing and prospective customers are mailed promotional letters, catalogs, CD’s etc. by the industrial marketers where they are provided with necessary information about the company’s products and services and any schemes or offers it has. This Continue reading

Sales Promotion in Industrial Marketing

Sales promotion is an activity used by the industrial marketer to boost  the immediate sales of a product or service. It is used to increase the  sales by impressing the customers, rewarding them and also motivating  the sales force to get more business. There are different techniques  used in a industrial sales promotion activity like a free-sample campaign, offering  free gifts, arranging demonstrations or exhibitions, organizing  competitions with attractive prizes, temporary price reductions, door-to-door  calling, telemarketing, using personal letters, etc. More than any other element of the promotional mix, sales promotion is  about “action”. It is about stimulating customers to buy a product. It is not  designed to be informative — a role which advertising is much better  suited to. Need for Sales Promotion in Industrial Marketing To introduce a new product in the market. To influence the public with the help of new uses of the product. To increase Continue reading

Publicity and Public Relations in Industrial Marketing

Publicity When any significant news about a product is made known to the people through a published medium like radio, television, newspaper or otherwise, such kind of act is known is publicity. Publicity has very high  credibility in the eyes of organizational buyers as the sponsor does not  pay anything for publicity and it is not a part of any promotional program.  It is the least costly promotional alternative available for the company  that is very effective. Publicity helps to generate sales leads and  improves relationship with customers. Technical articles published in  trade journals about a company or products with the identity of authors  (such articles are called as signed articles) improve the image of the  company and the products. They form as a good source of information  for customers. Though publicity is free, there are some associated costs attached to it.  The costs incurred are for reasons like obtaining Continue reading

Industrial Marketing Environment

Industrial buyers and sellers operate in a dynamic environment. One constantly poising new opportunities and threats. The industrial marketing environment could be divided into three levels namely the interface level, the  public’s  level and the macro environment level. The Interface Level This involves those key participants who immediately interface with an industrial firm (buyer or seller) in facilitating production, distribution and purchase of firm’s goods and services. Supply inputs are transformed by a company and its competitors into outputs with added value that move on to the end markets, the move being made through the firms interface with industrial distributors and dealers, manufacturers representatives and the company’s own sales people. That move is made possible by a firms interface with facilitating institutions such as banking, transportation, research and advertising firms. Participants in the interface level include: Input supplier– Input goods such as the raw materials,  labor  and capital are supplied Continue reading

Factors Affecting the Structure of Industrial Channels

Industrial marketing channels are set of independent, external organisations involved in the process of marketing an  industrial  product available to  industrial  buyer. Marketing channels satisfy the demand of industrial buyers by supplying products  at the right place, in the exact quantity requirements and at correct price. The factors influencing industrial channel structure are: Type of market: If a manufacturer product can be sold only to the members of one or few industries, and the number of firms in each industry is small, direct distribution is profitable. On the other hand, if the market is horizontal, the product must be sold to buyers in many industries. Market financial:  If the probable volume of sales in a market area is quite large, direct marketing may prove profitable. On the other hand , if the sales volume of a specific product is low, the direct method may be too expensive. To what extent Continue reading

Exit mobile version