Integrated Marketing Communication is defined as the coordination and integration of all marketing communication tool, avenues and sources within a company into seamless program that maximize the impact on customer and other end users at a minimal cost. This integration affects all firm business-to-business, marketing channel, customer-focused, and internally directed communications.  Integrated Marketing Communications  is a management concept that is designed to make all aspects of marketing communication such as advertising, sales promotion, public relations, personal selling and direct marketing work together as a unified force, rather than permitting each to work in isolation.  Besides, it acts as an aggressive marketing plan because it sets and tracks marketing strategy that captures and uses extensive amount of customer information.… Read the rest
Marketing Concepts
Introduction to Integrated Marketing Communications (IMC)
Integrated Marketing Communications (IMC) is a marketing concept of the 1990’s. It will be necessary for survival in the 21st century. The advent of integration is causing marketers to take a fresh look at all the components of marketing, specifically the unique dimension that public relations bring to the marketing mix. Public relations people in turn are seizing the opportunity that integration offers them to make a difference where it counts most to their companies and clients — on the bottom line. IMC is the culmination of the shift that began in the post — World War II period, from selling what the companies make to making what the consumers want.… Read the rest
Methods of Pricing a New Product
We will address the following questions after new product development:
- How should a company price a new good or service?
- How should the price be adapted to meet varying circumstances and opportunities?
- When should the company initiate a price change, and how should it respond to competitive price changes?
In the entire marketing mix, price is the one element that produces revenue; the others produce costs. Price is also one of the most flexible elements: It can be changed quickly, unlike product features and channel commitments. Although price competition is a major problem facing companies, many do not handle pricing well.… Read the rest
Stages of New Product Development
New products are the lifeblood of the organisation but they are extremely vulnerable and the majority never reach commercialization. In competitive markets, the best and strongest firms sustain growth through the introduction of new products and services to meet the changing needs of the consumers. All products have a finite life span and this is influenced by the type of product, its innovativeness, the management of the product through its life cycle, as well as the markets in which it is sold. All products will eventually decline and need to be replaced by new ones and companies need to be adept at adapting marketing strategies to respond to the dynamics of the environment, so as to manage the product through its life cycle effectively.… Read the rest
Consumer Behaviour and Factors Influencing Buyer Behavior
Consumer  behavior  is an attempt to understand & predict human actions in the buying role. It has assumed growing importance under market-oriented or customer oriented marketing planning & management.
Consumer behavior is defined as “all psychological, social & physical  behavior  of potential customers as they become aware of, evaluate, purchase, consume, & tell others about product & services”.  Each element in this definition is important.
- Consumer behavior involves both individual (psychological) processes & group (social processes).
- Consumer behavior is reflected from awareness right through post-purchase evaluation indicating satisfaction or non-satisfaction, from purchases
- Consumer behavior includes communication, purchasing & consumption behavior
- Consumer behavior is basically social in nature.
Methods of Marketing Research
Marketing research is a systematic and objective study of problems pertaining to the marketing of goods and services. It is applicable to any area of marketing. Research is the only tool an organization has to keep in contact with its external operating environment. In order to be proactive and change with the environment simple questions need to be asked:
- What are the customer needs and how are they changing? How to meet these changing needs? What do the customers think about existing products or services? What more are they looking at?
- What are the competitors doing to retain customers in this environment?