The perception of Branding holds great significance since many years; it is the explanation to distinguish the goods and services from one to another. Customer’s simple understanding of brand is to relate and consider with simple information processing about products purchasing and being positive about the brand to construct their trust with time. Branding is a method that is utilized by the enterprises to utilize trading schemes to enhance their merchandise or service likeness in order that it is more gladly recollected by the customer. Branding assists the goods or service to make a favorable influence on the goal customers while the branding notions assist in explaining the guidelines that should be pursued throughout the branding process.… Read the rest
Marketing Management Basics
Brand Extension – Meaning, Advantages, and Disadvantages
In over two decades, the business strategy of introducing new products as extensions has become popular. Similarly, brand extension is considered as a key to developing a brand. In detail, it is widely used as eight out of ten new products are introduced as a brand extension in the market. Brand extension strategies are broadly applied in order to reduce marketing expense in launching new products, enhance the well-known and quality of core brands, and lessen the risk for companies.
Brand extension is defined as a product whose nature and function differ from those of products currently commercialized under the brand name.… Read the rest
The Transition From the Transactional Marketing to Relationship Marketing
The approach to marketing between the 1950s and 1980s changed drastically through various theories and practices, which changed the way organisations viewed marketing as a whole. The 1950s saw the influence of the marketing mix, including the 4Ps model of marketing. This model consists of; product, price, place and promotion. The idea is to help organisations understand how to satisfy their target market. A product can be seen as tangible or intangible, as it can be in the form of services or goods. For a product to create revenue there has to be a need and demand for it. Therefore, organisations must carry out research into the market, so that they have a true understanding of the product life cycle they could potentially go through.… Read the rest
Top Reasons for the Importance of Integrated Marketing Communications
More Contact Points
Traditional mass media such as radio and TV is used to be a way to advertising a product, brand or service. This type of promotional strategy only can transmit the information to some of the target customers but not all. Therefore, Integrated Marketing Communication is a form of promotional strategy where all the promotional strategies are integrated so that the company able to transmit the message to all the target customers and also the customers can interact with the company brand in many ways. For example, a customer may have heard about one restaurant from their friend which they had been go there before and had a great experience dining at there.… Read the rest
Barriers to integrated Marketing Communications
1. Functional Silos
Resources, support and guidance of upper management are needed to build a successful integrated marketing communications campaign. The job of upper management is to make sure that all the resources are thoroughly no matter is for budgets, sharing data or people across teams. However, the problem now is integrated marketing communication don’t control by one manager only. All the managers involve in the information transmitting process have to work together in controlling the process. It mean that all the manager of advertising team, public relation team and also the marketing team have to coordinate in the process of delivering information about the product and service of the company to the target customer.… Read the rest
Benefits of Integrated Marketing Communication
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. It is a management concept that is designed so that all the marketing communication which consists of advertising, sales promotion, public relation, and direct marketing work together as a unified force rather than each of those marketing communication 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