Brand management refers to the activity of overseeing or supervising the promotional activities that are carried out for a branded product or service. It involves detailed planning and analysis and has an important role to play regarding the manner in which a brand is thought of and viewed as in the market. Some tangible brand management elements are the product itself, packaging, the price and the look. This article analyzes various aspects associated with the brand management process such as the way brand are built and managed over time, the manner in which brands are organized in portfolios and how brand hierarchies are built and managed.… Read the rest
Marketing Principles
4 C’s of Contemporary Marketing Mix
The contemporary market has developed with the approach of more prominent customer-centric marketing conditions. Companies’ main focus is to work with consumers, identify their needs, and design products according to their needs. We can see a shift towards personalization, interactivity, and genuine, direct discourse with the client. These changes have made way for innovation, customization, and networking. These new methodologies permit marketers not only to build a relationship with the target group but also to recognize the constantly changing consumer behavior. Moreover, it has also enabled the markets to react quickly to their competitors and anticipate future market trends. Hence, all these developments have provoked the advancements of new theoretical approaches that deal with specific rather than general marketing issues and situations.… Read the rest
Marketing Myopia
Most of the major industries today were once considered as growth industry’s. However some of the industries that are on the rise up the mountain or undergoing a boom in business may very much be in the shadow of downfall. Other industries which are considered as veteran growth industries have in reality ceased to grow. In every case the reason for this stint is not because the market is impregnated, it is because of the failure of management as they have fallen prey to a phenomenon called ‘Marketing Myopia’.
Defining Marketing Myopia‘Marketing myopia’ is a term made up of two words: Marketing and Myopia which is used to describe the short sighted (myopic) approach adopted by organizations which often leads to their premature decay.… Read the rest
Concepts of Ethical Consumerism and Consumer Activism
Concept of Ethical Consumerism
Over the last ten or twenty years, more and more people around the world, primarily in industrialized countries, have become better informed and more aware of the origins of the goods they purchase on a day-to-day basis, the buying policies and practices of the shops they visit and the policies and principles of the services they buy. In a growing number of cases, this increased awareness and knowledge is affecting consumer practices and may be the difference between someone buying a particular product or service or not. There are a number of reasons for this development, which is commonly referred to as “ethical consumerism”, or also “ethical consumption”, “ethical purchasing”, “moral purchasing”, “ethical sourcing”, “ethical shopping” or “green consumerism”.… Read the rest
Concepts of Marketing: Product and Selling Concepts
The marketing concept and philosophy is one of the simplest ideas in marketing because it states that the organization should strive to satisfy its customer’s wants and needs while meeting the organization’s goals. In general terms, the customer is known as the king because they are the one who decide the quantity and price for the following products. As a philosophy, marketing is based on thinking about business in terms of customer needs and their satisfaction. Marketing differs from selling because it is not concerned with the values that the exchange is all about. Apart from that, the implication of the marketing concept is very important for management.… Read the rest
What Is Price Perception?
Price perception is one of the leading variables when it comes to consumers buying process. Economists, market researchers have already undergone researches and predict that in buying decision price are the driving forces. Several studies explain and determine and explain the same fact thereby concluding the fact with decision making. The determinants of price perception can be both rational and psychological factors. The other factors may become psychological factors and prestige. The key variable to explore and explain consumers’ price perception is the degree of understanding the psychological process of consumers’ price perception.
When a firm has seasonal demand, the discrepancies are observed between the supply and demand.… Read the rest