Positioning is the strategy of differentiating your product from that of the competition, in the mind of the prospect. A positioning strategy may be developed from the product’s attributes, its specific uses, the type of uses, the product class or category, or the competition. Each of these represents a different approach to developing a positioning strategy. However, all of them have the ultimate objective of developing or reinforcing an image in the minds of the audience. Following are steps of positioning strategies: 1. Positioning by Product Characteristics/Consumer Benefits a) This is a commonly used strategy and consists of associating an object with a product characteristic or customer benefit. “Colgate is a cavity fighter.” The ability to fight cavities is a product attribute that translates into a consumer benefit. b) Sometimes, a new product can be positioned with respect to product characteristics that competitors have ignored. “The toothpaste with clove oil.” Continue reading
Marketing Strategies
Social, Societal, and Socially Responsible Marketing
Nowadays companies are required to take care of long term and overall interests of customers. As a number of social issues like the global environmental issues, the exhaustion of natural resources, and the infinitely increasing numbers of population have appeared companies’ effort for long-term interests of customer increases demands for social benefits. A number of health and social issues are concerned with behavior causes that are the result of voluntary behavior. The production and operation should take the long-term benefits of society into account as a whole as well as the interest of consumers which is the common ground of the social marketing concept. The corporations have to find out what target groups want and need and derive maximum satisfaction from customers while they enhance and maintain welfares in the community. The main concept of social marketing is providing a way of dealing with such problems by changing the behavior Continue reading
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. Generally the firm has excess supply at the time of low demand and scarcity when there is high demand. If the firm commercializes goods and faces seasonal demands, it can minimize the effect through good management of production and storage. The problem Continue reading
Ambush Marketing – Meaning, Working and Methods
Ambush marketing is a fairly new concept in marketing, where research into the subject has become an area of considerable interest over the past twenty years, as increasing amounts of companies opt to take up this revolutionary marketing activity. Although much has been written about “ambush” marketing, considerable ambiguity surrounds this term and its status. From the earliest definitions of ambush marketing as a derogatory term involving ‘unauthorized’ practices, has emerged not only an acknowledgement of the considerable vagueness that surrounds the concept but also a conceptual framework of ambush marketing that more accurately reflects the balancing of sponsors contractual rights against the rights of non-sponsors to maintain a market presence during an event through legal and competitive business activities, although it has been cast as an “amorphous concept” along with being branded as a somewhat devious, unethical tactic, and an unfair marketing practice. Despite this ambush marketing has recognized Continue reading
Customer Centric and Market Driven Approaches to Marketing
With the increasing pace of commercialization of economy, international and domestic market environment has changed dramatically-the termination of seller’s market and shortage economy, the arrival of buyer’s market and surplus economy. Consumers have become the leading role within transaction relationship. Companies must spare no efforts to please consumers, provide consumers with satisfactory products. Nowadays, concerning corporate marketing concept, there are customer centric and market driven. Customer centric refers that the enterprise takes the fulfillment of customer demands and the increase of customer value as business starting point. It stressed that the organization should avoid separating the actual demand from customers and subjective assumptions of the market. A customer-centric approach can add value to a company by differentiating themselves from competitors who do not offer the same experience. In essence, customer centric means the modern marketing concept that build a long-term and stable business relationship through provide customers more value and Continue reading
Importance of Strong Brands in Marketing Strategy
Louis Vuitton, Gucci, Chanel, Nike, Adidas, coke-cola all are the famous brand name in the today’s global market. Brand is not set up suddenly, but it is a perception formed from experiences and communication. Simultaneously, brand help distinguish products and services from other competitors and prompt the consumer to remember information related to the brand. A strong brand makes people more aware and engage in its brand image, more satisfy with brand product quality and willingness to pay a premium price for it. Therefore, organization could earn more profit from a strong brand product, and also contain the customer and gaining trust and loyalty from them. Consumer’s perception for a brand is important for consumer to differentiate the brand product. For consumer, brand is a symbol of high class; it is signal of high quality and stands for high percentage of satisfaction. However, a brand has their own target audience Continue reading