Promotional Pricing – Meaning, Types, Advantages, and Disadvantages

Marketing includes a very important concept that is marketing mix; it has four major components that are promotion, people, price, and place. Nevertheless, in the marketing mix after the product, the second most important factor is the kind of price that is being used. This is because the distribution and the promotion mix can be modified by the kind of pricing being used. It can be an enormous job to set up the correct price for products and services while establishing a new company and it could be equally for a company that has a year of existence on the market. The problem could be that if prices are set too high, the risk may be losing customers or customers may not be interested in the product at all. If prices are set to low, the risk may be not returned on the investment and extremely low margins. Before establishingContinue reading

Importance of Sound in Branding

The impact that sound creates on anyone is profound. Sound being one of the major five senses plays a vital role in everyone’s day to day activities. In a country like India, which has an extensive oral culture where even a form of medication has been passed on to the next generation orally; sound is something that matters to every single soul in one way or the other. Sound is prevalent in almost all traditional forms in India ranging from festivals to discourses. In a vast country like India, each state has its own culture and each culture has its own representation of sound in its own unique ways. Right from the birth, where a special song is sung to represent the birth of a new child till the death, where in some states there are different instruments played during funeral. There are different sounds that represent different emotional statesContinue reading

Application of Nostalgia Concept in Marketing

The historical term of nostalgia, initially started as a medical term. The term was coined in 1688 by Johannes Hofer (1669–1752) in his Basel dissertation to refer on ‘homesickness’. Homesickness was one of the most serious sickness during that time. The term of “nostos” which means return and “algos” which means pain, were introduced to described people that suffering pain because of being far away from home and have needs to return to their home. Subsequently, the term ‘nostalgia’ evolved, and moved away from being a disease. Nostalgia known as a term that refer to time: past, present and future. In order to be classified as nostalgia, there are four factors that need to be fulfilled: An emotional feeling of being lost in space and time. An emotional feeling due to loss of values and references of civilization. A personal loss feeling occurred because of less freedom. Insecurity on a mass consumption cultureContinue reading

Customer Confidence Winning Strategies Adopted by Organizations

The concept of winning customer confidence has received much attention among various stakeholders such as customers, shareholders, investors, and the government as they strive to establish whether their interest is being taken into account. Companies use multiple tactics to convince potential and existing consumers concerning why their products stand out from that of other competitors. Various customer confidence winning strategies such as celebrity and expert endorsement, attitude changing, low involvement, and high involvement approaches to make the advert more appealing, hence, this helps in boosting sales. Companies invest a substantial amount of resources in employing these criteria to keep the targeted audience hooked, in turn, this aids in increasing sales as well as the market share. Despite being costly, advertisers find it worthwhile to apply these techniques, i.e., celebrity endorsement since it helps to boost sales and it allows customers to make it a point of reference. Many of theContinue reading

The Major Aspects of Brand Management

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. It also assesses how brands are leveraged internationally and domestically and the different techniques that are used for measuring and managing brand value over time. Understanding How Brands are Built and Managed Over Time Building Brands The brand refers to a symbol, term, design,Continue reading

Word-Of-Mouth Marketing – Meaning and Importance

In the present age, when skipping of television commercials is merely a matter of pushing a button of television remote and traditional advertisements reach fewer number of people, marketing professionals are increasingly moving away from mass media to word-of-mouth marketing. In addition to the traditional word-of-mouth communications, emerging marketing channels like blogs, buzz, viral and e-mails are gaining popularity as the new electronic word-of-mouth. While a positive word-of-mouth accelerates the acceptance of brands in new markets and reduces brand promotional expenses in existing markets, a negative word-of-mouth may hamper a brand’s acceptance and tarnish its reputation. Since word-of-mouth marketing has been playing a major role in marketing of organizations and some of its aspects are still evolving and have strong potential in future marketing campaigns of organizations, the focus of this article would be to explore issues related to word-of-mouth marketing in developing a strategic marketing plan for an organization.Continue reading