Event marketing is a promotional strategy linking a firm to an event, sponsorship of a sports competition, festival, etc. It is an attempt to coordinate communications around a self-created or sponsored event. The event is an activity that gathers the target group in time in a room, a meeting where a message is communicated and a happening is created. Thus, we can say that event marketing plays a major role in the promotional strategy of firms. With the ever rising promotional costs associated with the traditional channels of corporate communications, with customers’ attention being diverted by many channels and modes of communication, the rising importance of experiential marketing and the ability of events to have a better face-to-face interaction with the target group of customers are promoting many firms to increasingly depend on event marketing for better results.… Read the rest
Modern Marketing Concepts
Introduction to Market Segmentation
Market is composed by the customers and sellers, and different customers may have different needs, characteristics, behavior or buying attitudes. Each customer is a separate entity, they have unique wants. Therefore, sellers may divide a market into different groups of individual markets. Every consumer group is a market segment, each segment are the tendency of buyers with similar wants or needs. They divide the market into distinct groups who have distinct needs, wants, behavior or who might want different products and services. This action is known as marketing segmentation.
The modern concept of market segmentation was put forward by Phillip Kotler, who states that market segmentation is the “sub dividing of a market into homogenous subsets of customers, where any subset may be conceivably be selected as a market target to be reached with a distinct marketing mix“.… Read the rest
Importance of Marketing Research in Marketing Process
Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The marketing management process responsible for identifying, anticipating and satisfying customers’ requirements profitably.
Market research is about understanding the broader marketplace in which we intend to compete. Marketing research, on the other hand, is about understanding what ‘package’ of marketing elements (i.e. the product, price, promotion and distribution factors) the country will need to put together in order to meet customer needs and to succeed in the marketplace.… Read the rest