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.… Read the rest
Modern Marketing Concepts
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.… Read the rest
Advantages and Disadvantages of Sales Force Automation (SFA)
Sales person use sale forces as a step to enhance their marketing strategy. The improvements of technology helped sales person able to structure their customers’ data managements well. Sales force automation is a system that being develop to helps companies to organize their customer relationship management with confidentiality. Besides automatically computerized customers data into computer, it helps enable sales person to plan and structures their selling in the most effective way as well. It makes work easier and organized as well as more reliable for sales person. In short, sales force automation system is a good “assistant” for sales person. However, sales force automation system also brings some disadvantages where sales force automation system is complicated system involving digitalized figure yet new for older sales people.… Read the rest
What is Customer Analytics?
Data in any form is considered as the new gold in the 21st century. Organizations that primarily focus on data-driven approaches have the potential to be ahead of their respective game. One of the important and core objectives of any company would be to maintain a solid and strong relationship with its customers, understanding them and providing them what they want.
Customer Analytics is this field of analytics, where one dives deep into the consumer data and brings about useful insights on their clients. Customer Analytics finds its utmost use in the marketing as well sales departments where the customer data is the key to understand the customer behavior for them chart their marketing as well advertising strategy.… Read the rest
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.… Read the rest
Advergaming – New Trend in Marketing Strategy
The question of what advergaming is can be approximated in different ways. In the manner of linguistic portmanteau it is of advertising and gaming. Technically, it is the practice of using video games to advertise a product, organization or viewpoint. As a term, it was coined by Anthony Giallourakis. Later on it was mentioned by Wired’s “Jargon Watch” column in 2001. An advergame is an online video game that has brand related images and/or themes embedded within it. As marketers have begun to catch on to the idea, websites containing advergames have been published by a diverse variety of corporations and non-profit organizations.… Read the rest