Marketing is art of developing, advertising and distributing goods and services to consumer as well as business. The 21st century has seen the advent of the new economy, thanks to the technology innovation and development.
Articles on Marketing Management
Companies in 21st century have to adapt to ever changing environment. Technology revolution, globalization and market deregulation factors are among many sculpting the new economy.
In this world of extreme competition, companies with a total focus on customer are going to be the winner. Companies must understand importance of customer satisfaction and then build process around it.
Marketing managers are routinely using the statistical tools like regression analysis, factor analysis, etc., models like markov process model, sales response models to support decision making process.
Factors influencing the market can be categorized under 6 different titles, demographic, economic, ecology, technology, regulatory-political and society-culture.
Consumer behaviour captures all the aspect of purchase, utility and disposal of products and services. Social, cultural, individual and emotional forces play a big part in defining consumer buying behaviour.
A market consists of two parts consumer market and business market. Business buying behaviour is influenced by economical, company, individual and interpersonal factors.
A marketing strategy defines how an organization reaches its pre-defined goals. The article discusses in detail about the meaning and purpose of marketing strategy.
Dealing with competition is not an easy task and it requires dedicated resources of manpower, system and budget. To deal with competition companies need to design a competition strategy.
Positioning is all about consumers rather than the product, the challenge is to develop a positive perception in consumer mind. There are many differentiation tools available to the company to extract maximum benefits.
Organizational set up has to be conducive to support new product development. Foremost companies must allocate funds for research and development, the conventional way is the percent of sales technique.
A company may decide to become a global player, if international markets offer better profitability than the domestic market.
Marketing strategy of a company revolves around 4Ps - Product, Price, Place and Promotion. Creating a unique product identity and branding strategy is important in formulating success of the company.
This article discusses a key concept in marketing called the Country of Origin Effect. This is the effect on consumer psyche wherein they associate certain qualities with certain countries and this influences their consumer behavior. The key theme in this article is that COO can be harnessed for good as well as lead to negative outcomes because consumers and their perceptions once formed are hard to change.
To design marketing strategies around services, it is essential to understand characteristics of services. Services are intangible, thereby creating uncertainty in consumer about the end product.
Pricing strategy is dynamic in nature and should reflect changing condition in competition as well as the market. Overall price strategies follow six step model which is discussed in this article.
Distribution channles are a linking network between the producers and the consumers. The article discusses in detail about these channels, their role and significance in a firms marketing strategy.
Value Networks and Marketing Channels are ears and eyes of companies in the market. They provide companies with valuable information of customers, competitors and other players in the market.
Companies are looking forward to moving away from the conventional supply chain and moving towards value network. In a value network traditional supplier-wholesaler-retailer are considered as partners rather than as a customer.
Marketing Communication is an integral part of any companies overall growth process. Communication is achieved through advertisement, sales promotion, public relation exercise, direct marketing and interactive marketing.
The four main tools of promotion are advertising, sales promotion, public relation and direct marketing. Each of these tools are discussed in detail.
Sales Force is a link between companies and customer. Sales Force is expensive and companies are looking forward to managing them in an efficient and effective manner.
This article discusses three approaches that can be used in strategic marketing. The focus of this article is on how the contemporary consumer scene needs data, experience, and what can be called gut feeling or intuition to ensure that marketers stay ahead of their rivals.
This article introduces the various online advertising models and their relevance to the marketers in marketing their products. The key themes in this article are that the different online advertising models provide the marketers with various options based on which they can select the model of choice depending on their budget and expected revenue.
The advent of Web 2.0 and Social Media has been a game changer for marketers as they now have unparalleled reach and unmatched penetration into all corners of the world with Facebook and other social media. This article considers the advantages and disadvantages of using Facebook as a digital marketing medium and examines the other issues as well. The key theme in this article is that marketers must perform their due diligence before integrating Facebook into their marketing strategy and must perform a cost benefit analysis, which would provide them with the data needed to make informed choices.
This article examines the traditional push marketing and the new age pull marketing based on how these two methods differ and how new age pull marketing is enabled by Big Data and the power of the online and mobile media. The key themes in this article are that while traditionally marketers used to push products and brands to the consumers, new age technologies have enabled them to pull consumers based on predictive capabilities that let them sense, intuit, and determine what the consumers would do next.
This article examines the changing world of marketing with the emergence of a borderless world and a market that operated on a 24/7 basis. The key themes in this article are that the combination of the art of selling with the science of prediction results in a machine driven analytics marketing and yet, the human element is yet to be made obsolete.
This article examines the latest trends in Marketing wherein the concept of Customer Value Creation has become important for firms to capture market share. In order to actualize superior customer value, firms need to develop and fine tune their learning and sensing strategies which entails beyond the ordinary marketing abilities to intuit, sense, and learn from the market.
We leave Digital Footprints online and on our Smartphones, and this provides marketers with humungous data about our consumer preferences. This article examines how marketers are developing the ability to intuit and sense our behavior and the implications that such power has over us. This article also explains how we can be careful in our Digital Footprints and at the same time, analyzes how Data has become the New Holy Grail for marketers.
With the use of Big Data, Artificial Intelligence, and Data Analytics, the field of sales and marketing has been revolutionized. This article examines and explains how the use of such technologies has transformed the way in which marketers and salespersons operate. Some real-world examples of Facebook and its Algorithm driven customization of news feeds are also discussed. Apart from that, this article also examines how the very process of attention capture that is at the heart of advertising has been transformed.
Marketing is returning to the first principles wherein the art and science of creating experiences for consumers that were the case in earlier eras are now coming back again. The New Digital Economy is as much about consumption for the intrinsic worth as it is about experiencing and the notions of absolute and relative value and perceptions. Further, technology is now being employed to achieve these objectives in pursuit of the age-old aspects of personal familiarity and the intangible aspects of experiences that now drive consumption.
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