There are various elements that constitute a marketing programme of an organization. Marketing mix is linked with the culmination of all these components or factors. The key elements, which come under marketing mix, are product, price, promotion and physical distribution. These elements are known as 4 P’s, and are utilized for integrating different marketing actions.
These all elements are interconnected, and their main objective is the satisfaction of the consumer. The business firm has complete control over these elements, which are made up of many sub-variables that are explained as follows:
Product: The product is the first and chief element in the marketing mix. It is the root of all marketing actions. The other marketing efforts will prove ineffective, if the policies pertaining to product intended for sale are not decided. The different product related processes consist of style, quality, name, features, brand, color, packaging, labeling, branding, size, services, warranty etc.
Price: The product’s price is a crucial component in the marketing mix. Price is the value of a product expressed in the terms of money. Prices or pricing decisions are of a great importance to the producer, seller as well as to the customer. The activities that comes under this element comprises customers, pricing strategy, social responsibility, pricing policies, credit terms, allowances etc.
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Submitted by admin on Sat, 2007-02-03 04:44.
Market research entails the application of the business approach to the task of accumulation, directing, examining and representing desired marketing information. This means that each and every step in the research process must be cautiously designed, efficiently organized, so that the whole process is properly incorporated and accomplished at the right time and in the desired order.
Each part or segment of the research plays a crucial role in the efforts of the research team to accomplish the said objectives. The market research process involves three operations: -
Market Research Process = Input - Process - Output
Marketing researcher is directly connected with all three operations. Input means data, i.e., detailed information and standards. In data processing, the market researchers processed the accumulated information and then categorize and scrutinize it to get output in the form of desired results. Output or results in the form of data is crucial for successful marketing functioning. The main characteristics of effective yield include: -
- It should be appropriate.
- It should be current.
- It should be precise.
- It should be consistent.
- It should be adequate.
- It should be cheap.
- It should be clear.
- It should be utilizable without making extra modifications.
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Submitted by admin on Thu, 2007-02-01 04:56.
Primary research entails the use of immediate data in determining the survival of the market. The popular ways to collect primary data consist of surveys, interviews and focus groups, which shows that direct relationship between potential customers and the companies. Whereas secondary research is a means to reprocess and reuse collected information as an indication for betterments of the service or product. Both primary and secondary data are useful for businesses but both may differ from each other in various aspects.
In secondary data, information relates to a past period. Hence, it lacks aptness and therefore, it has unsatisfactory value. Primary data is more accommodating as it shows latest information.
Secondary data is obtained from some other organization than the one instantaneously interested with current research project. Secondary data was collected and analyzed by the organization to convene the requirements of various research objectives. Primary data is accumulated by the researcher particularly to meet up the research objective of the subsisting project.
Secondary data though old may be the only possible source of the desired data on the subjects, which cannot have primary data at all. For example, survey reports or secret records already collected by a business group can offer information that cannot be obtained from original sources.
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Submitted by admin on Wed, 2007-01-31 06:08.
Advertising media comprehends each and every means that the promoter has at his command to transmit his message to the public. It may be classified into two different categories: direct advertising media and indirect advertising media.
Direct advertising intends to reach the known prospects directly, and is generally done through direct mail advertising. Under indirect advertising, public is indirectly approached through a carefully selected media. The various tools adopted by indirect media are explained as follows: -
Press media of advertising comprises advertisements in newspapers, journals and magazines. This is most important media used by the promoters. A wide range of national, state and local newspapers, trade business industrial, technical journals and various magazines are available in which a variety of advertisements normally emerge.
Outdoor media of advertising is composed of advertisement in open places from where people normally cross such as railway stations, bus stands, street corners, roadside, etc. It is designed for traveling audience without charging any cost at their part. The appeal of such advertisement takes a mass form as nearly 95% of adult population moves out doors every week. Outdoor advertising covers different types of media like printed displays, posters, electrical arrangements, skywriting, traveling shows and sandwichmen.
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Submitted by admin on Wed, 2007-01-31 04:59.
The consumers may not be conscious of the availableness of various goods in the market. The absence of information about goods is a good hindrance in the way of consumers buying them. The advertisement helps in communicating the users about the availability and usefulness of a variety of products in the market.
This can be said that advertising is a medium of impersonal sales efforts. It is the art of persuading human activity to purchase or seize one’s product or service. In simple words, it is a mass communication of information proposed to chase buyers to purchase products with an eye to exploit profits.
An advertisement is said to be victorious if it is capable of apprehending the interest of people and eventually manipulate their outlook supporting the advertiser by propelling them purchase the publicized product or service. An effective advertisement, therefore, must have the following traits: -
- It must make people look or see it.
- It must make people read it.
- It must make people comprehend it.
- It must make people trust and thus manipulate their mental attitudes.
- It must make people take action in the desired manner, i.e. to make them buy the advertised products.
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Submitted by admin on Tue, 2007-01-30 05:11.
Marketing is a composite plan by which the demand structure for economic goods and services is wisely estimated and accomplished through innovation, publicity, exchange and physical distribution of such goods and services that can fulfill desires, demands, wants of customers or users in the market place.
Marketing can be defined as, “The process of organizing and directing all the company activities which relate to determining the market demand and converting the customers buying power into an effective demand for a service and bringing that service to the customer.”
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Marketing program begins with the idea of the products and does not end until the demands of the customers are satisfied in an adequate manner. Customer is the pivot around which the whole marketing process rotates. Gathering additional data about clients and traders and about marketing mix normally is the heart of marketing research program.
As a business firm expands larger and management becomes more remote from the market place, marketing management has to trust deeply on marketing research as a managerial tool in solving any problem in the marketing field. Marketing research is an invaluable tool in the process of decision-makings that is based on scientific investigation and analysis of a marketing system.
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Submitted by admin on Sun, 2007-01-28 06:25.
Participating in trade shows is one such marketing effort which every business wants to be successful. This is because trade shows offer them an opportunity to come face to face with their prospective clients and inform them about their products and services.
No wonder,assume a great importance to make this marketing endeavor successful. If you want to make an impact on your customers, investing in high quality trade show booths is imperative.
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Submitted by admin on Sat, 2007-01-27 04:40.
Everyday more and more people around the world are turning to the Internet to get the up-to-date and right information about the various products, this leads to the growth of advertising on the Web. Most advertisers think that “online” is the best and effective way to reach the target market. If you also want to market your product, then you should not miss the opportunity to reach the customers next door and around the world with the help of “Internet Advertising”.
In the Internet advertising, an ad is almost always a banner, a graphic image or set of animated images in a file called an animated GIF of a designated pixel size and byte size limit. An ad or a set of ads for a campaign is often referred to as “the creative”. The banners and other particular advertising including an interactive or visual element beyond the usual are called as “rich media”.
Caching of pages in a cache server or the computer of user means that the ad views will not be known by the ad counting programs. There are many methods for telling the browser not to cache the specific pages, but on other hand, it also means that users won’t find your site quickly. Co-branding in the internet advertising means that two websites or websites sections or features showing their logos (brands) together, so that the viewer considers the site or features to a joint endeavor. Co-branding is often related with the cross-linking between the sites.
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Submitted by admin on Fri, 2007-01-26 09:41.
Advertising has become a crucial way for the marketing of a product. Advertisements publicly promote the new products, services, brands and stores. In actual terms, advertising is a paid communication through a non-personal medium, and in this the sponsor is known and his or her message is controlled. There are many variations that include publicity, sponsorship, public relations, product placement, underwriting, and sales promotion. Various mediums are used in advertising to deliver the messages, like television, radio, the internet, movies, newspaper, magazines and billboards.
You can view advertisements on the grocery carts, the buses, on the airport walkway, or sometimes heard in telephone hold messages and in public areas. The advertising clients intend to increase the demand for their products or services. Non-profit organizations can spread their message easily with the help of advertisements. These organizations are not typical advertising clients, and they mostly rely upon the free channels, such as the public service announcements. Political campaigns, religion-supporting organizations, and other interest groups frequently spend plenty of money on advertising.
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Submitted by admin on Fri, 2007-01-26 09:30.
Marketing research provides scientific study and examination of any marketing problem and offers purposeful information to make plans, policies, programmes and procedures of any marketing activity. It also helps in the execution, direction and appraisal of any marketing program. It can depict, clarify, forecast and appraise any promotion theme happened at the market place. The main advantages and disadvantages of market research are as follows;
Pros Of Market Research
- It is greatly useful in reducing marketing costs and eliminating wastage and inadequacy.
- It discloses the innovative production lines in addition to the existent one.
- It acts as a sales booster as it builds direct relation with consumers thereby knowing their demands.
- It provides the organization with the power to face the fierce competition prevalent in the market by telling about the strategies and plans of the competitors.
- It is deeply supportive in making improvements in product quality and helps the organization in knowing the likes and dislikes of consumers.
Cons Of Market Research
- Small firms cannot afford it as market research program requires huge funds due to its expensive techniques.
- Its methods are assistive in collecting and interpreting data from human beings but the information given by individuals may not be accurate. Hence, it affects the outcome shown by the research.
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Submitted by admin on Fri, 2007-01-26 05:18.
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Do you know how to make market research survey an effective one? You cannot find answer for this question easily, as it doesn’t cover up only one segment, but it’s a combination of various aspects, which makes your research process simple.
In fact, market research is a balancing process where the researcher has to hold conflicting events frequently with the intention that the researcher balances a range of elements to assure that the information available will offer outstanding results, which may assist the company’s future. There are various techniques for accumulating statistics to discover the market systematically.
All marketing investigators can make use of information from two different sources i.e. internal and external. Facts and figures are the resources with which researcher acts. Internal sources consist of company’s personal reports, files, documents etc. The company’s sales information, affirmations also provide important information about sales by products/territories/clients.
The researchers begin the process with internal data, and it is easy on the pocket. Opening or explorative division of analysis normally taps the internal sources initially. All other sources are external sources of data. The supplementary methods of categorizing the data sources include primary and secondary data.
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Submitted by admin on Fri, 2007-01-26 04:35.
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Submitted by admin on Thu, 2007-01-25 07:42.