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KALYAN-DOMBIVLI KALYAN-DOMBIVLI Kalyan-Dombivli is a twin city and it comes under Mumbai metropolitan region and it’s a municipal corporation with its headquarters located in Kalyan in Thane district in the Indian state of Maharashtra. It was formed in 1982 to administer the twin townships of Kalyan and Dombivli. Kalyan has a history of over 700 years. The government of India recently announced five cities of Maharashtra state for smart city project.… Read More »Kalyan-Dombivli

GHAZIABAD GHAZIABAD Ghaziabad (Hindustani pronunciation: [ɣaːziːaːbaːd̪]) is a city in the Indian state of Uttar Pradesh and a part of the NCR.[2] It is the administrative headquarters of Ghaziabad district and is the largest city in western Uttar Pradesh, with a population of 1,729,000.[1] Ghaziabad Municipal Corporation is divided into 5 zones – City Zone, Kavi Nagar Zone, Vijay Nagar Zone, Mohan Nagar Zone and Vasundhara… Read More »GHAZIABAD

faridabad faridabad Faridabad (/fəˈriːdəbæd, -bɑːd/) is the most populous city in the Indian state of Haryana and a part of the National Capital Region of Delhi.[5] It is one of the major satellite cities of Delhi and is located 284 kilometres south of the state capital Chandigarh. The river Yamuna forms the eastern district boundary with Uttar Pradesh. The Government of India included it in the second list of Smart Cities Mission on 24… Read More »Faridabad

The Retailing Concept Now that you have a better understanding of the retail marketing strategy and how the retail mix supports the strategy let’s round out our Introduction to Retailing by discussing the Retailing Concept. There are most certainly a number of environmental, political, economic, and social factors that affect all segments of the retailing industry.… Read More »The Retailing Concept

The Retail Mix So how do we take our retail planning strategy and put it into an actionable plan?  Part of the success of any retailer is taking that strategic plan and breaking it apart into actionable and meaningful steps that will lead to success.  A well thought out and planned retail mix provides the… Read More »The Retail Mix

Strategic Planning in Retail In most organizations, “strategic planning” is an annual process, typically covering just the year ahead. Occasionally, organizations may look at a practical plan which stretches three or more years ahead. To be most effective, the plan has to be formalized, usually in written form, as a formal “marketing plan.” The essence… Read More »Strategic Planning in Retail

Strategic Planning in Retail Management What you’ll learn to do: Explain the concept of strategic planning within the retail management decision process Even the best laid out plans can fail with the absence of a well defined roadmap.  Strategy is a vital component of any retail organization for several key reasons.  First, it allows you to… Read More »Strategic Planning in Retail Management

Skills of a Retail Manager Robert Katz identifies three critical skill sets for successful management professionals: technical skills, interpersonal (or human) skills, and conceptual skills. Successful managers must possess certain technical skills that assist them in optimizing managerial performance. While these three broad skill categories encompass a wide spectrum of capabilities, each category describes the… Read More »Skills of a Retail Manager

Retail Management Requirements Middle-Management Roles and Functions As discussed earlier in this module many retail manager positions fall into the Middle-Management level. Middle-level managers can include general managers, branch managers, and department managers. They are accountable to the top-level management for their department’s function, and they devote more time to organizational and Middle managers’ roles… Read More »Retail Management Requirements

Why Working Retail Is Tough It is important to understand the key challenges retailers face as well as how today’s retailer is working to overcome these challenges.  Inventory Levels and Assortment Adequate inventory levels are essential for today’s retailer. Having too little or too much can have a dramatic affect on the retailer’s reputation as… Read More »Why Working Retail Is Tough

Careers in Retail What you’ll learn to do: Recognize career opportunities available in the retail businesses What opportunities do you believe you would be best suited for in retail?  Review the roadmap below to decide where you would be a best fit based on your strengths. If you’re not sure yet, you will have a… Read More »Careers in Retail

Adaptation in Retail In previous sections we discussed the changing retail environment from a consumer and technology point of view.  Think about the shifts in the retail industry from the modern day department store to the shopping mall and online shopping.  As you consider those shifts also think about how you, the consumer, has changed… Read More »Adaptation in Retail

Information Systems in Retail Information systems are the tools, hardware and software that help retailers achieve success in a dynamic environment. They serve several functions including planning, inventory control, managing budgets and sales goals, and also with point of sale transactions and logistics. Let’s take a brief look at some of the most frequently utilized… Read More »Information Systems in Retail

The Evolution of Retail What you’ll learn to do: Analyze the evolution of the retail industry Since its birth, modern retail  has significantly changed over time. It is hard to imagine many of the changes that occurred in the 1800s as well as the 1900s as we weren’t alive at that time! However, some of you… Read More »The Evolution of Retail

Challenges in Retailing In today’s economy retailers are facing a unique set of challenges. It is important to understand what they are as well as how today’s retailer is working to overcome these challenges. Inventory Adequate inventory levels are essential for today’s retailer. Having too little or too much can have a dramatic affect on… Read More »Challenges in Retailing

Supply Chains Remember your favorite retailer we discussed at the beginning of this course.  Have you wondered how the product is made and just how it makes it to the sales floor? The answer to that question is through exploring the supply chain. What exactly is the retail supply chain? The supply chain is a system of… Read More »Supply Chains

Retailing What you’ll learn to do: Describe retailing, the entities involved, and the impact of decisions on a retail business Retailing is important for business students to understand for two main reasons. First, almost all product channel structures conclude with a retailer. This means that no matter where a product starts its journey, it almost always ends up… Read More »Retailing

 Introduction to Retailing When is the last time you went to your favorite retailer?  What store was it? Is it a clothing store, or is it a grocery store? Maybe you prefer to shop online. Why? Have you wondered about the journey those products take before making it out to the shelves?  There are so… Read More »Introduction to Retailing

Module 1: Introduction to Retailing introduction to retailing retailing supply chains challenges in retailing the evolution of retail information systems in retail adaptation in retail careers in retail why working retail is tough retail management requirements skills of a retail manager strategic planning in retail management strategic planning in retail the retail mix the retailing… Read More »Retail Management

introduction to marketing the role of marketing within a firm customer wants and needs marketing decisions product placement promotion and price are four elements of the marketing mix siva solution incentive information value and access the marketing exchange relationship building with various stakeholders the marketing environment marketing by individuals and firms marketing methods used to… Read More »Marketing communication Strategies and Planning

Nonprofit Marketing Unique Issues in Nonprofit Marketing Strategies Non-profits’ marketing strategies enable them to focus on maximizing revenues in order to reach their goals rather than for profits. LEARNING OBJECTIVES Explain how the marketing strategies of non-profits differ from those of for-profit organizations KEY TAKEAWAYS Key Points The primary difference between for- profit and non-profit… Read More »Nonprofit Marketing

Including Ethics in Strategic Planning Promoting Ethical Behavior through the Planning Process Building ethics into strategic planning is an important consideration for upper management when setting organizational processes and objectives. LEARNING OBJECTIVES Recognize and describe the process for building ethics into strategic planning processes KEY TAKEAWAYS Key Points Building consistent values and ethics into an… Read More »Promoting Ethical Behavior through the Planning Process

Social Responsibility Audits Social responsibility audits are a process of evaluating a corporation’s social responsibility performance. LEARNING OBJECTIVES Apply the general concept of auditing to the larger framework of social responsibility within organizations KEY TAKEAWAYS Key Points Social responsibility audits rely on a process of accounting known by various names, including social accounting, sustainability accounting,… Read More »Social Responsibility Audits

Types of Social Responsibility: Philanthropy Philanthropic corporate social responsibility involves donating funds, goods, or services. LEARNING OBJECTIVES Describe philanthropy through the lens of corporate social responsibility KEY TAKEAWAYS Key Points Philanthropic corporate social responsibility involves donating funds, goods, or services to another organization or cause. For example, the local branch of a bank might donate… Read More »Types of Social Responsibility: Philanthropy

Introduction to Corporate Social Responsibility Corporate social responsibility is a company’s sense of obligation towards social and physical environments in which it operates. LEARNING OBJECTIVES Explain the purpose and types of corporate social responsibility KEY TAKEAWAYS Key Points Corporate social responsibility (CSR) can be described as embracing responsibility and encouraging a positive impact through the… Read More »Introduction to Corporate Social Responsibility

Types of Social Responsibility: Sustainability One type of corporate social responsibility focuses on three key dimensions of sustainability—environmental, social, and economic. LEARNING OBJECTIVES KEY TAKEAWAYS Key Points Sustainability generally refers to a company’s capacity to endure over the long term through renewal, maintenance, and sustenance. From an organizational perspective, it includes stewardship for sustaining not… Read More »Types of Social Responsibility: Sustainability

Corporate Social Responsibility The Financial Value of Social Responsibility CSR provides a financial return in the form of lower costs, higher revenue, and returns to investors. LEARNING OBJECTIVES Discuss the argument that the short-term costs of social responsibility generate long-term revenues exceeding those costs KEY TAKEAWAYS Key Points Evidence links socially responsible business practices to… Read More »Corporate Social Responsibility

Ethics in Marketing Issues in Marketing A company must have ethical marketing policies to guide their pricing, advertising, research, and competitive strategies. LEARNING OBJECTIVES Identify the common ethical issues associated with products, pricing, promotion and placement within the marketing mix KEY TAKEAWAYS Key Points Each party in a marketing transaction brings expectations regarding how the… Read More »ethical marketing policies to guide

Defining Ethics Ethics are the set of moral principles that guide a person’s behavior. LEARNING OBJECTIVES Define ethics and how it applies to organizations KEY TAKEAWAYS Key Points Ethical behavior is based on written and unwritten codes of principles and values held in society. Ethics reflect beliefs about what is right, what is wrong, what is just,… Read More »Define ethics and how it applies to organizations

Overview of Ethics Ethics Training Moral reasoning is the process in which an individual tries to determine what is right and what is wrong. LEARNING OBJECTIVES Explain the role of ethical moral reasoning in the business environment KEY TAKEAWAYS Key Points There are four components of moral behavior: moral sensitivity, moral judgment, moral motivation, and… Read More »Overview of Ethics : role of ethical moral reasoning in the business environment

Marketing Research and Consumer-Created Content Researching Using Digital Media Digital media technologies are enabling researchers to use increasingly sophisticated tools to collect data via the Internet. LEARNING OBJECTIVES Discuss how digital media is used to conduct marketing research KEY TAKEAWAYS Key Points Many online research methods are related to existing research methodologies, but re-invent and… Read More »Marketing Research and Consumer-Created Content

Trends in Social Media Real-time and location-based web are key trends for marketers to understand as they try to develop image, create awareness, and increase sales. LEARNING OBJECTIVES Give examples of social media companies use for real-time and location-based web marketing KEY TAKEAWAYS Key Points Twitter set the trend for real-time services, wherein users can… Read More »Trends in Social Media

Understanding Apps in a Marketing Context Marketing campaigns can be enhanced through the use of mobile apps, designed to run exclusively on smartphones and tablets. LEARNING OBJECTIVES Describe how mobile applications are used to increase customer purchases and brand awareness KEY TAKEAWAYS Key Points Allowing your marketing campaign to appear on third party apps is… Read More »Understanding Apps in a Marketing Context

The Marketing Mix in Social Media User-generated content, one of the key features of social media websites, provides a direct communication channel between buyers and sellers. Products and services are meant to satisfy customer wants and needs. Comments, ‘Likes’, and other feedback mechanisms make it even easier for satisfied or disgruntled customers to voice their… Read More »The Marketing Mix in Social Media

The Marketing Mix in the Digital Age The Internet has changed the way business is done in the current world. Consequently, the variables of marketing segmentation, targeting and positioning are addressed differently. Although the way new products and services are marketed have changed, the primary aim of business in bringing economic and social values have… Read More »The Marketing Mix in the Digital Age

Making Appropriate Changes to Product, Placement, Promotion, and Pricing Marketing teams must adjust their marketing mix strategies accordingly to adapt and succeed in a rapidly changing media environment. LEARNING OBJECTIVES Explain how the World Wide Web has changed the way brands target consumers and position their brand in the marketplace KEY TAKEAWAYS Key Points Although… Read More »Making Appropriate Changes to Product, Placement, Promotion, and Pricing

Targeting Consumers Where They Spend Time The World Wide Web has become a key commercial center, and thus, an increasingly important place where companies target potential customers. LEARNING OBJECTIVES Describe how the World Wide Web, social media, and mobile devices are transforming the way advertisers target consumers KEY TAKEAWAYS Key Points The Internet, or more… Read More »Targeting Consumers Where They Spend Time

Mobile Consumer Behavior Social media applications for mobile devices are an effective way to advertise to consumers because consumers spend so much time on their mobile devices. LEARNING OBJECTIVES Describe the four types of mobile social media applications and how they are used in social media marketing KEY TAKEAWAYS Key Points Consumers can receive text… Read More »Mobile Consumer Behavior

Social Media and Technology Trends Online Consumer Behavior Web advertisers study online behavior and use the results to increase the effectiveness of their campaigns. LEARNING OBJECTIVES Explain the relationship between behavioral targeting and online consumer behavior, and how behavioral marketing influences online advertising KEY TAKEAWAYS Key Points The web has become the new ‘zero moment… Read More »Social Media and Technology Trends

Types of Consumer-Generated Digital Content Consumer-generated content can be text, images, video or other digital information posted and shared by end-users. LEARNING OBJECTIVES Discuss the technological factors that have led to the rise of consumer-generated digital content KEY TAKEAWAYS Key Points Examples of consumer -generated digital content include videos, blogs, microblogs, wikis and podcasts. Consumer-generated… Read More »Types of Consumer-Generated Digital Content

Social Behavior of Consumers Understanding consumers’ social behavior online and offline is essential to developing viable marketing communications strategies. LEARNING OBJECTIVES Describe how social media aids the study and measurement of consumer behavior KEY TAKEAWAYS Key Points Traditionally, consumer behavior is the study of individuals, groups, or organizations and the processes they use to select,… Read More »Social Behavior of Consumers

Mobile Marketing Mobile marketing is the practice of promoting brands over mobile devices such as smartphones, portable media players and tablets. LEARNING OBJECTIVES Discuss the pros and cons of marketing via smartphones, computer tablets and other mobile devices KEY TAKEAWAYS Key Points During the early 2000s, mobile marketing became popular with the use of text… Read More »Mobile marketing is the practice of promoting brands

Types of Internet Advertising Types of Internet advertising include banner, semantic, affiliate, social networking, and mobile. LEARNING OBJECTIVES Give examples of how brands use affiliate marketing, social network advertising, search engine marketing (SEM), and mobile advertising. KEY TAKEAWAYS Key Points Internet advertising provides companies a low cost way to serve personalized ads across web and… Read More »Types of Internet Advertising

Digital Marketing Characteristics Digital marketing uses internet-connected devices to engage consumers with online advertising, primarily through pull or push methods. LEARNING OBJECTIVES Discuss pull versus push digital marketing tactics KEY TAKEAWAYS Key Points Digital marketing consists of pull or push online communication tactics. These tactics can also be referred to as inbound or outbound marketing… Read More »Digital Marketing Characteristics

Social Media Marketing Communications Social media serves as a cost-effective communication channel for promoting brands to target audiences. LEARNING OBJECTIVES Discuss how social media increases brand awareness and customer engagement in integrated marketing communications KEY TAKEAWAYS Key Points The viral and collaborative nature of social media allows brands to build brand authenticity and loyalty among… Read More »Social Media Marketing Communications

Types of Social Media Some of the most popular current forms of social media are social networking websites such as Facebook, which surpassed over one billion active monthly users in October 2012. There are several types of online platforms classified under the vast umbrella of social media. These categories include: Social Networks: Social networking websites… Read More »Types of Social Media

Introduction to Social Media and Digital Marketing Defining Social Media Social media websites and applications allow users to create and exchange user-generated content on the web. LEARNING OBJECTIVES Describe the common characteristics of social media technologies, and user behaviors that occur on social media websites KEY TAKEAWAYS Key Points Social media are examples of Web… Read More »Introduction to Social Media and Digital Marketing

Promotion Methods in Trade Sales Trade Allowances Trade allowances are price reductions given to middlemen, such as retailers, to encourage them to stock an organization’s products. LEARNING OBJECTIVES Describe the role of trade discounts and allowances in promotion KEY TAKEAWAYS Key Points Trade discounts are often combined to include a series of functions, for example… Read More »Promotion Methods in Trade Sales

Online Sales Promotion Online sales promotion can create personal relationships, channels of communication, and an exchange of information regarding a product. LEARNING OBJECTIVES Discuss on line sales promotion as a sales promotion method and relative to personal selling and sales promotion KEY TAKEAWAYS Key Points Online offers and giveaways are simple and enable marketers to… Read More »Online Sales Promotion

Point-of-Purchase Promotions Point-of-sale displays are sales promotions that are placed where they can easily draw customer attention and trigger impulse buying. LEARNING OBJECTIVES Illustrate the rationale and use of point of purchase promotions KEY TAKEAWAYS Key Points In smaller retail outlets, POS displays are supplied by the manufacturer of the products, and are sited, restocked,… Read More »Point-of-Purchase Promotions

How to Create an Effective Sampling Program Sampling has been around for ages. So it obviously works. But like other promotional programs, bad implementation will lead to bad results. Here are some tips marketers use to create successful sampling programs: Find ways to drive new users to your company: Simply giving samples to people who… Read More »How to Create an Effective Sampling Program

Sampling A free sample is a portion of a product given to consumers at no cost for their trial with the aim of driving product adoption. LEARNING OBJECTIVES Describe the characteristics and proper methods of sampling KEY TAKEAWAYS Key Points The purpose of a free sample is to acquaint the consumer with a new product.… Read More »Sampling : What is Sampling

Contests and Sweepstakes Contests and sweepstakes are two forms of sales promotions which attract consumers by offering them the chance to win a valuable prize. LEARNING OBJECTIVES Discuss the characteristics of contests and sweepstakes and how companies benefit from their use KEY TAKEAWAYS Key Points Contests normally require the participant to perform some type of… Read More »Contests and Sweepstakes : how companies benefit from their use

Loyalty Marketing Loyalty marketing is an approach whereby a company focuses on growing and retaining existing customers through incentives and rewards. LEARNING OBJECTIVES Discuss the basis, use and impact of loyalty programs as a personal selling and sales promotion tool KEY TAKEAWAYS Key Points Some loyalty marketing industry insiders, such as Fred Reichheld, have claimed… Read More »Loyalty Marketing : impact of loyalty programs as a personal selling and sales promotion

Premiums Premiums are prizes, gifts, or other special offers consumer receive when purchasing products. LEARNING OBJECTIVES Identify the rational, types and use of premiums from a sales promotional and personal selling perspective KEY TAKEAWAYS Key Points Premiums fall into one of two categories: free premiums which only require the purchase of the product and self-liquidating… Read More »Promotion Methods in Consumer Sales : Premiums

Rebates A rebate is an amount paid by way of reduction, return, or refund on what has already been paid or contributed. LEARNING OBJECTIVES Examine the rationale behind and the use of rebates as part of sales promotions KEY TAKEAWAYS Key Points The mail-in rebate (MIR) is the most common type of rebate. In some… Read More »Promotion Methods in Consumer Sales :Rebates

Promotion Methods in Consumer Sales Coupons A coupon is a ticket or document that can be exchanged for a financial discount or rebate when purchasing a product. LEARNING OBJECTIVES Show how and why coupons are used as part of sales promotion methods KEY TAKEAWAYS Key Points Coupons gain popularity during tough economic times. Coupons are… Read More »Promotion Methods in Consumer Sales : Coupons

Sales Promotion Objectives of a Sales Promotion The objectives of a sales promotion are to increase consumer demand, stimulate market demand, and improve product availability. LEARNING OBJECTIVES State the main goals of a sales promotion KEY TAKEAWAYS Key Points Sales promotional tactics include contests, coupons, freebies, loss leaders, point-of-purchase displays, premiums, prizes, product samples, and… Read More »Sales Promotion

Measuring Sales Force Performance Appraisals are the common form of measuring how well an employee performed compared to a set of stated objectives; feedback communicates these evaluations. LEARNING OBJECTIVES Illustrate methods of measuring sales force performance KEY TAKEAWAYS Key Points Appraisals can be conducted according to a number of different critieria, which will vary according… Read More »Measuring Sales Force Performance

Motivating and Compensating Salespeople Employees are best motivated through effective job design, equitable compensation, and treatment as stakeholders in the company. LEARNING OBJECTIVES Discuss methods to motivate and compensate salespeople KEY TAKEAWAYS Key Points Participation and influence are important ways to provide motivation to employees. Voice and influence mechanisms allow employees to contribute their expertise… Read More »Motivating and Compensating Salespeople

Sales Training In general, training provides many diverse benefits both to the company as well as to the salesperson. LEARNING OBJECTIVES KEY TAKEAWAYS Key Points Training employees results in improved performance or error reduction, leading to higher profits. Employees can strengthen their overall skill set and increase their understanding of the organization. Different industries and… Read More »Sales Training

Recruiting and Selecting Salespeople Salespeople who have the best characteristics, and who fit the company ethos, should be chosen during the recruitment process. LEARNING OBJECTIVES Examine the rationale and process of recruiting and selecting salespeople KEY TAKEAWAYS Key Points Recruitment can be costly and time consuming. The process must be designed to minimize cost while… Read More »Recruiting and Selecting Salespeople

Managing the Sales Force Creating Sales Force Structure, Territories, and Goals Creating the proper sales force structure, territoires, and goals leads to customer, sales force and firm satisfaction. LEARNING OBJECTIVES Explain the components of and rationale behind sales force, territory and sales goal creation KEY TAKEAWAYS Key Points The sales force structure will guide the… Read More »Managing the Sales Force : Creating Sales Force Structure, Territories, and Goals

Types of Selling Team Selling Team selling is a group of people representing the sales department and other areas in a firm, all sharing a common goal of increased sales. LEARNING OBJECTIVES Name the advantages of a team selling approach KEY TAKEAWAYS Key Points Size of the team, reward disbursements and strategic objectives are among… Read More »Types of Selling : Team Selling And Relationship Selling

If you’re in business-to-business (B2B) marketing, you know that there’s a difference between selling straight to consumers and selling to other businesses. Source: SFIO CRACHO / shutterstock B2B marketing brings along its own set of challenges, struggles, and bumps in the road. Here are three easy ways to remove friction in your B2B sales process… Read More »Ways to Remove Friction in Your B2B Sales Process

Selling Roles Proactive Representatives Proactive representatives tend to fall in to one of two main categories: Hunters and Farmers. LEARNING OBJECTIVES Compare and contrast sales personalities categorized as Hunters and Farmers KEY TAKEAWAYS Key Points A hunter is often associated with aggressive personalities who use aggressive sales techniques. Farmers create sales demand by activities that… Read More »Selling Roles

CRM and Personal Selling Customer relationship management is a widely used model for managing a company’s interactions with customers, clients, and sales prospects. Customer relationship management (CRM) is a widely implemented model for managing a company’s interactions with customers, clients, and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales… Read More »CRM and Personal Selling

Following Up Following-up will build customer satisfaction, maximize long-term sales volume, and if a sale has not been made, it may lead to a sale. LEARNING OBJECTIVES Identify the basis for and the importance of follow up as part of the personal selling process and sales promotion KEY TAKEAWAYS Key Points The follow-up contributes to… Read More »Following Up

Closing the Sale Closing refers to the achievement of the desired outcome, which may be the exchange of money or the acquiring of a signature. LEARNING OBJECTIVES Outline “closing the sale” importance, characteristics and types KEY TAKEAWAYS Key Points Closing is distinguished from ordinary practices such as explaining a product ‘s benefits or justifying an… Read More »Closing the Sale

Handling Objections The prospect may object to points made in the presentation, so the salesperson should be prepared to listen and address those concerns. LEARNING OBJECTIVES Describe the types of buyer’s objections and how to address them KEY TAKEAWAYS Key Points Sales objections can be defined as statements or questions raised by the prospect which… Read More »Handling Sales Objections

Sales Presentation A well-prepared sales presentation will engage prospects with relevant information and entice them to make a purchase commitment. LEARNING OBJECTIVES Describe the characteristics of a sales presentation within the context of personal selling and sales promotion KEY TAKEAWAYS Key Points A sales pitch is a planned presentation of a product or service designed… Read More »Sales Presentation

Approach How you approach a sales pitch in terms of attitude, prospect knowledge, and customized product will determine your success. LEARNING OBJECTIVES Describe the characteristics and requirements for a sales approach as part of personal selling and sales promotion KEY TAKEAWAYS Key Points Every salesperson should prepare a customized elevator pitch to quickly entice the… Read More »requirements for a sales approach as part of personal selling and sales promotion

The Personal Selling Process Generating Needs Prospecting starts with defining a narrow target market, identifying the customer’s wants, and then offering custom solutions. LEARNING OBJECTIVES Explain tools used in evaluating customer needs KEY TAKEAWAYS Key Points Where the potential market is very wide, there are significant advantages to limiting oneself to just one or two… Read More »The Personal Selling Process

Value of Personal Selling Personal selling minimizes wasted effort, measures marketing ROI better than most tools, promotes sales, and boosts word of mouth marketing. LEARNING OBJECTIVES Discuss the advantages and disadvantages of personal selling KEY TAKEAWAYS Key Points Since the effects of marketing are difficult to measure, personal selling gives insight into customer habits and… Read More »Value of Personal Selling

Personal Selling Defining Personal Selling Personal selling is when salespersons use a process to engage customers and take a sales order that may not otherwise have been made. LEARNING OBJECTIVES Compare and contrast sales and marketing functions within organizations KEY TAKEAWAYS Key Points The personal selling process is a 7 step approach: prospecting, pre-approach, approach,… Read More »Personal Selling

Measuring Effectiveness of Public Relations Efforts Measuring and evaluating the effectiveness of a public relations campaign is necessary to ensure that established objectives are met. LEARNING OBJECTIVES Explain how organizations can measure and evaluate the effectiveness of the campaign KEY TAKEAWAYS Key Points The most basic level of measuring effectiveness comes from compilations of message… Read More »Measuring Effectiveness of Public Relations Efforts

Handling Unfavorable Publicity Handling unfavorable publicity means being honest with consumers and putting public interest first. LEARNING OBJECTIVES List the steps firms can take to implement an effective crisis communication plan KEY TAKEAWAYS Key Points Being prepared for harmful situations is imperative. It is important to map out potential negative scenarios and have a PR… Read More »Handling Unfavorable Publicity

Public Relations Public Relations Tools PR is the practice of managing the flow of information between organizations and the public. LEARNING OBJECTIVES Give examples of communications tools used to develop effective public relations programs KEY TAKEAWAYS Key Points A fundamental technique of public relations is identifying the target audience and tailoring messages to appeal to… Read More »Public Relations Tools

Measuring Impact with Metrics Measuring performance based on previously established objectives is useful in determining the quality of advertising efforts. LEARNING OBJECTIVES Derive useful data metrics from advertising campaigns, and recognize the importance of establishing advertising objectives KEY TAKEAWAYS Key Points Performance-based advertising has grown in popularity as advertising campaigns have shifted towards online media.… Read More »Measuring Impact with data metrics from advertising campaigns

Creating Advertisements The advertising creative effort can be divided into two elements: the creative strategy and creative tactics. LEARNING OBJECTIVES Outline the process of how to create advertisements KEY TAKEAWAYS Key Points The creative strategy concerns what you are going to say to the audience. Creative tactics outline the means for carrying out the creative… Read More »Creating Advertisements

Media Types and Scheduling Marketers must choose the type of media that best suits their budget and message and then choose the best way to schedule their message. LEARNING OBJECTIVES Compare the types of media and types of scheduling used in advertising campaigns KEY TAKEAWAYS Key Points In terms of overall advertising expenditures, media advertising… Read More »types of media and types of scheduling used in advertising campaigns

Creating a Media Plan The standard media plan covers four stages: stating media objectives, evaluating media, selecting and implementing choices, and determining the budget. LEARNING OBJECTIVES Assemble the components and methodology of creating a media plan KEY TAKEAWAYS Key Points Media objectives are normally stated in terms of three dimensions. There are definite inherent strengths… Read More »Creating a Media Plan

Determining a Budget Determining a marketing budget requires an understanding of the cost of producing campaigns and the expected (or actual) return from the advertising campaign. LEARNING OBJECTIVES Differentiate between fixed and variable budgeting strategies in advertising, and recognize the way advertising investments have changed KEY TAKEAWAYS Key Points Advertising is one aspect of the… Read More »Determining advertising a Budget : Differentiate between fixed and variable budgeting strategies

Focus of an Advertisement The focus of an advertisement must say to each reader or viewer: Buy this product, and you will get this specific benefit. LEARNING OBJECTIVES Outline the mindset and rationale of advertisement focus within an advertising campaign KEY TAKEAWAYS Key Points The Unique Selling Point or Proposition ( USP ) is a… Read More »Focus of an Advertisement

Informative, Persuasive, and Reminder Advertising Advertising should always be in line with promotional and marketing objectives, and the business strategy or mission of the organization. LEARNING OBJECTIVES Explain different types of advertising; informative, persuasive and reminder oriented KEY TAKEAWAYS Key Points Reminder advertising reinforces previous promotional activity by keeping the name of good, service, person,… Read More »different types of advertising Informative, Persuasive, and Reminder Advertising

Defining Campaign Objectives The hierarchy-of-effects model clarifies the objectives of an advertising campaign and each individual advertisement. LEARNING OBJECTIVES Examine how campaign objectives are identified for an advertising campaign KEY TAKEAWAYS Key Points The model suggests that there are six steps a consumer or a business buyer moves through when making a purchase. It is… Read More »how campaign objectives are identified for an advertising campaign

Identifying the Target Market Recognizing the core target market(s) for a given product or service is integral to maximizing advertising spend. LEARNING OBJECTIVES Explore the process of identifying the target market and how it impacts advertising strategies KEY TAKEAWAYS Key Points In marketing, a target market should provide an organization the best possible return on its… Read More »Identifying the Target Market : how it impacts advertising strategies

The Advertising Campaign Identifying Product Benefits Identifying product benefits involves finding out what the customer really wants and needs, not just listing a variety of product features. LEARNING OBJECTIVES Demonstrate the application and use of product benefits in advertising campaigns KEY TAKEAWAYS Key Points Product features include such factors as form, color, size, weight, odor,… Read More »The Advertising Campaign : product benefits in advertising campaigns

Consumer Influence Consumer influence is a key topic in behavioral economics, where heuristics, framing, and market inefficiencies impact how consumers make decisions. LEARNING OBJECTIVES Define the concept of heuristics, and recognize the relevance of influences on decision-making KEY TAKEAWAYS Key Points Organizations must understand their target market, most notably how they make decisions and what… Read More »Consumer Influence

Impacts of Advertising Market Share Market share is key metric that helps firms evaluate demand in their market and can be influenced by PR and marketing campaigns. LEARNING OBJECTIVES Discuss how companies use market share as a key indicator and tool to increase market competitiveness KEY TAKEAWAYS Key Points Market Share metrics, a desired asset… Read More »Impacts of Advertising

Product Advertising The stage of the Product Life Cycle (PLC) often determines the type of advertising that is used by advertisers for a particular product. LEARNING OBJECTIVES Define pioneering, competitive, and comparative advertising KEY TAKEAWAYS Key Points Pioneering advertising is heavily used in the introductory stage of product life cycle when a new product is… Read More »Product Advertising

Types of Advertising Corporate Advertising Advertising designed to win an audience over to a specific point of view is called institutional or corporate advertising. LEARNING OBJECTIVES Distinguish between product-oriented advertising and corporate or institutional advertising techniques KEY TAKEAWAYS Key Points Institutional advertising use the same approaches and techniques that apply to product -oriented advertising: image,… Read More »Types of Advertising

The Growing Importance of Word of Mouth Because of the increased role of sharing – or online “word of mouth” – the way many products and services are marketed has changed. LEARNING OBJECTIVES Define the growing role of word-of-mouth in integrated marketing communications KEY TAKEAWAYS Key Points Marketing was once seen as a one way… Read More »The Growing Importance of Word of Mouth

Measuring Success Continuous monitoring of performance against predetermined targets is essential in achieving effective & efficient integrated marketing communications. LEARNING OBJECTIVES List the most important analyses used to measure marketing performance KEY TAKEAWAYS Key Points It is important to put both quantities and timescales into marketing strategies. The most important elements of marketing performance include… Read More »Measuring Success : most important analyses used to measure marketing performance

Determining a Budget Marketing budgets aid in the planning of operations by forcing managers to prioritize activities and consider how conditions may change. LEARNING OBJECTIVES Explain how the components of IMC influence the allocation of funds for a marketing budget KEY TAKEAWAYS Key Points Budgeting also helps coordinate the activities of the organization by compelling… Read More »IMC Budget: Marketing budgets aid in the planning of operations

Integrated Marketing Communications Setting Goals The ultimate goal of IMC is to unite all aspects of marketing communications so they work together seamlessly and harmoniously. LEARNING OBJECTIVES State the most common goals of integrated marketing communications campaigns KEY TAKEAWAYS Key Points Integrated Marketing Communication (IMC) is an approach to brand communications where the different modes… Read More »State the most common goals of integrated marketing communications campaigns

Trade vs. Consumer Promotions Trade promotions are targeted toward retailers while consumer promotions are targeted toward consumers. LEARNING OBJECTIVES Differentiate between trade and consumer promotions relative to a product’s marketing mix KEY TAKEAWAYS Key Points The purpose of trade promotions is to help companies differentiate a product, increase product visibility, and increase the product purchase… Read More »Differentiate between trade and consumer promotions relative to a product’s marketing mix

Push and Pull Strategies Push and pull strategies are promotional strategies used to get the product to its target market. LEARNING OBJECTIVES Differentiate between push and pull strategies as part of a product’s promotional mix KEY TAKEAWAYS Key Points A push strategy places the product in front of the customer to make sure the consumer… Read More »Push and pull strategies are promotional strategies

Types of Buying Decisions Different types of buying decisions can involve logical, impulsive, and emotional motivations. LEARNING OBJECTIVES Distinguish between a consumer and business buying decision KEY TAKEAWAYS Key Points Buying decisions are based on buying behavior. Consumer behavior and business behavior can differ because their buying processes are different. Consumers will often buy on… Read More »Different types of buying decisions

Characteristics of the Product The unique characteristics of a product should be used as inputs in determining the product’s marketing mix. LEARNING OBJECTIVES Examine how the characteristics of a product impacts the selection of a promotional mix KEY TAKEAWAYS Key Points The characteristics of the product are the features that differentiate it from other products… Read More »Characteristics of the Product

Target Market Characteristics The different characteristics of a target market are geographic, demographic, psychographic, behavioral, and product related. LEARNING OBJECTIVES Differentiate between different target market characteristics KEY TAKEAWAYS Key Points A geographic target market can be consumers in a city, state, or country. A demographic or socioeconomic target market would focus on a specific gender,… Read More »Target Market Characteristics

Promotion Mix The promotion mix is an element of the marketing mix. It includes advertising, public relations, personal sales, and sales promotion. Mediums used for promotion include: the Internet, television, advertisements, special events, endorsements, newspapers, and magazines. Different approaches are needed for each medium in order to be successful. Marketing Mix: The marketing mix includes… Read More »The promotion mix is an element of the marketing mix

Stages in the Product Life Cycle There are four stages in the product life cycle: introduction, growth, maturity, and decline. LEARNING OBJECTIVES Examine the various stages of the product lifecycle KEY TAKEAWAYS Key Points The introduction stage of the product life cycle is where a new product is launched into a market. In the growth… Read More »Stages in the Product Life Cycle

Selecting the Promotion Mix for a Particular Product Promotional Objectives There are three main promotional objectives: inform the market, increase demand, and differentiate a product. LEARNING OBJECTIVES Explain the objectives and characteristics of a promotion mix KEY TAKEAWAYS Key Points Increase demand: These strategies are used during the product life cycle in order to increase… Read More »Selecting the Promotion Mix for a Particular Product

Types of Direct Marketing Tools There are many different direct marketing tools, including direct mail, telemarketing, couponing, direct response TV and radio, face-to-face selling, community campaigns, and grassroots campaigns. The Internet provides extraordinary reach. Marketers can use email, along with interactive static banner ads, pop ups, video and floating unit ads. Browser cookie analysis tag… Read More »Types of Direct Marketing Tools

Direct Marketing Direct marketing goes direct to customers via telephone, mail, fax, TV, radio, online, magazines, newspapers or face-to-face. LEARNING OBJECTIVES Distinguish direct marketing tactics from mass marketing tactics KEY TAKEAWAYS Key Points Direct marketing targets individual members of defined consumer groups. The message is based upon a clear “call to action” delivered directly to… Read More »Direct Marketing

Social Media Social media as a marketing tool is versatile, far-reaching, fast, inexpensive, fosters brand awareness, and can improve customer service. LEARNING OBJECTIVES Illustrate how social media can be used in the promotional mix KEY TAKEAWAYS Key Points As a marketing tool, social media is distinct from industrial or traditional media and is versatile, far-reaching,… Read More »Social Media

Public Relations Public relations is the management of a message between an individual or organization and the public. LEARNING OBJECTIVES Describe the different aspects of public relations and its primary functions within the promotional mix KEY TAKEAWAYS Key Points Public relations is communicated through the media in the form of publicity events, speaking opportunities, press… Read More »Public Relations : message between an individual or organization and the public

Sales Promotion Sales Promotion stimulates market demand, product availability and coordinates public selling, advertising and public relations. LEARNING OBJECTIVES Explain how sales promotion is used in the promotional mix KEY TAKEAWAYS Key Points Sales Promotions – increase the perceived value of a product and are usually offered for a limited amount of time. Consumer Sales… Read More »Sales Promotion

Personal Selling Marketing impacts personal selling and improves the selling environment by increasing exposure to potential customers. LEARNING OBJECTIVES Discuss the different elements of personal selling KEY TAKEAWAYS Key Points A successful personal seller must utilize aggressive sales tactics that influence and control the process, presenting it as a mutually beneficial, interpersonal exchange of goods… Read More »Personal Selling : different elements of personal selling

Developing a Media Plan The media plan is an integral part of the advertising campaign and is developed simultaneously with the creative strategy. The standard media plan has four stages: Stating objectives like reach or the number of different persons exposed, frequency of times the consumer is exposed to a message, and timing of media… Read More »Developing a Media Plan : advertising campaign

The Promotion Mix Advertising Advertising communicates a message to a targeted audience and generates feedback in the form of a sale or other action taken by a consumer. LEARNING OBJECTIVES Summarize the different components that comprise an advertising campaign KEY TAKEAWAYS Key Points Through advertising, a marketer hopes to communicate a message to a targeted… Read More »The Promotion Mix

Reminding and Retaining Customers Organizations have shifted to using personalized promotional tactics to retain customers and encourage repeat sales. LEARNING OBJECTIVES Discuss the strategies and tactics used to retain customers KEY TAKEAWAYS Key Points Personalized promotional tactics via websites and email marketing are particularly useful for customer retention programs. Marketing tactics used to remind and… Read More »Reminding and Retaining Customers

Encouraging Product Trials Promotional tactics such as free samples and discounts are often used to encourage consumers to participate in product trials. LEARNING OBJECTIVES Give examples of incentives used to encourage product trials KEY TAKEAWAYS Key Points Adjusting price, product, and place enhances both the trial offer and appeal of the final product or service… Read More »Encouraging Product Trials : Free Samples and Discounts

Identifying Prospects Organizations must identify prospective customers and understand their needs and wants to improve the odds of making a sale. LEARNING OBJECTIVES Outline the sales process, and tactics used to target prospects KEY TAKEAWAYS Key Points Personal selling functions as an essential component within a company’s larger integrated marketing communications strategy. The first step… Read More »Identifying Prospects Customers and Understand their needs

Brand Awareness and Loyalty The primary objective of marketers and advertisers is to present ideas in a manner that is so convincing that consumers will not just purchase a product or service once, but will do so repeatedly over time. Companies must thus remind customers of their product’s unique benefits using messaging that resonates with… Read More »Brand Awareness and Loyalty

Understanding Promotion Defining Promotion As a key marketing element, promotion comprises communications tactics used to educate consumers, increase demand, and differentiate brands. LEARNING OBJECTIVES Describe how promotional tools work together to educate consumers and generate sales KEY TAKEAWAYS Key Points A promotional plan identifies where, when, and how advertising, personal selling, PR, sales promotion, and… Read More »Understanding Promotion : how promotional tools work together

What is the AIDA approach? The AIDA model is based on four individual stages that attract interested parties who are deciding on a product or service. 1. Attract attention: The product must attract the consumer’s attention. This is done via the advertising materials. It is a type of “eyecatcher.” Examples: a window designed in a striking… Read More »What is the AIDA approach

AIDA Model The AIDA model is an approach used by advertisers to describe the different phases of consumer engagement with an advertisement. LEARNING OBJECTIVES Define the AIDA model and how the system is used to guide integrated marketing communications KEY TAKEAWAYS Key Points AIDA stands for attention, interest, desire, and action. The AIDA model can… Read More »AIDA Model

Consumer Perception of Communication Consumer perceptions are a key component of success or failure, so organizations must strive to align communications into clear, concise, and customer-oriented messages. LEARNING OBJECTIVES Explore the concepts of integrated marketing communications from the perspective of the consumer KEY TAKEAWAYS Key Points Marketing has changed significantly in recent times. With more… Read More »Consumer Perception of Communication

The Communication Process Organizations must keep in mind the internal and external factors that influence audience perception during the communications process. LEARNING OBJECTIVES Explain how communication theory impacts integrated marketing communications KEY TAKEAWAYS Key Points The communications process involves two or more persons attempting to consciously or unconsciously influence each other through the use of… Read More »Integrated Marketing Communications Process

Benefits of Integrated Marketing Communications With so many products and services to choose from, consumers are often overwhelmed by the vast number of advertisements flooding both online and offline communication channels. Marketing messages run the risk of being overlooked and ignored if they are not relevant to consumers’ needs and wants. One of the major… Read More »Benefits of Integrated Marketing Communications

Introduction to Integrated Marketing Communications Introduction to Integrated Marketing Communications Integrated marketing communications (IMC) is an approach to creating a unified and seamless brand experience for consumers across channels. LEARNING OBJECTIVES Discuss factors that have prompted the shift from mass communications to integrated marketing communications KEY TAKEAWAYS Key Points Integrated marketing communications is an approach… Read More »Introduction to Integrated Marketing Communications

Channel Partnering Channel partners can potentially fulfill needs along an organization’s value chain by enhancing the efficiency of distribution and/or access to new markets. LEARNING OBJECTIVES Recognize the value channel partners can add via co-branding, distribution and/or efficiency KEY TAKEAWAYS Key Points Channel partnerships are strategic collaborations between organizations that can potentially provide reciprocal value… Read More »Channel partnerships are strategic collaborations

Channel Power, Control, and Leadership Channels perform better if a party is in charge, providing a level of leadership to coordinate goals and efforts. LEARNING OBJECTIVES Describe why manufacturers, wholesalers and retailers take the lead in channel partnerships KEY TAKEAWAYS Key Points In a type of business cold war, manufacturers and retailers are constantly trying… Read More »Marketing Channel Relationships : Channel Power, Control, and Leadership

Marketing Channel Relationships Competitive Priorities in Marketing Channels A marketing channel is a set of practices necessary to transfer the ownership of goods from producer to consumer. LEARNING OBJECTIVES Describe the different types of marketing distribution channels KEY TAKEAWAYS Key Points When developing distribution strategies, companies assess how marketing channels link producers to buyers, affect… Read More »Marketing Channel Relationships

Distribution Intensity Marketing channel intensity takes into account both the variance and number of channels an organization may use to deliver goods and services to consumers. LEARNING OBJECTIVES Differentiate between different distribution intensity strategies, incorporating the modern digital storefronts into this consideration KEY TAKEAWAYS Key Points Organizations must understand the competitive environment of the industry,… Read More »Distribution Intensity :different distribution intensity strategies

Channel Strategy Decisions Factors Affecting Channel Choice Channel choice involves understanding the ultimate user and how they prefer to purchase merchandise. LEARNING OBJECTIVES Discuss the various factors that affect channel choice KEY TAKEAWAYS Key Points Channel choice begins with two questions: to whom shall we sell this merchandise immediately? And, who are our ultimate users… Read More »Marketing Channel Strategy Decisions

Channel Member Characteristics To maximize sales, a company must carefully consider the fit between its products and the available distribution channels. LEARNING OBJECTIVES Explain the importance of pairing a brand’s products with the appropriate distribution channel KEY TAKEAWAYS Key Points Distribution channels are how a company will get its products to consumers. The selected distribution… Read More »Distribution channels Member Characteristics

Alternative Arrangements Business-to-government, consumer-to-consumer, and institutional markets are additional types of marketing channels. LEARNING OBJECTIVES Outline the characteristics of business-to-government, consumer-to-consumer, and institutional marketing channels KEY TAKEAWAYS Key Points Business-to-government marketing encompasses marketing products and services to various levels of the government, such as federal, state, and local. Consumer -to-consumer commerce is the completion of… Read More »Alternative Channel Arrangements : additional types of marketing

Channel Structures B2C Channels Brick-and-mortar and e-commerce are two main channels of business-to-consumer marketing. LEARNING OBJECTIVES Define a business-to-consumer market, and the strategies marketers use to target consumers KEY TAKEAWAYS Key Points A business-to- consumer market is the sale of goods and services from individuals or businesses to the end user. A brick-and-mortar store allows… Read More »Channel Structures : business-to-consumer and business-to-business marketing

Streamlining Distribution Streamlining distribution involves the planning and efficient use of supply chain resources and may involve working with intermediaries. LEARNING OBJECTIVES Describe the different elements that help streamline the logistics and distribution process KEY TAKEAWAYS Key Points The scope of the planning of logistics and distribution processes is not limited only to the planning… Read More »Streamlining Distribution : planning and efficient use of supply chain resources

Channel Intermediaries Functions of Intermediaries Intermediaries make it possible for a company to deliver its products to the end user without needing to own the whole supply chain. LEARNING OBJECTIVES Describe the functions of agents, wholesalers, distributors and retailers KEY TAKEAWAYS Key Points Distribution of goods takes place by means of channels, and the intermediaries… Read More »Channel Intermediaries : functions of agents, wholesalers, distributors and retailers

Selecting Marketing Channels Strategic selection of marketing channels can impact an organization’s brand, profitability, and overall scale of operations for a given line of products or services. LEARNING OBJECTIVES Identify a number of key considerations when selecting marketing channels KEY TAKEAWAYS Key Points Marketing channels represent the relationship between a producer and the user, usually… Read More »Strategic selection of marketing channels

Types of Marketing Channels There are basically 4 types of marketing channels: direct selling; selling through intermediaries; dual distribution; and reverse channels. LEARNING OBJECTIVES Define direct selling, indirect channels, dual distribution, and reverse channels KEY TAKEAWAYS Key Points Direct selling is the marketing and selling of products directly to consumers away from a fixed retail… Read More »Types of Marketing Channels : direct selling| selling through intermediaries| dual distribution

Marketing Channels in the Supply Chain The Significance of Marketing Channels The primary purpose of any channel of distribution is to bridge the gap between the producer of a product and its user. LEARNING OBJECTIVES Identify the types of institutions that participate in marketing channels, and the three primary functions of these channels KEY TAKEAWAYS… Read More »Marketing Channels in the Supply Chain

Global Considerations in Branding and Packaging At the global marketing level, a company needs to launch appropriate marketing plans so results can be achieved across multiple countries. LEARNING OBJECTIVES Discuss how language, colors, customs, aesthetics, and placement affect global branding and packaging in products KEY TAKEAWAYS Key Points Language differences cause many problems for marketers… Read More »Global Considerations in Branding and Packaging

Packaging Strategies Packaging enables a marketing team to highlight key product attributes, qualifiers, and branding images to capture strategic value. LEARNING OBJECTIVES Describe the various strategies and objectives a marketing team can employ to capture value through effective packaging KEY TAKEAWAYS Key Points Packaging fulfills a variety of strategy purposes across a number of disciplines,… Read More »Packaging Strategies : highlight key product attributes, qualifiers, branding images, strategic value

Packaging The Purposes of Packaging The role of packaging in marketing has become quite significant as it is one of the ways companies can get consumers to notice products. LEARNING OBJECTIVES Describe the various uses of product packaging within a branding context KEY TAKEAWAYS Key Points Considering the importance placed on the package, it is… Read More »Packaging: The Purposes of Packaging

Branding Strategies A branding strategy helps establish a product within the market and to build a brand that will grow and mature in a saturated marketplace. LEARNING OBJECTIVES Distinguish between different types of branding strategies KEY TAKEAWAYS Key Points Attitude branding is the choice to represent a larger feeling, which is not necessarily connected with… Read More »Branding Strategies: Different Types of Branding Strategies

Brand Ownership Brand Ownership means building a brand that reflects your values and persuades consumers to believe in and purchase your product. LEARNING OBJECTIVES Describe brand ownership and the rights of brand owners. KEY TAKEAWAYS Key Points To really own your Brand, you must have a clear understanding of where your brand stands today and… Read More »Brand Ownership : Building a Brand

Types of Brands Brand Types: individual products, ranges, services, organizations, individuals, groups, events, places, private labels, media, and e-brands. LEARNING OBJECTIVES Name the different categories that fall under service brands KEY TAKEAWAYS Key Points The different types of brands include: individual products, product ranges, services, organizations, persons, individuals, groups, events, geographic places, private label brands,… Read More »Types of Brands : individual products, ranges, services, organizations, individuals

Brand Equity Brand equity is the value of a brand that is well-known and conjures positive associations, which helps it remain relevant and competitive. LEARNING OBJECTIVES List the 10 attributes used to measure brand equity according to marketing professor and brand consultant David Aaker KEY TAKEAWAYS Key Points Brand equity can manifest itself in consumer… Read More »Brand Equity : Measuring Brand Equity

Benefits of Brand Loyalty The benefits of brand loyalty are longer tenure (or staying a customer for longer), and lower sensitivity to price. Recent research found evidence that longer-term customers were indeed less sensitive to price increases. According to Andrew Ehrenberg, consumers buy “portfolios of brands.” They switch regularly between brands, often because they simply… Read More »Benefits of Brand Loyalty

Brand Loyalty Brand loyalty entails commitment and repeated consumer purchase behavior following perceived value, satisfaction, and brand trust. LEARNING OBJECTIVES Describe the conditions that must be met to achieve brand loyalty, and the consumer behaviors associated with brand loyalty KEY TAKEAWAYS Key Points Brand loyalty is not to be characterized exclusively by a consumer ‘s… Read More »Brand Loyalty : consumer purchase behavior following perceived value, satisfaction, and brand trust.

Benefits of Branding for the Consumer Effective branding of a product enables the consumer to easily identify the product because the features and benefits have been communicated effectively. This will increase the probability that the product will be accessible and therefore purchased and consumed. Dunkin’ Donuts, for example, is a brand that has an established… Read More »Benefits of Branding for the Consumer & Manufacturer & Retailer

What is the Purpose of Branding and Why Is It So Important? Branding involves researching, developing, and implementing brand names, brand marks, trade characters, and trademarks. It undoubtedly requires a significant contribution from marketing communications and is a long term exercise, but one that reaps long-term profitability. Branding is crucial to the success of any… Read More »What is the Purpose of Branding and Why Is It So Important?

Value of Branding Branding is a long term exercise, but one that reaps long-term profitability through increased customer loyalty. LEARNING OBJECTIVES Explain why a strong branding strategy is essential to the success of a company KEY TAKEAWAYS Key Points Branding is crucial to the success of any tangible product. In consumer markets, branding can influence… Read More »Value of Branding : long-term profitability through increased customer loyalty

Branding Defining a Brand A brand refers to a name, term, symbol, or any other type of feature that defines or identifies a seller’s product or service. LEARNING OBJECTIVES Discuss the characteristics and connotations around branding products and services KEY TAKEAWAYS Key Points The word ” brand ” is derived from the Old Norse brand… Read More »Branding : A brand refers to a name, term, symbol, or any other type

The Spread of New Products The Diffusion of Innovation The diffusion of innovation theory seeks to explain how, why, and at what rate new ideas and technology spread through cultures. LEARNING OBJECTIVES List the four main elements that influence the spread of new ideas and technologies KEY TAKEAWAYS Key Points Everett Rogers, a professor of… Read More »The Spread of New Products : four main elements that influence the spread of new ideas and technologies

Organizational Requirements for Product Development and Management Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, or marketing of a product or products at all stages of the product lifecycle. Product development – the process of bringing new products to the marketplace – combined with product marketing, make up… Read More »Organizational Requirements for Product Development and Management

Differentiating Factors in Product Design Quality Consumers place a value on quality; therefore high quality products may be able to win share and/or command a price premium. LEARNING OBJECTIVES Identify the attribute of quality at the design stage as a differentiating factor KEY TAKEAWAYS Key Points Quality is considered a non-functional requirement in product design,… Read More »Differentiating Factors in Product Design

Commercialization Commercialization the process of launching a new product; it may involve heavy promotion and filling the distribution networks with the product. LEARNING OBJECTIVES Describe the three steps that must be implemented during the commercialization of new products KEY TAKEAWAYS Key Points The timing of the launch should coincide with a good economic situation to… Read More »Commercialization the process of launching a new product

Test Marketing Test marketing is the final stage before commercialization, and is where all the elements of the marketing plan are tested. LEARNING OBJECTIVES Discuss the requirements that must be satisfied to conduct successful test marketing of new products and distinguish test marketing from initial product testing KEY TAKEAWAYS Key Points Initial product testing and… Read More »Test Marketing : The stage where all the variables in the marketing plan

Development Development involves setting product specifications as well as testing the product with intended customer groups to gauge their reaction. LEARNING OBJECTIVES Describe the steps involved in the technical and marketing development stages of new product development KEY TAKEAWAYS Key Points Technical development involves creating a prototype to develop exact product specifications. The technical development… Read More »Development:marketing development stages of new product development

Business Analysis The output of the business analysis stage is a prediction about whether the product is likely to be profitable or not if ultimately produced. LEARNING OBJECTIVES Demonstrate knowledge of the components included in the business analysis stage of product development KEY TAKEAWAYS Key Points The first step in the business analysis process is… Read More »Business Analysis

Concept Testing Concept testing is important for evaluating consumer responses to a product before market introduction. LEARNING OBJECTIVES Explain concept testing, its disadvantages, and alternative methods used to evaluate consumer behavior toward new concepts KEY TAKEAWAYS Key Points Concept testing can also be useful in altering existing attitudes towards existing products in the market. Concept… Read More »Concept Testing

Idea Generation The success of product-driven companies is directly tied to new product development, which is generated through innovative ideas. LEARNING OBJECTIVES Identify the five primary sources of product innovation KEY TAKEAWAYS Key Points The five main sources of innovation are technological breakthough, non-technological development, environment, serendipity, and purposeful development. It is possible to create… Read More »Idea Generation For new products

Strategy A good NPDS can help organize research, prioritize customer needs, and reduce cost overruns, to ensure a smooth development process. LEARNING OBJECTIVES Describe the three common approaches to strategically developing new products KEY TAKEAWAYS Key Points Three common approaches to NPDS are user-centered design, flexible product development, and the phase-gate model. There are many… Read More »New Product Development Strategy

New Product Development The Need for New Products In dynamic markets companies must constantly introduce new products and services to keep up with changing consumer wants and needs. LEARNING OBJECTIVES Discuss the common challenges of developing successful new products KEY TAKEAWAYS Key Points A company must establish a series of successful products over time if… Read More »New Product Development

When to Modify Products While the decision to modify products happens ideally at the design stage, products can be changed during any phase of the life cycle. LEARNING OBJECTIVES Name the external factors that can influence product development KEY TAKEAWAYS Key Points Products are modified to compete more effectively in the market, and appeal to… Read More »When to Modify Products

Managing Existing Products When to Extend Product Lines A company can extend its product line using a down-market stretch, an up-market stretch, or a move both ways. LEARNING OBJECTIVES Describe the nature of a product line extension KEY TAKEAWAYS Key Points A line extension should only be considered when the producer can profitably produce a… Read More »Managing Existing Products

Impact of the Product Life Cycle on Marketing Strategy The stage of the life cycle of the product affects how it is marketed. LEARNING OBJECTIVES Summarize marketing strategies that apply to product life cycles KEY TAKEAWAYS Key Points During the introduction stage, the product is promoted to create awareness and develop a market for the… Read More »Impact of the Product Life Cycle on Marketing Strategy

Product Life Cycles The Product Life Cycle Every product goes through the various life cycle phases of introduction, growth, maturity and decline. LEARNING OBJECTIVES Discuss the rationale behind the marketing concept of product life cycles KEY TAKEAWAYS Key Points Depending on its current stage in the product life cycle, a product will have different marketing,… Read More »Product Life Cycles

Product Line and Product Mix Adjustments to Products Marketers must often make product adjustments in order to keep the product competitive and continue to provide satisfaction to the buyer. LEARNING OBJECTIVES Discuss strategies for adjusting products in response to changes in consumer taste and the marketplace KEY TAKEAWAYS Key Points There are risks involved with… Read More »Product Line and Product Mix

Business Products Business products are sold to other businesses, as opposed to convenience, shopping, and specialty products, which are sold to consumers. LEARNING OBJECTIVES Distinguish between the different types of business products KEY TAKEAWAYS Key Points Business products are marketed differently than convenience, shopping and specialty products, due to their different nature as well as… Read More »Business Products

Unsought Products An unsought good is one that is not actively sought out by a consumer, but is instead purchased due to fear, precaution, need, etc. LEARNING OBJECTIVES Discuss the concept of unsought goods as a type of product KEY TAKEAWAYS Key Points As opposed to convenience, shopping, and luxury goods, consumers do not actively… Read More »Unsought Products

Specialty Products Specialty goods are those considered unique by the buyer, who will go to great lengths to get them. LEARNING OBJECTIVES Illustrate the characteristics and consumer motivation connected to specialty products KEY TAKEAWAYS Key Points Price is almost never a determining factor in choosing between specialty goods. Consumers instead choose specialty goods primarily based… Read More »Specialty Products

Shopping Products Convenience goods are those that require little effort on the part of the buyer, while shopping goods require research and comparison. LEARNING OBJECTIVES Discuss the characteristics of shopping products as a specific type of product KEY TAKEAWAYS Key Points Since little planning or effort goes into buying convenience goods, markets need to establish… Read More »Shopping Products

Types of Products Consumer Products A consumer product is any tangible product for sale that is used by a person or household for non-business purposes. LEARNING OBJECTIVES Describe the characteristics of consumer products KEY TAKEAWAYS Key Points Consumer products are defined on a case-by-case basis, under guidelines defined by the US CPSA. The production and… Read More »Types of Products : Consumer Products and Shopping Products

Benefits and Solutions The core benefit is what consumers feel they are getting when they purchase a product. LEARNING OBJECTIVES Review the four levels of product differentiation KEY TAKEAWAYS Key Points The same product may have different core benefits to different users. For example, one user may install a pool for fitness purposes, while another… Read More »Benefits and Solutions

What Is a Product? Defining Product A product is any good, service, or idea that can be offered to a market to satisfy a want or need. LEARNING OBJECTIVES Break down the different components that make up tangible and intangible products KEY TAKEAWAYS Key Points Products can be goods, services, or ideas, such as intellectual… Read More »What Is a Product?

Benefits and Solutions The core benefit is what consumers feel they are getting when they purchase a product. LEARNING OBJECTIVES Review the four levels of product differentiation KEY TAKEAWAYS Key Points The same product may have different core benefits to different users. For example, one user may install a pool for fitness purposes, while another… Read More »Benefits and Solutions

What Is a Product? Defining Product A product is any good, service, or idea that can be offered to a market to satisfy a want or need. LEARNING OBJECTIVES Break down the different components that make up tangible and intangible products KEY TAKEAWAYS Key Points Products can be goods, services, or ideas, such as intellectual… Read More »What Is a Product?

Pricing Legal Concerns Unfair Trade Practices Unfair business practices are oppressive or unconscionable acts by companies against consumers or other stakeholders. LEARNING OBJECTIVES Explain the concept of unfair trade practices relative to legal concerns and pricing KEY TAKEAWAYS Key Points Unfair business acts are generally prohibited by law, so committing them may force a company… Read More »Pricing Legal Concerns

Geographic Pricing Geographical pricing is the practice of modifying a basic list price based on the location of the buyer to reflect shipping costs. LEARNING OBJECTIVES Describe the different types of geographic pricing from a pricing tactic perspective KEY TAKEAWAYS Key Points Zone pricing is a pricing tactic where prices increase as shipping distances increase.… Read More »Geographic Pricing

Value-Based Pricing Value-based pricing seeks to set prices primarily on the value perceived by customers rather than on the cost of the product or historical prices. LEARNING OBJECTIVES Examine the rationale behind value based pricing as a pricing tactic KEY TAKEAWAYS Key Points Value -based pricing is most successful when products are sold based on… Read More »Value-Based Pricing

Pricing Tactics Discounting Discounts and allowances are reductions to a basic price of goods or services and can occur anywhere in the distribution channel. LEARNING OBJECTIVES Analyze the use and types of discounts as part of pricing tactics KEY TAKEAWAYS Key Points Seasonal discounts are price reductions given for out-of-season merchandise. Cash discounts are reductions… Read More »Pricing Tactics

Everyday Low Pricing Everyday low price is a pricing strategy offering consumers a low price without having to wait for sale price events or comparison shopping. LEARNING OBJECTIVES Translate the meaning of the EDLP (everyday low price) pricing strategy KEY TAKEAWAYS Key Points Every day low pricing saves retail stores the effort and expense needed… Read More »Pricing Strategies : Everyday Low Pricing, Other Pricing Strategies

Pricing During Difficult Economic Times During a recession, companies must consider their unique situation and what value they provide customers when devising a pricing strategy. LEARNING OBJECTIVES Discuss pricing strategies during difficult economic times KEY TAKEAWAYS Key Points Many companies are tempted to slash prices during a recession, but this strategy should be carefully considered.… Read More »Pricing During Difficult Economic Times

Product Line Pricing Line pricing is the use of a limited number of price points for all the product offerings of a vendor. LEARNING OBJECTIVES Describe the characteristics of line pricing KEY TAKEAWAYS Key Points Line pricing is beneficial to customers because they want and expect a wide assortment of goods, particularly shopping goods. Many… Read More »Product Line Pricing

Specific Pricing Strategies New Product Pricing With a new product, competition does not exist or is minimal, hence the general pricing strategies depend on different factors. LEARNING OBJECTIVES Compare and contrast penetration pricing and skimming pricing KEY TAKEAWAYS Key Points Penetration pricing is the pricing technique of setting a relatively low initial entry price, often… Read More »Specific Pricing Strategies

Profit-Maximization Pricing Profit maximization analysis is the process by which a firm determines the price and output level that returns the greatest profit. LEARNING OBJECTIVES Describe profit maximization pricing relative to general pricing strategies KEY TAKEAWAYS Key Points Fixed costs, which occur only in the short run, are incurred by the business at any level… Read More »Profit-Maximization Pricing

Markup Pricing Markup pricing is a strategy in which a company first calculates the cost of the product, then adds a proportion of it as markup. LEARNING OBJECTIVES Examine the rationale behind the use of markup pricing as a general pricing strategy KEY TAKEAWAYS Key Points Markup pricing is used primarily because it is easy… Read More »Markup Pricing

Competitor-Based Pricing Organizations that sell products or services may look at what price a product is generally being sold at and set that as a target for the sales price. LEARNING OBJECTIVES Understand why matching the price of competitors is important, and how it can be misused (i.e. price fixing) KEY TAKEAWAYS Key Points Determining… Read More »Competitor-Based Pricing

Demand-Based Pricing Demand-based pricing is any pricing method that uses consumer demand – based on perceived value – as the central element. LEARNING OBJECTIVES Demonstrate the meaning of and the different types of demand-based pricing KEY TAKEAWAYS Key Points Price skimming is a pricing strategy in which a marketer sets a relatively high price for… Read More »Demand-Based Pricing

General Pricing Strategies Cost-Based Pricing Just as it sounds, cost-based pricing identifies the overall fixed, variable, and indirect costs of production and prices that product accordingly. LEARNING OBJECTIVES Grasp the concept of pricing based on overall costs, and identify the various cost inputs involved KEY TAKEAWAYS Key Points When all operational fixed and variable costs… Read More »General Pricing Strategies

Product Quality Quality refers to the ability of a product or service to consistently meet or exceed customer requirements or expectations. LEARNING OBJECTIVES Identify the different aspects and determinants of product quality KEY TAKEAWAYS Key Points Some of these consequences of poor quality include loss of business, liability, decreased productivity, and increased costs. Good quality… Read More »Product Quality

Return on Investment Marketers should understand the position of their company and the returns expected when making adjustments in prices. LEARNING OBJECTIVES Explain why pricing objectives focus on delivering a return on investment (ROI) KEY TAKEAWAYS Key Points Return on investment is one way of considering profits in relation to capital invested. Marketing not only… Read More »Why Pricing Objectives Focus on delivering Return on Investment

Pricing Objectives Survival Most executives pursue strategies that align pricing with revenue generation, enabling their organizations to survive and thrive long term. LEARNING OBJECTIVES Name the different factors that impact a company’s success and survival KEY TAKEAWAYS Key Points New and improved products may hold the key to a firm’s survival and ultimate success. All… Read More »Pricing Objectives

Inputs to Pricing Decisions Marginal Analysis Pricing decisions tend to heavily involve analysis regarding marginal contributions to revenues and costs. LEARNING OBJECTIVES Identify the characteristics of a marginal price analysis relative to pricing decision making KEY TAKEAWAYS Key Points Firms tend to accomplish their objective of profit maximization by increasing their production until marginal revenue… Read More »Inputs to Pricing Decisions

Yield Management Systems Yield management systems enable organizations to adapt pricing in real-time based on various factors impacting demand. LEARNING OBJECTIVES Understand the purpose of projecting demand changes, and varying prices to capture opportunities KEY TAKEAWAYS Key Points Yield management systems are predicated on the idea that demand is not consistent over time for certain… Read More »Yield Management Systems

The Influence of Supply and Demand on Price Changes in either supply or demand will move the market clearing point and change the market price for a good. LEARNING OBJECTIVES Apply the basic laws of supply and demand to different economic  scenarios KEY TAKEAWAYS Key Points There are four basic laws of supply and demand.… Read More »The Influence of Supply and Demand on Price

Demand Analysis The Demand Curve A demand curve is a graph showing the relationship between the price of a certain item and what consumers are willing to buy at the price. LEARNING OBJECTIVES Define the demand curve KEY TAKEAWAYS Key Points Demand does not only have to do with the need to have a product… Read More »Demand Analysis

Competitive Dynamics and Pricing Price Competition With competition pricing, a firm will base what they charge on what other firms are charging. LEARNING OBJECTIVES Discuss price as a competitive strategy in marketing KEY TAKEAWAYS Key Points Price is a very important decision criteria that customers use to compare alternatives. It also contributes to the company’s… Read More »Competitive Dynamics and Pricing

Value and Relative Value Value is the worth of goods, and relative value is attractiveness measured in terms of utility of one good relative to another. LEARNING OBJECTIVES Discuss the different concepts of value and how it influences consumer buying decisions KEY TAKEAWAYS Key Points Value is the worth of goods and services as determined… Read More »Value and Relative Value

The Importance of Price to Marketers Since pricing has a direct impact on a company’s revenue, and thus profit, setting the right price is essential to a company’s success. LEARNING OBJECTIVES Discuss how pricing impacts marketing and business strategy KEY TAKEAWAYS Key Points Price is important to marketers because it represents marketers’ assessment of the… Read More »The Importance of Price to Marketers

Terms Used to Describe Price Depending on whether they are describing a good or a service and the product’s industry, people may use terms other than the word price. LEARNING OBJECTIVES Name the different terms used to reference pricing KEY TAKEAWAYS Key Points From a customer’s point of view, value is the sole justification for… Read More »Terms Used to Describe Price

Introduction to Price Defining Price Price is both the money someone charges for a good or service and what the consumer is willing to give up to receive a good or service. LEARNING OBJECTIVES Define price and its relationship to cost KEY TAKEAWAYS Key Points When you ask about the cost of a good or… Read More »Introduction to Price

Global Marketing and the Internet The internet has allowed marketers to benefit from reduced geographic and time constraints, and reach consumers in various new ways. LEARNING OBJECTIVES Translate the use of the Internet to marketing on a global level KEY TAKEAWAYS Key Points One of the great benefits of global marketing via the Internet is… Read More »Global Marketing and the Internet

Changes in Pricing Price in global marketing strategies can be influenced by distribution channels, promotional tactics, and the quality of the product. LEARNING OBJECTIVES Summarize how proper pricing from a global marketing perspective impacts a company KEY TAKEAWAYS Key Points In the global marketing mix, pricing factors are manufacturing cost, market place, competition, market condition,… Read More »Marketing mix : Changes in Pricing

Changes in Placement Successfully positioning products on a global scale requires marketers to determine the target market’s preferred combination of attributes. LEARNING OBJECTIVES Examine the rationale behind product placement from a global marketing perspective KEY TAKEAWAYS Key Points Placement in global marketing involves conducting extensive research to accurately define the market, as well as the… Read More »Marketing mix : Changes in Placement

Changes in Promotion Local languages, colors, and religious beliefs all impact how global marketers promote their products and services in different countries. LEARNING OBJECTIVES Analyze the rationale used to promote products within a global marketing mix KEY TAKEAWAYS Key Points To successfully implement global marketing strategies, brands must ensure their promotional campaigns take into account… Read More »Promotional Mix : Changes in Promotion

Global Marketing Mix The Relationship Between Product and Promotion Product and promotion in global marketing can work together effectively with proper market research and communication techniques. LEARNING OBJECTIVES Illustrate the relationship between product and promotion from a global marketing perspective KEY TAKEAWAYS Key Points The “Four P’s” of marketing — product, price, placement, and promotion… Read More »Global Marketing Mix : Relationship Between Product and Promotion

Importing Imports are the inflow of goods and services into a country’s market for consumption. LEARNING OBJECTIVES Explain the methodology behind the selection of products to import KEY TAKEAWAYS Key Points A country specializes in the export of goods for which it has a comparative advantage and imports those for which it has a comparative… Read More »Importing

Contract Manufacturing In contract manufacturing, a hiring firm makes an agreement with the contract manufacturer to produce and ship the hiring firm’s goods. LEARNING OBJECTIVES Compare the benefits and risks of employing a contract manufacturer (CM) KEY TAKEAWAYS Key Points A hiring firm may enter a contract with a contract manufacturer (CM) to produce components… Read More »Contract Manufacturing

Outsourcing Outsourcing business functions to developing foreign countries has become a popular way for companies to reduce cost. LEARNING OBJECTIVES Explain why companies outsource KEY TAKEAWAYS Key Points Outsourcing is the contracting of business processes to external firms, usually in developing countries where labor costs are cheaper. This practice has increased in prevalence due to… Read More »Outsourcing business functions

Multinational Firms With the advent of improved communication and technology, corporations have been able to expand into multiple countries. LEARNING OBJECTIVES Explain how a multinational corporation (MNC) operates KEY TAKEAWAYS Key Points Multinational corporations operate in multiple countries. MNCs have considerable bargaining power and may negotiate business or trade policies with success. A corporation may… Read More »Multinational Firms: improved communication and technology

What is Franchising? In franchising, an organization (the franchiser) has the option to grant an entrepreneur or local company (the franchisee) access to its brand, trademarks, and products. In this arrangement, the franchisee will take the majority of the risk in opening a new location (e.g. capital investments ) while gaining the advantage of an… Read More »What is Franchising?

Types of International Business Countertrade Countertrade is a system of exchange in which goods and services are used as payment rather than money. LEARNING OBJECTIVES Explain the various methods of countertrading KEY TAKEAWAYS Key Points Countertrade is the exchange of goods or services for other goods or services. This system can be typified as simple… Read More »Types of International Business

The World Trade Organization (WTO) The WTO was formed in 1995 and has 157 member countries working together to supervise and liberalize international trade. LEARNING OBJECTIVES Review the purpose and status of the World Trade Organization (WTO) KEY TAKEAWAYS Key Points The WTO provides a framework for negotiating and formalizing trade agreements, and a dispute… Read More »The World Trade Organization

Important International Bodies and Agreements The North American Free Trade Agreement (NAFTA) NAFTA is a 1994 agreement to removes taxes on products traded between North American countries (US, Canada and Mexico). LEARNING OBJECTIVES Discuss the goals of ways that the North American Free Trade Agreement (NAFTA) serves its members KEY TAKEAWAYS Key Points NAFTA protects… Read More »Important International Bodies and Agreements

Demographics of New Markets Evaluating the demographic profile of a country can help assess whether or not there is demand for the product or service being marketed. LEARNING OBJECTIVES Relate the uses of demographic evaluation to global marketing KEY TAKEAWAYS Key Points A demographic profile typically involves age bands, social class bands, and gender delineations.… Read More »Demographics of New Markets

Political and Regulatory Environment Political stability, trade blocs, tariffs, and expropriation are risks that should be evaluated prior to marketing in foreign countries. LEARNING OBJECTIVES Show how international political and trade regulations impact global marketing KEY TAKEAWAYS Key Points Business activity tends to grow and thrive when a nation is politically stable. When a nation… Read More »Political and Regulatory Environment

Measuring the Economic Environment A nation’s economic output represents its capacity to produce goods and services, and can help determine market opportunities. LEARNING OBJECTIVES Analyze how an economic environment is measured from a global marketing perspective KEY TAKEAWAYS Key Points Economic growth is the increase in the amount of the goods and services produced by… Read More »Measuring the Economic Environment

The Global Marketing Environment The Importance of Sociocultural Differences While cultural differences between the U.S. and foreign nations may seem small, those who ignore them risk failure in marketing programs. LEARNING OBJECTIVES Formulate an understanding of social and cultural differences from a global marketing perspective KEY TAKEAWAYS Key Points Cultural environments consist of the influence… Read More »Global Marketing Environment

Are Global Corporations Beneficial? International expansion can drive significant shareholder value, but the net impact of globalization is hotly contested. LEARNING OBJECTIVES Discuss the benefits and challenges of global corporations from a marketing perspective KEY TAKEAWAYS Key Points Despite the general opportunities a global market provides, there are significant challenges MNCs face in penetrating these… Read More »Are Global Corporations Beneficial?

Trade and Globalization Countries engage in international trade to focus on producing goods most efficiently and to achieve economies of scale in production. LEARNING OBJECTIVES Review the relationship between trade and globalization from a marketing perspective KEY TAKEAWAYS Key Points Factors influencing international trade include trade sanctions, trade barriers, and the free trade movement. The… Read More »Trade and Globalization

Service Quality Customer Feedback Successful businesses work proactively to obtain information from their customers to ensure they are meeting their needs. LEARNING OBJECTIVES Summarize the different methods organizations use to collect consumer feedback KEY TAKEAWAYS Key Points In-person focus groups and one-on-one interviews are helpful tools that provide explanation of a product or consumer -related… Read More »Service Quality

SIVA: Solution, Incentive/Information, Value, and Access A formal approach to customer-focused marketing is known as S.I.V.A. (Solution, Information, Value, Access). LEARNING OBJECTIVES Describe S.I.V.A. model and its role in the marketing mix KEY TAKEAWAYS Key Points This system is basically the four Ps renamed and reworded to provide a customer focus. Instead of placing ads,… Read More »SIVA: Solution, Incentive/Information, Value, and Access

Marketing Mixes for Services Product, Placement, Promotion, and Price Due to the nature of services, the implications of product, place, promotion and price are different than in the traditional marketing mix. LEARNING OBJECTIVES Describe the 7Ps in the services marketing mix KEY TAKEAWAYS Key Points In terms of product, with services there is scope for… Read More »Marketing Mixes for Services

Client-Based Relationships Client-service providers aim to build a level of trust with clients that leads to long lasting buyer-seller relationships. LEARNING OBJECTIVES Discuss how relationship-building helps retain customers in a competitive marketing environment KEY TAKEAWAYS Key Points Providing customer-oriented services builds long lasting consumer -provider relationships, leading to repeat sales and reduced client turnover. Building… Read More »Client-Based Relationships marketing

Service Marketing Management and Metrics Service marketing management oversees the implementation of marketing programs, while metrics measure their effectiveness and performance. LEARNING OBJECTIVE Explain how marketing management and metrics allow service organizations to implement and measure their marketing strategy KEY TAKEAWAYS Key Points To create an effective, cost-efficient marketing management strategy, firms must possess a… Read More »Service Marketing Management and Metrics

Services as Products Services represent an integral part of many products and the correlation of goods and services is represented on a goods-services continuum. LEARNING OBJECTIVE Describe the characteristics of service products KEY TAKEAWAYS Key Points Services can be products that are both tangible and intangible. Typically, the dominant form will classify the product as… Read More »Services as Products

The Importance of Services The Service Economy The world economy is evolving into a service-driven economy as reliance on value-based service increases. LEARNING OBJECTIVE Define the role of a service economy in developed and developing countries KEY TAKEAWAYS Key Points The growth of the service sector has long been considered as an indicator of a… Read More »The Importance of Services Marketing

Customer Service as a Supplement to Products Customer service is provided before, during, and after the purchase of a product, and is meant to supplement and enhance customer experience. LEARNING OBJECTIVES Give examples of how customer service supplement products and services KEY TAKEAWAYS Key Points Customer service is an integral part of an organization’s ability… Read More »Customer Service as a Supplement to Products

Business Ethics in B2B Marketers need to incorporate good ethics in their marketing campaigns as they are responsible for the image that a product portrays. LEARNING OBJECTIVES List the pitfalls B2B companies face when ignoring ethics in market research and target marketing, and the advantages to incorporating ethics KEY TAKEAWAYS Key Points Businesses are confronted… Read More »Business Ethics in B2B

Stages of Business Buying Understanding the stages of business buying is important to a marketing firm if it is to market its product properly. LEARNING OBJECTIVES Describe the different stages within the business buying decision process KEY TAKEAWAYS Key Points The stages of business buying includes recognizing the problem, developing product specs to solve the… Read More »Stages of Business Buying

The Business Buying Decision Process Decision-Making Units The group of individuals responsible for making a buying decision in a B2B context are labelled the decision making unit (DMU). LEARNING OBJECTIVES Describe the roles and functions that comprise decision making units in B2B organizations KEY TAKEAWAYS Key Points In a business setting, major purchases typically require… Read More »The Business Buying Decision Process

Industrial Classification Identifying Potential Business Customers Market segmentation involves identifying the particular groups of people / organizations that benefit from your product and then selling to them. LEARNING OBJECTIVES List the characteristics that marketers use to segment organizations KEY TAKEAWAYS Key Points Organizations can be segmented by industry, size, function, level, and type of individuals… Read More »Industrial Classification

Promotional Methods B2B marketers use industry or trade publications, trade shows, private events, and social media to generate awareness about their products and services. LEARNING OBJECTIVES Differentiate between the promotional methods and tools used in B2B versus B2C marketing KEY TAKEAWAYS Key Points Business marketers generally avoid mass market broadcasts, preferring instead communication channels aimed… Read More »Promotional Methods: Promotional Tools Used in the B2B Marketing Mix

Purchase Influences Purchase influences of B2B customers differ from those of the consumer market due to the high time and cost investments of B2B transactions. LEARNING OBJECTIVES Differentiate between business-to-business customer influences versus consumer market purchase influences KEY TAKEAWAYS Key Points Customer retention, customer relationship management, personalization, customization, and one-to-one marketing programs are instrumental in… Read More »Purchase Influences

Purchase Behavior Business customers – as compared to consumers – tend to be more rational, are more concerned with quality, and look to make lasting relationships. LEARNING OBJECTIVES Identify the unique characteristics of B2B purchase behavior and how it influences B2B marketing tactics KEY TAKEAWAYS Key Points Notable differences exist in the purchase behavior of… Read More »Purchase Behavior

Customer Concerns B2B companies typically implement client services or customer care processes to address customer concerns and enhance customer satisfaction. LEARNING OBJECTIVES Give examples of the types of customer concerns faced by B2B companies, and the common methods used to address these concerns KEY TAKEAWAYS Key Points Customer concerns may arise due to issues over… Read More »Customer Concerns : B2B companies implement client services or customer care processes

Business Customers Characteristics of Business-Customer Interactions B2B customer interactions are influenced by what are typically long and complex buying processes and tend to be more relationship-based. LEARNING OBJECTIVES Describe how B2B customer transactions differ from B2C customer transactions KEY TAKEAWAYS Key Points B2B customer relationships generally feature high brand loyalty due to the amount of… Read More »Business-Customer Interactions