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List Of Marketing Topics
List Of Marketing Topics
Marketing is "an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders".Another definition, perhaps simpler and more universal, is the process of moving people closer to making a decision to purchase or repurchase a company's products. Simply, if it does not facilitate a "sale" then it is not marketing.
Contents
Marketing Fundamentals
Marketing consists of all activities designed to generate and facilitate any exchange intended to satisfy human needs or wants. More simply put in business terms, activities designed to plan, price, promote and distribute products or services to target markets 4 P's of Marketing Why You Need To Market Marketing is your method of communicating to people that your company, product or service exists. It' no use having the best product in the world if nobody knows about it or about you Typical Arguments For Not Marketing Nice Problems To Have 10 Common Marketing Methods There are many methods of marketing, from simple to elaborate and from inexpensive to extremely costly. All or only some of these may be applicable to your business, but you can choose the ones that are and create a powerful marketing strategy. The following list outlines some common marketing and communication methods used by millions of businesses to reach their potential customers: Marketing strategies and paradigms
Strategy is the crafting of plans to reach goals. Marketing strategies are those plans designed to reach marketing goals. A good marketing strategy should integrate an organization’s marketing goals, policies, and action sequences (tactics) into a cohesive whole. The objective of a marketing strategy is to put the organization into a position to carry out its mission effectively and efficiently and they are basically based on the firms mission statment A marketing strategy serves as the foundation of a marketing plan. A marketing plan contains a list of specific actions required to successfully implement a specific marketing strategy. An example of marketing strategy is as follows: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service." A good marketing strategy should integrate an organization's marketing goals, policies, and action sequences (tactics) into a cohesive whole. The objective of a marketing strategy is to provide a foundation from which a tactical plan is developed. This allows the organization to carry out its mission effectively and efficiently Types Of Marketing Strategies There are only three marketing strategies needed to grow a business: (1) Increase the number of customers (2) Increase the average transaction amount, and (3) Increase the frequency of repurchase Every marketing strategy should be measured by it's ability to directly impact and improve upon each of these three factors Increasing only one factor will produce linear business growth. Increasing all three factors will produce geometric business growth Marketing Strategy #1. Increase the number of customers Marketing Strategy #2. Increase the average transaction amount Marketing Strategy #3. Increase the frequency of repurchase A marketing paradigm is a set of procedures and attitudes that, taken together, define how marketing is done Marketing, in one form or another is at least as old as civilization, but modern marketing as an applied art and science began in the 1960s and 70s. It originated in consumer markets where relatively low-valued products were sold to mass markets using mass media. Marketing theory held that the first step was to determine customer needs, then next, produce a product or service that will satisfy these needs Marketing management
Marketing management is the practical application of marketing techniques. It is the analysis, planning, implementation, and control of programs designed to create, build, and maintain mutually beneficial exchanges with target markets. The marketing manager has the task of influencing the level, timing, and composition of demand in way that will achieve organizational objectives Marketing Management Tips This management tip is intended to help you focus on a key issue that is important to your success as a manager Product management
Because the term marketing is so often equated with marketing communications, let’s refer to this market-driven role as product management You need product management if you want low-risk, repeatable, market-driven products and services. It is vastly easier to identify market problems and solve them with technology than it is to find buyers for your existing technology Product Management identifies a market problem, quantifies the opportunity to make sure it’s big enough to generate profit, and then articulates the problem to the rest of the company. We communicate the market opportunity to the executive team with business rationale for pursuing the opportunity including financial forecasts and risk assessment. We communicate the problem to Development in the form of market requirements; we communicate to Marketing Communications using positioning documents, one for each type of buyer; we support the sales effort by defining a sales process supported by the requisite sales tools so that the customer can choose the right products and options If you don’t want to be market-driven, you don’t need product management. Some companies will continue to believe that customers don’t know their problems. Some companies believe that they have a role in furthering the science and building the next great thing.These companies don’t need product management—they only need project management, someone to manage the budgets and schedules. But these companies also need to reexamine their objectives. Science projects cannot be made into products in the short-term. Don’t expect revenues if your company is focused on the “R” in Research and Development. Product management can guide you in the “D” in R&D—the development of technology into problem-solving products Product Management is one of the four areas of marketing. The other three parts of the marketing mix are pricing, promotion, and distribution Product management is a function within a company dealing with the day-to-day management and welfare of a product or family of products at all stages of the product lifecycle. The product management function is responsible for defining the products in the marketing mix. Product management typically deals with: Product management may also represent an organization's approach to the process of managing and marketing its products and services as smaller businesses inside the larger enterprise, supported by multi-function product teams (led by product managers) and a standard product development process Product management typically deals with all of the end-to-end aspects of a product or product line including product profitability, the role may be split with closely related functions Product marketing, program management, and project management Pricing
Pricing is one of the four p's of the marketing mix. The other three aspects are product management, promotion, and place. It is also a key variable in microeconomic price allocation theory Pricing is the manual or automatic process of applying prices to purchase and sales orders, based on factors such as: a fixed amount, quantity break, promotion or sales campaign, specific vendor quote, price prevailing on entry, shipment or invoice date, combination of multiple orders or lines, and many others. Automated systems require more setup and maintenance but may prevent pricing errors A well chosen price should do three things: Pricing Strategies Matrix Premium pricing, penetration pricing, economy pricing, and price skimming are the four main pricing policies/strategies. They form the bases for the exercise. However there are other important approaches to pricing Promotion
Promotion is one of the four aspects of marketing. The other three parts of the marketing mix are product management, pricing, and distribution. Promotion involves disseminating information about a product, product line, brand, or company Promotion is the specific mix of advertising, personal selling, sales promotion, and public relations a company uses to pursue its advertising and marketing objectives The role of promotion marketing is to deliver marketing innovation for our brands by creating ideas & strategies that motivate consumers to use our products, elevate brand relevance, and generate volume growth for our company
Promotion marketing not only creates short term impact for the brand, but also positions the brand for the future by creating motivating tactics that actively involve the consumer. Motivation can be anything from online games to reward programs to free toys in the box. No matter what the tactic, promotion marketing works with the brands objectives to find the right promotion to help build the brand and connect with consumers Success Factors Creativity is very important in promotion marketing, but it's not all about the fun new toys. It's about finding new ways to connect and motivate our consumers. With new challenges facing the brand team everyday, we find ways to motivate consumers to pick our products through a variety of tactics like couponing, toy premiums, retailer programs, sponsorships, or loyalty programs Focused critical thinking helps to leverage both ideas and numbers to move the business forward. It's not enough just to create promotions that meet brand objectives, but the promotions need to be executed flawlessly. From fine tuning the budget, to conducting risk management, creativity is leveraged in both ideas and numbers Distribution
'Distribution' is one of the four aspects of marketing. A distribution business is the middleman between the manufacturer and retailer or (usually) in commercial or industrial the business customer. After a product is manufactured by a supplier/factory, it is typically stored in a distribution company's warehouse. The product is then sold to retailers or customers Distribution Channels:"All the organisations through which a product must pass between its point of production and consumption" Frequently there may be a chain of intermediaries, each passing the product down the chain to the next organization, before it finally reaches the consumer or end-user. This process is known as the 'distribution chain' or, rather more exotically, as the 'channel'. Each of the elements in these chains will have their own specific needs; which the producer must take into account, along with those of the all-important end-user Functions of a Distribution Channel The main function of a distribution channel is to provide a link between production and consumption. Organisations that form any particular distribution channel perform many key functions: Direct marketing
Direct marketing is a form of marketing that attempts to send its messages directly to consumers, using "addressable" media, such as mail. Therefore, direct marketing differs from regular advertising in that it does not place its messages on a third party medium, or in the agora, such as a billboard or a radio commercial would. Instead, the marketing of the service or commodity is addressed directly to the consumer Direct marketing is a sometimes controversial sales method by which advertisers approach potential customers directly with products or services. The most common forms of direct marketing are telephone sales, solicited or unsolicited emails, catalogs, leaflets, brochures and coupons. Successful direct marketing also involves compiling and maintaining a large database of personal information about potential customers and clients. These databases are often sold or shared with other direct marketing companies For many companies or service providers with a specific market, the traditional forms of advertising (radio, newspapers, television, etc.) may not be the best use of their promotional budgets. For example, a company which sells a hair loss prevention product would have to find a radio station whose format appealed to older male listeners who might be experiencing this problem. There would be no guarantee that this group would be listening to that particular station at the exact time the company's ads were broadcast. Money spent on a radio spot (or television commercial or newspaper ad) may or may not reach the type of consumer who would be interested in a hair restoring product This is where direct marketing becomes very appealing. Instead of investing in a scattershot means of advertising, companies with a specific type of potential customer can send out literature directly to a list of pre-screened individuals. Direct marketing firms may also keep email addresses of those who match a certain age group or income level or special interest. Manufacturers of a new dog shampoo might benefit from having the phone numbers and mailing addresses of pet store owners or dog show participants. Direct marketing works best when the recipients accept the fact that their personal information might be used for this purpose. Some customers prefer to receive targeted catalogs which offer more variety than a general mailing Direct marketing does have some negative aspects, however. Many people are unaware of how the personal information they include on an order form or survey may be used for targeted advertising later. One prevailing philosophy in direct mailing circles is the idea that if a customer orders a swimsuit from a clothing catalog, he or she might naturally be interested in swimming pool supplies or exercise equipment as well. This could lead to direct marketing overload, as potential customers and clients become overwhelmed with catalogs, unsolicited emails and unwanted phone calls. There is also the concern that personal information collected by legitimate direct marketing agencies could be purchased by unscrupulous or shady companies for the express purpose of fraud Direct marketing is the best campaign strategy for businesses that want to connect with their customers in a personal and compelling way. Direct marketing encompasses direct mail, database marketing, email marketing, online marketing and search engine optimization Why use direct marketing? Direct marketing allows you to generate a specific response from targeted groups of customers. It's a particularly useful tool for small businesses because it allows you to: A direct marketing campaign can help you to achieve the following key objectives: You can use direct marketing in both business-to-business and consumer markets. Of course, your strategy will need to be modified depending on which you're targeting. While business contacts are used to receiving marketing emails, consumers may be less receptive to mailshots or telemarketing calls - so you need to plan your approach carefully Direct Marketing Channel Any medium that can be used to deliver a communication to a customer can be employed in direct marketing. Direct marketers often refer to such media as "addressable" to distinguish them from "mass" media, such as television, radio, and print. Direct mail permits the marketer to design marketing pieces in many different formats. Indeed, there is an entire subsector of the industry that produces specialized papers, printing, envelopes, and other materials for direct mail marketing Direct mail allows you to get information about your products and services directly into the hands of people who may be interested in it. Though it's often dismissed as junk mail, it can be highly effective in both business and consumer markets if it's properly planned and researched As well as a mailing letter, you typically include a range of enclosures such as a product brochure, order-form and pre-paid reply envelope. Don't cut corners in preparing your materials - the success of your mailshot depends on it.Some of the common formats, include: Leafleting is probably the simplest and cheapest form of direct marketing. It may be worth considering unaddressed leaflet drops and street handouts if you want to promote your business in your local area, particularly to consumers However, leafleting brings significantly lower response rates than direct mail. It's less targeted - you don't know the characteristics of the recipients of your leaflet and you can't personalise your message. As a result it's often best to use leaflets for products or services of universal appeal, or when you need a large number of leads In telemarketing, marketers contact the customer via telephone calls. One of the original attractions of telemarketing was the speed with which marketing campaigns could be executed. While direct mail is cost-effective, it is relatively slow, since marketing pieces must be shipped by mail Telemarketing also lends itself well to products and services that are complex to buy, such as switching to another telephone company or purchasing a financial service. Certain types of transactions may also be subject to government regulation; telemarketing permits a company representative to walk the customer through the purchase, while ensuring compliance with laws While not as varied as direct mail, telemarketing can take several forms: Contacting consumers by telephone can offer a number of advantages over other forms of marketing. It allows you to: But there are significant disadvantages. Many people find marketing calls an unwelcome interruption - particularly in the evenings when you're most likely to get them at home. Consider carefully whether consumer telemarketing fits your business' image and whether you're willing to risk alienating customers Email is an extremely cheap form of direct marketing - a message can be sent to thousands of recipients for next to nothing. It's also the easiest way to target the exact person you need to reach. Measuring response rates is simple and recent figures show that they are higher than those for mailshots - probably because replying to emails is so straightforward Email is proving to be an increasingly popular medium for direct marketers, in large part because of its relatively low cost, but also because customer responses can be generated rapidly. When sent to customers who have given their permission to receive such marketing material, email marketing can be a highly cost-effective method of promotion. However, when performed without permission, or used to send inappropriate messages, the result is e-mail spam, which most Internet users and administrators consider an abuse of network resources and a nuisance. Spam is prohibited by the appropriate-use policies of almost all Internet service providers and increasingly is the subject of laws and regulations aimed at curbing the practice New technologies have made it possible to produce eye-catching electronic newsletters with built-in response mechanisms. If you don't have in-house expertise, there are specialist firms which can help develop newsletters and customise them to particular audiences However, there are disadvantages, too. Email contacts go out of date faster than either addresses or telephone numbers, so you need to be particularly active in cleaning your database. And the increasing amount of spam - unsolicited email - means your marketing emails will need to stand out if they aren't to be deleted before being read. Increasingly sophisticated anti-spam software also means that many marketing emails are deleted before they arrive at their destination A related form of marketing is direct response marketing. In direct marketing, the marketer contacts the potential customer directly, but in direct response marketing the customer responds to the marketer directly. Its most common form today is infomercials. They try to achieve a direct response via television presentations. Viewers respond via telephone or internet, credit card in hand. Other media, such as magazines, newspapers, radio, and e-mail can be used to elicit the response, but they tend to achieve lower response rates than television Order forms or coupons in magazines and newspapers are another type of direct response marketing. Mail order is a term, seldom used today, that describes a form of direct response in which customers respond by mailing a completed order form to the marketer. Mail order is slow and response rates are low. It has been eclipsed by toll-free telephone numbers and the internet Direct marketing typically relies heavily on computer databases and is therefore an example of database marketing. Most direct marketing is done by companies whose only function is to manage and perform direct advertising, rather than by the advertised entity itself. The services provided by these companies includes the maintenance of mailing lists and the production of the direct mail pieces themselves in a factory called a lettershop Direct marketers have been long-time customers of computer databases, and they often have very sophisticated criteria of inclusion and exclusion in their mailing lists. Recently, political campaigns have begun to appropriate the methods of direct marketers (or to employ direct marketing firms) to raise money and create activism Consumer behavior
Consumer behaviour is the study of how people buy, what they buy, when they buy and why they buy. It is a subcategory of marketing that blends elements from psychology, sociology, sociopsychology, anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics, psychographics, and behavioural variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general Intelligent health consumers have the following characteristics: Consumer Behavior and Marketing Strategy Understanding these issues helps us adapt our strategies by taking the consumer into consideration. For example, by understanding that a number of different messages compete for our potential customers’ attention, we learn that to be effective, advertisements must usually be repeated extensively. We also learn that consumers will sometimes be persuaded more by logical arguments, but at other times will be persuaded more by emotional or symbolic appeals. By understanding the consumer, we will be able to make a more informed decision as to which strategy to employ Marketing research
Market research is the process of systematic gathering, recording and analyzing of data about customers, competitors and the market. Market research can help create a business plan, launch a new product or service, fine tune existing products and services, expand into new markets etc. It can be used to determine which portion of the population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what market characteristics your target market has. With market research companies can learn more about current and potential customers Market research is the process of collecting and analyzing information about the customers you want to reach, called your target market. This information provides you with the business intelligence you need to make informed decisions. Market research can help you create a business plan, launch a new product or service, fine tune your existing products and services, expand into new markets, develop an advertising campaign, set prices or select a business location The purpose of market research is to help companies make better business decisions about the development and marketing of new products. Market research represents the voice of the consumer in a company Types Of Market Research Market research methods fall into two basic categories: primary and secondary. Your research might involve one or both, depending on your company’s needs Market research allows you to pinpoint a host of key business factors about your market. It can help you identify: A list of questions that can be answered through market research: Market research for business planning For starting up a business there are a few things should be found out through market research in order to know if your business is feasible. These are things like: Market information is making known the prices of the different commodities in the market, the supply and the demand. Information about the markets can be obtained in several different varieties and formats. The most basic form of market information is the best quotation and last sale data, including the number of shares, with respect to a particular security at a given time Examples of market information questions are: Market segmentation is the division of the market or population into subgroups with similar motivations. Widely used bases for segmenting include geographic differences, personality differences, demographic differences, use of product differences, and psychographic differences The upward or downward movements of a market, during a period of time.The market size is more difficult to estimate if you are starting with something completely new. In this case, you will have to derive the figures from the number of potential customers or customer segments.But besides information about the target market you also need information about your competitor, your customers, products etc. A few techniques are: Marketing is often defined as providing products and services that help satisfy the needs of a particular market. To find out what the market's needs are marketers must learn as much as they can about their customers. In fact, marketers have an insatiable desire to find out more and more about who they sell to. So much so that it has created an enormous marketing research industry that supports the need for more information Tips on Simple Market Research Market Research Techniques Market research can provide critical information about the buying habits, needs, preferences and opinions of current and prospective customers. While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups, personal interviews, observation and field trials. The type of data you need and how much money you’re willing to spend will determine which techniques you choose for your business Services marketing
Services marketing is marketing based on relationship and value. It may be used to market a service or a product Marketing a service-base business is different from marketing a product-base business A service is the action of doing something for someone or something. It is largely intangible (i.e. not material). A product is tangible (i.e. material) since you can touch it and own it. A service tends to be an experience that is consumed at the point where it is purchased, and cannot be owned since is quickly perishes. A person could go to a café one day and have excellent service, and then return the next day and have a poor experience. So often marketers talk about the nature of a service as: When one markets a service business, one must keep in mind that reputation, value, delivery of service and follow-through are keys to a successful venture "Managing the evidence" refers to the act of informing customers that the service encounter has been performed successfully. It is best done in subtle ways like providing examples or descriptions of good and poor service that can be used as a basis of comparison. The underlying rationale is that a customer might not appreciate the full worth of the service if they do not have a good benchmark for comparisons However, it is worth remembering that many of the concepts, as well as many of the specific techniques, will work equally well whether they are directed at products or services. In particular, developing a marketing strategy is much the same for products and services, in that it involves selecting target markets and formulating a marketing mix. Thus, Theodore Levitt suggested that "instead of talking of 'goods' and of 'services', it is better to talk of 'tangibles' and 'intangibles'. Levitt also went on to suggest that marketing a physical product is often more concerned with intangible aspects (frequently the `product service' elements of the total package) than with its physical properties. Charles Revson made a famous comment regarding the business of Revlon Inc.: `In the factory we make cosmetics. In the store we sell hope.' Arguably, service industry marketing merely approaches the problems from the opposite end of the same spectrum E-marketing
E-marketing is a type of marketing that can be defined as achieving objectives through the use of electronic communications technology such as Internet, e-mail, Ebooks, database, and mobile phone. It is a more general term than online marketing which is limited to the use of internet technology to attain marketing objectives E-marketing can also be defined as"Moving elements of marketing strategies and activities to a computerized, networked environment such as the Internet. It is the strategic process of creating, distributing, promoting, and pricing goods and services to a target market over the Internet or through digital tools" E-marketing is the act of using the Internet as a marketing communications channel for your individual or small business E-mail marketing is one of the most effective ways to keep in touch with customers. It is generally cost-effective, and if done properly, can help build brand awareness and loyalty. At a typical cost of only a few cents per message, it's a bargain compared to traditional direct mail at $1 or more per piece. In addition, response rates on e-mail marketing are strong, ranging from five to 35% depending on the industry and format. Response rates for traditional mail averages in the 1-3% range One of the benefits of email marketing is the demographic information that customers provide when signing up for your email newsletter. Discovering who your customers really are age, gender, income and special interests, for example can help you target your products and services to their needs E-marketing can be in various forms (e.g. eCards, eNewsletters and ePresentations) and can be integrated into your website, incorporated into a web mailing list and delivered through an email based Newsletter, or distributed directly to a target audience The benefits of eMarketing include all aspects of business. Namely, electronic marketing some key features of "E Marketing": Emarketing is a great way to market products and services but is seeing a major drawback in the form of e mail spam. Most of the bulk emarketing campaigns are being compared to spamming and there have been many laws devised by different countries to effectively deal with the situation E-marketing Tips
E-marketing is decreasing in usefulness due to spam, fear of viruses and sheer volume. However, your efforts can be more effective by using these tips: Evolution of marketing
Marketing as we know it today began in the 1970s with the birth of the "marketing orientation". During the first stage of capitalism business had a production orientation. Business was concerned with production, manufacturing, and efficiency issues. By the mid 1950s a second stage emerged, the sales orientation stage. Business's prime concern was to sell what it produced. By the early 1970s a third stage, the marketing orientation stage emerged as businesses came to realize that consumer needs and wants drove the whole process. Marketing research became important. Businesses realized it was futile putting a lot of production and sales effort into products that people did not want. Some commentators claim that we are now on the verge of a fourth stage, one of a personal marketing orientation. They believe that the technology is available today to market to people on an individual basis (see personalized marketing, permission marketing, and mass customization). They feel it is no longer necessary to think in broad aggregated terms like market segments or target markets Marketing has become an academic discipline in itself, with tertiary degrees in the field now routinely awarded. Masters and Doctrinal degrees can be obtained in numerous subcategories of marketing including: Marketing Research, Consumer Behaviour, International Marketing, Industrial Marketing (also called b-to-b marketing), Consumer Marketing (also called b-to-c marketing), Product Management, and e-Marketing The Production Philosophy The Sales Philosophy The Marketing Concept Philosophy Criticisms
1.High Prices Caused by: 2.Deceptive Practices Deceptive Pricing:Falsely advertising factory or wholesale prices or large reductions from phony high retail list prices Deceptive Promotion:Overstating a product’s features or performance, running rigged contests Deceptive Packaging: Exaggerating package contents through subtle design, using misleading labeling, etc. 3.High-Pressure Selling 4.Shoddy or Unsafe Products 5.Planned Obsolescence 6.Poor Service to Disadvantaged Consumers
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