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Marketing
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Marketing is the study and management of exchange relationships. Marketing is used to create the customer, to keep the customer, with the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation. Other services and management activities such as Operations, Human Resources, Accounting, Law, the term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. The Chartered Institute of Marketing defines marketing as the management process responsible for identifying, anticipating and satisfying customer requirements profitably, a similar concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value. Marketing practice tended to be seen as an industry in the past. The overall process starts with marketing research and goes through market segmentation, business planning and execution, ending with pre and it is also related to many of the creative arts. The marketing literature is also adept at re-inventing itself and its vocabulary according to the times, the term marketing concept pertains to the fundamental premise of modern marketing. This concept proposes that in order to satisfy its organizational objectives, Marketing and marketing concepts are directly related. An orientation, in the context, relates to a perception or attitude a firm holds towards its product or service. There exist several common orientations, A firm employing a product orientation is chiefly concerned with the quality of its own product, a firm would also assume that as long as its product was of a high standard, people would buy and consume the product. A firm using a sales orientation focuses primarily on the selling/promotion of a particular product, consequently, this entails simply selling an already existing product, and using promotion techniques to attain the highest sales possible. Such an orientation may suit scenarios in which a firm holds dead stock, or otherwise sells a product that is in high demand, a firm focusing on a production orientation specializes in producing as much as possible of a given product or service. Thus, this signifies a firm exploiting economies of scale, until the minimum efficient scale is reached, a production orientation may be deployed when a high demand for a product or service exists, coupled with a good certainty that consumer tastes do not rapidly alter. The marketing orientation is perhaps the most common used in contemporary marketing. It involves a firm essentially basing its marketing plans around the marketing concept, the marketing orientation often has three prime facets, which are, A firm in the market economy can survive by producing goods that persons are willing and able to buy. Consequently, ascertaining consumer demand is vital for a firms future viability, in this sense, a firms marketing department is often seen as of prime importance within the functional level of an organization. Information from a marketing department would be used to guide the actions of other departments within the firm. As an example, a department could ascertain that consumers desired a new type of product
2.
Marketing management
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Marketing management employs various tools from economics and competitive strategy to analyze the industry context in which the firm operates. These include Porters five forces, analysis of groups of competitors, value chain analysis. Depending on the industry, the context may also be important to examine in detail. In competitor analysis, marketers build detailed profiles of each competitor in the market, focusing especially on their relative competitive strengths, Marketing management often finds it necessary to invest in research to collect the data required to perform accurate marketing analysis. As such, they often conduct research and marketing research to obtain this information. A brand audit is an examination of a brands current position in an industry compared to its competitors. When it comes to brand auditing, five questions should be examined and assessed. A brand audit establishes the strategic elements needed to improve brand position, a brand audit examines whether a business’ share of the market is increasing, decreasing, or stable. It determines if the margin of profit is improving, decreasing. Additionally, a brand audit investigates trends in a business’ net profits, the return on existing investments and it determines whether or not the business’ entire financial strength and credit rating is improving or getting worse. This kind of audit also assesses a business’ image and reputation with its customers, a brand audit usually focuses on a business’ strengths and resource capabilities because these are the elements that enhance its competitiveness. A business’ competitive strengths can exist in several forms, the basic concept of a brand audit is to determine whether a business’ resource strengths are competitive assets or competitive liabilities. This type of audit seeks to ensure that a business maintains a distinctive competence that allows it to build, a commonly cited definition of marketing is simply meeting needs profitably. In some cases, the firm may go so far as to turn away customers who are not in its target segment. In conjunction with targeting decisions, marketing managers will identify the desired positioning they want the company, product and this positioning is often an encapsulation of a key benefit the companys product or service offers that is differentiated and superior to the benefits offered by competitive products. Ideally, a firms positioning can be maintained over a period of time because the company possesses, or can develop. The positioning should also be relevant to the target segment such that it will drive the purchasing behavior of target customers. The selected strategy may aim for any of a variety of objectives, including optimizing short-term unit margins, revenue growth, market share, long-term profitability
3.
Pricing
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Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the businesss marketing plan. Pricing is an aspect of financial modeling and is one of the four Ps of the marketing mix. Price is the revenue generating element amongst the four Ps. However, the other Ps of marketing will contribute to decreasing price elasticity and so enable price increases to drive greater revenue, automated systems require more setup and maintenance but may prevent pricing errors. The needs of the consumer can be converted into demand only if the consumer has the willingness, thus, pricing is the most important concept in the field of marketing, it is used as a tactical decision in response to comparing market situations. Where manufacturing is expensive, distribution is exclusive, and the product is supported by advertising and promotional campaigns. Price can act as a substitute for product quality, effective promotions, from the marketers point of view, an efficient price is a price that is very close to the maximum that customers are prepared to pay. In economic terms, it is a price that shifts most of the economic surplus to the producer. A good pricing strategy would be the one which could balance between the floor and the price ceiling. Marketers develop an overall pricing strategy that is consistent with the organisations mission and this pricing strategy typically becomes part of the companys overall long -term strategic plan. The strategy is designed to provide guidance to price-setters and ensures that the pricing strategy is consistent with other elements of the marketing plan. In some cases, prices might be set to de-market, revenue-oriented pricing, - where the marketer seeks to maximise the profits or simply to cover costs and break even. For example, dynamic pricing (also known as yield management is a form of revenue oriented pricing, customer-oriented pricing, where the objective is to maximise the number of customers, encourage cross-selling opportunities or to recognise different levels in the customers ability to pay. Value-based pricing, occurs where the company uses prices to market value or associates price with the desired value position in the mind of the buyer. The aim of value-based pricing is to reinforce the overall positioning strategy e. g. premium pricing posture to pursue or maintain a luxury image, relationship-oriented pricing, where the marketer sets prices in order to build or maintain relationships with existing or potential customers. Socially-oriented pricing, Where the objective is to encourage or discourage specific social attitudes, E. g. high tarrifs on tobacco to discourage smoking. When decision-makers have determined the broad approach to pricing, they turn their attention to pricing tactics, tactical pricing decisions are shorter term prices, designed to accomplish specific short-term goals. The tactical approach to pricing may vary from time to time, accordingly, a number of different pricing tactics may be employed in the course of a single planning period or across a single year
4.
Retail
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Retail markets and shops have a very ancient history, dating back to antiquity. Retailing involves the process of selling goods or services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand is identified through a supply chain, Once the strategic retail plan is in place, retailers devise the retail mix which includes product, price, place, promotion, personnel and presentation. In the digital age, a number of retailers are seeking to reach broader markets by selling through multiple channels. Digital technologies are changing the way that consumers pay for goods. Retailing support services may include the provision of credit, delivery services. Shopping generally refers to the act of buying products, sometimes this is done to obtain final goods, including necessities such as food and clothing, sometimes it takes place as a recreational activity. Recreational shopping often involves window shopping and browsing, it not always result in a purchase. Retail shops occur in a range of types and in many different contexts - from strip shopping centres in residential streets through to large. Shopping streets may restrict traffic to pedestrians only, forms of non-shop retailing include online retailing and mail order. Retail comes from the Old French word tailler, which means to cut off, clip, pare and it was first recorded as a noun with the meaning of a sale in small quantities in 1433. Like in French, the retail in both Dutch and German also refers to the sale of small quantities of items. Also see History of merchants, History of the market place, open air, public markets were known in ancient Babylonia and Assyria. These markets typically occupied a place in the towns centre, surrounding the market, skilled artisans, such as metal-workers and leather workers, occupied premises in alley ways that led to the open market-place. These artisans may have sold wares directly from their premises, in ancient Greece markets operated within the agora, and in ancient Rome the forum. In antiquity, exchange involved direct selling, merchants or peddlers, the Phoenicians, noted for their seafaring skills, plied their ships across the Mediterranean, becoming a major trading power by 9th century BCE. The Phoenicians imported and exported wood, textiles, glass and produce such as wine, oil, dried fruit, the Phoenicians extensive trade networks necessitated considerable book-keeping and correspondence. In around 1500 BCE, the Phoenicians developed an alphabet which was much easier to learn that the complex scripts used in ancient Egypt
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Service (economics)
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In economics, a service is a transaction in which no physical goods is transferred from the seller to the buyer. The benefits of such a service are held to be demonstrated by the willingness to make the exchange. Public services are those that society as a whole pays for, using resources, skill, ingenuity, and experience, service providers benefit service consumers. Services can be described in terms of their key characteristics, sometimes called the Five Is of Services and they are not manufactured, transported or stocked. Services cannot be stored for a future use and they are produced and consumed simultaneously. Services are perishable in two regards, Service-relevant resources, processes and systems are assigned for delivery during a specific period in time. If the service consumer does not request and consume the service during this period, from the perspective of the service provider, this is a lost business opportunity if no other use for those resources is available. Examples, A hairdresser serves another client, an empty seat on an airplane cannot be filled after departure. When the service has been rendered to the consumer, this particular service irreversibly vanishes. Example, a passenger has been transported to the destination and the flight is over, the service provider must deliver the service at the time of service consumption. The service is not manifested in an object that is independent of the provider. The service consumer is also inseparable from service delivery, examples, The service consumer must sit in the hairdressers chair, or in the airplane seat. Correspondingly, the hairdresser or the pilot must be in the shop or plane, respectively, many services are regarded as heterogeneous and are typically modified for each service consumer or each service context. Another and more common term for this is heterogeneity, both service provider and service consumer participate in the service provision. Mass generation and delivery of services must be mastered for a provider to expand. This can be seen as a problem of service quality, both inputs and outputs to the processes involved providing services are highly variable, as are the relationships between these processes, making it difficult to maintain consistent service quality. Many services involve variable human activity, rather than a precisely determined process, the human factor is often the key success factor in service provision. Demand can vary by season, time of day, business cycle, consistency is necessary to create enduring business relationships
6.
Brand management
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In marketing, brand management is the analysis and planning on how that brand is perceived in the market. Developing a good relationship with the market is essential for brand management. Tangible elements of management include the product itself, look, price. The intangible elements are the experience that the consumer has had with the brand, a brand manager would oversee all of these things. In 2004 and 2008, Kapferer and Keller respectively defined it as a fulfillment in customer expectations, brand management is a function of marketing that uses special techniques in order to increase the perceived value of a product. Brand management is the process of identifying the core value of a particular brand, in modern terms, brand could be corporate, product, service, or person. Brand management build brand credibility and credible brands only can build brand loyalty, bounce back from circumstantial crisis, the origin of branding can be traced to ancient times, when specialists often put individual trademarks on hand-crafted goods. The branding of animals in Egypt in 2700 BC to avoid theft may be considered the earliest form of branding. As somewhat more than half of older than 200 years old are in Japan. In the West, Staffelter Hof dates to 862 or earlier, by 1266, English bakers were required by law to put a specific symbol on each product they sold. Branding became more used in the 19th century, through the industrial revolution. Branding is a way of differentiating product from mere commodities, and therefore usage of branding expanded with each advance in transportation, communication, the modern discipline of brand management is considered to have been started by a famous memo at Procter & Gamble by Neil H. McElroy. Interbrands 2012 top-10 global brands are Coca-Cola, Apple, IBM, Google, Microsoft, GE, McDonalds, Intel, Samsung, for this reason, industries such as agricultural, student loans, and electricity have less prominent and less recognized branding. Brand value, moreover, is not simply a feeling of consumer appeal. Companies will rigorously defend their brand name, including prosecution of trademark infringement, occasionally trademarks may differ across countries. Among the most highly visible and recognizable brands is the red Coca-Cola can, despite numerous blind tests indicating that Cokes flavor is not preferred, Coca-Cola continues to enjoy a dominant share of the cola market. Brand management science is replete with stories, including the Chevrolet Nova or it doesnt go in Spanish. Modern brand management also intersects with legal issues such as genericization of trademark, the Xerox Company continues to fight heavily in media whenever a reporter or other writer uses xerox as simply a synonym for photocopy
7.
Corporate identity
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A corporate identity or corporate image is the manner which a corporation, firm or business presents themselves to the public, such as customers and investors as well as employees. It is a task of the corporate communications department to maintain and build this identity to accord with. It is typically visually manifested by way of branding and the use of trademarks, but also includes things like product design, advertising, public relations and the like. In general, this amounts to a title, logo. These guidelines govern how the identity is applied and would include approved colour palettes, typefaces, page layouts, Corporate identity is the set of multi-sensory elements that marketers employ to communicate a visual statement about the brand to consumers. Corporate Identity is either weak or strong, to understand this concept, consonance, in the context of marketing, is a unified message offered to consumers from all fronts of the organisation. In the context of corporate identity, consonance is the alignment of all touch points, for example, Apple has strong brand consonance because at every point at which the consumer interacts with the brand, a consistent message is conveyed. This is seen in Apple TV advertisements, the Apple Store design, the presentation of customer facing Apple employees. Strong brand consonance is imperative to achieving strong corporate identity, strong consonance, and in turn, strong corporate identity can be achieved through the implementation and integration of integrated marketing communications. IMC is a collective of concepts and communications processes that seek to establish clarity, to appreciate this idea with heavier mental weight it is important to regard the different levels of IMC integration. These sources include personal sales, advertising, sales promotion, direct marketing, public relations, packaging, the stake holders concerned at this stage are consumers, local communities, media and interest groups. At the second stage of IMC integration Duncan and Moriarty establish that level one integration departments still have decision making power but are now guided by marketing level message sources and it should also be noted that it is at this stage of integration that consumers interact with the organisation. The stake holders at this level of IMC integration are employees, investors, financial community, government, at the final stages of IMC integration, IMC decisions are made not only by corporate level departments but also by departments classed in stages one and two. It is the inclusion of all organisational departments by which a horizontal, by unifying all fronts of the marketing firm, communications are synchronised to achieve consistency, consonance and ultimately strong corporate identity. It includes shared perceptions of reality, ways-to-do-things, etc. in todays highly competitive market, brands need to have a clear differentiation or reason for being. What they represent needs to stand apart from others in order to be noticed, make an impression, brands need to connect to what people care about out in the world. To build demand, they need to understand and fulfil the needs, to assure credibility with their audiences, brands must be coherent in what they say and do. All the messages, all the communications, all the brand experiences
8.
Advertising
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Advertising is an audio or visual form of marketing communication that employs an openly sponsored, nonpersonal message to promote or sell a product, service or idea. Sponsors of advertising are often businesses who wish to promote their products or services, Advertising is differentiated from public relations in that an advertiser usually pays for and has control over the message. It is differentiated from personal selling in that the message is nonpersonal, the actual presentation of the message in a medium is referred to as an advertisement or ad. Commercial ads often seek to generate increased consumption of their products or services through branding, on the other hand, ads that intend to elicit an immediate sale are known as direct response advertising. Non-commercial advertisers who spend money to advertise items other than a product or service include political parties, interest groups, religious organizations. Non-profit organizations may use free modes of persuasion, such as a service announcement. Advertising may also be used to reassure employees or shareholders that a company is viable or successful, in 2015, the world spent an estimate of US$592.43 billion on advertising. Its projected distribution for 2017 is 40. 4% on TV,33. 3% on digital, internationally, the largest advertising conglomerates are Interpublic, Omnicom, Publicis, and WPP. In Latin, ad vertere means to turn toward, egyptians used papyrus to make sales messages and wall posters. Commercial messages and political campaign displays have been found in the ruins of Pompeii, lost and found advertising on papyrus was common in ancient Greece and ancient Rome. Wall or rock painting for commercial advertising is another manifestation of an ancient advertising form, which is present to this day in many parts of Asia, Africa, the tradition of wall painting can be traced back to Indian rock art paintings that date back to 4000 BC. In ancient China, the earliest advertising known was oral, as recorded in the Classic of Poetry of bamboo flutes played to sell candy, advertisement usually takes in the form of calligraphic signboards and inked papers. Fruits and vegetables were sold in the city square from the backs of carts and wagons, the first compilation of such advertisements was gathered in Les Crieries de Paris, a thirteenth-century poem by Guillaume de la Villeneuve. In the 18th century advertisements started to appear in newspapers in England. However, false advertising and so-called quack advertisements became a problem, thomas J. Barratt from London has been called the father of modern advertising. Working for the Pears Soap company, Barratt created an advertising campaign for the company products. One of his slogans, Good morning, have you used Pears soap. was famous in its day and into the 20th century. Barratt introduced many of the ideas that lie behind successful advertising
9.
Brand
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A brand is a name, term, design, symbol, or other feature that distinguishes one seller’s product from those of others. Brands are used in business, marketing, and advertising, however, the term has been extended to mean a strategic personality for a product or company, so that ‘brand’ now suggests the values and promises that a consumer may perceive and buy into. Branding is a set of marketing and communication methods that help to distinguish a company from competitors, the key components that form a brands toolbox include a brand’s identity, brand communication, brand awareness, brand loyalty, and various branding strategies. Brand equity is the totality of a brands worth and is validated by assessing the effectiveness of these branding components. To reach such an invaluable brand prestige requires a commitment to a way of doing business. A corporation who exhibits a strong brand culture is dedicated on producing intangible outputs such as customer satisfaction, reduced price sensitivity and customer loyalty. A brand is in essence a promise to its customers that they can expect long-term security, when a customer is familiar with a brand or favours it incomparably to its competitors, this is when a corporation has reached a high level of brand equity. Many companies are beginning to understand there is often little to differentiate between products in the 21st century. Branding remains the last bastion for differentiation, in accounting, a brand defined as an intangible asset is often the most valuable asset on a corporation’s balance sheet. The word ‘brand’ is often used as a referring to the company that is strongly identified with a brand. Marque or make are often used to denote a brand of motor vehicle, a concept brand is a brand that is associated with an abstract concept, like breast cancer awareness or environmentalism, rather than a specific product, service, or business. A commodity brand is a associated with a commodity. The word, brand, derives from Dutch brand meaning to burn and this product was developed at Dhosi Hill, an extinct volcano in northern India. Roman glassmakers branded their works, with Ennion being the most prominent, the Italians used brands in the form of watermarks on paper in the 13th century. Blind Stamps, hallmarks, and silver-makers marks are all types of brand, industrialization moved the production of many household items, such as soap, from local communities to centralized factories. When shipping their items, the factories would literally brand their logo or insignia on the barrels used, Bass & Company, the British brewery, claims their red-triangle brand as the worlds first trademark. Another example comes from Antiche Fornaci Giorgi in Italy, which has stamped or carved its bricks with the same proto-logo since 1731, cattle-branding has been used since Ancient Egypt. The term, maverick, originally meaning an un-branded calf, came from a Texas pioneer rancher, Sam Maverick, use of the word maverick spread among cowboys and came to apply to unbranded calves found wandering alone
10.
Corporate anniversary
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In marketing, a Corporate anniversary is a celebration of a firms continued existence after a particular number of years. As a public relations opportunity, it is a way for a firm to tout past accomplishments while strengthening relationships with employees, the duration of the celebration itself can vary considerably, from an hour or day to activities happening throughout the year. Many businesses use an anniversary to express gratitude for past success, generally, larger corporations have the means to stage more elaborate celebrations. An anniversary can advertise a firms staying power and longevity, marketers choose variables relating to anniversaries to meet specific promotional objectives. While the length of time celebrated by an anniversary is often divisible by five, such as the 10th, 15th, 25th, 50th, or 80th anniversary, there are no hard and fast rules. For example, Google celebrated its 13th anniversary with a doodle for its main search page which showed a colorful image of cake, presents. Generally, anniversaries are chosen to coincide with marketing initiatives, such that any coming of age will do, an anniversary can commemorate not only a firms founding year but the introduction of a successful company brand, a merger, a patent, or some other milestone. Planning an anniversary can take years, in some cases, special marketing consultants and event planners have been hired to coordinate the effort. For example, Starbucks marked their 40th anniversary with a redesigned logo, guinness Brewery celebrated its 250th anniversary with a global advertising effort. In 1972, Time magazine celebrated its 50th anniversary with events throughout the year, So we are 50 years old and we are planning a series of events for the months ahead—some small and rather personal and sentimental—others on a bigger scale. Goya Foods, on its 75th anniversary, donated a million pounds of food to help fight hunger, there is flexibility in terms of choosing which dates to use when determining an anniversary. Measuring the success of any advertising effort, including an anniversary celebration, sometimes an anniversary generates negative publicity, such as the tenth anniversary of the merger between AOL and Time Warner, which was largely seen as a colossal business blunder. The problem is, apart from the odd column inch in the giving the company free PR. Telling your customers you are of a certain age creates nostalgia and makes people think about your brand, advertising Corporate identity Event management Event planning Marketing strategy Media event Public relations
11.
Direct marketing
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Among practitioners, it is also known as direct response. The prevalence of direct marketing and the nature of some communications has led to regulations and laws such as the CAN-SPAM Act. Measured against total US sales, these advertising expenditures generated approximately $1.798 trillion in incremental sales, in 2010, direct marketing accounted for 8. 3% of total US gross domestic product. In 2010, there were 1.4 million direct marketing employees in the US and their collective sales efforts directly supported 8.4 million other jobs, accounting for a total of 9.8 million US jobs. The term direct marketing was coined long after Montgomery Wards time, in 1872, Ward produced the first mail-order catalog for his Montgomery Ward mail order business. By buying goods and then reselling them directly to customers, Ward was consequently removing the middlemen at the store and, to the benefit of the customer. The Direct Mail Advertising Association, predecessor of the present-day Direct Marketing Association, was first established in 1917, third class bulk mail postage rates were established in 1928. In 1967, Lester Wunderman identified, named, and defined the term direct marketing, Direct marketing is attractive to many marketers because its positive results can be measured directly. For example, if a marketer sends out 1,000 solicitations by mail and 100 respond to the promotion and this metric is known as the response rate, and it is one of many clearly quantifiable success metrics employed by direct marketers. In contrast, general advertising uses indirect measurements, such as awareness or engagement, measurement of results is a fundamental element in successful direct marketing. One of the significant benefits of Direct Marketing is, it enables promoting products or services that might not have a strong brand. The Internet has made it easier for marketing managers to measure the results of a campaign and this is often achieved by using a specific website landing page directly relating to the promotional material. Another way to measure the results is to compare the projected sales or generated leads for a term with the actual sales or leads after a direct advertising campaign. This poses a problem for marketers and consumers alike, as advertisers do not wish to waste money on communicating with consumers not interested in their products, the medium/media used to deliver a message can have a significant impact on responses. It is difficult to truly personalize a DRTV or radio message, in sum, choosing the best of all the above parameters may yield up to 58 times more response, as compared to choosing the worst of the above parameters. Addressing these helps assuage the concerns of the marketers, some of these concerns have been addressed by direct marketers by the use of individual opt-out lists, variable printing, and better-targeted list practices. The term junk mail, referring to unsolicited commercial ads delivered via post office or directly deposited in consumers mail boxes, can be traced back to 1954. To address the concerns of unwanted emails or spam, in 2003, The US Congress enacted the Controlling the Assault of Non-Solicited Pornography, can-Spam gives recipients the ability to stop unwanted emails, and set out tough penalties for violations
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Personal selling
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Personal selling process refers to a process that occurs when a sales representative meets with a potential client for the purpose of transacting a sale. Many sales representatives rely on a sales process that typically includes nine steps. Some sales representatives develop scripts for all or part of the sales process, the sales process can be used in face-to-face encounters and in telemarketing. Different types of roles can be identified, Order takers refers to selling that occurs primarily at the wholesale or retail levels. Order processing involves determining the needs, pointing to inventory that meets the customer needs. Missionary Selling is often seen as a support role. The missionary sales person distributes information about products or services, describes product attributes and leaves materials, the missionary sales person often prepares the way for a field sales person. Cold calling refers to a situation when a sales representative telephones or visits a customer without a prior appointment, cold calling is often considered to be the most challenging of the sales activities. Relationship selling refers to a practice that involves building and maintaining interactions with customers in order to enhance long term relationships. Relationship selling often involves a problem solving approach where the sales representative acts in a consultative role, relationship selling is often found in high-tech selling environments. See also Lead generation, Lead management, Sales presentation, Sales promotion The first text to outline the steps in the process was published in 1918 by Norval Watkins. Prospecting Identifying prospects or prospecting occurs when the sales person seeks to identify leads or prospects, the aim of prospecting is to increase the likelihood that sales staff spend time with potential clients who have an interest in the product or service. Qualifying leads After identifying potential customers, the team must determine whether prospects represent genuine potential customers. This part of the process is known as qualifying leads, or leads who are likely to buy. Qualified leads are those who have a need for the product, a capacity to pay and a willingness to pay for the product, pre-approach refers to the process of preparing for the presentation. This consists of research, goal planning, scheduling an appointment. Approach refers to the stage when the salesperson initially meets with the customer, since first contact leaves an impression on the buyer, professional conduct, including attire, a handshake, and eye contact, is advised. Need assessment An important component of the presentation is the assessment of the customers needs
13.
Product placement
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Product placement stands out as a marketing strategy because it is the most direct attempt to derive commercial benefit from the context and environment within which the product is displayed or used. The technique can be beneficial for viewers, since interruptive advertising removes them from the entertainment, in April 2006, Broadcasting & Cable reported, Two thirds of advertisers employ branded entertainment—product placement, brand integration—with the vast majority of that in commercial TV programming. It said, Reasons for using in-show plugs varied from stronger emotional connection to better dovetailing with relevant content, a major growth driver is the increasing use of digital video recorders, which enable viewers to skip advertisements that interrupt a show. Product placement began in the nineteenth century, by the time Jules Verne published the adventure novel Around the World in Eighty Days, his fame had led transport and shipping companies to lobby to be mentioned in the story. Whether Verne was actually paid to do so, however, remains unknown, similarly, a painting by Eduoard Manet shows bar at Folies Bergere with distinctive bottles placed at either end of the counter. The beer bottle is immediately recognisable as Bass beer and this led to cinema becoming one of the earliest channels used for product placement. For example, the German magazine Die Woche in 1902 printed an article about a countess in her castle where she, in one of the photographs, held a copy of Die Woche in her hands. Product placement was a feature of many of the earliest actualities. During the next four decades, Harrisons Reports frequently cited cases of on-screen brand-name products and he condemned the practice as harmful to movie theaters. Publisher P. S. Harrison’s editorials reflected his hostility towards product placement in films, an editorial in Harrison’s Reports criticized the collaboration between the Corona Typewriter company and First National Pictures when a Corona typewriter appeared in the film The Lost World. Harrisons Reports criticized several incidents of Corona typewriters appearing in mid-1920s films, recognizable brand names appeared in movies from cinemas earliest history. In the first decade or so of film audiences attended films as fairground attractions interesting for their visual effects. This format was suited to product placement than narrative cinema. Gurevitch argued that early cinematic attractions have more in common with television advertisements in the 1950s than they do with traditional films, segrave detailed the industries that advertised in these early films. In the 1920s, Harrisons Reports published its first denunciation of that practice over Red Crown gasoline appearance in The Garage, a feature film that has expectations of reaching millions of viewers attracts marketers. In many cases no payment is made for product exposure and no promise of marketing support is made when consumer brands appear in movies. Film productions need props for scenes, so each movie’s property master, in addition to items for on-screen use, the product/service supplier might provide a production with large quantities of complementary products or services. Tapping product placement channels can be valuable for movies when a vintage product is required—such as a sign or bottle—that is not readily available
14.
Corporate propaganda
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Corporate propaganda refers to propaganda disseminated by a corporation, for the purpose of manipulating public opinion concerning to that corporation, and its activities. The use of propaganda can be commonly found in the fields of advertising, marketing. A corporate brand is the perception of a company that unites a group of products or services for the public under a name. The process of corporate branding comprises creating favourable associations and positive reputation with both internal and external stakeholders, the purpose of a corporate branding initiative is generally either to disguise corporate motives, or to improve business opportunities. Sex in advertising is the use of sex appeal in advertising to sell a particular product or service. Sexually appealing imagery may or may not pertain to the product or service in question, examples of sexually appealing imagery include nudity, pin-up girls, and muscular men. The use of sex in advertising can be overt or extremely subtle. It ranges from relatively explicit displays of sexual acts, to the use of cosmetics to enhance attractive features. The crisis for organisations can be defined as follows, A crisis is a catastrophe that may occur either naturally or as a result of human error, intervention. It can include tangible devastation, such as the destruction of lives or assets, or intangible devastation, as the extent of communication grows, many companies disseminate propaganda amongst the lower-class employees of the organisation. Shared meaning, Internal communication is used to build an understanding among employees about corporate goals. Connectivity, Internal communication is used mainly to clarify the connectedness of the companys people, satisfaction, Internal communication is used to improve job satisfaction. The investor relations function is used by companies which publicly trade shares on a stock exchange, a key role of corporate propaganda is to encourage a positive view of corporate hegemony, wage labour, and specific organisations. The role of corporate propaganda therefore also consists of management, namely the “set of organisational procedures, routines, personnel. In order to increase media coverage, organisations must bribe and incentivise influential members of the media. This task might be handled by employees within the media relations department or handled by a public relations firm. Internet advertising is a method of distribution for corporate propaganda which uses the Internet to deliver promotional marketing messages to consumers and it includes email marketing, search engine marketing, social media marketing, many types of display advertising, and mobile advertising. Many common online advertising practices are controversial and increasingly subject to regulation, online ad revenues may not adequately replace other publishers revenue streams
15.
Sales promotion
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Sales promotion is one of the five aspects of the promotional mix. Media and non-media marketing communication are employed for a pre-determined, limited time to consumer demand. Examples include contests, coupons, freebies, loss leaders, point of purchase displays, premiums, prizes, product samples, sales promotions can be directed at either the customer, sales staff, or distribution channel members. Sales promotions targeted at the consumer are called consumer sales promotions, sales promotions targeted at retailers and wholesale are called trade sales promotions. Some sale promotions, particularly ones with unusual methods, are considered gimmicks by many and these efforts can attempt to stimulate product interest, trial, or purchase. Examples of devices used in sales promotion include coupons, samples, premiums, point-of-purchase displays, contests, rebates, sales promotion is implemented to attract new customers, to hold present customers, to counteract competition, and to take advantage of opportunities that are revealed by market research. It is made up of activities, both outside and inside activities, to company sales. Outside sales promotion activities include advertising, publicity, public relations activities, inside sales promotion activities include window displays, product and promotional material display and promotional programs such as premium awards and contests. Sale promotions often come in the form of discounts, discounts impact the way consumers think and behave when shopping. The type of savings and its location can affect the way consumers view a product and affect their purchase decision, the two most common discounts are price discounts and bonus packs. Price discounts are the reduction of a sale by a certain percentage while bonus packs are deals in which the consumer receives more for the original price. Many companies present different forms of discounts in advertisements, hoping to convince consumers to buy their products, short term sales to achieve short term objectives Price deal, A temporary reduction in the price, such as 50% off. Loyal Reward Program, Consumers collect points, miles, or credits for purchases, cents-off deal, Offers a brand at a lower price. Price reduction may be a percentage marked on the package, price-pack/Bonus packs deal, The packaging offers a consumer a certain percentage more of the product for the same price. This is another type of deal “in which customers are offered more of the product for the same price”, for example, a sales company may offer their consumers a bonus pack in which they can receive two products for the price of one. In these scenarios, this pack is framed as a gain because buyers believe that they are obtaining a free product. The purchase of a pack, however, is not always beneficial for the consumer. Sometimes consumers will end up spending money on an item they would not normally buy had it not been in a bonus pack, as a result, items bought in a bonus pack are often wasted and is viewed as a “loss” for the consumer
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Broadcasting
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Broadcasting began with AM radio, which came into popular use around 1920 with the spread of vacuum tube radio transmitters and receivers. Before this, all forms of communication were one-to-one, with the message intended for a single recipient. Over the air broadcasting is usually associated with radio and television, the receiving parties may include the general public or a relatively small subset, the point is that anyone with the appropriate receiving technology and equipment can receive the signal. The field of broadcasting includes both government-managed services such as radio, community radio and public television, and private commercial radio. The U. S. Code of Federal Regulations, title 47, part 97 defines broadcasting as transmissions intended for reception by the general public, private or two-way telecommunications transmissions do not qualify under this definition. For example, amateur and citizens band radio operators are not allowed to broadcast, as defined, transmitting and broadcasting are not the same. Transmissions using a wire or cable, like television, are also considered broadcasts. In the 2000s, transmissions of television and radio programs via streaming digital technology have increasingly been referred to as broadcasting as well, the earliest broadcasting consisted of sending telegraph signals over the airwaves, using Morse code, a system developed in the 1830s by Samuel F. B. Morse, physicist Joseph Henry and Alfred Vail and they developed an electrical telegraph system which sent pulses of electric current along wires which controlled an electromagnet that was located at the receiving end of the telegraph system. A code was needed to transmit natural language using only these pulses, Morse therefore developed the forerunner to modern International Morse code. Audio broadcasting began experimentally in the first decade of the 20th century, by the early 1920s radio broadcasting became a household medium, at first on the AM band and later on FM. Television broadcasting started experimentally in the 1920s and became widespread after World War II, satellite broadcasting was initiated in the 1960s and moved into general industry usage in the 1970s, with DBS emerging in the 1980s. Originally all broadcasting was composed of signals using analog transmission techniques but in the 2000s. In general usage, broadcasting most frequently refers to the transmission of information, Analog audio vs. HD Radio Analog television vs.9 zettabytes. This is the equivalent of 55 newspapers per person per day in 1986. Historically, there have been several methods used for broadcasting electronic media audio and/or video to the public, Telephone broadcasting. Telephone broadcasting also grew to include telephone services for news and entertainment programming which were introduced in the 1890s. These telephone-based subscription services were the first examples of electrical/electronic broadcasting, Radio broadcasting, audio signals sent through the air as radio waves from a transmitter, picked up by an antenna and sent to a receiver
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Display advertising
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Display advertising is advertising on websites. It includes many different formats and contains items such as text, images, flash, video, the main purpose of display advertising is to deliver general advertisements and brand messages to site visitors. According to eMarketer, Facebook and Twitter will take 33% of display ad spending market share by 2017, also, desktop display advertising has eclipsed search ad buying in 2014, with mobile ad spending to overtake display in 2015. Since the early 1990s, the advent of the Internet has completely changed the way people relate to advertisements, as computers prices decreased, online content became accessible to a large portion of the worlds population. This change has modified the way people are exposed to media, the first type of relationship between a website and an advertiser was a straightforward, direct partnership. This partnership model implies that the advertiser promoting a product or service pays the website directly for a amount of ad impressions. As time went on, publishers began creating thousands of websites and this gave rise to a new set of companies called Ad Networks. The ad network acted as a broker, buying unsold ad space from multiple publishers, the third and most recent major development that shaped the advertiser-publisher ecosystem started occurring in the late 2000s when widespread adoption of RTB technology took place. Also referred to as programmatic bidding, RTB allowed companies representing buyers and sellers to bid on the price to show an ad to a user every time an ad is loading. When a page loads during a visit, there are thousands of bids occurring from advertisers to serve an ad to that user. With this most recent change in the industry, more and more ads are being sold on a single-impression basis, the birthday of the first banner display on the World Wide Web was on the 27th October 1994. It appeared on HotWired, the first commercial web magazine, the COCONET online service had graphical online banner ads starting in 1988 in San Diego, California. The PRODIGY service, launched also in 1988, had banner ads as well, two students of the Amsterdam school of Communication Research ASCor have run studies about the audience reactions to different display advertising formats. In particular, they took into consideration two different types of format to demonstrate that people react and perceive formats in different ways, for this reason, it is important to choose the right format because it will help to make the most of the medium. The role of the creatives is to give a shape to an ad and they have to find the idea and the most efficient way to push the customer to buy a product or a service. Imagination and innovation are required to develop and to present an advertisement, people have to test in which way the user experiences all the information of a data visualization. For this reason, they have to study the response to sounds, image. The ad server helps manage display advertisements and it is an advertising technology tool that, throughout a platform, administrates the ads and their distribution
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In-game advertising
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In-game advertising refers to advertising in computer and video games. IGA differs from advergaming, which refers to a specifically made to advertise a product. The IGA industry is large and growing, in-game advertising generated $34 million in 2004, $56 million in 2005, $80 million in 2006, and $295 million in 2007. In 2009, spending on IGA was estimated to reach $699 million USD, $1 billion by 2014, the earliest known IGA was the 1978 computer game Adventureland, which inserted a self-promotional advertisement for its next game, Pirate Adventure. The earliest known commercial IGA occurred in 1991 when a spot for Penguin biscuits appeared in James Pond - RoboCod, due to the custom programming required, dynamic advertising is usually presented in the background, static advertisements can appear as either. Similar to product placement in the industry, static IGAs cannot be changed after they are programmed directly into the game. However, unlike product placement in traditional media, IGA allows gamers to interact with the virtual product, for example, Splinter Cell has required the use of in-game Sony Ericsson phones to catch terrorists. Unlike static IGAs, dynamic IGAs are not limited to a developer and publisher determined pre-programmed size or location, a number of games utilize billboard-like advertisements or product placement to create a realistic gaming environment. For example, many sports games incorporate these advertisements to simulate the heavy advertising within professional sports, similarly, many games employ brand-name products such as guns and cars as in-game status symbols. These brand references may not be advertisements and are placed in the game purely for plot or design reasons. However, trademark owners sometimes object to unlicensed references to their trademarks, entertainment 2000, Inc. v. Rock Star Videos, Inc. This approach combines the customization of web banners with the functionality of traditional billboards and this information may be used to improve future advertisement campaigns and to correct copy problems or make a current advertisement more appealing to players. Dynamic advertising campaigns allow IGA to be part of an advertisement campaign because they do not need to be designed months or years before the game is finished. Dynamic advertisements can be purchased after a game is released to the public are featured in a developer determined in-game location. For example, in October 2008, billboard advertisements were purchased in 10 swing states by then-US Democratic Presidential candidate Barack Obama in numerous Xbox games. Freemium and free-to-play games are playable online and provide a free basic game with options for players to purchase advanced features or additional items. They operate under the theory that a gamer will pay for additional in-game features after investing enough time in the game, in freemium games like Farmville, these transactions are typically one-time payments for specific in-game goods. Free-to-play games like Age of Conan instead try to induce players to enter into a relationship for premium content
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Online advertising
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Consumers view online advertising as an unwanted distraction with few benefits and have increasingly turned to ad blocking for a variety of reasons. It includes email marketing, search marketing, social media marketing, many types of display advertising. In 2011, Internet advertising revenues in the United States surpassed those of cable television, in 2013, Internet advertising revenues in the United States totaled $42.8 billion, a 17% increase over the $36.57 billion in revenues in 2012. U. S. internet ad revenue hit a high of $20.1 billion for the first half of 2013. Online advertising is used across virtually all industry sectors. Many common online advertising practices are controversial and increasingly subject to regulation, Online ad revenues may not adequately replace other publishers revenue streams. Declining ad revenue has led publishers to hide their content behind paywalls. In early days of the Internet, online advertising was mostly prohibited, for example, two of the predecessor networks to the Internet, ARPANET and NSFNet, had acceptable use policies that banned network use for commercial activities by for-profit institutions. The NSFNet began phasing out its commercial use ban in 1991, the first widely publicized example of online advertising was conducted via electronic mail. On 3 May 1978, a marketer from DEC, Gary Thuerk, sent an email to most of the ARPANETs American west coast users, despite the prevailing acceptable use policies, electronic mail marketing rapidly expanded and eventually became known as spam. The first known large-scale non-commercial spam message was sent on 18 January 1994 by an Andrews University system administrator, by cross-posting a religious message to all USENET newsgroups. Four months later, Laurence Canter and Martha Siegel, partners in a law firm, Canter and Siegels Green Card USENET spam raised the profile of online advertising, stimulating widespread interest in advertising via both Usenet and traditional email. More recently, spam has evolved into an industrial operation. Online banner advertising began in the early 1990s as page owners sought additional revenue streams to support their content, commercial online service Prodigy displayed banners at the bottom of the screen to promote Sears products. The first clickable web ad was sold by Global Network Navigator in 1993 to a Silicon Valley law firm, in 1994, web banner advertising became mainstream when HotWired, the online component of Wired Magazine, sold banner ads to AT&T and other companies. The first AT&T ad on HotWired had a 44% click-through rate, and instead of directing clickers to AT&Ts website, goTo. com created the first search advertising keyword auction in 1998. More recently, companies have sought to merge their advertising messages into editorial content or valuable services, examples include Red Bulls Red Bull Media House streaming Felix Baumgartners jump from space online, Coca-Colas online magazines, and Nikes free applications for performance tracking. Advertisers are also embracing social media and mobile advertising, mobile ad spending has grown 90% each year from 2010 to 2013, display advertising conveys its advertising message visually using text, logos, animations, videos, photographs, or other graphics
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Out-of-home advertising
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Out-of-home media advertising or out-of-home media is advertising that reaches the consumers while they are outside their homes. Out-of-home media advertising is focused on marketing to consumers when they are on the go in places, in transit, waiting. OOH advertising formats fall into four categories, billboards, street, roads, highways, transit. The OOH advertising industry in the United States includes more than 2,100 operators in 50 states representing the major out of home format categories and these OOH media companies range from public, multinational media corporations to small, independent, family-owned businesses. Currently, the United Kingdom and France are Western Europes first and second largest markets for OOH, data from Outsmart, the UKs out-of-home advertising trade association, shows that DOOH grew at a 29. 7% CAGR from 2009 to 2014. Traditional roadside billboards remain the predominant form of OOH advertising in the US with 66 percent of annual revenue. Today, billboard revenue is 73 percent local ads,18 percent national ads, street furniture is made up of formats such as bus shelters, newsracks, mall kiosks, and telephone booth advertising. This form of OOH advertising is seen in urban centers. Additionally, this form of advertising provides benefits to communities, as building and maintaining the shelters people use while waiting for the bus, airport advertising, which helps businesses address an audience while traveling, is also included in this category. Municipalities often accept this form of advertising, as it provides revenue to city, street furniture, transit, and alternative media formats comprise 34 percent of total outdoor revenue in the US. Some of these formats have a percentage of national ads than traditional billboards. DOOH media benefits location owners and advertisers alike in being able to engage customers and/or audiences and extend the reach and it is also referred to as digital signage. In the U. S. the DOOH industry grew to $2.9 billion in 2015, Gas stations, restaurants, and bars are the preferred locations for ad placement. With digital TVs in gas stations, nearly 52 million customers are getting snippets of weather, sports highlights, celebrity gossip and commercials with their gas each month, the weekly reach is actually larger than most of the prime-time TV shows. The largest company in the space is Gas Station TV with 27.5 million monthly viewers at more than 1,100 stations across the U. S. according to Nielsen. In addition to the number of viewers, the audience profile of TVs at gas stations is unique. All are drivers and 76 percent are adults from age 18-49 with an age of 40. Every day more TV viewers are skipping past commercials with their DVRs, a Nielsen media research study in 2009 showed that 91 percent of DVR owners skipped commercials
