The 7P’s of service marketing mix are – Product: The product in service marketing is intangible in nature unlike physical products like soap, creams, etc. and hence they cannot be measured and owned. For example, the tourism industry is a service. Place: The place is where the service is going to be located. It should […]
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Porter’s Five Forces named after Michael E. Porter, is a simple but powerful tool for understanding the competitiveness of your business environment, and for identifying your strategy’s potential profitability. It helps to identify and analyze five competitive forces that shape every industry and helps to determine an industry’s weaknesses and strengths. These forces are: Competition
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Price is the value for a product or a service. Pricing depends on various factors like segment, ability to pay, market conditions, competitor actions, input costs, etc. Basic pricing strategies are – Premium Pricing Unique products are sold with higher price than usual. Product packaging, store decor support premium pricing. Example: Apple iPhone, Porsche Cars,
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Global Brand Strategy Brands maintain a strategy to differentiate their products from other offerings in the same segment worldwide. They differentiate their offering through product features, services, price, etc. Eg. Zara maintains its edge globally through quality, style, elegance, store staff, experience and customer based brand equity elements. Customization and Standardisation Customization is changing the
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Nowadays, customers have access to information any time and any place they want or need it. Thanks to the Internet and globalization, most people on the globe are able to access the information via computers, tablets or mobiles.The reality is, people spend twice as much time online as they used to 12 years ago. The
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An advertising agency is generally an independent business organization specialized in advertising works which undertake the work of planning, preparing and executing advertising campaign which is generally in the form to produce television commercials, radio commercials, online advertising, out-of-home advertising& mobile marketing for its clients. They are known as agencies because they are acting as agents for their principals which were the media. They were
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The term “Brand” means developing a promise, making that promise and maintaining it Brand Management means defining, positioning and delivering the brand. It is an art of creating and sustaining the brand. Branding is assembling of various marketing mix medium into a whole so as to give you an identity. The aim of branding is
The image, sound, name, brand or attribute that comes to mind immediately when asked about products or brands in a category enjoys the highest ‘top of the mind recall’ with the consumer. Top of the mind recall usually means the consumer is more aware, and hopefully, buys more of the product than alternative products when
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Looking out into the world today, it’s easy to see why brands are more important now than at any time in the past 100 years. Brands are psychology and science brought together as a promise mark as opposed to a trademark. Brands convey a uniform quality, credibility, and experience and are valuable. Many companies put
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Brands are the new trend in the market. A consumer mostly prefers to buy brands rather than local products due to trust in quality and service. But is it so easy to build the trust and to make your target audience believe that you are their true and honest friends, who will never deceive them…?
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