Branding Concept | Product Innovation – Meaning, Advantages, Disadvantages
Product innovation is defined as the development of new products, changes in the design of established products, or the use of new materials or components in the manufacture of established products. Numerous examples of product innovation include introducing new products, enhanced quality, and improving its overall performance. Product innovation, alongside cost-cutting innovation and process innovation, […]
Branding Concept | Brand Reinforcement – Definition, Meaning, Examples
Brand Reinforcement majorly focuses on maintaining Brand Equity by keeping the brand alive among both the existing and new customers. This can be done by consistently conveying the meaning of the brand in terms of: What are the products under the brand? What are its core benefits and how it satisfies the demand? How is […]
Branding Concept | Brand Resonance – Meaning, Definition, Pyramid
Brand Resonance refers to the relationship that a consumer has with the product and how well he can relate to it. The brand resonance begins with: Brand Identification: The first and foremost step, is to ensure the brand identification with the customers, i.e. creates awareness about the product and establish an association in the minds […]
Branding Concept | Brand Revitalization – Meaning, Example, Reasons
Brand Revitalization meaning – It is the marketing strategy adopted when the product reaches the maturity stage of product life cycle, and profits have fallen drastically. It is an attempt to bring the product back in the market and secure the sources of equity i.e. customers. Despite a good reinforcement strategy, a product has to […]
Branding Concept | What is ADL Matrix?
The ADL matrix by Arthur D. Little is a portfolio management matrix which helps managers discern their SBUs strategic position depending upon 2 dimensions- • SBU’s life cycle and • Competitive position Each of these dimensions can be further split up into the following categories to better analyze a firm and accordingly determine the future […]
Branding Concept | What is GE Mckinsey Matrix?
The GE McKinsey Matrix or GE Matrix is a variant of the Boston Consulting Group (BCG) portfolio analysis Portfolio. The GE McKinsey Matrix has also many points in common with the MABA analysis. MABA is an acronym that stands for Market, Attractiveness, Business position and Assessment. The GE McKinsey Matrix also compares product groups with […]
Marketing Concept | TRIZ Method / Model – Definition and Examples
All sorts of projects reach a point in the development process where the analysis portion of the project is complete, but it is unclear what the next step should be. To figure out the next best step, the project team must be creative to figure out what to do. Traditionally, common creativity tools and methodology […]
Marketing Concept | Product Mix – Definition and Dimensions
Product mix, also known as product assortment, refers to the total number of product lines that a company offers to its customers. For example, a small company may sell multiple lines of products. Sometimes, these product lines are fairly similar, such as dish washing liquid and bar soap, which are used for cleaning and use […]
Marketing Concept | Three C’s Of Branding
The benefits of having a strong brand are tremendous. Strong brands charge premium pricing; they thrive during economic downturns; they attract great employees, partners and customers; and they can extend into new business areas with ease. In addition to being able to boast these enviable benefits, strong brands have something else in common. They all […]
Marketing Concept | What is Branding?
Branding is the business process of managing your trademark portfolio so as to maximize the value of the experiences associated with it, to the benefit of your key stakeholders, especially current and prospective: Employees Customers Stock/Share Holders Suppliers Intermediaries Opinion Leaders Local Communities Purchasers and Licensees Experts argue as to which stakeholders should be the […]
Marketing Concept | Premium Pricing
Premium Pricing Premium pricing is also known as Prestige pricing. It is a strategy to keep prices higher than the competitors to differentiate your product on the basis of price. This also creates a perception that the product is of high-quality and thus the prices are high. It works best in 2 scenarios: No competitors […]
Marketing Concept | Types Of Marketing Organisation
Marketing organizations may be of various types. The most important of them all include: 1. Function Oriented 2. Market Oriented 3. Product Oriented 4. Customer Oriented 5. Combined Type Let us understand each of them one by one. Function Oriented: This is the most simple and common type of organization. Under this type, the activities […]
Marketing Concept | Hierarchy Of Effects Model
What do you think makes you purchase the brand? Is there a specific model that knows how brand advertisement should be to make a consumer purchase it? Definitely, here is your read, Hierarchy of Effects is the model of how advertising affects a consumer’s choice to buy a product or service or not to buy […]
Marketing Concept | How do Search Engines Work
How do Search Engines Work? Search engines like Google, Baidu, Microsoft Bing and many others work to provide users with most relevant search results. To solve searcher’s query, search engine has to understand not only what the user wants but also how data on the internet is organized. The most basic functions of any search […]
Marketing Concept | Social Listening
Social Listening helps companies to efficiently track what’s being said on Social Media in real-time and track social media mentions across platforms. This helps the company identify what people are talking about their products, competitors and their experience with it. For example, You open a bakery shop in the neighbourhood and you sell different sort […]
Marketing Concept | Shewhart Cycle (PDCA Cycle)
Management consultant, Dr. William Edwards Deming developed a method known as PDCA cycle/Shewhart Cycle in the 1950s to identify why some products or processes do not function as expected. His strategy, used by many different types of organizations, has since become a popular strategy tool. It makes it possible for them to formulate theories about […]
Marketing Concept | 5S Of Digital Marketing
Any company that is aiming to engage in digital marketing should point their objective by following Chaffey and Smith’s 5S of digital marketing. These 5s cover a range of different measures to help set, review, and control performance across all digital marketing activities. The 5s include Sell, Serve, Speak, Save, and Sizzle which will be discussed further. Sell – […]
Marketing Concept | Cause Marketing
Consumers are becoming aware of the inequality surrounding them, and they seek to make a difference. Cause Marketing (a type of CSR) serves as a bridge between for-profit and non-profit organizations to cater to their mutual benefits. It gives people the opportunity to help. Brands have the capacity and resources to raise the awareness of […]
Marketing Concept | Ambush Marketing
Ambush marketing is a marketing strategy by which a rival company attempts to associate its products with an event that already has official sponsors. This tactic is used by small companies who cannot afford to contribute to the funding of an event; then they try to create awareness of their brand covertly. It helps them to […]
Marketing Concept | The Pac-Man Defense
In several business practices, when a company wants to acquire another one, the company will reach out to the higher authorities of the target company and make a bid. The target company can decline or accept the bid. Now if the bid is rejected, the buyer company may just look to walk away. Now, sometimes […]