Competition in marketing

Demand for a firm’s products/services is also affected by the nature and intensity of competition in an industry .While analyzing the competition , Michael Porter, in his book on Competition Advantage and Competitive Strategy , mentions that a firm should extend its competitive analysis to include substitutes also, besides scanning direct competitors .The objective of such an analysis is to assess and predict each competitor’s response to change in the firm’s strategy and industry conditions This analysis will hopefully ensure the firm emerging as a competitive organization and also deciding on whom it should pick up as its major rival in the industry .

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A prelude to the communication process

Communication can be thought of as a process or flow. Communication problems occur when there are deviations or blockages in that flow .In this section, we describe the process in terms of a communication model, consider how distortions can disrupt the process, and introduce the concept of communication apprehension as another potential disruption.

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Buying Situations

It is not only products differ. Even the buying situation differs. each time the buyer is to take a purchase decision ,it may or may not be the same as the previous one. The differentiation between the two buying situations may be caused by the absence of any or all of the following factors.

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Buying Center

We mentioned earlier that organizational purchase decisions. All individuals who participate in decision-making are referred to as the decision-making unit (DMU).To be able to get classified as a DMU it is important that concerned individuals should have a common goal and share the risk arising out of the decision. These individuals may or may not be a part of the buying organization ,like a consultant who is an outsider ,but plays a key role in the decision-making process.

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Branding Decisions

Branding is an important strategy to differentiate the product from its competitors .Its a name ,logo ,trade mark, even patent number or package design, intended to identify the firm’s products or services from others. It represents to the customer the source of the product which leads him to associate with the brand. In taking brand decisions, the firm has to consider the target market, cultural influences on the market and the role the brand will play in its business strategy.

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Automation Production Technology

Automation Production Technology

Automation has been understood as mere replacement of labor by machines. This perception has now changed .Today, automation projects are initiated not just for labor cost savings, but also for improved product quality, fast production and delivery of products and increased product flexibility.

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Advertising Decisions

Advertising objectives

The starting point in any planning exercise is one of setting the goals or objectives .In evolving an advertising plan, objectives have to be set as they help in measuring the performance of an advertising campaign .It is important for the strategist, to know how the strategy fared and the only way to know is how far did it go to achieve the objectives. Objectives or goals are also necessary to justify financial resources that are required for an advertisement campaign. The only way to counter skeptics s to state what it would cost to achieve a specific objective ,say a 20% increase in awareness in the target audience.

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