The article explains how a brand and consumers have a miscommunication and what it could lead to. Companies often miss the chord and find the traditional ways of marketing old fashioned and always try to rope in new ways of marketing. They try to adjust with the modern world but forget the most important thing- customer relationship or customer value. In doing so, they dont pay heed to what customers actually want which creates differences or miscommunication between customers and brands. Since the arrow doesn’t hit the mark, the invested capital may get wasted. If a company is able to deliver results just as the consumers need with a blend of traditional as well as modern ways then it inevitably achieves its goals.
Understanding a consumer's demands is therefore needed for a company to walk on the path of success
The article tells us the importance of consumer behaviour and gives us an idea how a company should plan its strategy keeping this in mind. It truly says that the survival of a business entirely depends on how it accurately predicts a consumer's mentality. It can either make or break a business. Understanding consumer behaviour includes making a research on the behavioural pattern of the consumers and planning accordingly. The behaviour may vary and the businesses should learn to adapt to changing times. It should learn to make use of resources available such as digital communication. Smart phones being the latest trend, companies should reach out to the consumers with its help and make their efforts count. Various other measures such as investing heavily during high demand or luring the customers with offers could bring the company on a right track.
Following these mantras could make a company undisputed masters in their fields.
The widespread adoption of Internet, social, and mobile technologies has shifted power from the producer to the consumer. In this new “techonomy,” the increasingly sophisticated and highly-connected consumer expects more from brands; he or she wants personalization, relevance, convenience, simplicity, and proximity. To stay competitive, brands need a new approach to consumer engagement and conversion. They need an integrated digital marketing strategy.
To help the reader fully appreciate the importance of integrated digital marketing, here is brief list of the top Marketing Trends for 2013; it represents a mash-up of my own thoughts coupled with everything I’ve been reading over the past year.
Article emphasises on the role played by technology in today's marketing strategies. Major companies are aware of the fact that consumers love everything that is handy or something which takes less effort. So something that could help the companies to stay connected with consumers 24/7 is really a big deal! With the smartphone fever catching on, companies could consider it as a golden opportunity to lay their business foundation or receive feedbacks from the consumers. In short, business should learn to catch up with the changing times and should find new ways of doing business to fit into the consumers' ever changing demands. With digital marketing gaining grounds, it won’t be wrong to say that the one, who fails to walk with it, later finds its own destruction.
Marketing is a broad business function that includes product research and development, merchandising and distribution processes and pricing, as well as communication or promotion. The communication ...
The article gives first-hand information about a business trend that is turning many heads, marketing communication mix. The word 'mix' itself gives an idea that it is a combination of many positive elements to form a single powerful trait which when adopted by a business could bring it on the path of success. A business, to have a successful run at the Market should have a good marketing plan. Communication mix is considered as the encyclopedia of marketing measures to be taken to run the business. Following this trend will not only help the business to lay its foundation in the market, but will also help in creating a customer base that will be hard to lose.
A popular name and a strong customer bond is all a company needs to create a stronghold in the market and beat its competitors. In article it has also mention about the five elements of communication mix ie advertising, personal selling, public relation, direct marketing these the elements which are really important when a company wants to communicate about their product with consumers but at the end the article tells that even event sponsorship is important part of communication mix. It’s about advertising your company and help the events like sports to come up for the community.
The article explains the idea of direct marketing which is a type of personal marketing. It doesn’t target a group of people, but takes into account the needs and demands of individuals and helps us take decisions in the future. Being a personal contact, it helps improve the brand-customer relationship and the consumer gains a sense of loyalty. Maintaining such customers can help the company to grow and increase its popularity furthermore. Some of the tools of direct marketing are the social networking sites wherein a brand can keep its info updated through Facebook or twitter. The latest tool being a smartphone which has now become a revolution for various brands want to connect with consumers. Succeeding such trend will not only help companies to keep their older customers but will also help them to make new ones through these social networking sites. With these brilliant techniques, companies can have an edge over their competitors and enjoy the fruits of success on a long run.
Marketing budgets aid in the planning of operations by forcing managers to prioritize activities and consider how conditions may change. Read more about determining a budget in the Boundless open textbook.
This article written by Manea it emphasizes on the importance of budgeting for any business. Planning forms the foundation of a business. Budgeting involves preplanning the usage of funds and resource determining how and where to invest the money. The running of a business is a turbulent affair. Conditions may change wherever and whenever they can. A manager has to consider all the possible things that could happen in the future and plan accordingly in the present. Such planning can help the company withstand any problem and will make it adaptable to the changing situation. Like maintenance is to automobiles, budgeting is to a company or business. It helps keep an eye on all the business activities taking place in various departments and gives an idea how to and what to do in the future to follow the path of development. This in turn helps co coordinating the activities of different departments and creates unity. Budgeting plays such an important role in a business that without it there is a possibility of imminent failure. A company with proper planning and a good foresight can scale any height.
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