Marketing, Marketing Plan and its Elements...

Marketing, Marketing Plan and its Elements Marketing refers to the activities of the organization associated with promoting and selling of its products and services. It includes advertising, selling, delivering products to the customers, and market research. In fact, it is everything which the organization does to acquire customers and maintain a relationship with them. An efficient marketing cultivates sound business strategies, allows for successful innovation, increases the effectiveness of promotional strategies, and strengthens the brand image. The main purpose of the marketing is not only to maintain the relationship with existing ones but also to attract new customers. The process of interaction between the marketing men and the customers presents the dialogue between them and assumes the exchange of values. Marketing plan is one of the major and extremely significant of the organizational business planning process since it is the marketing which brings success in the long term, particularly, continuous growth in the earnings of the organization. Marketing plan has an input in defining efficiency in customer satisfaction terms.  It also helps to identify core products/services which meet the needs of the target segments of the organization. For understanding the theory related to the marketing and the marketing plan it is first necessary to understand its elements. These elements are (i) marketing mix, (ii) branding strategy, (iii) competitor and market analysis, (iv) customer decision making process, and (v) sales plan. Marketing mix Marketing mix is a theoretical framework which defines four indicators in arranging the offerings to meet the needs of the customers. These indicators are (i) product, (ii) place, (iii) price, and (iv) promotion. These indicators are also known as 4 Ps. The concept of 4 Ps is considered to be powerful due to the reason that it makes marketing process simpler and allows having...

Branding, Brand and Brand Management...

Branding, Brand and Brand Management Branding is assembling of various marketing mix medium into a whole so as to give an organization or a product an identity. It is nothing but capturing the minds of the customers with the name of the brand. Brand gives an image of an experienced, huge and reliable organization. It is all about capturing the niche market for the product / service of the organization and about creating a confidence in the current and prospective customers’ minds that the organization or the product is the unique solution to their problem. The aim of branding is to convey brand message vividly, create customer loyalty, persuade the buyer for the product, and establish an emotional connectivity with the customers. Branding forms customer perceptions about the product and raises customer expectations about the product. The primary aim of branding is to create differentiation with the competition. Hislop defined branding in the year 2001 as ‘the process of creating a relationship or a connection between a company’s product and emotional perception of the customer for the purpose of generating segregation among competition and building loyalty among customers’. Kapferer and Keller have defined branding as a fulfillment in customer expectations and consistent customer satisfaction. Branding can also be defined as ‘a seller’s promise to provide consistently a unique set of characteristics, advantages, and services to the buyers/consumers. It is a name, term, sign, symbol or a combination of all these planned to differentiate the goods/services of one seller or group of sellers from those of the competitors’. Branding normally precedes and underlies any marketing effort. Branding is not push, but pull. Branding is the expression of the essential truth or value of the organization, the product, or the service. It is the communication of...