Marketing is the overall operations of a organization or company that is responsible for thinking about customers, making and researching products, service the customers, and communicating with the different market segments. Narrowed down marketing is all about managing profitable relationships with customers.
Many people see marketing as advertising and commercials. This is only the beginning of what makes up marketing as a whole. Satisfying customer needs makes up the entire aspect of marketing within organizations, not just selling products.
This app will help to better understand the world of marketing and to make better informed marketing decisions. Each tab offers a in-depth user friendly touch experience to tons of marketing information. The information is updated regularly to keep the information up to date and valid. New definitions that correspond with the real world along with new processes will be updated a couple times every month.
Sunday, 8 January 2012
Return On Investment (ROI)
Return on investment is a term that applies to almost every facet of business, including marketing. Knowing what return you can get on a marketing investment is important.
The definition of return on investment is the total net profit from a marketing campaign, divided by the total cost of the entire operation. ROI from an initial offer is often negative but to look at the long term picture it is important to know that customer lifetime value often brings the overall total into the positive.
In order to tell whether a marketing campaign is successful or not it must be known if there are returns or losses on the cost of the campaign. Setting controls and knowing past sales figures is essential to knowing if increases from a campaign occurred.
The definition of return on investment is the total net profit from a marketing campaign, divided by the total cost of the entire operation. ROI from an initial offer is often negative but to look at the long term picture it is important to know that customer lifetime value often brings the overall total into the positive.
In order to tell whether a marketing campaign is successful or not it must be known if there are returns or losses on the cost of the campaign. Setting controls and knowing past sales figures is essential to knowing if increases from a campaign occurred.
Thursday, 5 January 2012
Consumerism
Consumerism is the idea that the ever expanding consumption of goods is advantageous to the economy.
This theory is in constant controversy and has taken on a modern ideology that taking care of the environment is also important to sustainability of the economy.
Free market economies are sustained because of the idea of consumerism.
This theory is in constant controversy and has taken on a modern ideology that taking care of the environment is also important to sustainability of the economy.
Free market economies are sustained because of the idea of consumerism.
Research
Primary research:
Is original research done by an individual or company that is used and observed for testing a hypothesis.
Secondary research:
Is research done by someone else for the topic that is being tested, looking at secondary data is usually the first step in researching a question or hypothesis to see what information already exists on the topic.
Research approaches:
Observational- is observing an outcome after having a question to be answered
Ethnographic- first hand knowledge from being and interacting in a certain area
Survey- doing a survey to answer a question and get information
Experimental- having dependent and independent variables in a controlled setting to test a hypothesis
Is original research done by an individual or company that is used and observed for testing a hypothesis.
Secondary research:
Is research done by someone else for the topic that is being tested, looking at secondary data is usually the first step in researching a question or hypothesis to see what information already exists on the topic.
Research approaches:
Observational- is observing an outcome after having a question to be answered
Ethnographic- first hand knowledge from being and interacting in a certain area
Survey- doing a survey to answer a question and get information
Experimental- having dependent and independent variables in a controlled setting to test a hypothesis
Tuesday, 3 January 2012
Competitive Advantage
Knowing the competitive advantage of a product is one of the most important marketing situations.
A competitive advantage is the advantage over competitors gained by offering greater value, lower prices, higher quality, higher prestige or prolonged life.
Marketing the advantage to customers is a great way to create successful advertisements and promotions that can be used to attract customers and create a brand image. For example, offering and marketing a product that has high quality will help to create a brand that is associated with high quality products.
A competitive advantage is the advantage over competitors gained by offering greater value, lower prices, higher quality, higher prestige or prolonged life.
Marketing the advantage to customers is a great way to create successful advertisements and promotions that can be used to attract customers and create a brand image. For example, offering and marketing a product that has high quality will help to create a brand that is associated with high quality products.
Target Market
A target market is a set of buyers sharing a common demand or need that the company or person decides that they want to serve.
Knowing and stating a target market is essential to any marketing strategy or plan. Research into the target demographic and product qualities can help to distinguish which people in an area are to be targeted. Without this knowledge marketing can stray from reaching potential customers and can be ineffective over time.
Knowing and stating a target market is essential to any marketing strategy or plan. Research into the target demographic and product qualities can help to distinguish which people in an area are to be targeted. Without this knowledge marketing can stray from reaching potential customers and can be ineffective over time.
Customer Equity
Is the total combined lifetime value of all a company's customers.
An example of this would be a company with 100 customers. Each customer purchases items worth $100 and will purchase 10 units in a lifetime. 100x10x100=$100,000 lifetime customer equity for a company.
Having an idea of customer equity will help to set marketing goals for products to help maximize lifetime spending.
An example of this would be a company with 100 customers. Each customer purchases items worth $100 and will purchase 10 units in a lifetime. 100x10x100=$100,000 lifetime customer equity for a company.
Having an idea of customer equity will help to set marketing goals for products to help maximize lifetime spending.
Supply Chain
Is the entire system of organizations from the beginning of raw materials to the final destination of the products.
Understanding how this system works is necessary to coming up with an efficient marketing strategy.
The Value Delivery Network is another word for supply chain; however, it adds the customers into the equation. It includes all the partners that work together to improve the performance of the marketing system.
Understanding how this system works is necessary to coming up with an efficient marketing strategy.
The Value Delivery Network is another word for supply chain; however, it adds the customers into the equation. It includes all the partners that work together to improve the performance of the marketing system.
Touchpoint
A touchpoint is any part or aspect of a marketing plan that touches customers.
Examples of this are:
-Packaging
-Advertising
-Salespeople
-Customer Service
-Promotions
-Anything that a customer can see or reaches the customer
Managing touchpoints are vital in implementing a marketing plan.
Examples of this are:
-Packaging
-Advertising
-Salespeople
-Customer Service
-Promotions
-Anything that a customer can see or reaches the customer
Managing touchpoints are vital in implementing a marketing plan.
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