November 24, 2014

Ethnographic research

Ethnographic research

Ethnographic research is a most interesting form of research – one which supports innovation completely. This is because Ethnographic research can actually give you insights in your customers mindset and in your customers lifestyle. Thus, when you notice even a small problem that the customer is having, that problem can become a completely new product for your firm. The word “Ethnography” literally means the study of people and cultures. Thus, Ethnographic research helps you study people in their natural surroundings and thereby find out the actual application of your own product, or the improvements / innovation that can be brought in a product for people. [Read more…]

4 major challenges for Marketing managers of 21st Century

Challenges for Marketing managers

Everyone faces problems and challenges in their jobs. And a marketing managers job has gotten tougher with more and more introduction of different media vehicles and different costs of advertising present in the market. In general, a marketing manager of the 21st century faces the following challenges.

Budget allocation is a challenge for marketing managers from day one - Where do you use your budget? Do you use it for TVC’s, hoardings, radio, online or where else? There are so many media vehicles today, and so many variant frequencies of advertising, that media planning has become a big challenge for marketers. If you select the right message but a wrong media, then the message will probably be lost. [Read more…]

4 types of Market research firms

Market research firms

Market research is a complicated process which involves 6 different steps to be conducted for each market research process that is carried out. There are many market research companies which conduct research for top brands across the world. There can be small business marketing companies, large corporate marketing companies, product specific marketing companies, etc. However, in general, market research companies are not divided on the basis of the market research work that they conduct. Rather, they are divided on the basis of clients that they take up. Let us understand the 3 different types of market research firms with examples. [Read more…]

Benefits of CRM and how CRM can boost business

Benefits of CRM

With today’s high competition, all your start up brand or product needs is to get a foot in the door. Which basically means that you want your customer to notice you. Once the customer has used your product, your product will do its own job of retaining the customer. However, to ensure that the customer is remembered by you, you need a customer relationship management software or a CRM.

A CRM is the perfect way to stay in touch with your customers. By taking details from your customers over time, and archiving those details, you can have a complete database ready. When you wish the customer on his birthdays, you remember his favorite choices or his last order, that’s when you become like a friend to the customer. Just like you remember him through your database, he will start remembering you in his mind, thereby increasing repeat visits. Thus, there are many benefits of CRM which help you better your customer relations. [Read more…]

Penetration pricing explained with examples and case study

Penetration pricing

Penetration pricing strategy is generally used by late comers in the market. This pricing is typically used when the market is saturated or there are already many variants of the same product present in the market. Penetration pricing gives an edge to the company because many customers are attracted on the basis of price, or value for money and switch brands to adopt the brand offering low pricing on similar products.

Many times when you enter into supermarkets, you are show signs of “special introductory offers”, the classical sign of penetration pricing strategy. There are dozens of soaps and shampoo’s, all with different price points. Most of the times, you will find the price cheaper for those products, where there is little product differentiation and the demand is price elastic. Customers will not care about the brand when they can get the same product for the same quality at lower prices. [Read more…]

Marketing mix of Ebay – Ebay marketing mix

Marketing mix of Ebay

In recent times, the E commerce segment has not just grown, but has even given tough competition to organised retail. The last 2 decades has seen a phenomenal rise in E commerce sector. The industry has risen directly in correlation to the fact that when more people are online, the purchase would be online too. There is a lot of comfort in ordering things which are home delivered, things which will take hours to buy in a show room and you still might not be able to compare one to another. This industry grew manifold due to an ever increasing number of internet and web users, and the name which emerged as one of the top competitors, is that of EBay. [Read more…]

8 Low cost market research ideas

Low cost market research

Marketing research is almost mandatory for any firm to move forward because of the changing dynamics of the business environment. In fact, many firms are carrying out market research unconsciously, while collecting and analysing market information through their references. However, a conscious market research report can reveal a lot more about the market then a report done in a haphazard manner. Small and SME companies might not have the necessary budget to purchase or conduct market research studies. Thus, a low cost market research plan is the best idea for such companies. [Read more…]

7 simple reasons that justify the importance of planning

Importance of Planning

The importance of planning cannot be over emphasized for an organization or even for an individual. From the start of a small business, to managing a large business, from starting your own career, to the last stages of your working life, planning will be the most important tool that you use in marketing. Here are 7 reasons justifying the importance of planning. [Read more…]

Promotions in Marketing – Marketing promotions

Promotions in marketing

Promotions in marketing is generally the fourth and final P of the marketing mix. This is because before promotions, the product, price and place (distribution) should be ready. Promotions in marketing generally use integrated marketing communication. Integrated marketing communication is the use of different media vehicles to get the message of the brand from the company to the consumer.

So, if you are a jewelry brand, you will use TV commercials and other ATL media to promote your own products. Whereas if you are a small time brand, you will use print media or Internet and Out of home media to promote your brand. Thus, depending on the segmentation, targeting and positioning you are planning, your promotions can be planned. [Read more…]

Research objectives

Research objectives

Before conducting a market research, your research objectives needs to be defined. Research objectives quite simply answer a simple question – Why are you conducting this market research? Off course, that question does not have a simple answer. The answer can go down in depth and become 10 more questions. For example – Are you conducting this market research to find out the strength of your brand, or to find out about competition sales figures, or find out brand recall etc etc. Thus, with each question, your research objective changes and the research methodology will change accordingly. [Read more…]