February 13, 2016

What is Commodification – Its advantages and disadvantages

Commodification

Capitalism is a social system where industry, trade and means of production are largely owned and managed by private owners, and they operate for a profit. It is estimated to have dominated the world for approximately 500 years. However, in the last decades a new concept has started to thrive in business environment, that being commodification[Read more…]

Customer to business marketing model

Customer to business

The Customer to business marketing model is a relatively new concept and it was possible because of the power that companies place in the hands of today’s customers. It is also known as the C2B model. It is diametrically opposed to business-to-customer, as the end customers create products and services which are consumed by businesses and organizations. Customer to business or C2B involves e-commerce type of business which came into existence due to Internet, which made possible the relationship between customer and business. [Read more…]

Marketing strategy of Axis Bank – Axis bank strategy

Marketing strategy of Axis Bank

The 3rd largest private sector bank of India is Axis Bank which was previously known as UTI bank. UTI bank changed its name to Axis in 2007 and it offers the entire spectrum of financial services to customer segments covering Large & Mid-Corporates, MSME, Agriculture and Retail Businesses. With a balance sheet size of Rs.383245 Crores as on 31st March 2014, Axis bank has achieved consistent growth and stable asset quality with a 5 year CAGR (2010-2014) of 21% in total assets, 19% in total deposits, 23% in total advances and 28% in net profit. [Read more…]

Affinity marketing and its benefits to Marketers

Affinity Marketing

When we say affinity marketing we mean “strategic partnerships” between complementary brands which sell similar or compatible products, with the scope to increase awareness. The collaborative effort brings success and mutual benefits to both partners by targeting a larger audience. Nevertheless, Affinity marketing is not only restricted to two entities only. It can also involve any number of firms who can benefit from each other by being involved in the same affinity group.  [Read more…]

Prestige pricing and its application in Marketing

Prestige pricing

Companies utilize various pricing strategies when marketing their products to customers and one of these pricing strategies is Prestige pricing. Pricing is one of the most important P’s of the marketing mix.

Generally, in order to identify the optimum price, marketers will take into account labor, production costs and advertising expenses. Once these costs are considered, then the company can keep a minimum profit mark up. However, several companies prefer to adopt a prestige pricing strategy, as they count on the idea that ‘’expensive’’ is perceived by customer as “high quality”. [Read more…]

Internal branding and its importance to an organization

Internal branding

The concept of Internal branding is all about believing in yourself. If the employees of a company are cynical about it’s product or do not have confidence on the organization itself, then it is very difficult to convince the buyers to purchase the products. Skepticism should be dealt with as fast as possible as it may start affecting the company adversely. [Read more…]

Marketing mix of Ariel – Ariel marketing mix

Marketing mix of Ariel

Ariel is a laundry detergent product under the flagship of its parent company “Procter & Gamble”. This international brand has spread its base in different parts of the world with its regularly updating products. Some of the companies to provide it a stiff competition are as follows [Read more…]

How to analyse consumer behavior by asking these 12 simple questions?

Analyse consumer behavior 2

Analysing consumer behavior is difficult because there are many factors which influence consumer’s behavior. However, if you ask these 12 basic questions, then the going can be easy. These 12 questions will help you build a consumer profile, and will also determine the different types of customers which buy your product and the influences which make them buy. [Read more…]

Selective attention & importance of capturing customer’s attention in marketing

Selective attention

Most people would get the logic of selective attention through a simple example. You are going through a boring lecture on finance, and a hot girl stands up (or a hot guy depending on your gender), where is your attention? On the girl or on the question she is asking? Ideally it should be on the question, but i wouldn’t be surprised if most of you were checking out the girl. [Read more…]

The Influence of Culture on consumer behavior

The influence of culture on consumer behavior is profound, and if misunderstood or taken lightly, then the product might fail in the new cultural market. As businesses are expanding, they are entering wider territories and in many cases, businesses are operating in more then one country. When the company is truly multi national, then it means that it is operating in two different cultures besides operating in two different geographies.  [Read more…]