Integrated Marketing: Strategy aimed at combining different marketing methods such as mass marketing, one-to-one marketing, and direct marketing. Marketing in simpler terms means “to take your product to the customers in a convincing manner and coax them to buy it”. And not only that, you need to retain your old customers and lure new customers to your niche. How is that possible! Marketing is a concept that works magic when you project your product in such a way as to attract the customer and also your product should have an edge over that of your competitors’. Many new channels of marketing have flooded the market; the evergreen being advertisements in radio and televisions. The audio visual of your product that is being telecast in a span of thirty seconds to one minute should capture the attention of the viewers and you should see to it that the benefits of your product is communicated to the viewers in a precise manner. The questions that are inevitable to the sales force are, What is your product’s unique selling proposition? What is your distinctive competence? Are you motivating the target audience? Does your product have a brand image? So many things have to be taken into consideration and here comes the word integrated marketing. The exclusive sales force you own is your strength, without which you cannot succeed in the market. Whatever strategies you formulate, action plans you correlate, it is in the hands of your sales team that you are going to capture the market. The marketing plan and ideas have to be communicated to them from the point of conception and the innovative ideas generated from your team can be definitely put into use. Integrated marketing operates on two levels. First the various disciplines of the marketing department that includes, sales force advertising product management new product launch Marketing research, must work in tandem. Secondly, coordination with all the other departments in the firm. After all, business is done for profit. But even then there are some etiquettes to be followed when you are planning to introduce your product into the market. customer satisfaction quality quantity eco friendly Competitive price, are some of the basic principles that go without saying. Besides, the producer also should not deceive the customer or take advantage of the ignorance of the consumer while campaigning for his products. A product should reap you profit and at the same time the customer should get the value for the money paid. A satisfied customer can bring in hundred more customers; it is part of your marketing plan. If you lose one customer then you have lost thousand customers. You cannot bring back a dissatisfied customer into your groove. So the sociology and psychology which you have read only in literature will give you a helping hand in times of need, when you want to satisfy a customer. Integrated marketing combines all the marketing plans; it is a marketing mix that makes a customer happy with the product’s price, availability, promotion and the product as a whole. Hotels and restaurants Hospitals Malls and Departmental stores, are some of the ventures to be mentioned that stands as a testimony for integrated marketing, as they talk about “feasible packages for different classes of economy”. Ultimately marketing can be defined as a network that starts with the customer and ends with the customer in its supply chain...

Product Modification – Solid Strategy to Capture Untouched Market Segments There is a pressing need for business firms to bring about changes in the physical attributes of their existing products periodically, to retain the customer base as well as to tide over the competition in the market. A number of factors may prompt the manufacturer to modify his product. To make best use of the technological advancement for the benefit of the firm Modification in lieu of competition To regenerate a product suffering from sales decline Product Attributes: What could be modified; it may be anything, the color, size, material, functional features, styling and engineering, etc., or a combination of these could be considered for modification. Ultimately these modifications should result in products emerging with better quality, features and styling. Consumer goods are offered with a wide range and variety to appease the different taste of the consumers as well as to stand unique in the market; Bathing soaps, talcum powders and cosmetics to name a few. Even producers, who are involved in core industries like textiles and garments, come out with a range of products to cater to the specific requirements of the customers. Product modification is different from product specialization that applies to high end customers whose specifications are based on the end use of the product and the target market. For example, mélange yarn is a specialized product used for producing better color shades for knitted fabrics (hosiery sector). Product modification concentrates more on increasing the appeal of the product by presenting it with attractive and improved attributes like, better packing and features. Strategy to Improve Quality: The strategy of quality improvement aims at increasing the functional performance of the product- its durability, reliability, speed, taste, etc. The added advantages would be versatility, safety and convenience. The benefits of feature improvement includes, Builds company’s image Can aid in winning over the target market Gives free publicity for the firm Infuses enthusiasm in the internal environment of a firm, amongst the sales force and distributors Style Improvement: Style improvement aims at improving the aesthetic appeal of the product. Why do you think automobile manufacturers are in the process of introducing new models of cars every so often? It is a strategy that amounts to style competition rather than quality or feature competition. This kind of style modification has to be done after extensive market research to gauge the preference of the people in the target market and to avoid colossal monetary loss if in case there is a negative feedback from the market. Manufacturers of house hold products can always take the risk of going for small modifications in terms of texture and style as new features can be adapted quickly, dropped quickly and often made optional at the least expense. A firm has to mix and match its product modification strategies to maintain its competitive position and to keep itself abreast of the latest developments in the market...

Market Research for Product Line Management Business firms, whether involved in the manufacture of goods or delivery of services, have to understand the importance of marketing research that would give a fair idea about their territory of operations and the scope for development. Let me first clarify the obvious difference between a market research and marketing research. While market research is confined to only a market which comprises of its potential and actual buyers, a marketing research delves deep into and further beyond, covering all areas of marketing including the market. Identification of Consumer Needs: Identification of consumer needs and satisfying them is vital for the emergence of a buyers market. Although firms manufacture goods that are competitive in terms of quality and price, it is the middlemen, the linking factor between the manufacturer and the wholesaler or retailer, that have a commanding grip on distribution, affecting sales volumes. Extensive marketing research will help firms to solve such problems of middlemen and distribution, to cater to the needs of the ever expanding market. Preference of People: People’s preference always changes resulting in a sea change of market conditions. In order to anticipate and meet any such changes, a firm needs to analyze the market conditions on a day to day basis. Also improving the product design helps a firm to retain its customer base. How does a firm survive in the market without knowing the elemental changes that are happening in its immediate environment? Pricing is one of the crucial factors that determine the acceptance ratio of a product or range of products. Information Source: Marketingtutor A separate department is maintained by some top corporate firms to collect relevant information about the pricing strategies of rival companies that helps them to take the market lead, by quoting competitive prices comparatively. Such secret agendas are a need of the hour to outsmart your rivals. Sales Promotion and Advertisement Campaigns: Another component of the research planning is sales promotion and advertisement campaigns. Sales promotion is solely dependent upon the sales force and the marketing manager has to play a key role in integrating their functions to bring out their strengths. The activities of the sales personnel should be oriented towards targets and a mission without a target is like travelling without knowing the destination. Information Source: BBAMANTRA When we talk about advertisements, they not only sell tangible products but also intangible things like morals, values, love etc., So, it becomes even more important for the advertisers to follow some built in standards that does not affect the ethical values of the society concerned and also they should make it a point not to make women a mere object of attraction. The market research that is a part of marketing research includes the study of the following: Market sizeMarket potentialMarket shareMarket segmentsMarket trends and seasonal trendsSales forecastingConsumer profileConsumer preferenceCompetitor analysisMeasuring the price elasticity of demand and much more. Such marketing research helps a firm to develop a comprehensive plan regarding effective training programmes, sales force management, research and development programmers and effective control mechanisms. It also facilitates efficient decision making and the operational tasks of marketing management, thereby contributing to customer satisfaction and efficiency of the...

Factors to be Considered for Product Pricing: Price is one of the crucial components of the marketing-mix and plays an important role to bring about product market integration. It is the only factor that generates revenue, the reason why much research is done before fixing the basic price of a product. In a narrow sense, price is the amount of money charged for a product or a service. But in a broader perspective, it is the sum of all values that a customer gain by exchanging money for using a product or enjoying a service; now, what do you mean by values? It may denote customer satisfaction, endurance, efficiency, effectiveness of the purchase etc. Establish the Pricing Objectives: How does a business firm go about fixing the price? The first step would be establishing the pricing objectives based on the factors that govern the price and ascertaining their relevance and importance in the light of prevailing economic conditions. The firm must provide the customers with the value worth the money paid for. Thus determining the product value in monetary terms and formulating pricing policies and strategies accordingly is very important. Price is influenced by both external and internal factors. The internal factors that influence pricing may be, Corporate objectives and marketing objectives of the firm-Obviously a firm would like to survive in the market by maximizing its profit followed by retention of market share. To retain the existing customers and to attract new customers, a firm has to focus on “quality” and “customer service”. If you lose an existing customer, it is equivalent to losing ten new customers, as loyal customers increase your customer listing. Where do you want to stand in the market is another question you have to ask yourself! The desirable market positioning of a firm is also dependent on price fixation mechanisms. The characteristics of a product also influence the pricing, as the nature decides the mode and cost of production. Price elasticity or demand of the product-A hardcore business person will never try to penetrate a new market with his existing product or introduce a new product in existing markets without substantial marketing research, since the demand for the product may very form market to market and only by “test marketing” does a firm can acquire some insight about the nature of demand. Cost of marketing-Without proper canvassing you cannot expect your product to hit the right note. There should be sufficient financial planning that well falls in line with your marketing plan. The external factors that influence pricing may be, Market characteristics-Here, industry analysis is needed, to gauge the trend of the products of similar nature and the stage of the industry in its life cycle-whether it has reached the saturation point. If so, how can you expect to make a mark in an industry that is already falling back? Sometimes, the industry might be thriving, leaving behind certain firms that cannot meet the expectations of the industry. In such cases too, caution is to be exercised to predict your chances of success based on your merits and shortcomings. Bargaining power of the customers-you cannot expect to sell premium products in a market where the potential buyers belong to the middle class category. Even such markets are captured by intelligent marketers who follow the strategy of price skimming. Competitor’s pricing policy-Constant updates about your competitor’s pricing strategy keeps you at bay and also helps you in deciding your game plan. Big corporate firms very rarely come for a compromise in pricing terms, brushing aside their prejudices, if it proves to be win-win situation for both. Government’s regulations on pricing-When you plan to expand...

Trends in Consumer Marketing FMCG’s: Consumer marketing is defined as creating and selling products, goods and services to individual buyers, as opposed to trying to appeal to businesses.  You would have often heard about this – Fast moving consumer goods. These are nothing but products that are destined for use by ultimate customers or households that cannot be done with, as their usage is on a day to day basis. It might make some sense if I cite some examples – toothpaste, soaps, shaving creams, talcs, body lotions; these are meant for personal consumption and the demand for such products is direct and needs less of relationship marketing. Brand Focus: The number of customers in the consumer market is relatively large and the product purchase is influenced by even emotional factors. The focus is on the brand name and some people ardently follow a particular brand for ages, and this might be attributed to the effect that has been created by mass media advertising, or it might be due to the fact that they might identify themselves in some or the other with the product. It becomes a personal companion over a period of time. Impulse Buying: The decision making process is informal and often simple. Sometimes, it is influenced by the budget equations and feasibility. Impulse buying is also common in consumer market. At times, the consumers go adventurous and like to try their hands on new products. Branding is an important feature that retains the customer base for business firms and that’s why market analysts are attaching so much of significance to advertisements and sales promotions, to make their product a household name. Distribution Network: The firms must have a pucca distribution network linking different parts of the territories, where they want to expand their market. Say, for instance, a soft drink can be made popular by branding, but if there is no sufficient supply in the market, how do you expect customers to support your product? Equally important is providing the customers with a product size that best suits their budget. Consumer Marketing Infographic: Researchomatic.com Market Segmentation: Market segmentation recognizes the existence of distinct market groups, each with a distinct set of needs. Through segmentation, the firm directs its product and promotional efforts towards those markets that will benefit most from or will get the greatest enjoyment from its merchandise. Over the years, segmentation has become a popular strategic technique as the market is ever flushed with competitors. Influence of Price: A number of sellers are seen in this kind of consumer market and it is only the market that decides the price and not the participants. The marketers have nothing to lose if they sell at the market price, but if they plan to sell at slightly higher price levels than that of the market, it will prove detrimental to their objective. https://www.businessmodelscholar.com/wp-content/uploads/2020/06/3.pdf They are only price takers and not price makers. But they have the leverage to freely enter and exit the market. If the consumers foresee a fall in the general price levels of a product, they wait for some more time to take full advantage of the situation and decide to postpone the purchase. If the market shows an increasing price trend, it is the other way round, either they buy in bulk or go for substitutes.Say, if the price levels of coffee is on the rise, people opt for tea. Demand for consumer goods is price elastic. Consumers don’t care for much technical specifications; they only care for the quality backed up by a strong brand name.   Post by Free MBA...