Experiential marketing strategies and tools
Experiential marketing is a form of advertising that focused on helping customers experience a brand.Traditional advertising such as radio, newspapers and television verbally and visually communicates the brand and product benefits with the customers but experiential marketing tries to immerse the customers with the product by engaging them with using as many other human senses as possible.The goal of experiential marketing is to form a memorable and emotional connection between the consumer and the brand so that it can increase customer’s satisfaction reduce negative word of mouth and may even generate customer loyalty.
A number of experience clues that can be composed by customer management,whether
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Co-branding
Co-branding, also called brand partnership, is when two companies form an alliance to work together, creating marketing synergy. MBS can choose to host co-branding activities such as sponsorships, partnerships, alliances, event marketing, as well as maintaining close relations with companies by keeping communication channels open to facilitate future partnerships.
This further enables MBS to enhance and increase their brand awareness amongst different potential partnerships with companies. This is due to the fact that MBS will be teaming up with other respected companies with their equally credible brand name, thus strengthening both companies’ brand strengths in their respective industries.
It also doubles any marketing budget that each company have set aside for attracting potential businesses to work with both MBS and their partners. MBS and its partners have more room for creativity and more opportunities to market their services to other businesses and potentially result in more
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For MBS, spatial environments is also another factor that the reason why customers will return to MBS. With clean and conducive environment, customers can rest assure that they can get to have a wonderful experience staying, enjoying the attractions and shop here. websites and electronic media
Websites and electronic media offers enormous opportunities for creating customers experience that are evoking interest. The use of different kinds of media such as chat rooms, animation, audio and the capacity for site visitors to customize their own pages for offers rich potential for emotional
These facts gave the idea of combining the 2 to make one big company instead of losing money from competing constantly.
The diversification lowered the overall risk of the firm and created an information network among the divisions, which was critical for the company to gain competitive advantage. The loyal customer base was another strength. The $60 billion assets that under the company’s management provided the company a positive brand image and made it easier for the company to attract new customers. Weakness:
P1: Describe customers in four different contexts: A Market: A market is a place where demand and supply operate. Buyers and sellers interact to trade their good and services. (What is a market? , n.d.)
Creativity plays a big part with these two companies coming together. It gave both companies a chance to benefit from each other. Ella’s Kitchen used VBS to promote their product that is targeted towards children. Viacom Brands Solutions (VBS) was able to generate more advertising revenue through healthier food and drink products (Eagle, Dahl, Czarnecka, and Lloyd, 111).
This is because they look to interact directly with the final customers. The book states that a firm should vertically integrate business activities where they possess valuable, rare, and costly-to-imitate resources and capabilities. With competition consistently playing a factor, Verizon had to find a way to gain a competitive advantage. In this case, network reliability, products and services, customer service, and familiarity are the different paths Verizon has chosen to differentiate products and secure a competitive advantage. The forward integration strategy stands to benefit the larger cellular providers more.
And achieve as a result, the growth for its brand, market share, and sales
Firstly, this acquisition is beneficial to MEG’s future expansion. MEG will gain enough money to improve the financial situation and develop other business better, such as digital media and TV. Compared with newspaper division, these businesses have more potential to grow stably. More concentrate on these fields is the correct way to develop the company. Additionally, Berkshire Hathaway has already run its own media business since 1973.
UMESH MISRA MKT 6301 HARLEY DAVIDSON 1. A description of what you believe to be the key issue(s)/challenge(s) facing this organisation and justification. Marketing issues/challenges: • One of the marketing issues faced by Harley Davidson was, should they continue to sponsor posse rider or not. Crafting Posse ride in such a way that the company can capitalize on its success and its profit making potential.
2 LITERATURE REVIEW Several studies have been made on the branding of Institution especially, higher Institutions which includes Universities, Colleges and Business Schools. The importance of branding is well recognised in the branding literature. This chapter starts with a definition of key words in order to understand the terms of discussion and theoretical concepts relevant the research topic. The key words includes strategic positioning, brands, branding, business school, corporate branding, brand image and reputation and brand strategy, stakeholders.
In order for a business to find out their customers interests and thoughts about their business, they carry out the appropriate marketing research to ensure that the business has 100% customer satisfaction. In relation to Kellogg’s, they have carried out a number of market research, which has ultimately led them to becoming the leading cereal brand. The company has developed a range of products for the segments within this market, targeted at all age groups over three years old. This includes 39 brands of cereals as well as different types of cereal bars. Consumers of cereal products perceive Kellogg 's to be a high quality manufacturer.
Customer loyalty is one of the most important and critical factors for a company's success. Customer loyalty happens when customers have a great experience, and it leads to many benefits: loyal customers return for future business, refer friends and family to a business, and spread positive comments about a company through word-of-mouth advertising. With social media and the ease of rating companies. There are several factors that can influence customer loyalty. First the place and product, which means how easy is it for customer to access the place, Second is promotion There are many ways to promote the business, from pricing specials to free gift with purchase.
Companies to cater to customers in the most effective manner were forming various strategies. To attract new and engage the old customers, development of mobile applications, websites, and campaigns on social networking sites are some initiatives companies are adopting. The global luxury goods market is categorized by large number of mergers and attainments, thus making it favorably consolidated in the near future. The global luxury goods market is expected to grow moderately over the
Most people today, own one at least one technological device which could be one of the access platforms that form online channels the company may apply for their digital marketing to achieve profitability and retention of customers. Chaffey and Ellis-Chadwick (2012) state that a digital marketing strategy is constantly needed to provide a sense of direction for an organization’s online marketing activities so that they integrate with its other marketing activities and support its overall business goals. According to Parise et al.
People can reach nowadays more information about the products and services that they are intending to buy. Consumers can either search for marketer-generated information or the information generated by other consumers. In addition, both consumers and marketers can post visual instruments via the Internet, such as images and videos. On the one hand, this is a great opportunity for marketers to release their products and services in a cost-effective way; and, on the other hand, this gives consumers an opportunity to get visually-supported information which will, in turn, help them to make better decisions. Furthermore, the Internet provides a convenient way for marketers and consumers to communicate with one another.
A creative advertising can lead to more memorable, longer lasting, works with less media spending, and builds a community faster. Lack of creative advertising, Pensonic Holdings Berhad is hard to inspiring people to buy their products. Ads that simply catalogue product attributes or benefits were not enough to attract the customer attention and positive attitudes about the products being marketed cannot lead to the customers (Werner & Peter, 2013). Effective advertisements are advertisements that help the advertiser to reach its goals (Doyle & Saunders, 1990). Other than that, According to most studies in different countries, revealed that TV has the biggest effects on audiences and persuade them to start purchasing processes.