The advertisement helps the organisation to reach to their targeted customers in an effective manner and at the same time, also enables them to develop a superior relationship with the public as a whole. Other techniques that are used in marketing are mainly transactional marketing, viral marketing, and mass marketing. The marketing process helps the organisation to increase the customer base for the company, which in turn leads to the development of the sales level for the organisation. Different marketing techniques must be incorporated within the marketing strategies of the organisation so, the companies are able to enhance their operations and at the same time develop in the near future (Hynes and Janson,
The four alternatives in marketing strategies include market penetration, product development, market development, and diversification. These strategies can be used to ensure that the company employs the right tactics to stay relevant in a competitive industry as well as maximize its profits (Maria, Grandinetti, & Bernardo, 2012, p. 72). Firstly, market penetration involves methods that will enable a company to get its products into a market. It should be noted, that this is the lowest risk strategy. This may involve promotion of the product, creation of an extensive distribution process to reach a wider consumer area, and putting attractive pricing to lure more customers into purchasing the company’s products.
So, it actually helps in reinforcing the market position of the brands. In other words, co-branding helps in creating a deeper impact and brand recall among the target customers. Therefore, a diverse portfolio of brands helps gain more traction and exposure than just one product. Risk and Resource Sharing: If both the brands are looking to expand their customer base, then the brands can leverage each other’s strengths to capture the target market, mitigating the risks with economies of scale. Sony and Ericsson co-branded various products ranging from the walkman to mobile devices.
Market segmentation is the defined as the splitting the buyers into the groups within the same needs and wants. It benefits the companies to define their target market and it attracts the customers that the company wishes to make the best use of their products. It is a very useful technique which reduces the risk in deciding that which market should be targeted. The purpose of the market segmentation is to earn the large amount of profit and it also ensures that the company has targeted the right market. It also becomes easy to understand the customer and the needs and wants of the buyers as well.
“People like the familiar and are prepared to ascribe all sorts of good attitudes to items those are familiar to them” (Aaker & Joachimsthaler 2000). Aaker & Alvarez Del Blanco (1999) have also indicated that brand awareness indirectly affects purchase behavior, as it has a positive influence on perceptions and attitudes towards the brand recall and retrievability to impact to the purchase of the brand i.e. repeated purchase behaviour which creates consumer/brand loyalty. PI is also very useful in forecasting future demand of existing products (Juster, 1966, Morrison, 1979). Purchase intentions are also used to pretest advertising and evaluate proposed promotions for both new and existing products (Bird and Ehrenberg, 1966) A seven-point Likert
Recognised outcomes include an improved understanding of customers, more efficient resource allocation, better-tailored marketing programmes, and enhanced competitiveness (Albert, 2003; Beane and Ennis, 1987; Freytag and Clarke, 2001). The rationale behind marketing segmentation is to allow businesses to focus on their consumers’ behaviors and purchasing patterns. If done effectively, marketing segmentation allows an organization to do its highest return on investment (ROI) in turn for its marketing and sales expenses. If an organization markets its products or services to a consumer or business, it should focus on the various types of segmentation. Kotler (2010) describes segmentation as the classification of consumers within a market that share related needs and set up related purchasing behavioral habits.
This essay argues that CSR initiatives tend to have a positive correlation with company performance, which underpins further practices that cater for the society and environment in the cosmetic industry. In the following paragraphs, the external influence of CSR, mainly the enhancement of brand image and consumer loyalty, will be analyzed, followed by the investigation of the internal influence including the reinforcement of employee commitment, and subsequently the discussion of the limitations of the practices under various circumstances. It is widely believed that CSR is a farseeing marketing strategy and has significant influences on brand image and consumer behavior. Two reasons contribute to this advantage. For one thing, most consumers show preferences for socially reputed brands when evaluating similar products; for another, a firm could sharpen its competitive edge by focusing on non-economic factors.
In selecting a targeting strategy, marketers consider a number of factors. For instance, the firm's resources must be substantial if it plans to target several segments. Offering a wider selection of products and marketing programs greatly increases the costs of doing business. By marketing directly to your target market only, you can determine how much your customers are willing to spend on your offerings, how often they’ll need to make purchases, and what you’ll need to do to keep up with changing trends in the future. Target market analysis also ensures that the products or services your company will offer will actually be profitable.
Basis statistical methods also help is shedding additional insights like correlated parameters, sales trends and cyclicity, customer segmentation etc. This help the management in regular monitoring of sales effectiveness and need for corrective action alongside development of an incentive plan. Such data analysis, alongside accurate measurement of key parameters are the key components of measurement, identification, assessment and decision support for sales representative performance, thereby providing the platform for elevating sales
Brand extension refers to marketing strategy in which same name of a brand is used in a different product category. In short it is similar to brand stretching. Brand extension helps in evaluating opportunities related top product category, it identifies resource need and it helps organization to increase brand equity. brand extension is successful when customers value and goals match with that of core business and when these goals and value are personified in a brand then the brand is more acceptable by the customers in a business. brand extension is done for some purpose like for growth and development, trend in industry ,Economic Benefits and also for creating competition.