But what exactly does “branding” mean?
Marketing Techniques used in Oxfam and Marks & SpencerMarketing techniques and marketing strategies A marketing strategy is an overall marketing plan designed to meet the needs and requirements of customers. The plan should be based on clear objectives. A number of techniques will then be employed to make sure that the marketing plan is effectively delivered. Marketing techniques are the tools used by the marketing department. The marketing department will set out to identify the most appropriate techniques to employ in order to make profits. These marketing techniques include public relations, trade and consumer promotions, point-of-sale materials, editorial, publicity and sales literature. Marketing techniques are employed at three stages of marketing: Market research enables the organisation to identify the most appropriate marketing mix. The mix should consist of: Right product Sold at the right price In the right place Using the most suitable promotional techniques To create the right marketing mix, marketers have to ensure the following: The product has to have the right features – for example, it must look good and work well. The price must be right. Consumers will need to buy in large numbers to produce a healthy profit. The goods must be in ‘the right place at the right time’. Making sure that the goods arrive when and where they are wanted is an important operation. The target group needs to be aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output. Finally techniques need to be applied to monitor the success of marketing activity. For example when carrying out advertising it is helpful to track consumer awareness of the adverts and their messages. Evaluation can also take the place of other aspects of the marketing mix e.g. which distribution channels were most effective? Was the chosen price the right one? etc. Growth strategy:It is a strategy aimed at winning larger market share, even at the expense of short-term earnings. Four broad growth strategies are diversification, product development, market penetration, and market development. According to Ancoff there are four ways on which company can grow: Market Penetration Market Development Product Development Diversification With this matrix it is very easy to evaluate the existing stage and type of growth strategy used by the business. Survival strategy:When economy is in recession or is shrinking become a difficult time for the businesses. There are many competitors on the market and with aim to survive each business need a fresh ideas. There are few major ways for businesses to survive in tough times: Downsizing Abandoning less profitable markets Discontinuing Lines Redundancies Branding:An effective brand strategy gives to every business a major edge in increasingly competitive markets. But what exactly does “branding” mean? Simply put, their brand is the promise to their customers. It tells them what they can expect from the products and services offered by the business, and it differentiates the business offerings from those of their competitors. The brand is derived from who they (the company) are, who they want to be and who people perceive them to be. Logo and brand slogan Relationship Marketing:Marketing activities that are aimed at developing and managing trusting and long-term relationships with larger customers. In relationship marketing, customer profile, buying patterns, and history of contacts are maintained in a sales database, and an account executive is assigned to one or more major customers to fulfil their needs and maintain the relationship. Long term relationship Main way to make profit Long term engagement Customer loyalty For Marks and Spencer the role of marketing is to show…; Marketing Techniques used in Oxfam and Marks & SpencerMarketing techniques and marketing strategies A marketing strategy is an overall marketing plan designed to meet the needs and requirements of customers. The plan should be based on clear objectives. A number of techniques will then be employed to make sure that the marketing plan is effectively delivered. Marketing techniques are the tools used by the marketing department. The marketing department will set out to identify the most appropriate techniques to employ in order to make profits. These marketing techniques include public relations, trade and consumer promotions, point-of-sale materials, editorial, publicity and sales literature. Marketing techniques are employed at three stages of marketing: Market research enables the organisation to identify the most appropriate marketing mix. The mix should consist of: Right product Sold at the right price In the right place Using the most suitable promotional techniques To create the right marketing mix, marketers have to ensure the following: The product has to have the right features – for example, it must look good and work well. The price must be right. Consumers will need to buy in large numbers to produce a healthy profit. The goods must be in ‘the right place at the right time’. Making sure that the goods arrive when and where they are wanted is an important operation. The target group needs to be aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output. Finally techniques need to be applied to monitor the success of marketing activity. For example when carrying out advertising it is helpful to track consumer awareness of the adverts and their messages. Evaluation can also take the place of other aspects of the marketing mix e.g. which distribution channels were most effective? Was the chosen price the right one? etc. Growth strategy:It is a strategy aimed at winning larger market share, even at the expense of short-term earnings. Four broad growth strategies are diversification, product development, market penetration, and market development. According to Ancoff there are four ways on which company can grow: Market Penetration Market Development Product Development Diversification With this matrix it is very easy to evaluate the existing stage and type of growth strategy used by the business. Survival strategy:When economy is in recession or is shrinking become a difficult time for the businesses. There are many competitors on the market and with aim to survive each business need a fresh ideas. There are few major ways for businesses to survive in tough times: Downsizing Abandoning less profitable markets Discontinuing Lines Redundancies Branding:An effective brand strategy gives to every business a major edge in increasingly competitive markets. But what exactly does “branding” mean? Simply put, their brand is the promise to their customers. It tells them what they can expect from the products and services offered by the business, and it differentiates the business offerings from those of their competitors. The brand is derived from who they (the company) are, who they want to be and who people perceive them to be. Logo and brand slogan Relationship Marketing:Marketing activities that are aimed at developing and managing trusting and long-term relationships with larger customers. In relationship marketing, customer profile, buying patterns, and history of contacts are maintained in a sales database, and an account executive is assigned to one or more major customers to fulfil their needs and maintain the relationship. Long term relationship Main way to make profit Long term engagement Customer loyalty For Marks and Spencer the role of marketing is to show…
