Marketing & Strategy section contains articles on marketing concepts & strategies, branding of products & services, advertisement campaigns, promotional activities of brands and analysis of popular global brands.
Do Brands have finite lives ?
31 October 2010
We all have heard, studied, read about the Product Lifecycle(PLC). The concept says that Product, like a human being, has a finite life. It grows, matures and then dies.
Lets take an example. A Floppy Disk is no longer available now but it was a hot cake at one time. Even till 2001-02 floppies existed in market. The product just died.
In 2005-06 a phenomenon called Orkut hit India. People were totally hooked on to it. Everone created a profile on it in 2006 and after that a social networking revolution came to india. In US, Europe etc this had already started 2-3 years back. MySpace, Facebook etc were already super popular.
India also caught on well with all these trends. Orkut became a passe as soon as Facebook took over for Personal and social networks, LinkedIn for professional and MySpace just for timepass in the Indian context.
Then suddenly new words started to make some noise in the cyber space. These words twitter and tweets took the world by surprise and shook it! They introduced the concept of microblogging and SMS type social networking.
Substitutes: A Bigger threat than competitors
31 October 2010
Porter's five force model is pivotal in any industry and must be analysed appropriately and extensively to find out a company's strengths and weaknesses. The five force model has 5 elements, namely threat of competitors, bargaining power of suppliers, bargaining power of customers, inter-organisational rivalry and, a very important danger i.e. threat of substitutes. Of all the above elements, threat of substitutes is deadly for an organisation as it is the most unexpected and it might take up the market by storm, thereby posing a potential danger to companies. Thus, it is extremely important that companies make breakthrough products and, creative and innovative efforts to tackle the possible hacking by substitute products and services.
Money- the one factor which keeps humans on their toes. Be it individuals or organisations, any opportunity to charge and earn an extra penny is not allowed to let go. But sometimes naive customers are charged for something which is far more than the value associated with the product. This is why the concept of Maximum Retail Price was introduced. However, is MRP for real or do people set their own prices?
Ethics: The perfect marketing strategy
31 October 2010
Every organization starts with the purpose of fulfilling the desires and needs of people. Companies are born when they understand the customer needs, find the gaps in the industry, provide the target group with their services and then promote their activities and products so as to reach to maximum customers. But there comes a time in the life-cycle of every organization, where extensive marketing is not needed for brand recognition and retaining customers. The main factor which creates a place in the minds and hearts of consumers is the ability of the company to serve the people ethically and responsibly.