Posted in Marketing & Strategy Articles, Total Reads: 2359
, Published on 27 February 2013
The main focal point of marketing is consumers’ needs, wants and demands and how to deliver consumers’ satisfaction at lowest possible price. If consumers’ satisfaction is consistently delivered then a brand image is created that speaks about the commitment to consumer, society and public. Nowadays knowing the customer and his background is also important.
The marketing aspects have changed over the years. The mindset of consumers has changed. Consumers prioritize quality and hence the brand image comes into play a lot. Price of products has become secondary. Consumers believe higher the price better is the quality of the product but simultaneously they have got educated and realized that price of products also gets increased due to celebrity endorsements. Consumers nowadays do not rely on celebrity endorsements anymore and perceive in the negative sense. They have understood the fact that the celebrities are paid an amount of money to promote a product by the various companies that increase the price and do not guarantee the quality of the product. However non tarred celebrity images can be utilized by tarred companies to revive brand image again into the market. Consumers nowadays are willing to pay more for quality products.
Viral marketing is now the best tool of marketing products and create brand awareness. The companies should focus on quality more and make products more customer oriented rather than adding more features to differentiate products from the competitors and thereby increasing prices of products unnecessarily. Product differentiation can also be made on the basis of adding no more extra features that the consumer does not want and hence they need not have to pay for the unnecessary features.
Social networking websites play an important role in promotion of products. If good quality products are delivered at reasonable prices, it will lead to publicity, the non-paid form of advertising thereby reducing the costs involved with marketing activities.
Most of the consumers are nostalgic and this characteristic of consumers can be best utilized for advertising purposes. This characteristic feature of consumers can create brand loyalty and increase the drive for the products more. Advertisements instigating nostalgia among consumers are very effective, efficient and cost-friendly. They decrease the cost for marketing activities and generate greater turnover due to brand loyalty and repeated purchases.
Ethical values need to be maintained by all business concerns or else it can lead to corruption and hence can cause economic slowdown or downturn of the country. If economic slowdown or downturn occurs then the purchasing power of the people of the country will decrease and thereby the wants will not be converted into demands. At the end of the financial year if the companies do not approach the Government for some reduction of taxes then the economic development of the country will increase which will in turn increase the sales turnover of the companies thereby creating major profits or gains.
References: Case studies of Cadbury, Maggi noodles, Consumer research study, “Count your chickens before they hatch” and lectures of my respected Sir Meghdoot Ghosh of Mayfair Business School, Kolkata.
This article has been authored by Pritam Mukherjee from Mayfair Business School, Kolkata.
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