Thursday, May 20, 2010

Assessing Strengths and Weaknesses and of Competitors

The strengths and weaknesses of each competitor should be assessed. It should be based on:• Resources: They can be physical, financial, human and information resources of the competitor.• Competencies: Competencies and performance record of the competitor’s human resources. Competitive advantages of competitors which cannot be copied.• Share of target market: Percent...

Friday, May 14, 2010

Market Competition

Market competition refers to many companies engaged in satisfying the same customer need. For example, copying need can be satisfying by carbon paper, stencil paper, computer printer, and photocopies. Market competition can be:A) Product Class: It is a group of homogeneous products which are substitutes for each other. For example, breakfast products can be cornflakes, chiura...

Monday, May 10, 2010

Understanding Market Opportunities

Opportunity is a favorable condition in the environment. It enables marketing to consolidate and strengthen its position. It is an important factor in shaping market strategy. Good marketing is the art of finding, developing and profiting from opportunities. Opportunity is located in the external environment. External environment consists of conditions and forces outside...

Tuesday, May 4, 2010

Marketing Information System in Nepal

1. Market The Nepalese has traditionally been a seller’s market characterized by controls, shortages, and scarcities. Most of the organizations lack effective marketing information system. Marketing decisions are largely based on hunches and intuition where personal knowledge and experience play an important role.2. Since 1980, Nepal has adopted the policy of liberalization...

Saturday, May 1, 2010

Measures of Market Demand

Demand is want for specific product backed by purchasing power and willingness to spend. A market is the set of all actual and potential customers of a product with demand. Demand analysis is the basis of most marketing decisions. Market can be: a) Potential Market: It is size of market with set of customers having sufficient level of interest in a product. They have prospect...

Friday, April 30, 2010

Features of Marketing Information System

The features of marketing information system are:a) Inter related components: Marketing information system is a set of inter-related components. They consist of people, equipment, and procedures. Computer hardware, software, and information communication technology is used to design and deliver it.b) Processing: Marketing information system collects, processes, analysis,...

Marketing Intelligence System

The marketing intelligence system provides information about everyday happenings in the marketing environment. It is based on environmental scanning.The Sources of marketing intelligence are:a) Marketing Managers: They read books, newspapers, and trade publications. They talk with customers, suppliers distributors and personnel within the organization to gather information.b)...

Tuesday, April 27, 2010

Concept of Competition in Marketing

This is the age of competition. Marketers must carefully identify and analyze their competitors. Competition can be in terms of brand, product-class, generic and geographic. Competition is a threat to the firm. A competitor is a firm in the market selling a product which is perceived as substitutable by buyers. Competitor analysis describes the competitors, evaluates the competitors,...

Saturday, April 24, 2010

Meaning of Marketing Research

Research is systematic gathering of information. Marketing research is a systematic inquiry undertaken to help resolve a specific marketing problem. Its purpose is to guide marketing decisions by generating information. It provides alternatives for making the choice. It is a tool for identifying market opportunities to formulate market strategy and to minimize threats. It is...

Wednesday, April 21, 2010

Organizational Buying Decision Process

There are six stages in the organization buying process:Need Recognition: The buying process starts when individuals recognize a problem or need. Need recognization can arise under a variety of situations, for example accountant needing a calculator, researcher needing a book.Product Specification: This stage involves development of product performance specifications to solve...

Meaning of Organizational Buying Behavior and Features

Organizational behavior refers to the to the buying behavior of organizations that buy products for business use, resell or to make other products.Organizations consist of business, industries, retailers, government, and non-government organizations.Business and industries buy products for business use or to produce other products.Resellers buy products to resell at a profit.Government...

Monday, April 19, 2010

Market Segmentation in Nepal

The supplier driven Nepalese market generally practiced mass marketing approach with product variations in the past. The socio-economic changes and developments in transport and communication system have made Nepalese marketers conscious of market segmentation. The marketing strategies of global organizations like Coca Cola, Pepsi, Nepal Lever and Standard Chartered Bank have...

Wednesday, April 14, 2010

Effects of Economic Factors in Consumer Duying Decisions

Consumers make decisions. Their buying decisions are influenced by economic, personal, psychological and socio-cultural factors.Economic factors that affect buying decisions. They consist of:a) Level of income: The ability to spend is determined by the level of disposable income. Choice of income-sensitive products is very much dependent on income level.b) Liquid Assets: Consumers...

Monday, April 12, 2010

Effects of Personal Factors on Consumer Buying Decisions

Personal factors consist of:a) Age: Consumers buy different products according to age group. Their taste in food, clothes, and recreation is age-related. Young consumers like to experiment new products. Older consumers prefer brand loyalty.b) Gender: Male and female exhibit differences in buying behavior. Their needs also vary.c) Family size and family life cycle: Family size...

Sunday, April 11, 2010

Definition of Business Market and its Features

Business market consists of profit making organizations. They can be industries, business and retailers. They buy products for business use, reselling or making other products. Buying is dine by professional people. The product is backed by company's reputation, sales force and competitive price.The characteristics of business market are:I) Focus: The focus of the market is organizations....

Friday, April 9, 2010

Segmentaion Variables of Consumer Markets

Segmentation variables are used for dividing a total market into segments. Selecting appropriate variable is an important decision of marketing segmentation.Consumer market consists of individual and households. They are ultimate consumers. The reasons for buying products are personal use or household use. Most products in consumer market are branded. Marketing is targeted at...

Thursday, April 8, 2010

Some Useful Process of Market Segmentation

Market segmentation should not be based on guesses and hunches. It should be a systematic process consisting of the following steps.1. Market Survey/ information Collection: Segmentation requires a thorough investigation of the total market characteristics. Marketing survey is conducted for this purpose. Information is collected on the following aspects:Customer needs and characteristicsBrand...

Wednesday, April 7, 2010

The Requirements for Effective Market Segmentation

The requirements for effective market segmentation are as follows:a) Measurable: The size, needs, purchasing power, and characteristics of the customers in the segment should be measurable. Quantification should be possible.b) Divisible: The segments should be differentiable. There must be clear-cut basis for dividing customers into meaningful homogeneous groups. They should respond...

Tuesday, April 6, 2010

Types of Market Segmentation

We know that, there are different sorts of market segmentation. Some of them are described as follows:1. Target Marketing:The total market is viewed as consisting of heterogeneous customer groups. They have various characteristics. The market is divided into major market segments. One or more of those segments are selected as target. Marketing mix is tailored to each segment....

Definition of Market Segmentation

A Market consists of customers. They have needs to satisfy, money to spend and willingness to buy products. No product can satisfy the needs of all the customers in the market. Customers vary in needs, characteristics, buying behaviour, purchasing power and preferences.Market can be divided in following manners:1. Consumer Markets: The reasons for buying products are own personal...

Saturday, April 3, 2010

Most Important Requirement for Total Quality Marketing

We know that, quality is perception of customers towards products either it is good or excellent. Product should be good in quality. Then it can attracts to the customer globally. So that, organization should produce quality products for establishment in the competitive world. It is necessary in a organization. And here is some requirements for total quality marketing:Total commitment...

Customer Profitability and Total Quality Marketing

Quality is perception of product excellence by customers to satisfy needs. Improving product quality has become a top priority for marketing. There is an intimate connection between total quality marketing and profitability. Total quality marketing leads to customer satisfaction. Customer satisfaction leads to profit achievement by the organization.The dimensions of quality can...

Friday, April 2, 2010

Some Useful Strategies for Relationship Management

In Marketing, relationship management is very much essential. Because no tasks of marketing can be done without good relation with related sectors. Here are some strategies to build relationship in marketing:1. Quality Assurance: Marketers promise and deliver high quality products at fair prices to customers. This promotes long term loyalty and relationships. Consistence...

Thursday, April 1, 2010

Customer Development Process and Relationship Mangement

Relationship management involves customer development. So that, customer development and relationship management have close relation with each other. The customer development process consists of the following steps:- Prospects: People who have interest in the product and ability to pay for it; they are likely to buy the product.-First Time Customers: Prospects who buy a product...

Tuesday, March 30, 2010

Concept of Relationship Management

Relationship is a dynamic word which is used in different sectors of business. Relationship needs in all sectors to make good working environment. Without relationship we can not think good working environment of organization. So that it is very inportant in business organization for marketing.Relationship management is building long term mutually satisfying relations with customers....

Friday, March 12, 2010

Methods for Tracking Customer Satisfaction

In the daily life, organization should track and monitor customer satisfaction. The following methods can be applied for tracking customer satisfaction.Complaint and Suggestion System: Customers are encouraged to make suggestions and complaints. Hotels provide printed forms to guests for this purpose. Web pages and e-mail is used to facilitate information flow.· This method provides...

Sunday, March 7, 2010

Barrier to Global Market Entry

While entering in global market we may face different types of difficulties. So that it is very difficult to enter and adjust in global market. Some barriers to global market entry are as follows:1. Political Risk: Political instability resulting from changing government policies, civil disorder and terrorism can create high political risk. This becomes a barrier to global...

Thursday, March 4, 2010

Considerations for Global Market Entry

This is the age of globalization. Where, trade is running globally in the world. So that, every company should go globally to achieve goal. Before going global, a company should consider the following factors:Political Risk: It arises from political instability. Its sources can be change in government policies, civil disorder, agitation, terrorism and restrictions. It can lead...

Wednesday, March 3, 2010

Holistic Marketing Concept and Consumer Value

Holistic marketing concept focuses on all matters related to marketing. Some of them are as follows:It uses integrated marketing to meet customer needs.It uses relationship marketing to develop lifelong relations with customers.It uses internal marketing to make members of organization customer-oriented.It practices societal marketing to promote consumer and societal welfare.It...

Tuesday, March 2, 2010

Modes of Global Market Entry

The modes of entry in global market can be described as follows:Export: It is selling domestic products to foreign countries. It is executing orders received from foreign countries. They can be received direct or through middlemen. Where, export helps to increase sales volume. Economics of scale can be reaped. However, it caves logistics, procedural, servicing and market promotion...

Marketing in the Era of Globalization

Globalization is a process that promotes:Economic interdependence of all the countries in the world.Integration of national economics into one global economy.Free movement of products across boarders. World becomes a single market with no trade barriers and control regime.Global free flow of capital, labour, management and technology across borders.Extensive use of information...

Monday, March 1, 2010

Holistic Marketing Concept

The focus of this concept is that everything matters in marketing. It integrates the new concept with the societal marketing concept. Integrated marketing is used to meet customer needs. Relationship marketing is used to develop lifelong relations with customers. Internal marketing is used to make all members of the organization customer-oriented. Social responsibility is practiced...

Social Responsibility of Marketing towards Society

We can not think life of marketing without society. Because, all the activities of marketing are done in the society. Marketing emerges and takes place in the global world from the society. So that, marketing should protect societal interests though:Environmental Quality: Marketing should make all efforts to protect and promote environmental quality. It should work for clean and...

Friday, February 26, 2010

The Societal Concept of Marketing

Marketing survives and grows in the social context. All marketing decisions have social implications. Marketing must act responsibility and ethically toward consumers and society. The societal marketing concept is an emerging concept. It holds that organizational objectives should be achieved through customer need satisfaction in ways that protect the interests of the consumers...

Thursday, February 25, 2010

The Marketing Concept (New Marketing Concept)

This concept holds that the key to achieving organizational objectives consists of market orientation. Integration of marketing activities to satisfy the needs of customers. This concept has the following features:a. Target Market: Well defined target market. Tailored making programme which is efficient and effective than competitors.b. Customer Orientation: Under the marketing...

Production and Product Concept of Marketing

a) The production Concept: This concept holds that customers prefer widely available and low cost products. This concept has the following features:a. Production-orientation of the organization. It aims at selling what can be produced.b. High production efficiency through improved technology, standardization and mass production.c. Mass distribution of the product to...

Wednesday, February 24, 2010

Social Responsibility of Marketing towards Customers

We know that marketing is related with customers. All activities of marketing become possible with customers. And without customers no work of marketing can be done. So that marketing must have responsibility towards customers. And marketing should protect customer’s interests thorough:a) Product Quality: Provision of reliable products at reasonable prices. Guarantee, warranty...

The Customer Concept of Marketing

This concept holds that individual customer is the key to achieving organizational objectives. Marketing is done to satisfy the needs of individual customer. This concept has the following features:i. Focus on individual customer needs and values.ii. Tailoring marketing programme to the needs of individual customer. Customized marketing mix. Individualized promotion and...

The Selling Concept (Old Marketing Concept) of Marketing

This concept holds that customers should be persuaded into buying through aggressive selling and promotion efforts. This concept has following features:a) Selling orientation of the organization which aims at satisfying the seller’s needs. It focuses on products. The aim is to sell what is made.b) Aggressive selling and promotion to attract customer; pushing the products...

Meaning of Target Market & Marketing Mix

a) Target Market: No single product can satisfy everyone in the market. The total market is segmented. Segmentation is the process of dividing the total market into homogeneous groups of customers. Members in the group share similar needs and characteristics. Each group requires a distinct marketing mix. The chosen segments for marketing constitute the target market.• Target...

Tuesday, February 23, 2010

Relationships, Networks, Supply Chain in Marketing

1. Relationships: They are long-term mutually, satisfying relations with key parties- customers, suppliers, channels. The focus is to build lifetime loyal customers. Knowing customers and delivery of high customer value and satisfaction build relationships. They result in relationship marketing which ensures that customers remain as loyal customers.2. Networks: They consist...

Thursday, February 18, 2010

Relation of Exchange with Marketing

We know that, marketing is demand management. It stimulates demand for products. In marketing different activities are done such as pricing, promotion and exchange of ideas, goods and services etc.Exchange is the total process of obtaining a desired product from someone by offering something of value in return. Exchange is the essence of marketing. It is a value creation process.Five...

Meaning of Value, Satisfaction and Quality in Marketing

Value, satisfaction and quality are interrelated concept. Because customers focus to value, quality and satisfaction while purchasing the things form the market. To be familiar about these concepts very well below is their details:i) Value: It is the ratio between what the customer gets and what he gives. The customer gets benefits and gives costs. Product choice is guided by...
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