Month: May 2013

Dialectical Inquiry

Dialectical is derived from a Greek word which means to argue or contend with. In earlier time the Greek uses the word dialectical in order to express a specific manner of argumentation for making specific decisions on the various facts that are based on opposite reasoning, impact of such act nullify the validity of the argument which reaches to another fact of creation. Later on the dialectical are taken as the world view and a method which is required for the analysis of some work. Another approach very much similar to it is Devil Advocacy which is used along with it for the purpose of decision making (Berniker & McNabb, 2006). Dialectical inquiry can also be called as dialectical research or dialectical investigation.  It is a type of qualitative research which involves the method of dialectics whose aim is to discover the truth by examining and investigating competitive ideas, thoughts and arguments.  It can also be taken as the exploratory research in which there is no requirement of any hypothetical research to be evaluated but new sort of understandings is to be developed. In this sort of inquiry, the researchers thought is opposite to the empirical research in which they are working with ideas, facts and arguments rather than data. According to Bertell Ollman in 1993, research might be of two types dialectical and non-dialectical and in dialectical, the...

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What are the Buyer Readiness Stages?

In the context of marketing, there are six stages through which the customer passes while purchasing or adapting any good or service.  These are considered as the psychological stages through which a person passes to decide for a product to either purchase it or not. The six stages faced by the buyers are awareness about the product, knowledge regarding the benefits, factor of interest in the product, preference given to the product over its competition, conviction of the product at the level of suitability and purchasing power. By the understanding of these stages, it helps in determining what promotional activities are going to be used and what medium would be better for a marketing campaign (Shapiro and Bonoma, 1984). A large area is covered with the marketing campaign to target the respective customers through the buyer readiness stages. Following are the stages through which the customers can passes in order to reach the actual product. Stages of Buyer Readiness Awareness Awareness is the stage where the consumer have a rough idea that what re the factors of the product and services. If the customers are less aware about the product then it is the responsibility of the marketer to develop the strategies so that awareness is created advertisements and promotional strategies are used in order to attract the maximum number of customers who are potential buyers (Sirgy, 1982) Knowledge...

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BCG Matrix

Suppose you are reviewing all of your organization’s products and you have to decide on which one you should invest your money, for one of the products that is really doing well financially but its demand has declined from the market which doesn’t seem to persist for a longer time.Another product has a high demand but as it has entered a new market that needs more cash to support it. Do you find this right to continue investing in this product? On the contrary, a product has a high potential growth but turned out to be unprofitable for the organization. Do you want to keep creating the product or destroy it? In order to make such decisions, you have to look beyond the profits that the products are bringing up and look forward towards how they can perform in the future. The BCG matrix which stands for Boston Consulting Growth Matrix is a simple tool to analyze the financial performance or business portfolio of your product. The BCG matrix is classified on two dimensions: relative market share and relative market growth. This explains the idea that if the product’s market share is higher or it has a higher growth rate, it’s beneficial for the company. The BCG matrix falls under the following four categories: 1- The Star represents a business unit that has a higher market share in a...

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Brand Asset Valuator – BAV

A Brand Asset valuator is a metric that is used to analyze how a brand is perceived by its consumers in terms of different attributes. This realistic approach has been created and thoroughly managed by the Brand Asset Consulting, a division of Young & Rubicam Brands to provide information about the brands and how a firm can improve its marketing decision process. The world’s largest study on brands and their relationship to its consumers has been carried out with the help of Y & R Brand Asset Valuator. The BAV database includes more than 38000 brands for across 40 countries and measured on over 75 metrics. One of the most important key factors to consider in analyzing any brand value is about its consumer awareness. When you examine a product, you go through all aspects of how it’s made in the factory whereas the brand is how it’s bought by the customer; a product is something which can be easily copied by its competitor, a brand holds a unique position into the heart and minds of its consumers. A product can easily get faded however, a brand is everlasting.The BAV also helps Y & R to evaluate where a brand stands and how to cope up with other competitors in order to formulate different strategies accordingly. The BAV is considered to be a helpful tool to determine the brand’s...

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Post Purchase Behavior of a Customer

After the purchase, there is the possibility that customer may change his opinion about the purchased product or experiences dissonances by determining certain feature that are favorable with respect to the other brands and then gather certain information that supports his or her decision. The marketing communication is engaged in the supply of the beliefs and evaluations that put in force to the customers to make choices and make them to feel positive about the brand repute. It determines that the job of the marketers is not going to an end when the customer purchases the product. Marketers must notice and monitor the post purchase satisfaction, post purchase actions and post purchase product uses (Julian, 2010). Post Purchase Satisfaction The function of the satisfaction is actually the determination of the closeness between the perceived performance of the product and expectations. If the effect of the performance does not meet the expectations of the customers then it leads to disappointment whereas if the performance is as according to the expectations then the customer is supposed to be satisfied and performance level is above the expectations then the customer feel pleasure. Such feelings of the customer make them to purchase the same product again or their favorable or unfavorable word of mouth about that brand. The level of expectations is developed because of the word of mouth or from any other...

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Conventional Distribution Channel

The distribution channel in marketing serves as a set of process where it’s necessary to transfer the ownership of goods from one point of production to the point of utilization by its consumers and therefore, a distribution channel is a useful tool in marketing. The role of Conventional Distribution has well thought-out traditional approach where you are literally pushing your desired product to the target market. According to Philip Kotler, a Conventional Distribution channel is comprised of one or more independent producers, wholesalers and retailers where each of them has a separate business that aims to maximize profit even at the cost of the profit for the whole system. The Conventional Distribution Channel is mostly used for all the consumer products from clothing to groceries .This channel proceeds from a manufacturer who works on the supply chain to distribute the products all across the country’s course of action. The part of a manufacturer’s job is to pay a huge amount of money to the media in order to advertize its products. Moreover, the products are passed on through the supply chain to wholesalers or distributers. The task of the wholesaler/distributer is to take all the products in larger quantities so as to increase their efficiency. The wholesaler is basically an intermediary between the retailer and the producer; however some have their own outlets so that’s how consumers can buy...

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Modify Re-buy

Marketing Managers have to deal with diverse purchase scenarios, when they sell directly to businesses. The buying centre of the business faces difficulties in understanding how a sale occurs. Usually the market manager have to deal with three types of re-buys, those are; new buy, straight re-buy and modified re-buy. There must be a need of the perceptive behavior of the business buying situations as before they are implemented in the business centre. A modified re-buy is a buying situation in which individual or organization buys the product that was actually purchased before but changes are to be made to the supplier or some other element of the previous order. It could require some of additional analysis or any sort of research should be conducted. In the modification aspect, the buyer generally wants to modify the product as like terms, process, suppliers or specification etc. modify re-buying is provided with more significance as the other types of business buying situations are not involved in any sort of modification of the product, as in case of straight re-buy situation products are ordered on the routine basis without any alteration in them (Kerin, 2012). It is from one of the third business buying situation in which the buyer needs certain sorts of modifications in the previously purchased product. The modified re-buy situation involves the participation in the decision aspects from both...

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Unsought Goods

A marketer generally classifies products on the basis of the factors like durability, tangibility and use that may be industrial or consumer, so because of the basis of these consumer products classification arises that is unsought goods. Unsought goods are those goods which the consumer normally does not know about or usually does not have a thought of buying it. Purchase of these goods might be arises due to the factor of danger or for the fear of danger or because of lack of desire. This type of goods are not actively sought out by the customers but is as an alternative good purchased because of any fear, precaution and need etc. The purchase of such goods may not be instant and because of few facts it can be postponed. So most commonly this type of good requires the support of personal selling and advertising and also there is an extensive requirement of doing marketing in the other areas as well. Consumers most commonly buy such goods when they are facing inconvenience of buying a product because they are not able to wait for the new product (keller et al, 2012). The most common and classic examples known by everyone are fire extinguishers, reference books, funeral services and encyclopedias. In various cases even an airplane or helicopter are taken as an unsought good. Following are the different aspects of...

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Extended Marketing Mix 7P’s

The marketing mix was first originally referred to as the 4 Ps of marketing. The concept of marketing mix combines all the essential elements that are required to promote your product and services and get them delivered to your customers successfully. A set of strategic marketing tools that includes: Product, Place, Price, Promotion People, Process and Physical Evidence which enables a firm to produce the desired response from its target market.Let’s look at each of the components more closely: People First of all, it’s very important to identify the right target market of your product. Usually a marketer can have a clear idea through key research whether a particular segment of a product has its demands in the market. In every market, there are certain products and services which are created to cater the needs and wants of the desired customers. This component also involves those people who are hired to fulfill the responsibilities and operations within the business. This provides a sense of relief to the businesses where you have people who believe in the products and services that your business creates. This adds team spirit within the workplace which also helps the employees’ staff to deal with the customers in more time efficient manner. Perhaps your competitors have the similar product but its how you deal with your customers makes all the difference and what persuades them...

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By Product Pricing

By-product is a product which is produced in addition with the main product from the raw materials. In every organization which produces some sort of product there must also be the byproduct or the raw product. For example in the extraction of petrol or in textile industries which produce the main product also produces the byproduct like crude oil. The essential or the main product is expensive while on the other hand the byproduct is less expensive product. The pricing of the byproduct has significant benefits in the pricing of the main product, as some time the price of the main product is kept low due to the price of the byproduct which can generate more revenues for the organization along with the main product. Price can be maintained by pricing the byproduct lower and the main product higher. One of the examples of the byproduct is the processed meat which is preserved for the future use while the byproducts like the bones are used for the food of the pets like cats and dogs. In any business around the globe if we closely observe, we will get to know that the pricing plays the key role in the sales of the product. And most of the people like to have the best product in fewer prices which they can afford easily. For such factor the pricing of the...

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