Evaluate this statement: “Internet marketing objectives that are associated with any type of communication strategy in the business resemble those marketplaces.”
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Internet marketing is gaining popularity day by day because of the fast pace and high-efficiency level that is demonstrated through the use of Internet marketing strategies. Internet is an important communication strategy as it is a 24×7 option which is both cost and time-effective. Internet marketing is referred to as 24×7 because of its availability at all times. The communication strategies in the business are implemented through Emails, Newsgroups, and the World Wide Web. “Internet communication is still around 20 percent of the cost of print communication” (Lockhart, 2005, p.141).
A communication strategy is most effective when communication happens in two ways. In other words, communication strategy is most effective when the sender’s message is transmitted in the same code to the receiver and the receiver understands the message and replies. In the context of business to business marketing, effective communication is essential. In business to business marketing, there are many entities involved which revolve around effective communication. For example, the communication between the customer and the company, the communication between the company and the suppliers, the communication between the middlemen like the retailers and wholesalers and the company, etc. There are many complexities involved in direct marketing such as high marketing costs and delayed response from the customers. Internet marketing is fast and more result-oriented and Internet marketing objectives are mainly threefold.
The first objective of internet marketing is to develop brands, to increase the revenue generation of companies, and to enhance the customer support system of the business. Another important significant benefit of using internet marketing as a communication strategy is that does not have any boundaries and therefore it helps the development of global marketing. Internet is today more widely used than any other communication system. The essence of marketing is the intimate relationships between the buyer and the seller and the internet is a very good medium of effective communication in marketing. The internet now is very advanced and uses various technologies so that communications with customers become results-oriented just like face to face communication. “Technologies such as Internet telephony and audiovisual streaming, communicating in real-time over the web and cyber meetings are replacing the face to face communications in marketing. The internet provides a unique form of communication intimacy. Internet marketing is about building lasting relationships” (Silverstein, 2002, p.17). Therefore, internet marketing objectives resemble other types of communications strategy in business to business marketing.
Compare and contrast the different quantitative sales forecasting techniques that are used by business marketing managers
A sales forecast is a prophecy based on earlier sales routine history besides an examination of anticipated market circumstances. The most accurate value, in creating a prediction that obtains a note of an earlier period, stays conscious of the current market trends. Besides, it accurately investigates that information to gain foresight into the future. Carrying out sales prediction or forecast will offer the company an opportunity for assessment of past and present sales levels and yearly development, and permit it to evaluate the organization to industry standards. ”There are essentially two types of quantitative sales forecast; (a) projections produced by extending or projecting trends and pattern found in historical sales data and (b) projections produced by predicting future sales using the relationship between sales and influencing variable or group of variables” (De Thomas & Derammelaere, 2008, p.68). Various types of important quantitative techniques were used in the organizations to predict the future, some of them are mentioned below:
- Correlation analysis: its main idea is that information may exist in different forms: one type of information aims at predicting another aspect of correlated information.
- Market factor index – its essence is all about a clearly defined formula according to which some features of sales volume have to be considered with a particular marketplace index form.
- Chain ratio – its function is to develop a significant base number with the help of the existed qualifying proportions and different original predictions.
- The entire market demand method multiplies the number of purchasers by the anticipated amount of purchases, and price per purchaser, to originate or derive forecast numbers.
- In the case of the marketplace buildup method, totals anticipated sales figures for person goods or market sections to originate forecast figures.
- In the case of time series projections methods, past sales have to be projected into special future periods.
The sales forecasting method is one of the self most effective evaluation apparatuses for an organization. The future way of the organization is mainly based on the correctness of sales forecasting techniques. Organizations that execute precise sales forecasting procedures realize the significant advantages such as:
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- “ Enhanced cash flow
- Knowing when and how much to buy
- In-depth knowledge of customers and the products they order
- The ability to plan for production and capacity
- The ability to identify the pattern or trend of sales
- Determine the value of a business above the value of its current assets
- Ability to determine the expected return on investment.” (Conduct a sales forecast: Importance of sales forecasting, 2009, para.5). The amalgamation of all these advantages may result in increased profits, enhanced consumer maintenance, decreased prices, and higher competence.
For a strategy to succeed, individuals in a company must understand and share a common definition of a firm’s existing business concept. For example, ask any employee at Dell and they will tell you about the “Dell model” that sets them apart from competitors. A critical component of a business model is the core strategy. Describe the key elements that are involved in setting a core strategy.
The strategy is a set of policies, rules, decision, or action which aim to attain competitive advantage. The strategy should be a stretch exercise which means it can be also flexible. The success of the vast majority of companies is predetermined by the possibility to organize all their efforts in a clear strategic way. The strategy is a very broad term that commonly describes the big picture. “The American Heritage College Dictionary’s first definition of strategy is, “The Science and Art of using a nation’s forces to execute approved plans as effectively as possible.” Leaving aside the military aspect of this definition, substitute a few words, and for our purposes, you get, “The Science and Art of using a client’s resources and skills to execute detailed plans as effectively as possible” (Elton, n.d, para.2).
It is necessary to admit that on the one hand, several business organizations that decide to follow a certain organizational strategy are under a threat to exceed the amount of customer satisfaction. On the other hand, this is the only way using which an organization can focus on the necessary market and be able to compete with another organization. Strategy formulation is one of the tough and major tasks for the business entrepreneurs but it is mainly the task of the middle manager to implement and fetch results.
There are several important keys to any strategy. As a rule, they are strategic leadership, capital mission, some capabilities, access to identity, and control mission.
Company Strategy is a combination of long term vision, direction, and intended means of achieving them. One of the most significant purposes of a strategy within the frames of one company is the necessity to achieve a competitive advantage.
The key elements of a Company strategy are
- Value Statement
The identification of components help to define the way of global strategy development:
“Developing the core strategy, which is the basis of sustainable strategy on which to build… a worldwide business need not bother about global strategy… Internationalizing the core strategy through international expansion of activities and adaptation of core strategy… Globalizing the international strategy by integrating the strategy across countries.” (Goncalves, 2006, p.198)
Along with consumer-goods names like Nike or Coca-Cola, the world’s most valuable brands include high-tech representatives such as Intel, Hewlett-Packard, IBM, and Microsoft. Describe the attributes of a strong high-tech brand.
The brand of any company comprises of various attributes. Under these attributes some are controllable and some of the attributes are not controllable. “Branding strategies refer to the specific activates that a firm undertakes in its strategies brand management program, with the objective should consider the brand hierarchy, which includes the company name (say, Microsoft), the particular technology (say, window), and then the individual products within that platform (say, window vista)” (Bodgoli, 2010, p.431).
A brand is a combination of characteristics, tangible and intangible, represented in a trademark, which, if handled correctly, generates value and power. Tangible attributes of the brand image consist of the physical aspects of the products such as size, shape, etc. Intangible attributes of the products consist of the quality of the product. Brands recommend consumers a means to prefer and allow appreciation surrounded by cluttered marketplaces. Tech corporations, Google, IBM, Microsoft, and Apple head the globe’s 100 mainly precious brands, according to a novel worldwide study. “To benefit from the consumer relationship allowed by branding, a company must painstakingly strive to earn brand loyalty. The company must gain name recognition for its product, get the consumer to actually try its brand, and then convince him that the brand is acceptable.” (Brands and brand name: Brand strategy, n.d, para.13). Branding of the product is the most powerful weapon in the hands of the firm. High tech brand image of the company helps to attract more consumers as well as to increase brand loyalty. Nike or Coca Cola, the world’s most valuable brands include high-tech representatives such as Intel, Hewlett-Packard, IBM, and Microsoft. The powerful brand image of these companies’ products helps to earn more profit as well as revenue.
Two competitors with similar products may ask for differing prices because their total offerings are perceived as being unique by buyers. In the eyes of the organizational buyer, one firm may provide more value than another. Demonstrate how this might occur and outline the corresponding marketing strategy implicationsю
Marketing strategy includes interrelated elements like; product, price, promotion, and place.
“Processes of competition lie at the heart of the literature of marketing strategy. Indeed, it could be argued that competitors and sustainable competitive advantage are to marketing strategy what customers and the marketing concept are to marketing. The principle of sustainable competitive advantage argues that a firm can only be successful in the marketplace if its products and services have a competitive edge over those of its rivals. This edge should be one that is both important to customers and sustainable by the firm in the long run.” (Easton, 1993, para.1)
The marketing strategies adopted by an organization are related to several factors, including the organization’s mission, objective, and resources. Strategic marketing is the core focus of the business world to achieve success. A proper marketing strategy helps to contribute to many disciplines in the marketing field.
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Marketing prices depend on customary prices, odd prices, or price lines. Theoretically, this phenomenon indicates that the consumer is perceptually sensitive to certain processes, and departure from these prices in either direction results in a decrease in demand. “Marketing researchers recently have expended considerable effort to investigate how price influences buyers’ decisions yielding a variety of results, some not entirely explainable. This article reviews the relevant research literature, organizes the results, and suggests new research directions” (Monroe, 1973, para.7).
Many experts argue that the persuasive power of advertising is grossly overestimated especially in the business market. If advertising doesn’t persuade, what does it do, and how can we measure the results?
Advertising is an effective medium for promoting a product or a service in the business market. Not all advertisings persuade consumers to purchase the product even though persuading the purchasing power of consumers is the main idea behind the theme of advertising. However, the result of advertising varies.
There are other powers of advertising because advertising is the first step where people come to know about the company, its and new business acquaintances. Another major purpose of the advertising is to establish an emotional bond with the customers who were old customers of the company. Advertising is also an effective medium where the previous negative publicities about the company or the product can be combated and a new place in the minds of the customer can be created. Through advertising the business can benefit because advertising helps in “announcing the opening of a new business, branch or location; communicate the differences between your product and the competition’s; motivate a sales force; enhance a company’s image or reputation” (Granat, 1994, p.27).
Advertising also helps the customers to be aware of the specific brands available in the market and helps in increasing awareness about the company in the minds of customers. Thus, it is beneficial for creating a good image of the business and its products and services in the minds of people. Effective advertising helps to increase the goodwill value of the firm and projects a positive image for the company. “The goodwill created through advertising can reduce the cost of doing business and prepare markets for positive responses to subsequent selling factors” (Wells, 1997, p.4). We can measure the results by understanding the customer’s image regarding the company, its products, and its relative brand image which it carries and is promoted by way of advertising.
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