Reasons Why New Products Fail
As you know, many new products fail in the marketplace, which means that evaluation of new products, prior to development and launch, is critical.
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How has the concept of integrated marketing communication evolved?
Let’s evaluate the key differences between the evolving IMC definitions to understand how the perception and role of integrated marketing communications has progressed.Broader than just consumersThe audience is much broader than just consumers. While communicating to consumers obviously remains very important and probably the focus of communication for most firms – firms also need to
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Promotional Era example
Marketing strategy in the promotional eraToday most firms operate in line with the marketing concept or the societal marketing concept. However, if we go back in time, firms tended to operate with a sales and/or promotional focus.This video highlights Crocker Bank from 1970. It is taken from a documentary on the advertising industry entitled Art
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National Australia Bank Repositioning Case Study
NAB’s Repositioning in the Australian Banking MarketThis video highlights a major campaign undertaken by the National Australia Bank (NAB). As you will see, this is probably one of the best executed campaigns that you will see, given that it uses so many different communication tools and its core message was effectively communicated in a very
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The changing media environment
The changing media environmentThe process of communicating in marketing is far more challenging in today’s environment due to the complexity of media choices and the interaction between consumers and the resultant effect on consumer shopping behavior. In the “old days”, a firm’s promotional mix was almost exclusively made up of its sales function and advertising
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Main Types of Trade Promotion
Sales promotion refers to temporary incentives offered by an organization to either their customers or their resellers, with the intention of increasing the sales of their products. Therefore, it is necessary to classify sales promotions into two broad categories – sales promotions aimed at consumers and sales promotions aimed at distribution channels (which is more
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The average lifetime of a customer
Customer lifetime value has three main components:The acquisition cost of customerThe annual profit of customerAnd the lifetime of the customer to the firmThe average lifetime of a customerThe final component in the customer lifetime value calculation is to work out the average length of customer’s relationship with the firm or brand. In many cases, there
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The annual profit of a customer in CLV
Customer lifetime value has three main components:The acquisition cost of customerThe annual profit of customerAnd the lifetime of the customer to the firmThe annual profit of a customerThe main component of the customer lifetime value formula is an understanding of what profitability is generated from each individual customer on average.In simple terms, what is known
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Customer Acquisition Costs
The calculation for customer lifetime value has three main components:The acquisition cost of customerThe annual profit of customerAnd the lifetime of the customer to the firmCustomer acquisition costsThis is the amount of money it costs, on a per customer basis, to attract a first-time customer. Acquisition costs are calculated by dividing the total promotional spend
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What is a brand touchpoint?
Customer journey mapping is techniques that relies upon identifying and sequencing the touchpoints (exposures and interactions) that consumers (potential customers) and actual customers have with the brand.Therefore, as a simple definition for what is a brand touchpoint? A brand touchpoint can be considered as any interaction or exposure that a consumer has with a brand.
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