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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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 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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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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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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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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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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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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Customer journey mapping is a visual technique designed to outline how:The brand reaches a consumer’s consideration (evoked) setHow the consumer progresses through the buying decision process and selects a suitable brand, andThe consumer progresses through consumption and/or use of the product or service.When to use customer journey maps?Because of the nature and the role of
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To help understand how the strategic hierarchy model helps us understand how the concept of strategy differs between levels in an organization, let’s look at one of the world’s largest and most diversified companies, General Electric (GE).The following model shows the generic strategic hierarchy model often found in marketing strategy textbooks.The diagram below shows the
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