Marketing Communication and Consumer Behaviour Wednesday, Nov 26 2008 

MARKETING COMMUNICATION:

There are 5 basic components of communication:

  1. Sender
  2. Receiver
  3. Medium
  4. Message
  5. Feedback

 

In the communications process, the sender encodes the message using words,pictures, symbols sends it through a selected medium.

The receiver decodes the message based on his or her personal characteristics and experience, and responds based on such factors as selective exposure, selective perception, comprehension and psychological noise.

There are 2 types of communications:

 

  1. Interpersonal Communications
  2. Mass Communications

 

Interpersonal communications occur on a personal level between tow or more people and may be verbal or non verbal, formal or informal.

Interpersonal communications take place in person,by telephone,by mail,by email,on the web etc., 

In mass communications, there is no direct contact between source and receiver.

Mass communications occur through such impersonal  media as television, radio, newspapers and magazines.

Feedback is an essential component of all types of communications because it provides the sender with some notion as to whether and how well the message has been received.

The credibility of the source, a vital element in message persuasiveness, often is based on the source’s perceived intentions.

Informal sources and neutral or editorial sources are considered to be highly objective and thus highly credible. The credibility of a commercial source is more complex and usually is based on a composite evaluation of its reputation,expertise,and knowledge and that of the medium in which it advertises, the retail channel and company spokespersons.

Media Selection depends on the product,the audience, and the advertising objectives of the campaign.Each medium has advantages and shortcomings that must be weighed in the selection of  media for an advertising campaign.

Following the emergence of new technologies, many advertisers are now developing more customized communications that can reach consumers via media with narrow casting, rather than broadcasting.

The manner in which a message is presented influences its impact. One sided messages are more effective in some situations and with some audiences; two sided messages are more effective with others.

High involvement products are best advertised through the central route to persuasion, which encourages active cognitive effort. 

Marketers can either use objective,factual appeals or emotional appeals. The emotional appeals most frequently used in advertising fear, humour,sexual appeals etc.,

Audience participation is a very effective communications strategy becuase it encourages internalization of the advertising message.

What are the challenges you are facing in designing and delivering your Marketing Communications to your current and potential customers?

MANAGEMENT INNOVATIONS

managementinnovations2020@gmail.com;  manojonkar@gmail.com; 919375970812

Market Segmentation Friday, Nov 21 2008 

Market Segmentation and diversity are complementary concepts. Without a diverse marketplace, composed of many different peoples with different backgrounds, cultures,environments,paradigms, thoughts processes, interests, needs and wants, there really would be little reason to segment markets.

Earlier Mass Marketing – selling the same product or service package to everyone, was the most widely used marketing strategy, before the widespread adoption of the marketing concept. In many countries this is still developing and yet to become the part of the marketing and management DNA.

Market Segmentation is to be followed as a logical way to meet customers needs. Market Segmentation is defined as the process of dividing a potential market into distinct subsets of consumers with a common need or characteristic and selecting one or more segments to target with a specially designed marketing mix or product, price, promotion, place etc.,

Besides supporting in the development of new products, Market Segmentation research also supports in the redesigning and repositioning of existing products and services and in the creation of the appropriate promotional materials, including the selection of the most effective media for promotion.

Market Segmentation Strategies benefit both the customers and the marketers, hence they received full support from both parties. Market Segmentation is now widely used by most of the organizations including manufacturers, retailers, channels and even the not for profit sector.

9 Major Classes of Consumer Characteristics serve as the most common basis for Market Segmentation. These include:

  1. Geographic Factors
  2. Demographic Factors
  3. Psychological Factors
  4. Pyschographic Factors
  5. Socio-Cultural Factors
  6. Use -related Factors (Application)
  7. Use – Situation Factors (Environment)
  8. Benefits Expected and
  9. Hybrid Forms of Segmentation like Psychographic-demographic profiles  or geodemographic factors.

Key Criteria for Market Segmentation include:

1. Identification

2. Sufficiency

3. Stability

4. Accessibility.

 

Once one identifies potential target markets, one must decide whether to target 1 segment i.e  concentrated marketing OR to target several market segments i.e. differentiated marketing.

One has to then develop a positioning strategy for each of the selected target segment.

In some cases, one can recombine 2 or more market segments into one larger segments.

How do you Market Segmentation in your company?

MANAGEMENT INNOVATIONS

managmentinnovations2020@gmail.com;  manojonkar@gmail.com; 91-9375970812