Abstract
At the beginning of the century, social life was mostly local. It was followed by a period in which commodities were produced on a mass scale. Consumer Marketing operated on mass marketing principles and business primarily concerned itself with how to build the best sales force. At the end of the century, there is an emerging global culture. The major driver of these changes is technology. Technological change has moved steadily back focusing on the individual. These changes shape the possibility and conduct of business. Marketing is especially tied to communication and transportation revolution. As the tools and reach of marketing increase, the job and responsibilities of marketers have evolved with them.
Philip Kotler formalized this evolution with his book “Marketing Management”. His key stages are production, sales and brand management. Each of these is strongly motivated by technological opportunities, which permit new methods and new opportunities. A fourth stage, a focus on the individual customer, is also important. As the new technology of the Internet develops, it reinforces the new marketing emphasis – which in many ways is a return to business at the turn of the century.
In today’s technology driven world, a new fast paced digital economy is emerging. Tomorrow there will be companies that will exist only inside computer networks. Most business transactions will be made electronically, directly from the producer to the consumer, bypassing the supply chain. In the digital marketing environment, the consumer becomes an integral player in the development of the product. In fact, a consumer might build the product himself from a wide array of parts provided by the Company. It is e-commerce that is changing the way products and services are conceived, manufactured, promoted, priced, distributed and sold. The reason being that it is much cheaper; it allows vast coverage and helps in serving the customer better.
Advertising
Advertising is a paid form of communication, although some forms of advertising, such as public service announcements, use donated space and time. Second, not only is the message paid for, but the sponsor is identified. Third, most advertising tries to persuade or influence the consumer to do something, although in some cases the point of the message is simply to make consumers aware of the product or company.
Fourth and fifth, the message is conveyed through many different kinds of mass media reaching a large audience of potential consumers. Finally, because advertising is a form of mass communication, it also non-personal.
Functions of Advertising
Advertising is an important promotional tool for any marketing campaign. So much so that whenever we think of marketing we think of advertising although it is just one of the marketing tools. Till now only companies with a profit motive went in for advertising. But today government bodies as well as non-governmental organizations (NGOs) go for high profile advertising campaigns. The purpose here is not to increase the sales figure but to increase the awareness of people regarding the relevant topics.
Provide product or brand information
Although many ads are devoid of information, providing the consumer with relevant information that will aid decision making is still the main function of advertising. The information given depends on the needs of the target audience. In the case of purchasing a new suit, needed information might simply include price and outlet location. For technical products, the information is likely to be very detailed.
Provide incentives to take decision
In most instances, consumers are reluctant to change established behavior. Even if there are somewhat dissatisfied with the current product or service, a habit has been established and learning about a new product is deemed difficult. Advertising provides the consumer with reasons to switch brands by presenting reasons through copy or graphics. Convenience, high quality, lower price, warranties, or a celebrity endorser are all possibilities.
Provide reminders and reinforcement
It’s amazing how much advertising is directed at current customers. Consumers forget why they bought a particular brand of microwave or automobile. Advertising must remind the customer constantly about the name of the brand, its benefits, its value, and so forth. These same messages help reinforce the customers decision. Most television advertising seems to provide this function.
Types of Advertising:
Advertising is a form of selling. It tries to make consumers buy goods or services. Advertisers must be aware of the factors that influence people’s buying habits and then use advertising strategies based on this knowledge. Advertising can be classified in number of ways.
- Print Advertising: Newspapers, Magazines, Brochures, Fliers
- Outdoor Advertising: Billboards, Kiosks, Tradeshows and Events (OOH)
- Broadcast advertising: Television, Radio and the Internet
- Covert Advertising: Advertising in Movies
- Surrogate Advertising: Advertising Indirectly
- Public Service Advertising: Advertising for Social Causes
Components of a Project Report
A project report varies according to the MBA final year project course at top colleges, depending on the consequences and the requirements of the concerned project. But broadly, a project covers the following components:
- Title page
- Table of contents
- Introduction
- Background of the project
- Project objectives
- Methodology
- Results
- Discussion and Analysis
- Conclusion
- Bibliography or references
- Appendices
Project Report Pages : 80
Can be used in : HR Final Year Project
Delivery Time : Within 2 hours.
Support / Query : Call +91-7449000533
Email [email protected]
