...Abstract Brand loyalty is one of the most powerful marketing tools available, and it ensures that your products will be desired again. Many consumers develop loyalty to products of all types. Cars, electronics, clothing, and even groceries are often chosen based on prior experiences with particular brands. There are many ways to create and maintain brand loyalty. Three of those ways include rewards programs, customer satisfaction, and advertising. This report covers the definition, creation, and influence of social media on brand loyalty. How Businesses Develop Brand Loyalty All companies strive to create brand loyalty. It is one of the most powerful marketing tools available, and it ensures that your products will be desired again. Many consumers develop loyalty to products of all types. Cars, electronics, clothing, and even groceries are often chosen based on prior experiences with particular brands. How do companies develop this loyalty? In this report I will cover the definition, creation, and influence of social media on brand loyalty. The Hutchinson Unabridged Encyclopedia (2014) defines Brand Loyalty as “the attachment of the consumer to a particular brand, even though that brand may be more expensive than competing brands.” It is a psychological contract between the consumer and the brand, and is the target for all marketers. Consumers tend to develop devotion to specific brands. They buy what they have already bought in the past and opt for the brands that they...
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...Count: 2,561 Social media at small businesses Introduction Social media is defined ‘as the way in which people interact to create, share, and exchange information and ideas in virtual communities and networks’ (Katona & Sarvary, 2014). Few of the most common social media platforms are differentiated into social networks (such as Facebook, LinkedIn, Google+, instant messaging), collaboration networks (examples: slideshare, Wikipedia, Prezi, Google docs, Zoho docs, survey monkey), image sharing (Instagram, Flickr, Pinterest and Picasa), blogging (Tumblr, Blogger and Word-press), micro-blogging (Twitter) and video-sharing platform (YouTube, Blip and Vimeo). Apple does not use Facebook or Twitter for social media marketing because it is a multinational corporation, but not every business is as large scale and successful as Apple. Social media now represents a new horizon of marketing opportunities to businesses. Marketing is a practice, which establishes what products or services the customers might be interested in. Social media supports the development of marketing of businesses, to have a different perception about the brand; this allows creative methods to implement basic marketing. Social media marketing provides the tools that the businesses needs to be able to observe discussions through the internet efficiently (Assaad and Gómez, 2011). According to Gamboa and Gonçalves (2014) social media marketing has increased customer loyalty, satisfaction, perceived value, and...
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...ORGANIZATION: 4 TASK 2: 5 REPORT on “The Concept of Segmentation, targeting and positioning” 6 2.1 Macro and Micro environment Factors Which Influence Marketing Decisions 6 2.2 Segmentation Criteria to be used for Products in different Markets 8 2.3 TARGETING STRATEGY FOR A SELECTED PRODUCT/SERVICE 9 2.4 HOW BUYER BEHAVIOUR AFFECTS MARKETING ACTIVITIES IN DIFFERENT BUYING SITUATIONS 10 2.5 NEW POSITIONING FOR A SELECTED PRODUCT/SERVICE: 10 Task 3: 11 UNDERSTAND THE INDIVIDUAL ELEMENTS OF THE EXTENDED MARKETING MIX 11 3.1 HOW PRODUCTS ARE DEVELOPED TO SUSTAIN COMPETITIVE ADVANTAGE 11 3.2 EXPLAIN HOW DISTRIBUTION IS ARRANGED TO PROVIDE CUSTOMER CONVENIENCE 12 3.3 EXPLAIN HOW PRICES ARE SET TO REFLECT AN ORGANIZATION’S OBJECTIVES AND MARKET CONDITION 13 3.4 ILLUSTRATE HOW PROMOTIONAL ACTIVITY IS INTEGRATED TO ACHIEVE MARKETING OBJECTIVES 13 3.5 ANALYSE THE ADDITIONAL ELEMENTS OF THE EXTENDED MARKETING MIX 14 Task 4: 15 USE THE MARKETING MIX IN DIFFERENT CONTEXT 15 4.1 Plan Marketing mixes for two different segments in consumer markets 15 4.2 Illustrate differences in marketing products and services to businesses rather than consumers 15 4.3 Show how and why international marketing differs from domestic marketing 16 CONCLUSION: 16 TASK 1: “The Concept and process of marketing” 1.1 VARIOUS ELEMENTS OF MARKETING PROCESS: Marketing: Marketing concept is a philosophy, not a system of marketing or an organizational structure .It is founded on the...
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...on the marketing techniques, there are four in number and they are: The Ansoff's matrix (growth strategies)- This is a marketing tool that allows businesses to weigh up the level of risk involved in different marketing strategies. So basically it assesses the growth of a business and the risks involved and this is done through new or existing products in new or existing markets. Ansoff's matrix comprises of four(4) strategies and they are: Market penetration: This is selling more of the same product in the same market e.g. promotion, loyalty schemes .e.t.c.. This is a low risk strategy because your customers buy your product already, you're just trying to stay consistent and sell your product more. Market development: This is selling existing products in new markets e.g. expanding to foreign countries creating, new market segments. This is a medium risk strategy because you are introducing to new customers and you can't be certain if they are going to like the product and buy it. Product development: This is selling new products to existing markets i.e. completely new lines of product or modifications of existing products. This as well is a medium risk strategy because a completely different type of product is presented to your existing customers and you will be using the basis of they like the latter product to speculate how they are going to respond to the new product and you cannot be sure about that. Diversification: This is selling new products in completely new markets...
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...Executive Brief for Groupon To: Board of Directors From: Lindsay P Re: Strategic Development Plan Date: August 7, 2013 Executive Summary Groupon is an online daily deals company that originated in Chicago and quickly expanded internationally through acquisitions. As growth was enormous, Groupon became the market leader in the daily deal industry and decided to go public. However, since its IPO, Groupon has struggled to demonstrate profitability for its shareholders and stabilize its rapid growth. Two recommendations that will help Groupon create long-term value and profitability for its company are to strengthen its core business by operating only in the daily deals industry, and to develop a customer loyalty program in order to differentiate itself against competitors and gain loyal subscribers. Current Strategic Position Initially, Groupon started as a daily deals company that offered discounts on local services in large cities. Recently, however, Groupon has attempted to expand its strategic focus into the mobile payment and e-commerce industries in order to become the “operating system” for local commerce. In order to reduce competition and quickly build revenue, another one of Groupon’s strategies is to acquire copycat companies operating in large cities. Currently, Groupon is operating in 35 countries worldwide. Last year, Groupon was valued at $15.8 billion and is currently valued at $5.7 billion. If Groupon continues to focus on expansion...
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...largest IPO to date. From a small garage in Palo Alto, California, to employees around the world serving customers in 120 countries, Agilent has a long history of innovation and leadership in the communications, electronics, semiconductor, test and measurement, life sciences and chemical analysis industries. BIRTH OF AGILENT TECHNOLOGIES Agilent's foundation was laid by two entrepreneurs Bill Hewlett and Dave Packard in the form of Hewlett-Packard, a company started by them to provide test and measurement equipment. HP provides products, technologies, software solutions and services to consumers, small and medium sized businesses and large enterprises, including customers in the government, health and education sectors. Agilent Technologies was born as a spin-off of Hewlett-Packard Company. It announced a plan to create a separate company, made up of HP‟s businesses in Test and Measurement, Semiconductor Products, Healthcare Solutions, Chemical Analysis and the related portions of HP Laboratories. REASONS FOR SPIN-OFF In March 1999, Hewlett-Packard (HP) announced that it...
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...are the consideration in Brand Management? 1 1. Definition of Brand Management from various perspectives with references. 1 Brand as a logo 1 Brand as a legal instrument 1 Brand as a company 2 Brand as a shorthand 2 Brand as a risk reducer 2 Brand as an identity system 2 Brand as value system 2 Brand as a personality 3 Brand as relationship 3 Brand as adding value 3 Brand as an evolving entity 3 2. Main consideration in Brand Management. 4 The People Factor 4 Cultural Factor 4 Economic Factor 5 Political Factor 6 Legal Factor 6 3. Main benefits of branding. 7 Preference 7 Identification 7 Extension 7 Growth 7 Greater company equity 7 Barrier 7 4. Brand differentiation of one company from its competitors. 8 Differentiate by Audience 8 Differentiate by Focusing on the Experience 8 Differentiate by Product Features 8 Differentiate by Geography 8 Differentiate by Product Attribute 8 Differentiate by Design 9 Differentiate by Doing Good 9 5. Brand loyalty builds by the company. 9 References 11 What are the consideration in Brand Management? Guidance; 1. Definition of Brand Management from various perspectives with references. A brand is a name, term, design, symbol, or other feature that distinguishes products and services from competitive offerings. A brand also represents the consumers' experience with an organization, product, or service. According to Wikipedia, “Brand management is a communication...
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...of social media accept individual users as well as organizations, such as businesses and nonprofit groups. A business's social media profile may include links to its website, contact information and pictures of products or services the business offers. Marketing Businesses are constantly finding new ways to implement their marketing strategies through social media. Prior to the development of social media platforms, businesses relied on fliers sent through the mail, television commercials and word of mouth. While these marketing tactics are still useful, businesses can now use social media to instantly inform consumers about sales, the arrival of new products and exclusive promotions. Consumers can connect with their favorite retailers online to stay informed about new developments. Communication Social media also affects the way many retail businesses communicate with their customers. Instead of calling the store, writing a letter or sending an email, many customers prefer to communicate with a business using its social media profile. Customers may send private messages to the business, or they may post information publicly. Customers use social media to provide both positive and negative feedback about products or customer service. If a customer posts this information online, it can affect the opinions of other consumers who are connected to the business's profile. It's important for small businesses, especially, to be aware of reviews and other details posted online. Responding...
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...Introduction In this task I will describe how political, legal and social factors are impacting upon BMW’s (A profit making business) activities and their stakeholders. I will also examine how political, legal and social factors have impacted on BMW in the UK and China. BMW BMW group has luxury brands ranges MINI, Rolls-Royce and BMW it's a really popular cars so they are the main strengths of BMW. Their present positions in market are very renounced and faithful so company turnover and trading profit growth are additionally high. They are a reliable brand. BMW has a new technology and world’s leading premium quality of automobile manufacturer so it's create good reputation of all the customer and company profit are high. Political Factors The primary thing to perceive is that political variables factors an external constraint on a business, which simply implies that the political factors that influence a business are frequently totally out of the organization's control. In this time plan, Gordon Brown penalize drivers of the echo-accommodating vehicles. In moved he declared that substantial contaminating cars would be higher rate of road tax £210 a year. So its means BMW needs to develop their car petrol motor so it’s performed longer and additionally last more life worth. BMW needs to constantly be watchful about dispatching new vehicles and give the correct safety supplies on it. Case in point BMW produce one of their auto with no air bags that could be illicit so all...
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...New Trends in Marketing Strategies Thesis: In our age, in order to have a strong place in market ; specialist and brands have improved various strategies as neuromarketing, internet marketing and real time marketing. I. Neuromarketing A. Understanding consumer brain 1. Using reward system 2. Addressing emotions B. Analysing consumer brain 1. Electroencephalography (EEG) 2. Magnetoencephalography (MEG) 3. Functional Magnetic Resonance Imaging (fMRI) II. Internet Marketing A.Convenience of online business 1.Online advertising 2.Online shopping and customer services B.Devolopment of business using internet 1.Global and partial opportunities of Internet 2.Market research and analysis III. Real Time Marketing A. Personalization 1. Understanding customers 2. Increasing customer loyalty B. Responsiveness 1. Tapping into the moment 2. Having low cost 3. Opening for creativity Human is a social being that have to earn money to survive. For make money, there are two things: purchasing and selling. Since World War I, people try to find a solution for “What/how should I sale?”. Knowing this questions’ answers means identify the consumer and make profit. The main purpose in here is increase the sales. Hence, firms do various works in the cause of attracting consumer. In World War times, questions generate...
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...Industry Analysis By Week 3 Industry review The pet grooming industry is one that is steadily growing from year to year. According to the American Pet Products Manufacturing Association, an estimated $2.7 billion was spent on grooming and boarding services in 2006 alone. Then again in 2007, the services grew to $2.9 billion. In this industry it is important to be aware of the demographics and the new trends that develop year to year in order to stay up with the times and accurately identify one’s customers and potential customers. With an estimated 74.8 millions dogs in the U.S. this is evidence that pets are a big part of our lives. According to the 2007-2008 APPMA National Pet Owners’ survey, many pet owners spend an average of $127 on grooming and grooming aids. Furthermore, the 2006 Household Spending for pet services shows the following average spending: • Married couples with no children $38.72. • Married couples with children $30.69 • Single Parent $18.88 The middle and older age group also pamper there furry four legged friends. Average spending: • 35-44 years old $29.04 • 45-54 years old $44.50 55-64 years old $26.72 Regulation review and legal concerns Location of business is in New York, however we are mobile. The type of business that will be set up will more than likely be an LLC to protect our personal assets. We would need to contact the New York Zoning...
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...information in virtual networks and communities. It requires Internet and mobile technologies to develop interactive platforms that allow users to generate, modify, discuss, and share content. Reach, immediacy, frequency, and permanence are some of the features that distinguish social media from traditional media. Social media technologies have many forms, including Internet forums, social blogs, vlogs, weblogs, wikis, podcasts, social networks, microblogs, and videos/pictures/photographs. Popular social media platforms include YouTube (for video-sharing), Twitter (for microblogging), WordPress and Blogger (for blog hosting), Flickr and Photbucket (for photo-sharing). LinkedIn, MySpace, and Facebook (social networks), Digg (a social news site), eHow (an article directory), and Wikipedia (a collaborative project and wiki-based encyclopedia). Others are content communities, such as DailyMotion, virtual social worlds (Second Life), and virtual game-worlds (World of Warcraft) (Kaplan 129-130). The present paper will discuss the positive and adverse impacts of social media on modern business. Positive effects Social media outlets have broadened the channels that companies can use to market their products/services. Businesses no longer need to rely on print and broadcast media, which can be expensive in terms of paying for advertising space and airtime. Through social media, businesses have an inexpensive and fast way of making their products/services known to their target markets...
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...one of the most powerful digital marketing tools for brands and businesses. It has proven a very cost-effective way for promotion and advertising in a new, subtle and very personal way that businesses are doubling their Social Media Marketing budgets during the next five years. Many businesses are jumping into the Social Media Marketing (SMM) bandwagon, many of which are not even properly planning or assessing the effectiveness and the impact of SMM for their companies and brands. In truth, there are two sides to the SMM coin. One promises profitable success, particularly if SMM is done properly and effectively. On the other side, SMM may prove detrimental to your brand, bringing in results that maybe opposite from what you expected. So, Digital Marketing Philippines attempts to provide you with this definitive guide that will highlight the Pros and Cons of Social Media Marketing, so you can make intelligent decisions that will be instrumental in setting the fate of your overall digital marketing efforts. The Pros of Social Media Marketing for Business Businesses going gaga over social media? You can’t blame them for Social Media Marketing does have its perks, and the following will tell you why. 1. Social Media Marketing is Low Cost One of the main advantages of SMM over traditional media advertising and other digital marketing channels is the considerably lower cost that makes it very appealing for businesses. The most popular social media networks are practically...
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...small firms must develop and maintain loyal customers, as it costs for more to replace than keep one. There are three basic beliefs that forms the foundation of customer loyalty: 1. Superior customer service creates customer satisfaction 2. customer’s satisfaction produces customer loyalty 3. Small firms possess great potential for providing superior customer service Failure to emphasis customer service jeopardizes the attainment of customer satisfaction and customer loyalty. I. Components of Customer Satisfaction According to Thomas Jones and W. Earl Sasser Jr., in an article entitled “why satisfied customers Defect, “ (Harvard Business Review, Vol. 73, No. 6, Nov.-Dec. 1995, p. 90), there are four major elements that lead to satisfaction: 1. The most basic benefits of the product or service – the elements that customers expect all competitors to deliver. 2. General support services, such as customer assistance. 3. A recovery process for counteracting bad experiences. 4. Extraordinary services that excel in meeting customers’ preferences and make the product or service seem customized. Extraordinary service is the ingredient that small firms are in a unique position to offer. The following are ways to develop extraordinary services: 1. Naming names: Nothing is more well received than individual personalized attention. Besides courteous and friendly to customers, greeting customers is valued 10 times more on the “worth of loyalty” scale. 2. Customer...
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...Drivers of Brand Commitment: A Cross-National Investigation Name Institution Drivers of Brand Commitment: A Cross-National Investigation Introduction Brand commitment is the degree of psychological links between consumers and service or products they purchase. In fact, commitment towards a brand is the loyalty of consumers towards certain services and products produced by distinct businesses. Brands are a vital component of businesses, this is because they develop customer relationships which eventually results in performance of the business (Eisingerich & Rubera, 2010). Customer brand loyalty is repetitive purchasing of the particular service or product with biasness over other commodities attributed to the psychological evaluation by the consumer. Businesses are thus tasked with cultivating high brand commitment by using brand drivers to enhance performance. Brand drivers are attributes which generate strong impacts on the customer purchasing behaviors (Perrey, Spillecke & Armstrong, 2011). Brand commitment can be further elaborated as a consumer’s psychological pledge to have a long term attachment in terms of relationship towards a service or product they purchase into future times (MacInnis, Park, & Priester, 2014). Brand commitment is the supportive longevity behavior that a consumer exudes intentionally for a service or product. Initially, brand commitment starts with a consumer wanting to possess the particular service or goods which later...
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