Saturday, March 2, 2013

Managing Markets


Managing Markets
Marketing communications on social networking sites can also be referred to social mediamarketing, which is the process of gaining attention by the creation of web traffic, through social media sites likeface book, twitter, linked in and many more. In this kind of marketing, content to be disseminated is created in order to attract attention so that the readers may feel compelled to share it with other people in their social networks. A message disseminated through this kind of channel tends to seem more reliable as it comes from a person you know and one you could possibly trust as opposed to the brand or from the company itself.()Therefore, this type of marketing is basically earned media and not paid for, since its spearheaded by word of mouth. It is also essential to note that social media is one platform that is easily accessible to anyone who can attain internet connection. Organizations that tend to use this type of marketing tend to benefit from Increased brand awareness .This is due to the fact that people in the social networking sites are usually linked to many people in the same network.Therefore, if one spreads a brand name positively in the network, the word will spread like bush fire creating awareness even for brands that were not very well known.
Social media marketing results into improved customer service. This is mainly attributed to the fear by business people to have a negative recommendation. On the other hand, they also strive to improve on their customer service in terms of performance so as to ensure future recommendations from people through these cites. Inaddition, thesocial media platforms are very cheap to use in dissemination of information especially where marketing is concerned.()No start up costs are required, All one needs to do is just to relay their information using these channel and everyone involved will be able to know.()
Companies are also able to create a personal relationship with their customers. This is because the social networking sites have enabling tools that for allow chat and conversations. Therefore,product/companies can have conversations with individual followers. This personal touch and conversations is what in turn culminates into customer loyalty/brand loyalty. Since the companies can also choose on who to follow, they can be able to carry out target marketing by choosing on who to relate with and what to communicate to them().
- " own " or "service" brand extension is a mathematical tool on how to mange brands more efficiently and effectively. The tool is designed in order to make Brand management more focused, efficient and effective. In simpler definition terms, the above title can be exemplified to mean  the sum of all available information about a product, service or the company.()In order for any brand to relay information about itself, one should have had a personal encounter with it in the areas of functional satisfaction or emotional satisfaction. Functionality basically relies on the performance measure of the product while emotionality depends on how loyal you are in using the brand and whether it sufficiently understands your needs and satisfies them () Secondly, we can get information about a brand through communication channels in the market. This is through the advertisingMedias, logo of the product, brand name and so on. These aspects help to determine whether a brand will be successful or not since this broader picture is what actually constitutes a brand.
The market environment today is very hard to penetrate being that consumers are aware and informed of the different brand types. Through constant feedback from one person to the other, vital brand information is disseminated in the same regard. Due to the increased complexity, it is essential that all brand owners exhibit greater skill in order to create new brands. There is the need to be more efficient and effective in order to minimize wastages in marketing. This can only be possible if the brand owners are able to consider all the factors that either build or destroy a brand.
This leads to what is termed as brand wealth which involves all the aspects of identifying opportunities for a brand, proper positioning and naming and finally marketing it to the chosen market segments through use of appropriate communication channels. When tested by the customers, the brand should be able to deliver as per the specifications it represents.

The Ansoff matrix is a strategic planning tool that was first discovered by Igor Ansoff in 1941 and it links marketing to general strategic direction through the use of the four growth strategies of Market penetration, market development, product development and diversification. Many business leaders and market leaders use the tool as a quick and simple way especially in relation to growth. It is at times also called the product/market Expansion Grid. (Witzel 2005)
In businesses,when consideringgrowthoptions, the low risk option is usually to stay in the existing market with the existing product. Thisway, you are not exposed to any challenges since you are aware of how ell the products work and the market is also very well known to you. Ifthe business considers moving into a new market altogether, the risks arehigher. This in the sense that, the new market may either turn out to have totally different needs from the one’s you may have anticipated and the product you introduce may fail to be successful. Therisk is even higher in the case where you choose to introduce a new product to a new market since both are unknown to you. (Swayne, Duncan and Ginter 2012)
In order to manage the risks appropriately, especially when choosing from one quadrant to another one, it is essential that one researches more carefully to avoid surprises and failure.Secondly,the required capabilities needed to succeed in the next quadrant should be well  understood and implemented before the move. Alternatively, it is essential to note that, to consider a move, the resources in your capacity should be able to cover the lean period which is bound to come as you learn how to sell the new product to the new market while still learning their behaviourial characteristics. Lastly, marketers also need to understand that the project may fail to be successful and therefore, establish a back up strategy in the same regards. (Kipley 2012)

Reference list

Kipley, D 2012,Extending Ansoff's Strategic Diagnosis Model,Retrieved from:http://www.sgo.sagepub.com/content/2/1/2158244011435135.full

Witzel, M 2005,Encyclopedia of History of American Management Academic Press- Port Melbourne

 

 

 













Managing Markets
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Marketing communications on social networking sites can also be referred to social mediamarketing, which is the process of gaining attention by the creation of web traffic, through social media sites likeface book, twitter, linked in and many more. In this kind of marketing, content to be disseminated is created in order to attract attention so that the readers may feel compelled to share it with other people in their social networks. A message disseminated through this kind of channel tends to seem more reliable as it comes from a person you know and one you could possibly trust as opposed to the brand or from the company itself.()Therefore, this type of marketing is basically earned media and not paid for, since its spearheaded by word of mouth. It is also essential to note that social media is one platform that is easily accessible to anyone who can attain internet connection. Organizations that tend to use this type of marketing tend to benefit from Increased brand awareness .This is due to the fact that people in the social networking sites are usually linked to many people in the same network.Therefore, if one spreads a brand name positively in the network, the word will spread like bush fire creating awareness even for brands that were not very well known.
Social media marketing results into improved customer service. This is mainly attributed to the fear by business people to have a negative recommendation. On the other hand, they also strive to improve on their customer service in terms of performance so as to ensure future recommendations from people through these cites. Inaddition, thesocial media platforms are very cheap to use in dissemination of information especially where marketing is concerned.()No start up costs are required, All one needs to do is just to relay their information using these channel and everyone involved will be able to know.()
Companies are also able to create a personal relationship with their customers. This is because the social networking sites have enabling tools that for allow chat and conversations. Therefore,product/companies can have conversations with individual followers. This personal touch and conversations is what in turn culminates into customer loyalty/brand loyalty. Since the companies can also choose on who to follow, they can be able to carry out target marketing by choosing on who to relate with and what to communicate to them().
- " own " or "service" brand extension is a mathematical tool on how to mange brands more efficiently and effectively. The tool is designed in order to make Brand management more focused, efficient and effective. In simpler definition terms, the above title can be exemplified to mean  the sum of all available information about a product, service or the company.()In order for any brand to relay information about itself, one should have had a personal encounter with it in the areas of functional satisfaction or emotional satisfaction. Functionality basically relies on the performance measure of the product while emotionality depends on how loyal you are in using the brand and whether it sufficiently understands your needs and satisfies them () Secondly, we can get information about a brand through communication channels in the market. This is through the advertisingMedias, logo of the product, brand name and so on. These aspects help to determine whether a brand will be successful or not since this broader picture is what actually constitutes a brand.
The market environment today is very hard to penetrate being that consumers are aware and informed of the different brand types. Through constant feedback from one person to the other, vital brand information is disseminated in the same regard. Due to the increased complexity, it is essential that all brand owners exhibit greater skill in order to create new brands. There is the need to be more efficient and effective in order to minimize wastages in marketing. This can only be possible if the brand owners are able to consider all the factors that either build or destroy a brand.
This leads to what is termed as brand wealth which involves all the aspects of identifying opportunities for a brand, proper positioning and naming and finally marketing it to the chosen market segments through use of appropriate communication channels. When tested by the customers, the brand should be able to deliver as per the specifications it represents.

The Ansoff matrix is a strategic planning tool that was first discovered by Igor Ansoff in 1941 and it links marketing to general strategic direction through the use of the four growth strategies of Market penetration, market development, product development and diversification. Many business leaders and market leaders use the tool as a quick and simple way especially in relation to growth. It is at times also called the product/market Expansion Grid. (Witzel 2005)
In businesses,when consideringgrowthoptions, the low risk option is usually to stay in the existing market with the existing product. Thisway, you are not exposed to any challenges since you are aware of how ell the products work and the market is also very well known to you. Ifthe business considers moving into a new market altogether, the risks arehigher. This in the sense that, the new market may either turn out to have totally different needs from the one’s you may have anticipated and the product you introduce may fail to be successful. Therisk is even higher in the case where you choose to introduce a new product to a new market since both are unknown to you. (Swayne, Duncan and Ginter 2012)
In order to manage the risks appropriately, especially when choosing from one quadrant to another one, it is essential that one researches more carefully to avoid surprises and failure.Secondly,the required capabilities needed to succeed in the next quadrant should be well  understood and implemented before the move. Alternatively, it is essential to note that, to consider a move, the resources in your capacity should be able to cover the lean period which is bound to come as you learn how to sell the new product to the new market while still learning their behaviourial characteristics. Lastly, marketers also need to understand that the project may fail to be successful and therefore, establish a back up strategy in the same regards. (Kipley 2012)

Reference list

Kipley, D 2012,Extending Ansoff's Strategic Diagnosis Model,Retrieved from:http://www.sgo.sagepub.com/content/2/1/2158244011435135.full

Witzel, M 2005,Encyclopedia of History of American Management Academic Press- Port Melbourne