The Egyptians & The Evolution of Advertising: This evolution of advertising is quite profound and has deep roots embedded in ancient times. Advertising dates back to ancient Egyptian and Greek times in 3000 B.C at a time when most argue that literacy was not common. However, some say that cave drawings still found today were one of the forms of advertising as images and symbols helped get the message across. This is what you would find in books which convince you that most people could not read or write in those days. Those were the so called dark ages, however, people’s expertise in every profession is a proof that they were perhaps the most talented and educated people of all times. Also, at that time people making use of their vocal cords took to the streets of Babylonia to advertise their products. The Papyrus Sheets & Rock Paintings: Coming…
Strategic planning models are what a blueprint is to construction. Strategy planning is of utmost importance as far as the long term business scenario is concerned. It provides a sense of direction through laying down objectives which come in handy for business decision making. It is up to the business to select and use models based on its needs and goals that had been set at the very start. One can determine which is best suited for the business and alter it when needed: 1. Basic Strategic Planning Model: This model is usually used by small businesses till the time they become fully established and as the name suggests, is used by new organisations with little experience of strategic planning. The first few steps in this process comprise of establishing your business goals and writing down the mission and vision statements. Then you identify the strategy that should…
Strategic planning tools help businesses define their vision, set clear objectives, and plan an approach to effectively achieving them. In other words, strategic planning tools provide guidance to lay the foundations of the what, the why and the how of an organization. Strategic planning is an organizational management activity that helps align priorities, focus on resources, and route all stakeholders towards achieving the desired business goals. During a strategic planning process, business and operational strategies are developed. These strategies serve as a road-map to achieving the organizational vision and its goals. The key elements of the strategic planning process established through a few steps that are: Developing the vision and mission statements, and business valuesThe assessment of internal and external factors that affect the organization S Effective mission and vision statements which are an essential part of strategic planning process, enables an organization to set priorities, reduce ambiguity, and provide…
Strategic planning is an organizational management activity that helps align priorities, focus resources, and routes all stakeholders towards achieving business goals. It is a disciplined effort that further shapes all activities towards achieving intended outcomes and assesses the organization’s directions in response to changing environments and helps create the marketing strategy accordingly. In simple words, it helps identify what the organization is aiming to become and develops necessary steps needed to reach that level. The 5 basic strategic planning steps are: 1. Formulate a Business Vision: Formulating a vision is an essential part of the strategic planning activities. This is the goal setting stage where you specify the vision of your business and identify the long term and short term objectives. Later you have to ascertain how these goals will be accomplished. These goals should not just be realistic but should also match the values set forth through…
What is a Marketing Strategy? A marketing strategy is a plan of action that is developed to convert the target market into customers for the product or service that a business sells. In simple words, a marketing strategy is supposed to promote and sell its product offering. It is supposed to contain the company’s key marketing messages including vision and mission statement, value proposition, and data about the target market et cetera. For these reasons, the marketing strategy is devised before the business is started so that you ascertain the market dynamics, know your competitors after having done the competitive analysis, and knowing your potential customers. This is called positioning your business. Often times, people confuse the marketing strategy with marketing plans because these are merged together into one document, however, they are indeed interlinked. The former in a nutshell covers the overall scenario of what the business offers. Such…
Competitive advantage is what makes a brand superior to other brands, it’s the superiority that brand has over its rivals that lead to better profit maximization. It’s about providing more benefits and better value to the end consumer, thus being able to convert him/her into repeat customers. The Three Determinants of Competitive Advantage: In order to achieve or maintain competitive advantage you should be aware about the three determinants: Competition: Start by identifying your direct and indirect competitors through a competitive analysis and knowing how they can cannibalise your business. This may or may not necessarily relate to companies or businesses related to the same nature of business. For newspapers, other newspapers are not just competition but it’s the internet as well that can give instant updates as and when the news breaks out. Gradually, newspaper started adapting to the change and invested in online assets. Similarly, as far as…
Competitive analysis is a field of strategic research that gathers and reviews information about rivals operating within the same industry. It is important to know what your competitors are doing so that you know if they could become a hindrance for your financial well-being. Or you could find out what market gaps are present which have not been identified yet that you can capitalize upon. This way you can gain the first mover advantage. In simple words, competitive analysis helps answer two basic questions for you: 1. How is my business doing in comparison to XYZ? 2. What is my perception of my business versus the market perception? Acquiring Marketing Intelligence & Competitor Information: With the advent of social media and technological advance, it is very easy to know what competitors are up to, especially through daily news monitoring and various other ethical means of gathering information about…
Promotional mix is one of the four P’s of marketing and is defined as the forms of marketing that are used by an organization to create a strong hold for its products or services and establish a way to influence the buying behavior of the targeted customers. It should be designed to inform customers about the values and benefits being offered. Promotional Mix: The promotional mix consists of the following elements: Advertising Public Relations Personal Selling Sales Promotion Using the right promotional mix ensures an increase in the customer base and attaining business success. 1. Advertising: Advertising plays a key role in promoting a business whether done on traditional or digital platforms. Depending on how mature the product is and what stage of the product life cycle it is at, the advertising function varies. For instance, during the introductory or the growth stage, advertising is done to…