What is a product improvement? When a firm improves one of their existing products, which they are already market and sell to consumers, in some manner, then this is known as a product improvement. Product improvements can be quite substantial or quite minor. For example, for a food product one of the ingredients may
Challenges of a product improvement Find Out More...
In the classification of new products, product repositioning is considered to be a new product task. There are a numerous challenges and benefits associated with product repositioning as discussed in the following article. Please refer to a separate article for the benefits of repositioning, as well as an example of repositioning. What is product
Challenges of product repositioning Find Out More...
As you know, many new products fail in the marketplace, which means that evaluation of new products, prior to development and launch, is critical.
Reasons Why New Products Fail Find Out More...
Let’s evaluate the key differences between the evolving IMC definitions to understand how the perception and role of integrated marketing communications has progressed. Broader than just consumers The audience is much broader than just consumers. While communicating to consumers obviously remains very important and probably the focus of communication for most firms – firms
How has the concept of integrated marketing communication evolved? Find Out More...
Marketing strategy in the promotional era Today most firms operate in line with the marketing concept or the societal marketing concept. However, if we go back in time, firms tended to operate with a sales and/or promotional focus. This video highlights Crocker Bank from 1970. It is taken from a documentary on the advertising
Promotional Era example Find Out More...
NAB’s Repositioning in the Australian Banking Market This video highlights a major campaign undertaken by the National Australia Bank (NAB). As you will see, this is probably one of the best executed campaigns that you will see, given that it uses so many different communication tools and its core message was effectively communicated in a
National Australia Bank Repositioning Case Study Find Out More...
The changing media environment The process of communicating in marketing is far more challenging in today’s environment due to the complexity of media choices and the interaction between consumers and the resultant effect on consumer shopping behavior. In the “old days”, a firm’s promotional mix was almost exclusively made up of its sales function
The changing media environment Find Out More...
Sales promotion refers to temporary incentives offered by an organization to either their customers or their resellers, with the intention of increasing the sales of their products.
Main Types of Trade Promotion Find Out More...
Customer lifetime value has three main components: The acquisition cost of customer The annual profit of customer And the lifetime of the customer to the firm The average lifetime of a customer The final component in the customer lifetime value calculation is to work out the average length of customer’s relationship with the firm
The average lifetime of a customer Find Out More...
Customer lifetime value has three main components: The acquisition cost of customer The annual profit of customer And the lifetime of the customer to the firm The annual profit of a customer The main component of the customer lifetime value formula is an understanding of what profitability is generated from each individual customer on
The annual profit of a customer in CLV Find Out More...
