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
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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.
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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
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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
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The calculation for 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 Customer acquisition costs This is the amount of money it costs, on a per customer basis, to attract a first-time customer. Acquisition costs are calculated
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Customer journey mapping is techniques that relies upon identifying and sequencing the touchpoints (exposures and interactions) that consumers (potential customers) and actual customers have with the brand. Therefore, as a simple definition for what is a brand touchpoint? A brand touchpoint can be considered as any interaction or exposure that a consumer has with a
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Customer journey mapping is a visual technique designed to outline how: The brand reaches a consumer’s consideration (evoked) set How the consumer progresses through the buying decision process and selects a suitable brand, and The consumer progresses through consumption and/or use of the product or service. When to use customer journey maps? Because of
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To help understand how the strategic hierarchy model helps us understand how the concept of strategy differs between levels in an organization, let’s look at one of the world’s largest and most diversified companies, General Electric (GE). The following model shows the generic strategic hierarchy model often found in marketing strategy textbooks. The diagram
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It is sometimes confusing distinguishing between strategies and tactics as they refer to interdependent aspects of marketing activities. Basically, strategy refers to major decisions that impact the competitive position of a firm, whereas tactics are the activities that support and deliver the strategy. As an example, one aspect of a firm’s strategy could be
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The strategic hierarchy relates to large firms only. They own multiple businesses and will structure their strategic decisions accordingly. Below is a list of examples of strategic hierarchy decisions. This is important to understand as different types of marketing and strategic decisions are made at different levels in the organization. In other words: strategy
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