Customer lifetime value or CLV is a key marketing metric that is primarily used in relationship marketing oriented organizations. In simple terms, it is the profit attributable to an individual customer during their time as a customer with the organization.Customer lifetime value has three main components:The acquisition cost of customerThe annual profit of customerAnd the […]
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The process of communication can be understood using a model usually referred to as the ‘Communication Process’ or as the ‘Encoding/Decoding’ model. The model has nine parts: source/sender, encoding, message, media channel, decoding, receiver, and response, noise and feedback.
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What is personal selling?Personal selling is one of the forms of promotion or marketing communications used by organizations to communicate with the marketplace and drive purchases of their products. Along with advertising, public relations, and sales promotion – personal selling makes up the promotions mix or marketing communications mix of a company.Personal selling can be
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What is sales promotion?Sales promotion is one of the forms of promotions or marketing communications used by organizations to communicate with the marketplace. Together with advertising, public relations and personal selling – sales promotion makes up the promotions mix or the marketing communications mix of a company.Sales promotion refers to temporary incentives offered by an
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What is Advertising?Advertising is one of the forms of promotion or marketing communications used by organizations. Advertising can be defined as any paid form of communication between an organization and the marketplace, which promotes the products, services or the organization itself.Advertising is a very common form of promotion, used by almost all types of organizations:
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What is promotion?Promotion, also referred to as integrated marketing communications, is the process of an organization communicating information about their brand and products to the marketplace (note: in marketing, the marketplace includes customers, stakeholders and the public).The Main Types of promotionPromotion can take several forms, with the most common forms of promotion being:Advertising,Public Relations,Sales Promotion,Direct
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What are the extra communication challenges faced in today’s media environment?As a quick list, today’s media and communication environment as the following impact on marketers, each of which will be discussed below.Less control of messageNeed more variety of communication toolsNeed to be more entertainingUse of social mediaComparison sites, forums and message boardsInfluence of independent bloggersMore
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If we go back in time, the prime communication tool for most organizations was some form of advertising. Large companies and brands could afford major TV advertising, whereas small businesses advertised in the local newspaper or on local radio.Companies use to structure their marketing area as primarily a promotional arm (in the sales/promotion era), where
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When I was a marketing student, a long time ago, I did not study integrated marketing communications. Instead, I studied advertising and sales management as separate subjects. That was the way it was taught in university and that was the way it was practiced in real organizations. (In the sales/promotion era of marketing.)For most of
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Integrated marketing communications, IMC, is typically what we think of as the promotional mix in the 4P’s or 7P’s – or even perhaps as communication itself in the 4C’s version of the marketing mix elements.The to think that integrated marketing communications is simply the coordination of the firm’s promotional activities is quite limited in scope
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