A commodity is a raw material, product or service indistinguishable from other things like it–– water, oil, air, rocks, agricultural products and money, for example. If these commodities were your business, your challenge would be to stand out from the crowd. You could differentiate on price or overall value. The value can be developed andDetail
Any product or brand enters the free-for-all marketplace at its own risk. Consumers have to sort through endless choices and marketers have to capture their attention in seconds by rising above the noise. Due to many human frailties ranging from poor attention span, preconceived bias, rational and emotional responses, and personal behaviors and attitudes, it’sDetail
In the age of digitization, you might think direct mail is dead. On the contrary. With 484.8 million direct mail pieces being delivered every day—it's far from dead. Direct mail is still a highly effective marketing channel for customer acquisition and retention—when done correctly.
Understanding your customers’ wants and needs allows you to develop marketing strategies with impact that help you keep and grow profitable customer relationships. In order to effectively harvest and use the data that’s available, development of a marketing segmentation strategy for your business is necessary.
One of the most critical components to pricing is what economists refer to as price elasticity. Given the bottom-line impact pricing can have on overall profitability, it’s a critical concept for all marketers to understand.
Imagine your morning drive to work and you pass a billboard advertising a new credit card from a local bank. During lunch, you hear a radio ad for that same new credit card. The next day, you find an envelope in your mailbox offering that same credit card.
Every business has a product or service offering that’s key to its marketing efforts. An offering is more than just a product or service, however. It should include elements that represent added value––such as availability, ease of use or delivery, technical support and quality customer service. Some examples might include a free guide, a sample, an e-book, a slideshow, case
Marketing managers around the world have been utilizing the “marketing mix” for years. The term was coined in 1949 by Neil Borden, a professor of advertising. E. Jerome McCarthy provided the framework for the marketing mix in 1960 with the 4 P’s model—product, promotion, price and place (distribution). Since then, there have been many variations, including the 7 P’s model,
When in doubt, test. This is especially true with direct response products and services as your investment can be self-liquidating. Consumer research, whether primary, secondary or focus groups, is a sunk cost to be recovered by informing a smarter strategy and execution over time. Direct-to-consumer experimental design test costs are reduced by the in-market response. You not only get the
In 1997 when the U.S. Food and Drug Administration (FDA) clarified ways pharmaceutical companies could meet what had previously been vague guidelines, the direct-to-consumer (DTC) advertising boom for prescription drugs and medical devices was started. Some people may regret that day, especially hearing commercials listing the potential side effects of a particular drug. But it dramatically changed the way pharmaceutical