Marketing Strategies in Competitive Markets and Challenging Times

2015 ◽  
pp. 1-24
Keyword(s):  
Customer Value ◽  
Marketing Strategies ◽  
Brand Value ◽  
Marketing Communication ◽  
Competitive Markets ◽  
Financial Health ◽  
Customer Insight ◽  
Targeted Marketing ◽  
Broad Consensus ◽  
Marketing Budget

The challenging times and competition pose a serious threat to the survival of enterprises. The main objective of this chapter is to discuss the marketing strategies that help enterprises to continue their financial health in challenging times such as during the period of recessions or in rapidly changing competitive markets. A framework of strategies, which may enable enterprises to sustain and thrive their profitability in challenging and competitive markets, is proposed based upon the strategies on which the literature has reached a broad consensus. The proposed marketing strategies for challenging and competitive markets include creating customer value, differentiation and innovation, finding alternative ways to price cut, emphasizing brand value, maintaining marketing and advertising, focusing on targeted marketing communication, reviewing and measuring marketing budget effectiveness, understanding marketplace, developing strategies based upon customer insight, becoming customer-centered, focusing on customer retention and loyalty, and re-evaluating and prioritizing customer segments.

Marketing Strategies in Competitive Markets and Challenging Times

2019 ◽  
pp. 248-271
Author(s):  
Süphan Nasır
Keyword(s):  
Customer Value ◽  
Marketing Strategies ◽  
Brand Value ◽  
Marketing Communication ◽  
Competitive Markets ◽  
Financial Health ◽  
Customer Insight ◽  
Targeted Marketing ◽  
Broad Consensus ◽  
Marketing Budget

The challenging times and competition pose a serious threat to the survival of enterprises. The main objective of this chapter is to discuss the marketing strategies that help enterprises to continue their financial health in challenging times such as during the period of recessions or in rapidly changing competitive markets. A framework of strategies, which may enable enterprises to sustain and thrive their profitability in challenging and competitive markets, is proposed based upon the strategies on which the literature has reached a broad consensus. The proposed marketing strategies for challenging and competitive markets include creating customer value, differentiation and innovation, finding alternative ways to price cut, emphasizing brand value, maintaining marketing and advertising, focusing on targeted marketing communication, reviewing and measuring marketing budget effectiveness, understanding marketplace, developing strategies based upon customer insight, becoming customer-centered, focusing on customer retention and loyalty, and re-evaluating and prioritizing customer segments.

Marketing communication objectives through digital content marketing on social media

2020 ◽  
pp. 79-104
Author(s):  
Janice J. Nieves-Casasnovas ◽  
Frank Lozada-Contreras
Keyword(s):  
Social Media ◽  
Marketing Strategies ◽  
Brand Awareness ◽  
Digital Content ◽  
Media Content ◽  
Marketing Communication ◽  
Case Study Design ◽  
Multiple Case ◽  
Content Marketing

The purpose of this study was to determine what type of marketing communication objectives are present in the digital content marketing developed by luxury auto brands with social media presence in Puerto Rico, particularly Facebook. A longitudinal multiple-case study design was used to analyze five luxury auto brands using content analysis on Facebook posts. This analysis included identification of marketing communication objectives through social media content marketing strategies, type of media content and social media metrics. Our results showed that the most used objectives are brand awareness, brand personality, and brand salience. Another significant result is that digital content marketing used by brands in social media are focused towards becoming more visible and recognized; also, reflecting human-like traits and attitudes in their social media.

Intramural Sport Marketing: An Examination of Effectiveness, Participant Motives, and Demographic Differences

2014 ◽  
Vol 38 (2) ◽  
pp. 175-187 ◽  
Author(s):  
Joseph Ciuffo ◽  
James E. Johnson ◽  
Daniel R. Tracy
Keyword(s):  
Professional Sports ◽  
Sport Marketing ◽  
Demographic Characteristics ◽  
Marketing Strategies ◽  
Demographic Differences ◽  
Intramural Sports ◽  
Marketing Resources ◽  
Intramural Sport ◽  
Targeted Marketing ◽  
Participation Motives

Intramural sports exist as a relevant entity in the recruitment and retention of college students (Byl, 2002). The popularity of intramural sport has caused university recreational departments to increase intramural opportunities, thus increasing the need for more targeted marketing efforts. However, marketing strategies for intramural sport are not as refined, funded, or as thoroughly researched as strategies found within intercollegiate and professional sports (Schneider, Stier, Kampf, Wilding, & Haines, 2007). Therefore, in the current study, we examined the effectiveness of 10 intramural marketing techniques in relation to four participation motives and demographic characteristics for 208 intramural participants. Results revealed promotional items as the most effective marketing technique, whereas social media was the least effective. Regarding gender, men were more motivated by discounts, and women participated more for fitness. Our results could aid intramural sports coordinators to better use their marketing resources in relation to participant motives and avoid erroneous spending on ineffective methods.

Improving Customer Value Index and Consumption Forecasts using a Weighted RFM Model and Machine Learning Algorithms

2022 ◽  
Vol 30 (3) ◽  
pp. 0-0
Keyword(s):  
Customer Value ◽  
Marketing Strategies ◽  
Machine Learning Algorithms ◽  
Entropy Weight ◽  
Rfm Model ◽  
Consumption Data ◽  
Entropy Weight Method ◽  
Customer Profiling ◽  
Weight Method ◽  
Rmf Model

Collecting and mining customer consumption data are crucial to assess customer value and predict customer consumption behaviors. This paper proposes a new procedure, based on an improved Random Forest Model by: adding a new indicator, joining the RFMS-based method to a K-means algorithm with the Entropy Weight Method applied in computing the customer value index, classifying customers to different categories, and then constructing a consumption forecasting model whose RMSE is the smallest in all kinds of data mining models. The results show that identifying customers by this improved RMF model and customer value index facilitates customer profiling, and forecasting customer consumption enables the development of more precise marketing strategies.

DETERMINAN NILAI PELANGGAN & IMPLIKASINYA TERHADAP LOYALITAS KONSUMEN DI BANK SYARIAH WILAYAH DKI JAKARTA

2019 ◽  
Vol 3 (2) ◽  
pp. 144-165
Author(s):  
Hanan Wihasto
Keyword(s):  
Product Quality ◽  
Customer Value ◽  
Distribution Channels ◽  
Marketing Communications ◽  
Survey Method ◽  
Marketing Communication ◽  
Consumer Loyalty ◽  
Significant Positive Effect ◽  
Dominant Contribution ◽  
Positive Effect

The purpose of this study was to determine and analyze the effect of Marketing Communications on Customer Value. To know and analyze the influence of product quality on Customer Value. To know and analyze the influence of Distribution Channels for Customer Value. To know and analyze the effect of Marketing Communications, Product Quality and Distribution Channels together on Customer Value. To know and analyze the impact of the Consumer LoyaltyMarketing Communications. To know and analyze the influence of product quality on Consumer Loyalty. To know and analyze the influence of Distribution Channels for Consumer Loyalty. To know and analyze the effect on the Customer Value Customer Loyalty. To know and analyze the effect of Marketing Communications, Product Quality, Distribution Channels andCustomer Value jointly against Consumer Loyalty. The method used is survey method descriptive and explanatory survey with asample size of 435 respondents, as well as data analysis method used is SEM (Structural Equation Modelling) with LISREL 8.80. Based on the results of the study, then obtained the following findings: Marketing Communications positive and significant impact on Customer Value. Product quality and significant positive effect on Customer Value. Distribution Channels positive and significant impact on Customer Value. Marketing Communication, Product Quality and Distribution Channels simultaneously positive and significant impact on Customer Value. Partially Marketing Communications dominant contribution in influencing the Customer Value. Marketing Communications positive and significant impact on consumer loyalty. Product quality and significant positive effect on consumer loyalty. Distribution Channels positive and significant impact on consumer loyalty. Customer Value positive and significant impact on consumer loyalty. Marketing Communication, Product Quality, Distribution Channels and Customer Value simultaneously positive and significant impact on consumer loyalty. Partially Marketing Communications dominant contribution in influencing consumer loyalty.  

A Communication-Based Marketing Model for Managing Relationships

1998 ◽  
Vol 62 (2) ◽  
pp. 1-13 ◽  
Author(s):  
Tom Duncan ◽  
Sandra E. Moriarty
Keyword(s):  
Relationship Marketing ◽  
Brand Value ◽  
Critical Element ◽  
Marketing Communication ◽  
Marketing Theory ◽  
Brand Relationships ◽  
Interactive Communication ◽  
Marketing Model ◽  
Key Points ◽  
Valuable Element

The authors propose a communication-based model of relationship marketing and discuss how communication (rather than persuasion) is the foundation of the “new” customer-focused marketing efforts. The authors trace recent parallel shifts in communication and marketing theory and show the intersections between communication and marketing. Although communication always has been a critical element in marketing, the authors show how the increase in interactivity makes communication an even more valuable element of marketing by identifying those many points that link the two disciplines. Using the three key points at which the two disciplines intersect—messages, stakeholders, and interactivity—the authors develop a communication-based model of marketing. They demonstrate how interactive communication at three levels—corporate, marketing, and marketing communication—leads to the brand relationships that drive brand value.

scholarly journals Community Pharmacy Marketing: Strategies for Success

2011 ◽  
Vol 2 (3) ◽  
Author(s):  
Kristina D. Wood ◽  
Megan Offenberger ◽  
Bella H. Mehta ◽  
Jennifer L. Rodis
Keyword(s):  
Target Population ◽  
Outpatient Setting ◽  
Marketing Strategies ◽  
Community Pharmacies ◽  
Management Service ◽  
Clinical Services ◽  
Anticoagulation Management ◽  
Care Community ◽  
The Ohio State University ◽  
Targeted Marketing

Purpose: As community pharmacies are implementing increasingly more clinical services they are faced with a new challenge of marketing these services. This article discusses The Ohio State University College of Pharmacy Clinical Partners Program's (Clinical Partners) experiences in marketing clinical services to patients, barriers encountered through these experiences, and presents suggestions for future marketing of services. Experience: Clinical Partners developed two targeted marketing projects and evaluated impact on patient enrollment in services. In January 2008, the pharmacy ran a series of radio advertisements, newspaper print advertisements, and face to face marketing in the community with the focus of each being patient care services. During this project five individuals expressed interest in Clinical Partners' services. Four indicated that they heard about Clinical Partners through the radio ad and one through the pharmacy website, though none chose to enroll in services. In 2009 Clinical Partners focused on marketing MTM in the form of a comprehensive medication review to current patients already enrolled in its anticoagulation management service. Following a three month period, 6 patients (8%) of the 71 patients receiving the marketing intervention chose to enroll in MTM. Four additional patients have enrolled in MTM since conclusion of the project. Discussion: These projects and a review of available literature revealed barriers that pharmacies encounter when marketing clinical services to patients in an outpatient setting including patients' unawareness of the role a pharmacist can play outside dispensing medications, patients' belief they do not need clinical services, and patients' unwillingness to pay a pharmacist out of pocket for services. Future Implications: To overcome these identified challenges, community pharmacies should consider integration of marketing techniques such as tailoring marketing to a target population, forming and utilizing relationships with patients, and looking to past marketing successes in developing marketing plans. Pharmacists should also be adventurous in exploring new ways to promote pharmacy clinical services to find creative solutions to barriers encountered. As community pharmacies continue to grow the realm of clinical services offered to patients, it is important also to develop and implement marketing strategies to support the services and expansion of the profession so that these services can be embraced by patients and the health care community.   Type: Idea paper

Experiential Marketing to Increase Net Marketing Contribution Margin (NMCM) through Customer Value

2017 ◽  
Vol 2 (4) ◽  
pp. 36-42
Author(s):  
Khusnul Khotimah
Keyword(s):  
Customer Value ◽  
Jel Classification ◽  
Communication Strategy ◽  
Full Potential ◽  
Marketing Communication ◽  
Experiential Marketing ◽  
Contribution Margin ◽  
Business Income ◽  
A Company ◽  
Positive Effect

Objective - Experiential Marketing may have a positive effect on both the formation of customer value and in the generation of profits for a company. Methodology/Technique - This study examines the calculation of the Net Marketing Contribution Margin (NMCM) in achieving a company's return. The survey shows an increase in total business income in 2014 by IDR 3.59 trillion, and in 2015 by IDR 3.8 trillion. However, the scheduled passenger income has decreased by 20.61%. Findings – The findings show that the ratio of promotions, tickets, and sales expenses to the total number of sales fluctuated between 2009 and 2015. This is contrary to the revenue generated through Experiential Marketing, which continued to increase from year to year. Novelty - The study shows that, without a strong communication strategy, a company may not be able to reach its full potential. Type of Paper - Empirical. Keywords: Customer Value; Experiential Marketing; Net Marketing Contribution Margin (NMCM); Marketing Communication. JEL Classification: M30, M31, M41.

Rise of Experiential Marketing in Emerging Markets

2016 ◽  
pp. 284-312
Author(s):  
Mervat Medhat Youssef ◽  
Hanan Atef Abdallah
Keyword(s):  
Emerging Markets ◽  
Business Model ◽  
Word Of Mouth ◽  
Communication Channels ◽  
Marketing Strategies ◽  
Marketing Communication ◽  
Experiential Marketing ◽  
The Public ◽  
Consumption Experience

This chapter aims to contribute towards the improvement of using Experiential Marketing as a business model in Emerging Markets. This chapter also clarifies how experiential marketing fits within the Emerging marketing climate, and how to go about planning and evaluating it for best results. It provides examples focused on Emerging Markets ethics, market mix strategies, customer brand consumption experience and consumer word of mouth. The finding suggests how Experiential Marketing strategies can best utilize marketing communication channels to achieve Emerging Markets objectives. This chapter will encourage companies and brands in Emerging Markets to look into using experiential advertising in their marketing strategies. The chapter will focus on highlighting the connection between Emerging Markets and Experiential Marketing in different aspects, which then will be analyzed in order to determine how functional and successful Experiential Marketing can be. It concludes with analysis of demonstrating views from the public and experiential specialists.

Data Mining Applications in the Hospitality Industry

2010 ◽  
pp. 1109-1114
Author(s):  
Soo Kim
Keyword(s):  
Data Mining ◽  
Customer Value ◽  
Hospitality Industry ◽  
Marketing Strategies ◽  
Restaurant Industry ◽  
Data Mining Techniques ◽  
Competitive Edge ◽  
Processing Data ◽  
Hospitality Managers

Some people say that “success or failure often depends not only on how well you are able to collect data but also on how well you are able to convert them into knowledge that will help you better manage your business (Wilson, 2001, p. 26).” It is said the $391 billion restaurant industry generates a massive amount of data at each purchase (Wilson, 2001), and once collected, such collected data could be a gigantic tool for profits. In the hospitality industry, knowing your guests in terms of where they are from, how much they spend money, and when and what they spend it can help hospitality managers formulate marketing strategies, enhance guest experiences, increase retention and loyalty and ultimately, maximize profits. Data mining techniques are suitable for profiling hotel and restaurant customers due to their proven ability to create customer value (Magnini, Honeycutt, & Hodge, 2003; Min, Min & Emam, 2002). Furthermore, if the hospitality industry uses such data mining processes as collecting, storing, and processing data, the industry can get strategic competitive edge (Griffin, 1998). Unfortunately, however, the hospitality industry and managers are behind of using such data mining strategies, compared to the retail and grocery industries (Bogardus, 2001; Dev & Olsen, 2000). Therefore, there is a need for learning about such data mining systems for the hospitality industry. The purpose of this paper is to show the applications of data mining systems, to present some successes of the systems, and, in turn, to discuss some benefits from the systems in the hospitality industry.

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