| Topic : Branding During Tough Times |
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Marketing & Branding
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Activity:
92 views;
last activity : 07 06 2010 20:18:09 +0000
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Pricing Tactics
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Concentrate on core brands
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Maintain Marketing Spending
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marketing strategy and alertness
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Innovate w.r.t 4P's of Marketing
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I think Customer always look for best deal, we should not necessarily have to cut list prices, but we may need to offer more temporary price promotions, reduce thresholds for quantity discounts, extend credit to long-standing customers, and price smaller pack sizes more aggressively. In the critical situation price cuts attract more consumer support than promotions such as sweepstakes and mail-in offers.
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The marketer should concentrate on the core brand or products. He should market only those product or brand which are likely to survive during the recession. And not spend anything on the product that will sink/die ( because spending time and money in the product or brand which won't survive the recession is just effort, time and money. Instead spend those on the products or brands which are likely to survive). |
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The marketer should concentrate on the core brand/ products. spend on the product that will not in position to survive ie spending time or money is not fruitful
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Investment always sounds good, Usually the initial reaction by marketers in respond to recession is to cut marketing cost. On the contrary its time to invest more in brands. You will be heard when all others are shutting their marketing mouths.., This is not the time to cut advertising. It is well documented that brands that increase advertising during a recession, Bargain with the media for the rates and invest in building your brand.
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Yes santosh you are right, competitors are cutting back, can improve market share and return on investment at lower cost than during good economic times. Uncertain consumers need the reassurance of known brands, and more consumers at home watching television can deliver higher than expected audiences at lower cost-per-thousand impressions.
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In this period of recession one should be very careful about the client and marketing.If we can handle marketing properly and get back return in time than the company can never be affeted with recession. One should be aware that sale should not be done 100% on credit ,some amount should be taken on advance against order. Product should be perfect so that client will not find any excuse to reject the product or get any excuse to delay the payment.I feel this will help in smooth running of company in this time of recession. |
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This means to 1. Place- To identify the most profitable customer segments for one's Organistaion 2. Products- Come out with Product that satisfies that not only satisfies the latent need of the Target customer segments but also address the core deeply ingrained feeling at the time of recession that is fear e.g. A insurance product that links to a larger goal in a persons life like children education but with guarenteed benefits 3. Price- Provide more value added services for the same price rather than cut the price as that would send a signal of being a Discounted/distressed seller rather than that of a Organisation which caters to clients changing needs and wants 4. promotion- Reach out to your identified profitable customer segments throuh BTL activities so as convert them into "Loyalists" who act as Brand Ambassadors based on their own experience and get new customers on board through WOM |
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