Marketing Decicion Making Essay Example | Topics and Well Written Essays - 2000 words

Marketing Decicion Making - Essay Example Effective market communication requires an integrated promotional system that reaches from primary producer to ultimate consumer. Communications flow to markets through long, complex channels that include manufacturers, retailers, wholesalers, consumers, agencies, and media. Each unit can break the chain or pass on the information as it sees fit. The amount and quality of information, therefore, depends on the channel. IMC's most fundamental and perhaps most challenging task is trying to reach people who can conceivably purchase a client's product. Allin (2009). explains marketing communications as "the process by which the marketer develops and presents an appropriate set of communications stimuli to a defined target audience with the intention of eliciting a desired set of responses" (p.37). Formal channels, however, do not account for all marketing communications. Publicity, which is an integral part of many promotional campaigns and sometimes precedes the advertising and sales effort, lies outside them. Although it can be important in gaining market acceptance for products and companies, publicity, like word of mouth, is often a relatively low-grade communications channel with a high degree of interference, distortion, and noise. Marketing communications serve four basic management purposes. ... Third, they help adjust the system to customer and consumer requirements. Fourth, they adjust and help in adjusting the product to customer needs. The task of marketing communications is to get people or markets to progress from a state of unawareness, or even negative reaction, to one of positive action. The stages in this progression are unawareness, awareness, comprehension, conviction, and action (Steve 2009). The theory of information is one that holds promise for the measurement of marketing communications. To date, its primary application is in electrical engineering. It deals with measuring the information content of a message, self-information, bits of information, entropy, the value of average information, loose channels, and noisy and noiseless channels. It provides operational definitions, measures, and a different basis for thinking about marketing communications. The idea of measuring the information content of stimuli, though particularly relevant, is not yet tractable, and the application of this part communications theory to practical marketing situations remains unattained. The careful financial review now being given to investments in plant and equipment or to inventory purchases is destined to be extended to advertising expenditures. Advertising messages are meeting increasing competition from a plethora of other ads, from other media, from competitors, and from all the act ivities that vie for a person's attention. As output swells and communications facilities increase, more claims will be made on consumer time and the cost of marketing communications will skyrocket (Ng and Houston 2009). Pros and cons: advertising. The advantage of advertising is

Globalisation Essay Example | Topics and Well Written Essays - 1000 words - 2

Globalisation - Essay Example This is different from globalization because globalization is the erasure of national boundaries in the attempt to integrate all the nations in the world into one economy where the flow of capital and other economic resources such as labor is not hindered or limited by national boundaries. By the very fact that globalization tries to do away with national boundaries and come up with ways to integrate the world economy, it is clear that internationalization and globalization are not only different but actually opposite. Secondly, while internationalization is achieved mostly through human effort, globalization is an inevitable process which is happens on its own. However, human effort is applied to facilitate globalization. Internationalization can happen even without involving all the nations in the world. For instance, some international firms refer to themselves as internationalized even though they operate in just a few countries. Globalization on the other hand has to touch at al l corners of the world. Q2 Globalization will offer an organization at least two main advantages. Globalization will offer a larger market niche for any firm. ... With globalization, such barriers are eliminated and, therefore, it is easy for any firm to participate in business anywhere around the globe. The second significant advantage to firms may be the easy flow of labor which can also be used by such firms to manage labor costs. Through globalization, it is easy for a firm in one place to take advantage of the affordable labor. Organizations can access better economic resources and this can give them strategic edge is they are able to use these resources in a better way. A good example is the way most American firms are seen to take advantage of China, both as a source of affordable labor and as a market for their products. According to Moon (2010), firms are for instance taking advantage of the internet to be able to exploit their strategic edges. Q3 Technological advances have been extremely useful in advancing globalization. There are two significant technological advances that have made globalization to be achievable. One such technol ogy is the communication technology which enables information to flow easily from any point of the world to the other. The other is the transport technology that makes the moving of goods from one point to the other. Information technology has made it extremely easier for money to be easily sent across the world with minimal cost. More than that, technology has made it possible for people to trade goods outside the formal channels. Retail websites such as e-bay, Amazon.com and many other websites work in conjunction with online payment systems such as PayPal, Moneybookers etc to make sure that individual in any part of the world can buy and sell goods and services in any other part of the world. Communication technology has also made it possible for individual and organizations to be