Blog Marketing

Social Message communication Model

Social Message connection Model by Dr. Prasad Kulkarni

Financial Inclusion Model by Dr. Prasad Kulkarni

Financial Inclusion Model by Dr. Prasad Kulkarni

Top 10 Modern marketing principles

Digital marketing is changing marketing very rapidly and precisely. Hence, it is inevitable for organization to transform themsleves to the modern reality
I have listed a few principles required for Modern marketing in the digital era. They are as follows;
1. Don't over rely on technology.
Many modern marketers think that digital marketing is answer for marketing issues. However, they have to understand three imprtant points
a. Do your customers understand the digital marketing?
b. Is the digital marketing is popular in your industry and market/
c. Do technology you intend to use suit to your company budget, industry trends and affordability?
If answers to these above questions are yes, assess whether the company is having skilled workforce to handle modern technology. The people who will work for the company should have high degree of flexibility , eager to learn new things and moves quickly on project assignments.
2. experience marketing
3. e-CRM and Social CRM
4. Omni channel customer connect
5. Customer value, customer communication and delivery.
6. data Analytics
7. Creative organizations and employees
8. Be social.
9. Have bigger goals
10. transforming marketing department designations.

What is Marketing?

Definition of Marketing:

According to American marketing Association :

"Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large".

According to Etzel and Walker

Marketing is a total system of business activities designed to plan, price, promote, and distribute want-satisfying products to target markets to achieve organizational objectives.

According to Chartered Institute of marketing:

"The management process responsible for identifying, anticipating and satisfying customer requirements profitably."

According to Philip Kotler

Satisfying needs and wants through an exchange process

Operational efficiency of start-ups

BLOCK CHAIN TECHNOLOGY IN INDIAN MARKETING.

BLOCK CHAIN TECHNOLOGY IN MARKETING

What is a block chain?

Block chain is a distributed ledger. Anyone in the network can view the transaction but cannot alter without authorization from all parties. Hence, this is more secure and transparent. (Abeyratne, S. A., & Monfared, R. P. 2016).

Three divisions of block chain technology:

1.   A shared state

2.   Set of rules for updating state via blocks and

3.   Trust model for time stamping Abeyratne, S. A., & Monfared, R. P. (2016).

Characteristics of block chain technology

1.   Trust through transparency.

2.   Traceability

3.   Visibility

How block chain works;

1.   Prepare the database

2.   Give access the database to all parties.

3.   Every party in the group can verify the transactions without any intermediary.

4.   Communication occurs in peer to peer network.

5.   Anyone in the system can view the value of transaction.

6.   It uses 30 plus alphanumeric code.

7.   There is provision for user anonymity.

8.   Information sharing occurs through block chain addresses.

9.   The data entered on block chain is permanent and cannot be revoked.

10.                It uses computational logic.( Lansiti, M., & Lakhani, K. R. 2017).

Technological advantages of block chain technology.

1.   Durability

2.   Transparency

3.   Immutability

4.   Process integrity (Abeyratne, S. A., & Monfared, R. P. 2016).

Applications of block chain technology in marketing

1.   Diamond industry uses the technology to trace the gems from mines to customers. It has reduced the cost of supply chain  (Lansiti, M., & Lakhani, K. R. 2017).

2.   Retailers are using block chain based gift cards to track the financial information within the block chain. chain  (Lansiti, M., & Lakhani, K. R. 2017).

3.   Companies who are using third party for establish and process data integration in future will use block chain technology to reduce the costs. (Korpela, K., Hallikas, J., & Dahlberg, T. 2017, January).

4.    

Reference:

Abeyratne, S. A., & Monfared, R. P. (2016). Blockchain ready manufacturing supply chain using distributed ledger.

Korpela, K., Hallikas, J., & Dahlberg, T. (2017, January). Digital Supply Chain Transformation toward Blockchain Integration. In Proceedings of the 50th Hawaii International Conference on System Sciences.

Lansiti, M., & Lakhani, K. R. (2017). The truth about blockchain. Harvard Business Review, 95(1), 119-127.

Mainelli, M., & Smith, M. (2015). Sharing ledgers for sharing economies: an exploration of mutual distributed ledgers (aka blockchain technology). The Journal of Financial Perspectives, 3(3), 38-69.

Different types of marketing

Types of marketing

1. Guerilla Marketing

• Advertisement strategy.
• Promoting the products in an unconventional way.
• High level of creativity required.
• Promotions are conducted in public places.
• Popularized by Jay Conrad 
• This technique mostly practiced by small firms.
• The limitation of this tactics is its metrics.
• Types of guerilla marketing are ambush marketing, viral marketing, buzz marketing, stealth marketing, ambient marketing, grassroots marketing, wild posting, and street marketing.
• prominent examples are Sony Ericsson's undercover campaign, Coca-Cola's happy machine campaign, and Nokia's Avestruz campaign.

2. Ambush Marketing

• The concept was popularized by Jerry Welsh.
• To illustrate , Jio is the sponsor for the cricket tournament and pay the hefty sum to the organizer. Vodafone advertises it as unofficial sponsor of cricket fan and associate with the event.
• This association with the event unofficially by a non sponsor company is called as ambush marketing.
• This type of marketing is the violation of intellectual property rights.

3. Turbo Marketing

• It emphasis on selling new products
• Alignment with sales and marketing is necessary for the success of turbo marketing
• The turbo marketing focuses on continuous genration of leads to the company. They convert this leads into sales . The new leads will optimize the sales cycle. This process should be continuous.
•  the concept focuses on four types of offers. They are better offer, cheaper offer, newer offer, and faster offer.

4. Affiliate marketing
5. Contextual Marketing
6. Metaphor marketing
7. Neuro Marketing
8. Destination Marketing.
9. Business to Business marketing
10. Virtual Marketing
11. Peer to Peer marketing.
12. Business to consumer marketing
13. Social Media marketing
14. E- marketing
15. Rural Marketing
16. Not for Profit marketing
17. Affinity marketing
18. consumer to consumer marketing.