As a business or brand in a competitive market, what can you do to set yourself apart from your competitors and make consumers choose you every time?; be it for a first time purchase or for repeated purchases. Every successful business recognises the importance of healthy, long-lasting customer relationships, of not only converting prospects to customers but turning those customers into strong advocates.
Workplace injuries are common with approximately three million workplace injuries and illnesses occurring annually, according to the US Department of Labor. Not only are workplace injuries bad for business, but they can have a lasting impact on employees who suffer injury.
Are you among the many people waiting for Microsoft to release the 2019 version? You are not alone as many people and especially business men are eagerly waiting after seeing the preview launched in April this year to get the full features. The new version is expected to come with interesting features and especially for entrepreneurs. Microsoft is expected to release to the market the latest version of its business and productivity software late in this year 2018. A release after MS Office 2016, the 2019 version is expected to be more preferred for those who use downloaded software.
The Federal Reserve Bank of the United States regards Hong Kong among the world’s most
business-friendly jurisdictions. This is due tinvestment visa, whicho a bevy of factors, including robust and well-developed capital markets, a stable political system, and the presence of established business services providers like HSBC and Asia-Pacific trust administration and corporate services provider Asiaciti Trust.Asia-Pacific trust administration and corporate services provider Asiaciti Trust.
IIT Delhi is launching the Executive Management Programme in Strategic Innovations, Digital Marketing, & Business Analytics. This is a weekend based 6 month non-residential programme under DMS/CEP, IIT Delhi. Programme eligibility is graduation in any discipline.
Though it may seem like the safest option, a passive approach to workplace communication can have negative implications. Keeping your head down can indeed make you less vulnerable to office backlash. However, it also closes off many opportunities to move up the career ladder.
Staying passive will make you seem uncertain, unconfident, and indecisive. But by speaking up and making yourself heard, you can effectively express yourself while also getting what you want. Simply put, you have to learn to be assertive. Continue reading “Cultivating Assertiveness to Counter Workplace Passiveness”
While the greater part of contractual worker selects constrained organizations to handle their business undertakings, there are circumstances in which umbrella companies can speak to a more pragmatic alternative. Knowing the advantages that an umbrella organization can bring, and coordinating them against your objectives and desires for your contracting vocation, will let you know which plan of action is best for you. Continue reading “More practical Option for Business affairs with Umbrella Company”
If you have a business in Australia, particularly in busy Melbourne, choosing the right business coach is one of the biggest decisions you’ll make as a business owner. The mentality that failures need coaches is very much old school. If you think about it Olympic athletes have sport coaches, successful coaches have singing coaches and CEOs of national companies have life coaches and business mentors. In fact, if you were to ask some successful individuals what occurred for them to be where they are today, you may be surprised to learn that most of them have received some sort of help from a mentor or coach. The point is it is okay to have a coach. Continue reading “Choosing a Business Coach in Australia”
In order to improve the quality of the services that are offered, you need to listen to your customers. The truth is that feedback can help out so much more than you may be tempted to believe at first glance. The problem is that many business managers out there do not actually use customer surveys in a proper way. Continue reading “Customer Surveys As Business Growth Tools”
Brand personality refers to those human personality traits (sometimes developed cognitively) which are developed harmoniously with a brand, whether it is a product or a service. While branding a product or a service, especially if it is new, or is being launched in a new market, or is getting repositioned in a new or existing market, in depth understanding of all the dimensions of Brand Personality is of utmost importance to the product or service manager or the brand manager.
Consumers often describe products or services offered as brands (more often than not in their sub-conscious level of comprehension or brand association) by using descriptors of certain common personality traits. Marketers attempt to use this consumer behavior to create or reinforce these perceptions through strategies involving brand positioning or unique re-positioning. Now successfully positioning (or re-positioning) a brand’s personality within a product category requires the application of multiple measurement models and frameworks. This is to ensure that the branding manager can successfully disentangle a brand’s unique personality traits from those generic traits that are common across all the other brands in a similar product or service category and also from amongst its substitutes.
The dimensions of Brand Personality was initially proposed by Aaker (1997) in his famous brand personality framework consisting of 5 dimensions of every brand that impacts cognitive branding, brand association and brand recollection. Again brand association appears to partially mediate the influence of the competence dimension of brand personality on brand attractiveness.
The 5 main dimensions of brand personality are Sincerity, Excitement, Competence, Sophistication, Ruggedness. Consumers perceive sincere brands as being honest, not-exaggerating, truthful, and cheerful. Similarly consumers perceive exciting brands as being daring, adventurous, high spirited, imaginative, and somewhat with a sharp cutting edge (especially for certain technology gadgets like the Play Station). Consumers perceive Competence from product or service reliability, deliver-ability and from the success symbols from a brand. A brand that is perceived to be sophisticated is viewed as being charming and associated with a higher snob value and thus fit for the upper society, or to fulfill higher order needs from Maslow’s hierarchy of needs. Similarly rugged personality brands are perceived to have the features of being outdoorsy and tough.
Generally speaking, brand personality is likely to be more difficult to imitate by competing brands and substitute products, than more tangible product attributes or service level dimensions. So marketing practitioners have the advantage of using it more suitably to achieve more sustainable advantages (Ang and Lim 2006), for creating product or service level differentiation and positioning, which in turn ensures a Pull strategy and is more sustainable in the long run. This also creates the highly sought after greater Brand Equity, something for which in current times, branding and advertising managers spend millions (if not billions) of dollars upon.
Now, since high brand equity tends to occur when consumers have numerous positive and strong associations, either in the conscious our sub-conscious level, related to the brand. Brand association, which is defined as “anything linked in memory to a brand” is one of the major components of brand equity, and is greatly affected by the brand personality dimensions. Brand association, not only results in high greater brand awareness but also creates greater brand recall and so has a distinctively positive correlation with brand equity since it can represent brand quality and brand commitment. These in turn creates the initial platform for any product or service brand to harness the strength to pull consumers, i.e. implement a pull strategy.
Now brand name recognition with strong brand association can successfully developed through a carefully planned and panned out long-term marketing strategy, which involves activities like advertising, public relations, customer need identification, pricing, understanding evolving market dynamics and subsequent product or service offering modifications. No wonder today, multinational companies and business firms are investing millions and billions of dollars in advertising and other forms of marketing communications in order to create greater brand awareness and also greater brand association, so as to be able to implement a pull strategy.
With time a more detailed brand personality structure evolved as managers attempted to understand the requirements of branding activities better through greater focus on consumer behavior.
By the way, do you know about how to create a marketing plan in a structured manner?
Also, Have you read our article on the Marketing Mix or the 4 Ps of Marketing?
Economically speaking, the “Bottom of the Pyramid” is the largest and also the poorest socio-economic class of people across economies. This consumer segment consists of 2.5 billion people who live on less than 2.50 dollar per day. The phrase “bottom of the pyramid” is used in particular by people developing new models of doing business that deliberately target that demographic, often using new technology. This segment of consumers have also been referred to as the “Base of the Pyramid” or more commonly the “BoP”. This consumer segment has drawn the attention of the biggest marketing firms due to the sheer earning potentials from volumes of sales with low margins.
The consumers at the bottom of the pyramid have a very distinct buying behavior as opposed to the other consumers. While the rest of the consumer segment derive value from products through 3 sources, namely attribute based satisfaction, consequence based satisfaction and finally, goal based satisfaction, it is our belief that the consumers at the BoP derive value / satisfaction mostly from the innermost ring or the first level/source of satisfaction. Because of their spending ability, this class of consumers tend to be very conscious about the core benefits obtained from the purchase of any product or services.The probability is high for success of products which fulfill the attributes of the lower bases of the consumer need model provided below.
While every the most profitable consumer segment in current economic times is the youth within the age gap of 20 – 30, commonly called the twentysumthing, the sheer volume of possible purchases in this consumer segment has become a focus for marketers. While every product offers benefits to its consumers not only from its core attributes, but also from its fringe attributes (benefits from outer levels), this class predominantly derives maximum satisfaction from the core attributes of products only. Product extensions and ego-based attributes have little impact on the consumption and buying behavior of this consumer segment, who would in fact, perceive the extra benefits as being something, they are having to shell out quite a bit extra, even if the marketing firm does not charge for them. While “extras” in the product marketing mix may consist of other value adding product extensions, care needs to be taken while deciding on the basket of goods for such consumers. Thus the probability is high for success of products which fulfill the attributes of the lower bases of the consumer need model provided below, namely which fulfill the physiological need and the security needs the most.
Pricing strategies also play a major role for the success of marketing strategies in such a consumer segment. While place and promotion offer very meager sources of value or utility, a low pricing of products is often a mantra for easy acceptance on a new product introduction. Price premiums are not easily tolerable in this highly sensitive value-sensitive consumer segment. Thus it has been seen that companies rage low-price war to capture the market of this segment, and many success stories which have been glorified are that of Nirma cake soap, Tata Namak, and other brands which churned billions of dollar by targeting this segment.
“An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage” ~ Jack Welch
Today, the firms operate in an even more competitive industry dictated by an ever unparalleled dynamism. Jack Welch never said anything more meaningful. In current times, when change is the only thing that is constant, a firm’s ability to learn, and more importantly “unlearn and then relearn” creates the most important distinguishing factor for sustainable competitive advantage.
Michael Porter’s framework for competitive advantage probably explains few of the focus issues firms may keep in mind while formulating strategies at the top level.
However, this is the way to achieve sustainable competitive advantage and a firm’s top executive needs to understand the core to his firm, based on which he can take this call. However, due to the dynamism of the industry structure, he needs to continually analyze and re-evaluate his strategies, based on the core.
A firm probably has multiple dimensions of personality traits, talents, resources and skills, and hundreds of other characteristics, but what is it that when all the others are surgically removed distinguishes the character of the firm at the very core? This is essentially the key which needs to be leveraged successfully and innovated upon continually to attain that otherwise illusive competitive advantage.
So how does one recognize one’s core?
One may argue that achieving “customer loyalty” may be a step towards achieving a sustainable competitive advantage. It’s not a secret that loyal customers are good for an organization or brand. You don’t see too many executives saying they don’t want more of them. But in spite of that what intrigues me is how few companies truly acknowledge, take care of and leverage those loyal customers in a way that measurably accelerates market share and recurring revenue while mitigating competitive risk and reducing sales & marketing costs. But in spite of “customers” being a crucial focal point for business, it is required to recognize that in current times, the very nature of business is evolving. With the very definition of a firm’s role in an industry or even the definition of the industry under such a strict evolution, it is crucial to note that the very target customers are deemed to change in this dynamic market structure. So identifying and acquiring new customers, in spite of the spiraling costs of new customer acquisitions, may play a key role for sustenance.
Thus a firm’s source of resources for the “Ultimate Competitive Advantage” is much more than the sources of revenue. Smaller firms whose ability to learn and “unlearn and then relearn”have reaped the benefits in the past. The problem started after they grew to a certain size where they couldn’t stay so nimble on their feet, and faced competition from other firms, who were more adaptive to the dynamic industry structure.
Sometimes, one tends to think that probably a firm’s organization structure and the culture is the inherent and most important source of competitive advantage. But how can a firm leverage that to quantifiable profits since at the end of the day, business decisions are based on ROI figures and financial achievements. This is probably where a firm needs to rediscover itself.