Communication comprises of sharing of feelings, ideas and thoughts with another individual. In this communication process we listen, speak and observe communicating thoughts. Communication process is as-
Source: (Communication Process)
The key elements of this process are as-
Sender: In communication process sender is the one who is sending message. The communicator influenced by two factors such as his/her attitude and the selection of appropriate symbol according to the receiver that made sender an effective communicator.
Message: A communication is performed either in speech, writing or by signals.
Receiver: A receiver is the person who receives the message and translates into understandable form and gives meaning to it. Communication will be successful in that case only when receiver understands the same thing that sender wanted to communicate.
Feedback: Feedback is the response that is given by receiver after receiving message. This response can be verbal or non verbal (Communication Process).
Explain the elements of an ideal AD Campaign?
For a successful marketing campaign certain element are required which are as-
In every month, plan for advertising calendar and campaign in advance which minimize the wastage of money.
Prepare the list of benefits that company is serving to their consumers.
Ignore misleading advertising that facilitates repeat sales and business (Elements of a successful Advertising Campaign , 2004).
Explain the 7 steps in developing an effective communication.
Certain steps are followed for an effective communication which is as-
Listening: Properly listen your receiver helps in the understanding of message. The art of listening also shows that you are interested in talk.
Talk Brief: In communication process avoid long and detailed lectures for conveying message. Most of the time point-to-point answers are mandatory that facilitates effective communication.
Consider Using Name: To use individual's name in order to address them at the time of talk which increases effectiveness of communication process.
Talk Confidently: At the time of communicating message be assure that you know each thing what you are talking about. Deliver your points confidently.
Use Non-verbal Communication to send your message effectively: An effective communication is the combination of verbal and non verbal communication. Individual's body language, hand movements and voice tone sent your message effectively.
Take care of your Language and Jargon: At the time of conveying message be assure that always use right and small words instead of using long and jargons which make complicated sentences.
Create Level of Comfort: Before starting communication process, keep in mind to establish comfort atmosphere that provides undivided attention to the individual and made communication process to be effective (Seven Steps for Effective Communication, 2011).
Explain the characteristics of 7 communication mix?
The characteristics of communication mix are mentioned as follows-
Advertising is the significant means for communicating message to the consumers that build up long term image in consumer's mind.
Sales promotions used for highlighting product offers in front of consumers that increases sales.
It facilitates healthy public relation through the means of news stories, news papers etc. and publicize in the market.
Events and experiences give platform for involvement.
Direct marketing such as telemarketing, direct mail and internet marketing directly focused on the consumers and it is more interactive.
Personal selling is the most effective tool that facilitates personal interaction with consumers and easily evaluates responses of them (Six Characteristics of the Marketing Communications Mix You Should Know, 2012).
Explain the 6 steps in setting the price?
At the time of setting a price strategies following step are considered-
Selecting Price Objective: Outlined price objectives in order to identify the position of market offering. Some objectives that can be continued in existence are as maximum market shares, current profit and quality leadership that facilitate easy way to set a price.
Determine the Demand: Usually price and demand of a product are inversely related to each other that means if higher the price than lower the demand and vice versa. Price factor affects the demand of commodity.
Estimate the Cost: In this step, estimate the total cost that incurred in the development of new product that recover all expenses with decent return on investments.
Analyze Competitor Costs, Prices, Offers and Possible Reactions: To analyze the costs, price, their offers and reaction continuously in order to capture market.
Selection of Pricing Method: At the time of selecting pricing method be more emphasized on the competitor's product prices, cost of services and products and consumer's consideration for the unique features.
Select the Price: When selecting price consider following heads such as-
Impact of marketing activities n the context of competition.
Emphasized on the companies pricing policy.
Influence of price on stakeholders (6 Steps to Setting a Price Strategy for your Business, 2011).
Explain the three different action- type "pricing"?
An auction is an economic activity that has been performed by the means of internet, sites like eBay etc. some of the types of auction are as follows-
Descending-bid auction: This auction is considered as interactive auction format under which seller lowers the price from high level until the moment when a bidder accepts and ready to pay current price.
First-Price sealed-bid auctions: In this term auction, firstly bids were written and then provided to the seller in the sealed envelopes. Under this sealed bids submitted to t he seller.
Second-Price sealed-bid auctions: Under this auction, bidder submit sealed bids to the seller and object is won by higher bidder and then after pays worth to the second highest bid (Kleinberg, 2010).
Explain the five product levels?
Five levels of product are described as-
Core Benefit: The product of services that satisfy the fundamental needs of the individuals.
Generic Product: Products that containing only those features and attributes that are mandatory for its functioning.
Expected Product: It consists of set of attributes involved in the product which is expected by consumers at the time of purchasing.
Augmented Product: It comprises of those additional benefits and services that differentiates individual's product from its competitors.
Potential Product: It consists of all the additional benefits and attributes that a product might have potential to deliver in upcoming years (Description).
Explain the three types of product classification?
Product classified into three categories such as Durability and Tangibility, Consumer Goods and Industrial Goods. Each product classification are described below-
Durability and Tangibility: Durable goods are that tangible goods that are usually survive for long period of time for example refrigerators. On the other hand non durable goods are that tangible products that are consumed in short time for example soap, vegetables. Other then these, services are intangible in nature which emphasized on the quality control.
Consumer Goods: These goods comprises of daily shopping products that consumer requires in his/her daily life. It can be purchased frequently with minimum efforts.
Industrial Goods: Goods which are used for industry purpose such as raw materials, natural products, lumber etc (Kotler, 2002).
Explain the stages in the new product development?
The eight stages are involved in the development of new product which are as below-
Idea Generation: The first step in the development of new product is generation of ideas that comprises of marketing research, consumer suggestions, brainstorming suggestions and studying new products of competitors.
Idea Screening: This comprises of screening of ideas whether it is good or bad before selecting or rejecting. In this step it is identified that whether idea will be productive or not for organization before implementation.
Concept Testing: In this the information of new product delivered to a small group of consumer in order to evaluate their reaction towards new product.
Business Analysis: It is a very important step in the development of new product under which a detailed business analysis is performed in order to find out whether product is commercially profitable or not.
Product Development: In this step, company decided to produce new product in the market for this purpose production department planned for producing new product and other departments co-operate in this procedure.
Test Marketing: It means to introduce new product in a very smaal market in order to evaluate consumer's respose and feedback towads the new product.
Commercialization: After performing test marketing if it is successful then company introduce that product in country with large investments.
Review of Market Performance: After introducing at large scale, company continuosly reviewed the performance of new product (Stages Process Step of New Product Development).