The increasing competition has forced every seller in the market to reconsider their views on customers. Gone are the days when customers were simple and attracting them to the firm was child’s play. Read more »
Viral marketing, another concept that evolved in the 1990s, finds its roots in the Internet. Ebook calls viral marketing “an old idea made new again by the Internet”. Similarly, Blanchard (2006) calls viral marketing “buzz marketing in its digital form”. Read more »
One of the intriguing aspects of pricing is that buyers are likely to use price as an indicator of both service costs and service quality—price is at once an attraction variable and a repellent. Read more »
Life time value of a customer is a concept or calculation that looks at customer from the point of view of their lifetime revenue and profitability contributions to a company. Read more »
The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. Today most firms have adopted the marketing concept, but this has not always been the case. Read more »
With continued research on Buzz Marketing now I aim for the constitution of a buzz marketing model, based on my empirical findings. Certain authors would call this an interpretative research; I try to let theories emerge from my research material. When taking a closer look at my research question I distilled four elements for the model: products, target groups, marketing goals and buzz marketing tools as mentioned in the paragraph above. Read more »
Many different ideas and definitions exist about buzz marketing: Greg (2004): “Buzz marketing is defined as the amplification of initial marketing efforts by third parties through their passive or active influence” Womma (2004): “Using high-profile entertainment or news to get people to talk about your brand”. Hughes (2004): “Capturing attention of consumers and the media to the point where talking about your brand becomes entertaining, fascinating, and newsworthy. A conversation starter” Dye (2000): Explosive self-generating demand”
The following are tools a company can use to accelerate word-of-mouth.
The use of influential people
New products often spread among the public through interpersonal communication networks.
Within those networks, some people have more influence than others. A company can use those influential people to accelerate the adoption of its product and spread the word-of-mouth (Rosen 2000, p. 43). Read more »