Gurus On Marketing

Brand extension
Brand extension is a strategy by which an established brand name
is applied to new products. An example here would be the ‘Virgin’
brand’ applying to trains and financial services.
Brand loyalty
To get consumers to become loyal to brands it is important to understand
their needs and aspirations and then manipulating this
knowledge to develop brands. Loyalty cards by various organisations
are designed to establish loyalty.
Trademark is a brand or a symbol that has legal protection.
Marketing information
Successful marketing depends on gathering information and using
this information. Information is obtained by conducting researches
and surveys.
Market research involves getting information on markets (size and
trends, composition and nature of markets, distribution patterns,
buying practices etc); on competitors and customers.
Consumer behaviour
For marketing to be effective it is important to understand how
consumers make decisions associated with their purchases.
Consumer behaviour is influenced by numerous factors. These are
psychological factors, social factors and economic factors. Understanding
of the impact and influence of these factors help marketers
understand buyers’ purchasing behaviour.
Analysis of consumer behaviour and associated response will enable
organisations to adopt consumer-oriented marketing.
ONE THE FUNDAMENTALS OF MARKETING 21