influencer marketing

Examples of influencer marketing in the following topics:

• Social Influences and Purchasing

  • It identifies the individuals that have influence over potential buyers, and orients marketing activities around these influencers.
  • Marketing to influencers, to increase awareness of the firm within the influencer community.
  • Marketing through influencers, or using influencers to increase market awareness of the firm amongst target markets.
  • Market research techniques can be used to identify influencers, using pre-defined criteria to determine the extent and type of influence.
  • Compare and contrast informational social influence and normative social influence and how companies take advantage of them through marketing

• The budget

  • Marketing mix components must be evaluated as part of an overall marketing strategy.
  • Therefore, the organization must establish a marketing budget based on the required marketing effort to influence consumers.
  • The marketing budget represents a plan to allocate expenditures to each of the components of the marketing mix.
  • For example, the firm must establish an advertising budget as part of the marketing budget and allocate expenditures to various types of advertising media—television, newspapers, magazines.
  • A common question that marketers frequently ask is, "Are we spending enough (or too much) to promote the sale of our products?

• Pricing

  • A common strategy involves a marketer setting a lower price for their products in foreign markets.
  • Pricing strategies are also strongly influenced by the nature and intensity of the competition in the various markets.
  • analyzing the factors that influence international pricing, such as the cost structures, the value of the product, the market structure, competitor pricing levels, and a variety of environmental constraints
  • Nagle has suggested nine factors that influence the sensitivity of customers to prices, and all have implications for the international marketer.
  • Finally, there are several inherent problems associated with pricing in international markets.

• The international marketing plan

  • As such, the decision sequence in international marketing (see Exhibit 26) is much larger than that of domestic markets.
  • The situation analysis concerns a thorough examination of the factors that influence the businesses' ability to successfully market a product or service.
  • These last two factors are interrelated in that a company's level of commitment to international markets will directly influence whether they employ exporting, a joint venture, or some other method of entry.
  • In turn, level of commitment and method of entry are influenced by the evaluation of environmental factors as well as resources and capabilities.
  • This is particularly important in international markets; for example, customer brand loyalty may be much stronger in certain markets than others, and products may be at the end of their life in the domestic market but may be ideal for less sophisticated markets.

• Market Share

  • Market share is an indicator of how well a firm is doing against its competitors and can often be influenced through pricing.
  • For a very basic example, let's look at the market for baubles.
  • Market share is the percentage of a market (defined in terms of either units or revenue) accounted for by a specific entity.
  • Market share is a key indicator of market competitiveness—that is, how well a firm is doing in terms of its competition.
  • However, increasing market share may be dangerous for makers of fungible hazardous products, particularly products sold into the United States market, where they may be subject to market share liability.

• The social/cultural environment

  • The cultural environment consists of the influence of religious, family, educational, and social systems in the marketing system.
  • Marketers who intend to market their products overseas may be very sensitive to foreign cultures.
  • While the differences between our cultural background in the United States and those of foreign nations may seem small, marketers who ignore these differences risk failure in implementing marketing programs.
  • Failure to consider cultural differences is one of the primary reasons for marketing failures overseas.
  • A number of cultural differences can cause marketers problems in attempting to market their products overseas.

• Activities in Marketing Departments

  • Marketing managers are often responsible for influencing the level, timing, and composition of customer demand.
  • Market Research: Marketing research is the systematic investigation of the facts relevant to various aspects in marketing.
  • Marketing planning: Marketing plans are prepared to achieve marketing objectives of an organization.
  • Graded products are of uniform quality and become easy to market.
  • Promotion: Promotion refers to communication used to inform, persuade, and influence the prospective customers to buy a product.

• Defining international marketing

  • Domestic marketing.
  • International marketing.
  • Export marketing.
  • Here the marketing activities of an organization include activities, interests, or operations in more than one country, and where there is some kind of influence or control of marketing activities from outside the country in which the goods or services will actually be sold.
  • Global marketing.

• Addressing Market Needs

  • Examples of markets include: Physical retail markets, such as local farmers' markets, shopping centers and shopping malls Non-physical internet markets Ad hoc auction markets Markets for intermediate goods used in production of other goods and servicesLabor markets and international currency and commodity markets Stock markets, for the exchange of shares in corporations Artificial markets created by regulation to exchange rights for derivatives that have been designed to ameliorate externalities, such as pollution permits.
  • Illegal markets such as the market for illicit drugs, arms, or pirated products
  • Market participants consist of all the buyers and sellers of a certain good, thus influencing its price.
  • This influence is a major study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand .
  • Market trends are the upward or downward movement of a market during a period of time.

• Marketing Data Types

  • Ad hoc auction markets Markets for intermediate goods used in production of other goods and services
  • Illegal markets such as the market for illicit drugs, arms or pirated products
  • Market participants consist of all the buyers and sellers of a good who influence its price.
  • This influence is a major study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand.
  • Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and applications for the relevant goods and services.