Marketing decision making
February 02nd, 2008 10:35 AM By WCG Staff

The fundamentals of marketing and marketing practices are not subject of this opinion. The purpose is to ask the most appropriate questions when selecting or weighing the decision to move forward with particular company and its respective strategic vision.

Lets start by looking at some general concepts such as reputation and track record. In terms of reputation, any chosen vendor has to be checked in order to establish a base line of existing industry or general reputation. There are certainly exceptions in which reputation may not be of great concern due to the company age or other similar factors. Similarly, the same considerations apply to track record.

Yet, once the vendor has been chosen and its strategy successfully implemented, new factors take priority. The first and most important factor is the evaluation of success. Once internal or external evaluation of such vendor has proven to be successful, it is important to shift and increase the value of their expertise. At first, this may sound too logical to mention, however, many reasons including internal power struggle as well as deficiencies in expertise may impact direct or indirectly the outcome of internal decision making. Hence, it is advisable to establish SOP which would directly reward the entities that have positively and measurably contributed to the successful outcome.

Such SOP may create a substantially more positive relationship between service provider and the client which ultimately may contribute to greater bottom line. On the hand, the lack of such procedures may create unquantifiable harm in terms of loyalty, output quality and quantity, competitive edge, as well as overall profitability.

In the coming days and weeks we will outline several different time tested procedures that potentially eliminate such negative impact.

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Service Marketing and Product Marketing
May 20th, 2007 09:34 AM By Staff

The struggle between quality and marketing of tangible goods verses services has been a part of the marketing process. Though both are covered with the general umbrella of marketing, service marketing and product marketing can have a great deal of differences. The mere fact that the particular goods that are tangible verses non tangible services; creates two entirely different way of marketing by reaping the benefits and advantages.

Yet service marketing nor product marketing are any easier nor is either one in disadvantage. The discovery and emphasis of benefits and advantages of a given marketing product is not depended on its physical existence rather than a skillful exacerbation of obvious as well as hidden benefits. Thus, making both modes and methodology equally a challenging

A successful marketing campaigns dependents on many factors that weigh equally on the outcome. Hence it is vital to avoid assigning too much weight on tangibility of a product or service. The main emphasize in determining a marketing approach should be based on research and experience rather than Meta physical concerns.

Equally it is important to emphasize the marketing methodology based on most widely available and confirmed information which in turn allow discarding concerns about the validity of Meta physical issues.

Ultimately, though a non scientific statement, marketing is much more about a balance of science and art of communication. It is naïve to believe that marketing and its subsets such as product marketing or service marketing is anything else than advanced and creative communication and conversation between a sell and buyer. Marketing certainly entails its fair share of science depended information and action; but it also greatly depends on creativity, main stream attitude and thinking, innovative modes of communication, selection of communication channel, as well as artful use of language, sounds and images. Hence, leading to a fair conclusion that the actual product or service at hand is not and should not be seen as the main concern rather than concentrating on determining the most effective, efficient, and viable methodology to communicate the benefits of the product or services at hand.

Pricing Strategy
May 18th, 2007 08:40 AM By Staff

Pricing Strategy

Generally speaking, pricing strategy is the process of evaluation and the decision to price any given product or services in a manner that would allow the maximum quantity of sales. The pricing strategy can shape based on many factors including objectives to penetrate general or specific market, target particular budgets or geographic segment, pricing based on competition or lack of, as well as inflecting strategic pain on competitors. Nonetheless, the pricing strategy is and should be a part of overall marketing decisionas well as organizational long term goals.

At World Consulting Group the concept of prestige pricing is utilized. According to the theory of prestige pricing, the goods and services that are either unique or virtually without competition maybe priced at a premium price.  At World Consulting Group we do not believe that we do not have significant competition but we sincerely believe that our services are very unique. Hence deploying the prestige pricing has always been our philosophy.

Some of the reasoning beyond our selection of this particular methodology includes: our rapid response time of four hours or less, continuous education of our associates, broad knowledge of our client industries, availability of executive decision makers to all our clients, pay per performance, no long term contracts, as well as our undisputed track record in vertical as well as horizontal markets are certainly major factors in our decision to use such methodology.

Equally, it is important to point out to potential fall outs of such strategy. The basic assumptions and cultural understandings of price conscious shopper is certainly the most visible argument. Yet it is not the greatest burden; even those price conscious shoppers and decision makers are virtually always those that are reasonable and open to slight increase in cost once they are confronted with comparison of competitors and their respective results.

Ultimately, such strategy may illustrate a rather difficult initial path, yet the efforts and respective impacts are well worth it. However, buyer be aware: not all prestige pricing is based on such extensive time tested practices. It is wise to examine why a particular organization is justified to implement such methodology. 

Purchasing and purchasing decision making
May 16th, 2007 08:21 AM By Staff

Purchasing and purchasing decision making.

Generally speaking, purchasing illustrates a rather delicate balance of determining needs, finding the proper solution as well as evaluating the internal and external organizational impact. The Five stage model theorizes that five predetermined steps occur or should occur during this process which includes problem recognition, information search, evaluation of alternatives, purchase decision, and post purchase behavior. The underlying assumption is that by understanding those steps, marketers acquire a better insight of purchasers and end users which in turn may assist in devising a more effective marketing campaign.

At World Consulting Group the process is slightly more customized to fit the organizational philosophy and mission. The most significant customization of five stage model at World Consulting Group is the determination of any given problem. At World Consulting Group this process is an on going standard operating procedure in which needs are determined and examined by all stakeholders on a weekly basis. The main difference is that instead of awaiting problems, World Consulting Group associates anticipate and predict potential needs before it becomes a problem. The team suggestions are reviewed by all decision makers on a weekly basis and undergo a collective reexamination on a monthly basis.

The other steps including information search, evaluation of alternatives, purchase decision and post purchase behavior occur similarly in a collective manner. The philosophy beyond such collective action is twofold: first and foremost, encouraging all out internal feedback in combination with incentive based suggestions, comparison and analysis allows for the greatest possible collection of information sets that ultimately allows for a neutral and purely economic and efficiency based decision making.

The second important reason is illustration of neutrality and integrity. In the management consulting industry, many third party vendors attempt to influence the decision making and recommendations of individual management consultants in order to have a better chance of getting new business. Hence, at World Consulting Group we do not have any preferred vendors that are recommended based on their incentives for World Consulting Group as an organization or individual team members. Each project is evaluated, re-evaluated, compared and contrasted until the most viable recommendations are compiled. There are no preferential treatments for any vendor. Such actions are simply devised to benefit our clients by not only assuring them of our neutrality, but also of the integrity of World Consulting Group and its subsequence reports and recommendations.

Ultimately, though the theoretical basis of the Five Stage Model is established and philosophically sound, each organization has to modify it for their own use based on industry, individual organizational setup and dynamics, as well as potential requirements for particular end users.

Integrated Marketing
May 13th, 2007 09:34 AM By Staff

Integrated Marketing

Marketing as in any other business related action has to be a part of the organizational goals. Essentially the term integrated marketing refers to synchronization efforts that would allow for harmonious and organized approach to overall organizational short term and long term goals.

Many businesses establish individualized approaches and methodology to ensure harmonious yet effective and efficient efforts based on specific organizational needs and particular industry requirement. Essentially it is obvious that no two businesses are alike, hence speaking of integrated marketing can and should be done in a more theoretical and philosophical fashion.

There are certainly many benefits in integrated marketing that may include cross organizational compatibility, internal involvement of participating units and personnel, cost saving factors, the ability to foresee and predict potential conflicts, as well as advanced creative input. Equally, there may be disadvantages to integrated marketing that may include factors such as increase in time and cost in preparation stages, internal organizational infighting and power struggle, as well as decrease in organizational adaptability.

Generally speaking, it is vital to understand that an abstract concept such as synchronized overall efforts is substantially more difficult to translate into actual real world concept. The mere fact that overall organizational effectiveness greatly depends on flawed and imperfect organizational units that depend on human beings for maximized output and performances, begs the question of the viability of such concepts.

However, it is also important to be aware of competing concepts such as maximum possible effectiveness. In terms of integrated marketing, the expectations and the goals should essentially concentrate on humanly possible and viable synchronization rather than absolute efficiency and effectiveness. Hence, the goal should be to allow for overall integration without limiting employee creativity, performance, positive moral, group dynamics and most importantly limiting the dynamic group interaction among employees, supervisors, as well as management.

Branding
May 07th, 2007 07:48 AM By Staff

Branding strategy and it potential benefits are certainly a vital part of overall customer acquisition and customer retention which eventually leads to overall profitability and viability of a give company. The selection of branding methods via audio visual tools or more innovative ways such as utilization of internet resources illustrate a certain degree of judgment and competency on the part of responsible decision makers.

In essence a branding strategy will rely on advanced methodology in research and information processing to determine market segments and target groups which in turn may assist in increasing the return on investment as well as overall profitability and long term goal achievements. Yet there is a certain degree in uncertainty that is accompanied in achieving the greatest effectiveness and efficiency.

The differentiation in successful and relative failure in planning and executing a branding strategy will depend on many factors including the product and services, past brand performance, public relations issues, technological and venue selections, as well as actual product performance. In the current age of globalization and information high way, it is virtually impossible to cap the spread of global or local negative consumer feedbacks that may have a great impact on overall branding strategy. Hence, it is a safe assumption to suggest that branding efforts have to be certainly accompanied by rigorous public relations and accompanying subset of potential damage control.

Additionally, there are considerable amount of competitor actions that may have negative impact on the outcome of a branding strategy which could include actions such as negative campaigns, flogs, guerilla efforts such as Google Bombing, as well as spread of unfounded rumors. Hence, bring a new found significance to bundle marketing and branding strategies to public relations efforts.

Essentially, a branding strategy is no different than differentiating a particular product from similar competitors; yet a branding strategy may have unintended consequences that have to be considered and properly prepared for by means of public relations as well image damage control to avoid long term negative consequences to overall efforts, effectiveness and efficiency as well as overall profitability.

Branding Strategy
May 06th, 2007 10:38 AM By Staff

Branding strategy refers to particular set of pre planed road map to achieve a significant, suitable and memorable differentiation between a particular product and services in contrast to similar market competitor .

Essentially, a branding strategy relies on market research and market segmentation in order to optimize a pre formulated message by means of audio and visual tools to achieve brand memory.

At World Consulting Group a branding strategy is formulated for all internal and external products by utilizing the most up to date research and available information as well as our internal knowledge and expertise. Most branding strategies start with a two track approach: internal and external data and information. At World Consulting Group we don’t leave anything to chance. We double up on everything to minimize potential pitfalls.

The best example is World Consulting Group own marketing efforts online: though just like any other business we take advantage of online tools such as Search Engine Optimization, Organic Search Result Pages, Pay Per Click we have found that some other actions are rather self defeating. For instance, most search engines base their page rank or organic results based on link popularity; however, based on practical experiences we have found that such approach may have negative unintended consequences such as assisting our competition to get higher search engine rankings. It is not to say that such unintended consequences negate the entire link popularity approach; but it enables us to choose a cautious approach to avoid enabling or even benefiting our competitors.

The next step in our online branding efforts take a rather simple direction: we take the steps to allow our associates to visit relevant web pages such as discussion forums, blogs and other forums that allow exchanges of ideas and provide our knowledge and experiences freely which usually results in attracting certain amount of organic traffic from relevant and targeted potential clients. Yet even such careful approach may come with unintended consequences such as civil liabilities, stealth competitor actions, as well as eliminating the opportunity to profit from our expertise.

The third step in our branding strategy is certainly in our follow up procedures which entails passive and active actions. Any potential follow up including by electronic means is only done by clients or potential clients; resulting in a passive yet responsive approach. It is not to say that our staffs at World Consulting Group do not follow up with prospective clients, rather than simply eliminating the out dated car sales mentality.  Such actions usually allow prospective clients to understand that World Consulting Group is not attempting to sell or artificially convince anyone of anything, rather than helping in solving existing issues.

The third step in our branding efforts is rather unique. Any and all potential clients are strongly advised and even assisted in comparing World Consulting Group to comparable competitors in terms of price, track record, customer service and client feedbacks. This particular aspect is one that we take great pride in; there is nothing more powerful in terms of branding to allow a direct comparison of products and services.

The fourth and final step is the enforcement of our brand which occurs by means of survey and feedback of existing clients. At World Consulting Group we ask and even offer very attractive incentives to our clients to provide us with direct, honest and unbiased feedback at every level including product proposals, presentation, implementation follow ups. We also encourage our clients to initiate such feed back from every internal level including front line employees, supervisors, as well as mid level and executive management. 

Ultimately, World Consulting Group seeks to present and maintain an honest, practical and professional relationship with our clients that are based on mutual respect and professionalism. Though one may argue that some of the approaches at World Consulting Group may be too labor intensive or too costly, we certainly believe that success on any and all projects depends on proper preparation, investment and willingness in effective communication and participation of all stakeholders and parties.

Such overall approach, in our opinion, is at hart of branding by encouraging our clients to find us online, receive unbiased and even more importantly free advise, decide if they like what they are receiving, compare us to all viable competitors as well as understand the value and professionalism that they will receive and is expected from them; will ultimately lead to branding and enforcement of our brand.

Brand and Branding
May 02nd, 2007 08:34 AM By Staff

Brand or branding refers to a conscious or subconscious recognition of a particular product or services which is geared toward one objection; mainly differentiation among product and services. In it is most basic form; a brand is designed to attribute unique set of features that enable end users to relate to the product. The process of achieving this underlying association is branding.

Brand and or branding can occur by many means including audio / visual tools such as commercials and jingles, word of mouth i.e. viral marketing, as well as integration of celebrity personalities into the marketing mix. The key concept in brand and branding efforts is finding a particular memorable way to reinforce the name and the unique benefits of the particular product or services.

There are certainly many benefits to brand or brand recognition; including emotional reaction based on past or current experiences, recognition of particular benefits or drawbacks, association with products in terms of overall integration into personal life, perception of value and importance, as well as potential conscious or subconscious attachment to the brand.

In essence the use of brand and branding procedures is geared toward establishing and maintaining a relationship that lasts over an indefinite time period which may in turn create consumer loyalty, reduce marketing and advertising costs, increase revenue and market shares, as well as enable and ease the introduction of new generations of products.

However, brand memory may also have its negative aspects; including the possibilities of negative public relation and its impact on the brand. Hence, it is important to closely monitor and adjust strategies to avoid unconstructive impact on individual brands. 

Ultimately, brand recognition and branding depend greatly on factors such as individual products and services, the ability to find the proper balance in differentiating from similar products, the avoidance of negative product memory, as well as geographical issues such as cultural, social, economic and public relations issues. Brand or branding alone are not necessarily a prescription to success; the product or services have naturally be able to live up to the message in order to maximize the impact of a brand.

Marketing and Customer Satisfaction
April 29th, 2007 11:30 AM By Staff

Marketing and customer satisfaction

The concept of marketing and its potential impact on overall customer satisfaction is certainly a part of overall importance of business. In general terms, marketing and marketing science are significant contributing factors in stimulating customers’ needs and desire by paving the way to act. Hence, it is simply rational to conclude that advanced stipulations based on scientific research and data, are tremendous tools in achieving the ultimate goal of sales.

However, it is equally important to understand potential road bumps that may hinder overall perception of customers, if marketing is the only mean of fine tuning customer satisfaction. It is clear that seeking and marketing to those individual and groups that are predisposed to a positive attitude toward particular product and services, significantly reduces even the possibility of negative feedback. Yet, it also reduced the true nature of general customers’ feedback that would have otherwise contributed to possible improvement and long term results.

Nevertheless, it is naïve to assume that marketing to particular sub set of consumer with positive predisposition to particular goods or services are not important. Such marketing method through marketing segmentations may allow for increase in return on investment, creation of positive cash flow, increasing overall revenue and profitability as well as many other benefits. However, the real question is sustainability as well as long term standing of a commercial institution that needs to be addressed.

Ultimately, any give organization has to achieve a combination of long term and short term goals in order to assure the viability and survivability. Endorsement of marketing segmentations a single strategy will certainly have a negative impact on long term growth and strategic planning and standing of an organization; unless the product or services at hand are so specific that marketing to general public is a mute point.

Such decisions can not and should not be generalized. There are many factors that have to be taken into account before judging and deciding for particular course of actions. Those factors could and should include particular markets, given products, long term growth strategy, short term revenue consideration, as well current and potential future market shares.

Customer Retention
April 28th, 2007 08:54 AM By Staff

Customer retention can certainly be a significant part of marketing. It is mainly through marketing actions that can enhance and increase customer retention by seeking to explore tools such as relationship and loyalty marketing as well as database and permission marketing.

All of those tools and modes of marketing have one component in common; the behavioral aspects of a given group of end user are used to devise techniques to maximize sales. The major difference, however, is that such behavioral approach to create and maintain loyalty is accompanied by additional steps such as collecting data in terms of particular campaigns return on investment, customer feed back, as well as farther analysis of such data to improve future offers.

At World Consulting Group customer retention is ranked only second to customer satisfaction. World Consulting Groups’ stakeholders maintain a philosophy and desire to retain every single client by understanding that the most important factor in customer retention is customer satisfaction. Hence, using all available tools and expertise to achieve predetermined which in turn result in establishing a credible and viable partnership with clients.

Such approach is certainly accompanied by many advantages including establishment of long term relationships that is based on trust and results, unique and in dept insight into internal organizational dynamics of the clients’ organization, establishment of relationships reaching deep into the organization, as well as acquiring expertise within the client industry and niche.

There are additional benefits that may not be obvious or significant at first such as the ability to synchronize required actions in term of executing plans, ability to get feedback from within the company and frontline workers, as well as the ability to reduce overall cost based on long term income. Ultimately, there are many benefits in acquiring and maintaining long term relationship with clients. The particular benefits depend on may factors including industry and expertise based, client overall goals and attitude, as well as organizational willingness and ability to adapt.

Nevertheless, there are certainly some assumed liabilities to create loyal customers. The proponents of such theories may argue that customer loyalty may lead to unreasonable expectations both on the client side as well as service provider, create an informal relationship which may lead to inaccuracies and less than the best efforts on both side, encourage self promoting decisions and actions, jeopardize the neutrality of service provider, as well as encouraging an environment of dependency.

At World Consulting Group such theories and claims are considered yet flatly rejected. Though such criticism is valid in theory, it is simply too unpractical and self defeating to be considered a risk factor. Most of the above points of dispute fall within what most business should and will consider simply a non sustainable way to conduct business. It is no secret that return customers may be one of the rather significant contributors to a sustainable and profitable venture. Hence, it is self defeating to even consider such bad business practices as a factor.

Even so, it is vital to also point to the fact that in order to make such strong statements, World Consulting Group has adapted a wide range of procedures that avoid such issues; for instance at World Consulting Group there are no two clients from the same industry. It is a fundamental principal in which it has been established that accepting more than one client in the same industry possibly will create an environment that may or may not potentially lead to conflict of interest. Though it may appear that such actions would limit the profitability and growth potential of World Consulting Group, the decision has been made to protect our clients of even the most remote possibility of conflict of interest. Hence, enabling World Consulting Group clients to eliminate one main concern; this in turn may lead to a greater trust on both sides.

Additionally, at World Consulting Group every client is considered to be a vital part of company’s overall success. Many times clients of World Consulting Group are introduced to each other in order to establish cross functional business relationships that farther strengthen each clients strategic and competitive advantage as well as creating an inherently positive environment that would allow for utilization of client resources to help each other.   

Ultimately, the principal of benefits vs. liability in thriving for customer loyalty is a mute point. At World Consulting Group it is believed that there are no liabilities in maintaining professional and mutually beneficial relationship with clients. However, there has to be set of standard operating procedures that would assure mutually beneficial relationship.

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