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A brand can be defined as a name, term, sign, symbol, or design or a combination of these in order to identify and differentiate the goods and services of one seller or groups of sellers easily from others whose market offerings are same. Branding is not done to get...
Consumer behavior in marketing is the study of and understanding of individuals, groups or organizations and their interests for particular products and services. Consumer behavior is also about the psychology of consumers which is translated into what is the basic need of the consumer, how does a consumer feel...
What is Strategy? Strategy means consciously choosing to be clear about your company's direction in relation to what's happening in the dynamic environment. The fine points of strategy are as follows: Establishes unique value proposition compared to your competitors Executed through operations that provide different and tailored value to customers Focuses on activities that...
Significance of Information in Marketing Markets and the companies operating in markets are linked by information. Increase in the amount of information available to the companies can lead to the complex decision making environment. Lack of proper information at the company’s end will make the process of decision making a...
Target Market Selection The marketer develops a complete profile of the various segments found in the market, one or more is selected for a concerned marketing effort. This is known as market targeting. How to select potential target markets For effective targeting of market segments, segments must conform to the following...
Market Segmentation in Marketing The starting point of segmentation is mass marketing. In mass marketing, the seller engages in mass production, mass distribution and mass promotion of one product for all the buyers. Henry Ford epitomized this strategy when he offered the Model-T Ford in one color, black. Coca-Cola also...
Sales Promotion The term Sales Promotion means an action which increases the capacity of sales. In words of Bonne, E Louis and Kurtz, L. David, “it applies to assorted and non recurrent and somewhat extraordinary non-personal selling efforts”. Several authors have defined Sales Promotion as a non-personal selling and it...
Product Life Cycle Product life Cycle Management makes it possible to instruct the whole lifespan of a product and information related with it. Effective product life cycle management enables companies to compete successfully in international and global markets. What is a product? It is usually believed that a product means tangible goods....
Services Marketing Mix Traditional marketing mix was developed by keeping in view the goals of marketing. This also may be adapted to services marketing. The use of traditional marketing mix in service organizations cannot satisfy themselves because as they are to stay at sub-optimal performance in marketing. Slightly adapting marketing...
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