Every time you go shopping, especially at some supermarket or mall, you become prey to the fancy offers displayed everywhere, which is nothing but a Psychological Pricing Trap. We come across it every day at offline or online marketplaces. It has a substantial impact on customer's minds and their buying behaviour. The most common examples are promotional offers like: … [Read more...] about Psychological Pricing
Marketing
Concentrated Marketing
Definition: Concentrated Marketing is a market coverage strategy focusing on a single target market. Marketers strategize to grab a large share of a small market instead of a small percentage of a large market. It is specifically designed to cater for a specific set of audiences. It focuses on a single market segment. For this reason, it is also known as the Single Segment … [Read more...] about Concentrated Marketing
Eco-labelling
Definition: Eco-labelling is an eco-standardization that grants eco-labels to approved products and product categories. It indicates that the certified product is sensitive to the environment and does not cause any harm to the environment during its entire life cycle from cradle to grave. It is a market-based & consumer-oriented approach that creates clear symbolic … [Read more...] about Eco-labelling
Promotion Mix in Marketing
Imagine you own a product of some sort, and nobody is aware of it. Customers or Dealers will only buy it once they are informed about it and its associated benefits. Here, the Promotion mix comes into the picture. Definition: Promotion Mix or Communication Mix is the blend of the various promotion variables or elements that help promote the organization's offerings, such as … [Read more...] about Promotion Mix in Marketing
International Pricing
Definition: International Pricing refers to the strategic marketing activity determining the monetary exchange value of the product sold across countries. It is the flexible element of the marketing mix which can be altered easily. However, price competition in the market is a significant issue. Also, it is an essential factor in determining the following: … [Read more...] about International Pricing
Marketing Myopia
You might have observed that some brands and products fail despite being successful at some point. The primary reason behind their failure is a disease named Marketing Myopia. It is the firm's near-sightedness towards its product, strategies and market definition. In general, Myopia or near-sightedness is a vision disorder wherein one faces difficulty in seeing … [Read more...] about Marketing Myopia
Meta Market
Definition: Meta Market is a customer-centric virtual market that offers closely related products or services belonging to the same industry or diverse set of industries. It strives to cater for the similar needs of diversified customers under one roof. Moreover, we can understand it as a platform that develops and maintains exchange relationships. These relationships exist … [Read more...] about Meta Market
Market Cannibalization
Definition: Market Cannibalization or Corporate Cannibalism is a marketing phenomenon where the firm's new product eats the established product's market share. Moreover, it is a strategy wherein the existing product's sales are reduced by introducing new products and brand extensions. For instance, Coke launched similar products for common customers like Diet Coke, … [Read more...] about Market Cannibalization
Product Mix
Definition: Product Mix is a collection or portfolio of entire varieties of products marketed by the company. Moreover, we can also call it the composite of all the product lines and sub-categories existing in the company. However, it is suitable for organizations offering diversified products. It is also referred to as Product Assortment and Product Portfolio. The … [Read more...] about Product Mix
Consumer Decision Making Process
Definition: The Consumer Decision Making Process is the sequential interrelated steps explaining the approach of the consumers in making buying decisions. Also, it involves an in-depth analysis of the consumers’ purchase behaviour. We can also refer to it as the Buyer Decision-Making Process. It is the traditional model depicting the process of Consumer Decision-Making. … [Read more...] about Consumer Decision Making Process