Definition: The Howard Sheth Model is an approach for analyzing the combined impact of the social, psychological and marketing factors on the buying behaviour or preference of the consumers and the industrial buyers into a logical order of information processing. John Howard and Jagadish Sheth introduced the Howard Sheth Model in the year 1969. The concept was published in … [Read more...] about Howard Sheth Model
Marketing
Pricing Methods
Definition: Pricing method can be seen as the process of ascertaining the value of a product or service at which the manufacturer is willing to sell it in the market. The cost, market competition and demand are the three significant factors which influence a product's price. Pricing of products or services is a crucial decision-making strategy of the firm. Since it has a … [Read more...] about Pricing Methods
Quality Function Deployment (QFD)
Definition: Quality function deployment is a systematic approach of specifying the customer needs and desires, rating them in terms of priority and designing the quality products and process to serve these requirements, through proper planning. QFD is a process of bridging the gap between where we stand and what we aim at, by providing target values and competitive … [Read more...] about Quality Function Deployment (QFD)
Sales Management
Definition: Sales management can be seen as a segment of the organization's marketing mix. It deals with the formation of sales strategies; product merchandising and pricing; sales promotion activities; distribution function; and planning, staffing, supervising, motivating and controlling of sales personnel to attain the desired sales objectives. It was initially limited to … [Read more...] about Sales Management
Global Marketing vs International Marketing
The terms global marketing and international marketing sounds very similar to one another. However, both can be seen as two different stages of internationalization or international business operations. Global marketing refers to carrying out marketing operations from the company's headquarter while selling products or services worldwide in different countries. Whereas, … [Read more...] about Global Marketing vs International Marketing
Marketing Control
Definition: Marketing control refers to the measurement of the company's marketing performance in terms of the sales revenue generated, market share captured, and profit earned. Here, the actual result is compared with the standard set, to find out the deviation and make rectifications accordingly. Marketing is one of the crucial functions of any organization. Therefore, the … [Read more...] about Marketing Control
Channel Conflict
Definition: Channel conflict can be explained as any dispute, difference or discord arising between two or more channel partners, where one partner's activities or operations affect the business, sales, profitability, market share or similar goal accomplishment of the other channel partner. As we know that every manufacturing company needs to plan its distribution and … [Read more...] about Channel Conflict
Theories of Selling
Definition: The theories of selling implies to the behaviour of the salesperson towards the prospect or the customer, which ensures the active sale of goods or services. The selling theories gained significance due to the emerging role of the salesperson in marketing since a seller acts as a marketer too. Building a strong relationship with the customers is essential for the … [Read more...] about Theories of Selling
Service Marketing
Definition: Service marketing refers to the application of a different set of tactics or strategies to anticipate the consumer's need for an intangible product. And thus, meet their requirements accordingly, to create maximum value for them from their purchase. The marketing of services is different from the marketing of products. While selling off services, convincing the … [Read more...] about Service Marketing
Wheel of Retailing
Definition: The wheel of retailing refers to a hypothesis, which depicts the life cycle of a retail organization. It starts as a discount retail business to attract price-sensitive consumers and then gradually converts into a luxury brand store or departmental store to cater to high-end consumers. Prof. Malcolm Perrine McNair proposed this theory in the year 1931. He … [Read more...] about Wheel of Retailing