Definition: Product Decision in marketing refers to the company’s mindful decisions, major or minor regarding their product. It ranks first among the 4P’s of Marketing- Product, Price, Place and Promotion. The organizations take these decisions to attain their objectives. Also, to become profitable in the long run. Product Decisions are vital marketing decisions to be made … [Read more...] about Product Decision
Marketing
Direct Marketing
Definition: Direct Marketing is a personalized form of marketing that establishes direct interaction with the potential customer. In this, the marketer’s target the correct type of audience for promoting their products. Its goal is to get a response from the target customer. One must note that it does not necessarily have physical interaction. A company can opt for online … [Read more...] about Direct Marketing
Segmentation
Definition: Segmentation implies a process of fragmenting the diversified market containing similar attributes or needs. It is the first stage of the STP decision process (Segmentation, Targeting and Positioning). It is a tool to achieve stability in a highly competitive market in the long run. Classification of market segments depends on certain variables. These variables … [Read more...] about Segmentation
Differential Pricing
Definition: Differential pricing, also known as dual pricing is a two-price system or segmented price system in which the seller charges different prices for the same product for different buyers. With respect to demand and supply in the market, this system sets us a free market system. The basic concept of this system is that it is a fluctuating price system, i.e., some … [Read more...] about Differential Pricing
Marketing Research
Definition: Marketing research is a system of identifying and analyzing the information related to the techniques and problems of marketing. It is a study of the market such as consumer, buyer and seller’s behaviour about the prices, their purchasing power, brand loyalty and many other marketing activities. It helps the marketers in determining the contribution of various … [Read more...] about Marketing Research
Social Marketing
Definition: The word “Social Marketing” was introduced in 1971 to specify the increasing use of marketing tools and techniques to advertise social belief, objectives and actions. It has developed into a social reform management technology associating outline, application and management of programs designed for raising the prominence of social idea, purpose or application amidst … [Read more...] about Social Marketing
Product Positioning
Definition: Product positioning is the image formation of the product’s in the intended customers' minds against their competitors in the same market. A good product positioning impact should result in like if the customer thinks of a product, the image that comes in his/her mind should be of your product. It builds gradually with the customer's past experiences with your … [Read more...] about Product Positioning
Sales Forecast
Definition: Sales Forecast is the assessment made for the future sale of products produced by the company. This forecasting plays a very important role in making production decisions. If the company do not forecast a sale they may produce unnecessarily excessive products, and in contrary may fail to produce demanded quantity of products. Sales forecasting is treated … [Read more...] about Sales Forecast
Brand Equity
Definition: Brand Equity is the worth of the brand in the consumer’s mind, i.e., it is an added value given by the customer to any brand, as a well-known brand name becomes a worthwhile asset for the company. It lifts brand significance in the marketing strategy. Trademarks and patents are some of the brand assets, and apart from that brand loyalty, brand quality is the other … [Read more...] about Brand Equity
Target Marketing
Definition: Target Marketing is a technique which helps students or the firms to learn how to make decisions regarding the various market in which they need to enter. It depends upon feasible resources and experience of the dealer; which market has to be choosen for market targets. By way of assessment and study of the market, the firms get to know about their business … [Read more...] about Target Marketing