Marketing

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

Definition: Consumer Decision Making is the process of choosing products and services for consumption among various alternatives. It is the initial step in understanding consumer behaviour. And a base for marketers to devise customer-oriented strategies. Following are some of the common decisions taken by consumers in daily life: - What to buy? How much to buy? … [Read more...] about Consumer Decision Making

Definition: Product-Market Fit is a fit between the companies product and its target market desires. The fit depicts the product's capabilities to satisfy the overall market demand. It is one of the marketing strategy models that suggest the future strategic course of action to the marketers. It is a consumer-centric approach and a key to successful entrepreneurship. Here, … [Read more...] about Product-Market Fit

Definition: A Rural Consumer is an end-user of the products offered in rural markets. More precisely, a rural consumer is the one who buys goods & services for self-consumption, reselling or reproduction in the rural areas. The rural consumer has less disposable income. So, they prefer to buy less expensive products. They differ from the urban consumers in respect of … [Read more...] about Rural Consumer

Definition: Service Marketing Mix is the essential internal element based on which the strategy for marketing service will be developed. It is a tool used to place and position the services in the target market. Also, communicate the unique features of the services. In other words, the service marketing mix is a well ordered and synchronized effort. The seller initiates … [Read more...] about Service Marketing Mix

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 and become profitable in the long run. Product Decisions are vital marketing decisions to be made at … [Read more...] about Product Decision

Definition: Direct  Marketing is a personalized form of marketing that establishes direct interaction with the potential customer. Here, the marketers target the correct type of audience for promoting their products. Its goal is to get a response from the target customer. However, it does not necessarily involve physical interaction with the customer. Besides, companies may … [Read more...] about Direct Marketing

Definition: Market 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 and fight competition in a highly competitive market in the long run. Classification of market segments depends on certain … [Read more...] about Market Segmentation

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

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