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

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

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

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

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

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

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 delivering a product that matches the target market requirements. 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 for marketers. It is a consumer-centric approach and a key to successful entrepreneurship. Here, we … [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 one who buys goods & services for self-consumption, reselling or reproduction in rural areas. The rural consumer has less disposable income. Therefore, they prefer to buy less expensive products. They differ from urban consumers in respect of … [Read more...] about Rural Consumer