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 the consumers in the daily life: - What to buy? How much to … [Read more...] about Consumer Decision Making
Marketing
Product-Market Fit
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
Rural Consumer
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
Service Marketing Mix
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
Product Decision
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
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