Marketing

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

Definition: Service Marketing Mix is the essential internal element based on which the strategy for marketing services will be developed. It is a tool used to place and position the services in the target market. Also, it helps in communicating the unique features of the services. Moreover, the service marketing mix is a well-ordered and synchronized effort. The seller … [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 4Ps of Marketing- Product, Price, Place and Promotion. 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 various … [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