Definition: Price sensitivity refers to the degree or extent to which the consumer's buying behaviour varies with the change in the price of the product or service. In simple terms, it determines the level to which buyers or consumers are conscious about the price of a particular product or service. It is also termed as price elasticity of demand, which shows the effect of … [Read more...] about Price Sensitivity
Case Study on Corporate Social Responsibility (CSR)
Definition: Corporate social responsibility refers to a sustainable business model where the company is accountable and responsible towards the social, cultural, environmental and economic aspects of the society. The companies cannot solely function for profit generation, it also needs to contribute to society and the public. An organization operating in a country is … [Read more...] about Case Study on Corporate Social Responsibility (CSR)
McKinsey 7s Model
Definition: McKinsey 7s model can be termed as an internal assessment tool for business organizations. It determines the organizational effectiveness by examining the alignment of the seven essential elements (i.e., hard elements - systems, strategy, structure; and soft elements - share values, staff, style, skills) with the core values of the entity. Robert Waterman, … [Read more...] about McKinsey 7s Model
Pricing Methods
Definition: Pricing method can be seen as the process of ascertaining the value of a product or service at which the manufacturer is willing to sell it in the market. The cost, market competition and demand are the three significant factors which influence a product's price. Pricing of products or services is a crucial decision-making strategy of the firm. Since it has a … [Read more...] about Pricing Methods
Quality Function Deployment (QFD)
Definition: Quality function deployment is a systematic approach of specifying the customer needs and desires, rating them in terms of priority and designing the quality products and process to serve these requirements, through proper planning. QFD is a process of bridging the gap between where we stand and what we aim at, by providing target values and competitive … [Read more...] about Quality Function Deployment (QFD)
Sales Management
Definition: Sales management can be seen as a segment of the organization's marketing mix. It deals with the formation of sales strategies; product merchandising and pricing; sales promotion activities; distribution function; and planning, staffing, supervising, motivating and controlling of sales personnel to attain the desired sales objectives. It was initially limited to … [Read more...] about Sales Management
Global Marketing Vs International Marketing
The terms global marketing and international marketing sounds very similar to one another. However, both can be seen as two different stages of internationalization or international business operations. Global marketing refers to carrying out marketing operations from the company's headquarter while selling products or services worldwide in different countries. Whereas, … [Read more...] about Global Marketing Vs International Marketing
Case Study on Digital Marketing
Definition: Digital marketing refers to the marketing operations and activities which are carried out over the internet. The purpose is to capture the attention of a vast customer base, who spend a lot of time on social media and other online platforms. Hence, it is very different from the traditional marketing approach. In the present business situations, digital marketing … [Read more...] about Case Study on Digital Marketing
Marketing Control
Definition: Marketing control refers to the measurement of the company's marketing performance in terms of the sales revenue generated, market share captured, and profit earned. Here, the actual result is compared with the standard set, to find out the deviation and make rectifications accordingly. Marketing is one of the crucial functions of any organization. Therefore, the … [Read more...] about Marketing Control
Channel Conflict
Definition: Channel conflict can be explained as any dispute, difference or discord arising between two or more channel partners, where one partner's activities or operations affect the business, sales, profitability, market share or similar goal accomplishment of the other channel partner. As we know that every manufacturing company needs to plan its distribution and … [Read more...] about Channel Conflict