Found 597 Articles for Management

What is Customer Adoption?You hope that when you release new products, services, tools, or features, your consumers will want to upgrade, purchase, or integrate the new product into their workflow. That is exactly what customer adoption implies. It is about assisting customers in adopting new products and services.Customer adoption is defined as the process through which a customer learns about a new product/service, expresses interest in it, evaluates it, tests it, and ultimately purchases and uses it as intended.Five stages in the process of adopting a new product are as follows −AwarenessThe goal of the first stage is to raise ... Read More

The concept of public policy marketing could allow governments to "sell" their policies to citizens through non-commercial marketing interactions that are unique to the public sector. Then, social behavior should be viewed as citizens' reciprocation, contributing to the government's desired social outcomes. Public policy marketing is predicted to improve the implementation of government policies when citizen behavior is important to success.Following are the key Public Policy Principles in Marketing −The Principle of Consumer and Producer FreedomConsumers and producers should have as much freedom as possible when it comes to marketing decisions. If a marketing system is to produce a good ... Read More

Kotler and Keller (2007) defined marketing audit as the “…comprehensive, systematic, analysis, evaluation, and the interpretation of the business marketing environment, both internal and external, its goals, objectives, strategies, principles to ascertain the areas of problem and opportunities and to recommend a plan of action to enhance the firm’s marketing performance.”Marketing audit is usually conducted by a third person outside of the organization and isn’t connected in any way with the founders or promoters of the organization.While carrying out a Marketing Audit, there are certain points that should be kept in mind and adhered to. They are as follows −ComprehensiveThe ... Read More

Competitive Positioning: Definition & ExampleCompetitive positioning is a marketing strategy that relates to how a company's marketing team can set itself apart from its rivals. The company's position is determined by how its goods and services compare to the value of similar goods and services on the market. To make their position more competitive, a marketing team evaluates several facets of their company's market, such as audience wants and current trends.The purpose of competitive positioning is to boost sales by increasing your company's value to customers. Finding a niche for your company's products to appeal to the special demands of ... Read More

What is Consumer Behavior?According to Business Dictionary, “Consumer buying behavior is the process by which individuals search for, select, purchase, use, and dispose of goods and services, in satisfaction of their needs and wants”. The following definition is also used in numerous research journals. “Consumer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.”Consumer behavior refers to the process that customers go through while making a purchase, and ... Read More

What is Consumer Behavior?According to Business Dictionary, “Consumer buying behavior is the process by which individuals search for, select, purchase, use, and dispose of goods and services, in satisfaction of their needs and wants”. The following definition is also used in numerous research journals. “Consumer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.”Consumer behavior refers to the process that customers go through while making a purchase, and ... Read More

Market Segmentation − DefinitionMarket segmentation is a business practice that brands use to segregate their target market into smaller and more manageable groups based on common grounds to optimize their marketing, advertising, and sales efforts. Simply put, customers of each market segment have similar characteristics that businesses can leverage to advance their efforts.Market segmentation can help businesses to target the people who can become satisfied customers of the business or enthusiastic consumers of the product or service. To segment a market, it must be split up into groups that have similar characteristics. Splitting up an audience in this way allows ... Read More

Market Targeting − DefinitionA corporation cannot focus on all market segments at the same time. Only a few segments can be satisfied by the company.The act of picking the target audience from the total market is known as market targeting. The target market is made up of a group or groups of purchasers who the company intends to serve or for whom the product is developed, with a price established, promotion efforts performed, and a distribution system in place.For example, consider a sandwich shop in a suburban town that is near to a petrol station. Because of its proximity to ... Read More

What is Microenvironment?Microenvironment refers to the environment comprising of all the elements of an organization’s immediate environment which influences the performance of the company, as they have a direct bearing on the firm’s regular business operations.The microenvironment is popularly referred to as task environment or operating environment.Important Elements of MicroenvironmentLet us take a quick look at some important elements of microenvironment.Customers and ConsumersCustomers are those people who buy or avail an organization’s products/services. In simple words, an organization cannot survive without customers. A consumer, on the other hand, is the end user of the product/service.For example, a father might purchase ... Read More

The world at large forms the external environment for businesses. A company must confront, adapt to, take advantage of, and defend itself against what is happening in the world around it to succeed. To make gathering and interpreting information about the external environment easier, strategic analysts have defined several general categories of activities and groups that managers should examine and understand. A company’s macro environment contains elements that can impact the company but are generally beyond its direct control. These elements are characteristics of the world at large and are factors that all businesses must contend with, regardless of the ... Read More